Marketing Medical Products: What You Should Know?
There is no denying that transforming a medical device into a commercially successful product is a complex process.
Considering all that anticipated growth in this realm and increasing market share, there are numerous marketing problems faced by the manufacturers. At the same time, some of them also think that their profits are also dropping.
Moreover, the ever-changing demand, expectations, demographics are not letting the medical device commercial model to go in the right direction.
Well, to pave a road for success, while marketing medical products, here are some secret elements that you need to know about.
- Have a Specialized Product Line
Before you start to invest in your marketing efforts, create a product line, review it, and determine how you can improve it. Instead of focusing on launching new products every time, make a discrete product line and promote it to get a strong identity from the entire marketplace.
However, make sure your line has numerous products so that it can be distributed in the same series. In case, if you lack the resources, you can outsource the product-making process.
- Collaborate and Leverage Expertise at Various Levels
The medical devices are complex products, which serves many important purposes in various treatments.
Rather than sending out one individual for device marketing, it is important to bring various experts in action for bringing the product to market. Once everyone starts to share the information and keep all the stakeholders focused, the device manufacturers will get various opportunities to strengthen the brand value.
Even, a 2015 McKinsey and Company report also emphasized the effectiveness of collaboration, and how it can lead to better marketing results.
- Do not Underrate the Trade Shows
The medical trade shows are huge events that get your medical devices in front of potential customers. All you have to do is back up your products with effective yet attention-grabbing literature, and you are good to go.
- Look for the potential distributors and nurture them
B2B Matchmaking companies such as MedicaMatch searches for potential distributors and prepares a list. Our list consists of distributor’s names and their actionable contact data. The services can be extended by qualifying those distributors. Our team will contact the long list of distributors and shortlist only those who have matched with the target criteria. This step helps us to confirm their area of specialization, to know their interest to sell your product.
We also offer you pre-arranged meetings so that you can discuss the discuss distribution opportunities seamlessly. Along with this, we send detailed company and products information to the qualified partners before the meeting. However, once you are done with the meeting, do not forget to nurture your distributors.
One of the most effective ways of converting the distributors is to keep them in a series of e-mails.
- Send them an email and keep them updated on the latest market trends.
- Share links to your case studies.
- Keep on creating relevant for them and do not forget to add a call to action.
- Create Case Studies
According to HubSpot, Case Studies are quite critical for a medtech buyer’s persona. Before the buyers make a purchase, they need to know more about the solution and how it is successfully used by others. These days, they require the assurance that their purchasing decisions will only lead to positive outcomes.
Moreover, the case studies in the medical industry keep the buyer aware of positive patient outcomes, how your products led to reduced operational costs, case of re-admission, and an increase in productivity and administrative efficiencies.
- Always Maintain an Edge
It comes as no surprise that the medical industry keeps on evolving.
Irrespective of the medical products you manufacture, there are developments, modifications, and updates coming up.
So to remain ahead of your competitors stays updated, and maintain an edge in your niche. To be specific, you should always be aware of your current market share. Know who the newcomers are and who are making an effort to leave you behind. Having all this information will help you to devise a customized yet effective strategy.
Moreover, before a major product launch, run a pre-launch campaign as it gives you a better idea of how your device will perform. Do not say much about the product; just showcase what issues your device is going to resolve. You will get a vague insight into whether the issue is considered as important as you think or not. If no! You will have ample time to tweak your message and make your marketing campaign a success.
Although your target audience, including medical executives, distributors might be overwhelmed with this ever-evolving industry, it does not mean, they’re out of reach. All it requires some modern marketing tactics, and there is a chance, they will take a look at your services.
According to research news published on PR News Wire, the global medical device market is expected to reach an estimated $4,095 billion by 2023. However, it is only possible when medical device manufacturers meet ideal distributors.
This is where MedicaMatch comes in.
MedicaMatch searches for potential distributors and prepares a long list. We then shortlist the potential distributors, confirm their area of specialization, and check, whether they will be interested in marketing your products or not.
However, our entire search process is based on specific targeting criteria. We ensure you don’t have to spend time searching for the distribution; instead, MedicaMatch strives to give you a targeted partner.
Later on, we arrange the meeting; so that you can spend your time having a meeting with the interested potential sales partner. Contact us now to find more about how MedicaMatch can help you connect with the right sales partner and distributor.