Creating Product clarity and creating market demand is the key to success in a very competitive (and complex) market.
Best Practices to Prepare for a Product Launch
The excitement of a new medical idea that will revolutionize a new way of handling an important procedure can often lead companies to focus primarily on product development—versus balancing it with market development. This is important to recognize because, just like any new idea, penetrating the market just doesn’t happen overnight. You can assume that “you will build it and they will come.” There is often too much competition. Preparing yourself to enter the marketplace requires perfecting not only the product but also but also the buyers that needs it—right now!
Understanding and prioritizing your buyers, based on needs, will help you focus your branding, messaging, and outreach efforts to slingshot a new product into the marketplace.
As our Atlanta Marketing Company, EWISE Communications, prepares to embark on a new medical device marketing effort, we thought to write a refresher best practice piece to help those that are also involved in medical commercialization planning efforts.
Understand the Problem that You Solve
Every medical device should be designed to help save or improve a patient’s quality of life. Hospitals, physicians, and patients are bombarded with advertisement from the hundreds of medical products that are produced every year. As a result, having a solid brand promise that clearly helps your buyer understand your purpose is critical to breaking through the noise. It will require you and your team to truly articulate who you are (and who you are not) visually and verbally so that the market understands why it’s important for them to invest time in understanding your product.
To start you off, here are some fundamental questions your team must clearly understand:
- What void does your product fill in the marketplace? Is your solution new? Does your product do something faster (or more cost-effectively)?
- What is your organization’s mission? Are you focused on advancing the cure of a specific disease? Are you trying to reduce the percentage of issues caused during medical treatments?
- What is your vision? Are you developing this product to eradicate a disease in X years? Are you trying to improve the speed of surgical procedures with this? How is your product going to help humanity through medicine?
- What is your brand promise? Better life? Better treatments? What promise are you making for the buyers that invest in your product? How are you here for them so that they can be there for you?
We’ve worked on several medical device initiatives involving everything from global marketing efforts with Dornier MedTech to sales mobile app development for Halyard Health. Clarity increases adoption –no question about it.
Align Marketing to the Supply Chain
Yes, branding and messaging are critical to success, but so is prioritizing the development of materials that will influence every step in the purchase path. We’ve spoken to companies that have spent millions of dollars on advertisement—just to drive buyers to a website or location where their target audience was unable to purchase the product. We’ve worked with frustrated sales teams and global distributors that have felt neglected because the marketing pieces did not align to buying process within their specific marketplace.
It is imperative that you not only create a brand that resonates with your buyers, but also tools to make it easy for the purchase to be made. One of the key components of target marketing is being able to understand a buyer’s motivations and create tools that drive them your way. Once you open up the market then you can go with a broader approach but, in order to penetrate it, you must be laser focused.
A case study for this is our work with Meda Pharmaceuticals. While working with them on messaging and branding efforts, we also ensured that their website included maps that helped them locate a store near them. The result? Over 20% increase in sales of their Midnite and Vivarin product nationwide after the first 3 months!
We hope this high-level overview helps your medical marketing efforts. For more information, please do not hesitate to contact us. We are an Atlanta marketing firm that services the world.