Bringing your medical device to market seems daunting, but with the right planning and resources it can be a smooth process. This guide will take you through the steps necessary for bringing your device to market, from product development to tracking campaign performance.
6 Essential Steps For Marketing Your Medical Device
Six necessary steps for any medical device market entry strategy are:
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Develop Your Product
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Understand Your Market & Competitors
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Determine Your Market Strategy
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Test Your Product & Marketing Message
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Design Your Content
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Track Results
Develop Your Product
When bringing your medical device to market, the first step is product development. This includes everything from ideation and design to prototyping and testing. During this stage, it’s important to have a clear understanding of your target market and what needs your device will address. Once you've developed a prototype, it's time to start thinking about how you'll get your product approved by the FDA. The FDA has a rigorous approval process, so it's important to work with a regulatory consultant who can help you navigate the process.
Understand Your Market & Competitors
Research your target market, identify their needs and pain points, and develop a unique value proposition. A unique value proposition is a simple and concise statement telling your target audience what pain points your device will solve, what benefits they’ll receive, and why their product is better than the rest. Capitalize on the benefits your device brings to practitioners, tying it into improved patient outcomes.
Not only should you research your target market, you should also research the competition. Understanding your competitors' offerings within your target market will help you differentiate your product from theirs when developing your marketing strategy.
Determine Your Market Strategy
A medical device marketing campaign is a multifaceted and complex endeavor. It requires careful planning, a deep understanding of the target market, and a clear message. The first step is to determine the goals of the campaign. What are you trying to achieve?
Next, research your target market, identify their needs and pain points, and develop a unique value proposition. A unique value proposition is a simple and concise statement telling your target audience what pain points your device will solve, what benefits they’ll receive, and why their product is better than the rest. Patient benefits are important, but also capitalize on the benefits your device brings to practitioners, tying it into improved patient outcomes.
Ask yourself, what channels does my target audience most frequent? Does your target audience regularly visit any social media channels or discussion forums? Identify these channels and individualize your message to each.
Test Your Product & Marketing Message
Gain valuable insight by asking users what benefits they get from using your device. You may have already identified which pain points the device will solve, but there may be other ways customers find the device to be beneficial. This will help you determine what features to emphasize on in your marketing messages.
Aside from regulatory testing, product testing for marketing purposes can be as simple as having a participant test out your device and filling out a performance on KPIs (or it can be more detailed, depending on your needs).
Next, test your marketing message and materials to make sure you’re getting the most out of your marketing dollar. This can be done many ways, such as polling clients, focus groups, and A/B testing.
Design Your Content
The next step in your medical device marketing strategy is to create captivating, educational content, which includes everything from blogs, to social media posting, custom CTAs and email campaigns.
Remember, medical professionals are busy people, so you want to make sure your message is straightforward and to the point. No matter what content you decide to use, always keep your target audience and the channels you’ll be promoting your content in mind.
Track Results
After you launch your medical device, it’s important to track results and the goals you set. Keeping your goals and objectives in mind, decide what KPIs you’ll need in order to track the effectiveness of your marketing campaign.
Establish a time frame to keep you focused and create accountability and set a schedule to monitor campaign results. Campaigns should be examined frequently to track progress towards goals and make adjustments as needed.
Ready to Launch?
Bringing your medical device to market is a complex process, but with the right planning and resources it can be a success. Some find the process runs smoother when working with a dedicated partner who can help you navigate the waters.
If you have any questions or you're interested in learning how we can help bring your medical device from conceptualization to market, contact us.
