5 Medical Device Marketing Strategies That Will Increase Brand Recognition
5 Medical Device Marketing Strategies That Will Increase Brand Recognition
The medical device market is saturated with numerous brands, and it is your job to stand out amongst them. You not only need to get in front of the customer but create enough impact to be remembered and ultimately stimulate a purchase. Another consideration is that there are usually multiple individuals making the purchase decision including physicians, administrators, department heads, and executives. The medical device market worldwide sales are predicted to be $475 billion, increasing to $595 billion by the year 2024. How will you stand out from the crowd and capture more of the market? The following are 5 marketing strategies to help you increase brand recognition to generate more sales.
Strengthen Your Brand
A brand is more than a logo and name. It is the value perceived by your customers, rather than the product itself. What does your brand mean to you and your customers? Do you claim you make the best medical devices? There is a fine line when you say you are the best, because you are also saying to a customer that, “by not using our device, you are not doing what is best your patient.” Ultimately a physician’s work and reputation rests not only in their skills but the devices they decide to use on their patients. The truth is that medical devices on the market do work well or they would not be available.
Could you then say you have the latest technology, offer the best service, or are the most affordable? Most brands claim these attributes in addition to improving patient outcomes. Marketers tend to overuse these features as part of their sales pitch; however, these are all functions of medical device companies and are not owned by one brand within their vertical. Most likely the strongest medical device brand in your vertical already possess these characteristics associated with their brand. It is then not wise to emphasis these as your only features when a competitor’s name will come to mind.
Though you have a brand, it is important to evaluate its position in the market and strategize a campaign to increase awareness and differentiate yourself from the competition. Brand recognition involves cultivating a brand identity that encompasses what you want to portray. It should convey the values and principles it makes to your customers, which can change as the company evolves. A successful brand will connect with customers and reinforce the idea about who they are or aspire to be. That philosophy will allow the brand to be believed and cause a desire to switch to buy your device.
Medical device companies have not been recognized as creating strong brands in the market. Not one pure medical device company appeared in the top 50 brands in Interbrand’s global rankings. There were cross-sector companies such as Philips and Siemens that made it on the list. Johnson and Johnson ranked 77 but mainly for its consumer division. Their medical device companies such as Ethicon, who rarely use the Johnson & Johnson name, were not listed.
Ultimately a brand should instill trust between you and the customer, demonstrate value, and differentiate yourself from the competition. Ask yourself, “Does our brand convey our mission, values, personality, unique position and brand voice?” It takes a strong brand strategy that has been tested by customers to ensure the correct message is being delivered. The next step is executing a solid strategy and measuring its value. As a company grows and changes, the brand philosophy and everything it entails should adjust accordingly to sustain loyalty amongst an ever-growing market.
Schedule impactful webinars often
Webinars offer a platform to optimize the service and support within the medical device industry. Whether you are educating customers about specific cases, device usage, or procedures, hosting webinars strengthens the power of your brand. The following are three benefits to enhancing your brand when utilizing webinars:
Your brand can be trusted – Hosting webinars are more than gathering a list of attendees and their geographic location to generate leads. It is about identifying what areas of concern customers have about your product and then dismissing any misconceptions that may have been holding them back in making the purchase. At the conclusion of the webinar, attendees can complete a survey to offer you immediate feedback about the webinar itself and the products. All this leads to adding credibility and trustworthiness of your brand, recognizing that there is transparency within the supplier-purchaser relationship. The valuable information is free and unsolicited, allowing you to adjust your sales, marketing, and communication strategies.
Your brand is expert in the field – Webinars offer an opportunity to present information in a controlled environment. It demonstrates your interest in subjects that matter to customers and the confidence in being available to address any questions that come your way. By offering a Q&A session, you can discover areas of confusion and immediately clarify them. It not only provides answers to questions but shows your expertise in the field. Inviting other KOLs, thought leaders, and peers also adds authority and credibility to your brand. Webinars not only attract potentials buyers but retains current users of your products.
Your brand is reliable – By hosting scheduled webinars, you are perceived as being proactive and interested in the relationship before and after a purchase. You invest time and resources to educate customers in order to offer the best patient care. Webinars allow your brand to be accessible when needed. Knowing there is continued support demonstrates the brand’s commitment and reliability, not only with the product itself but the relationship with the purchaser.
Keep brand top of mind via online advertising and social media
In a digital world, face-to-face meetings and trade shows are playing a smaller role in the medical device sales strategy. Many brands are now discovered online. Up to 88% of purchasers overall research information online before making a purchase. With time constraints and having information available with the click of a key, brands are discovered 24/7 at the convenience of customers. This makes ranking well with key words vital in this digital world. Investing in optimizing your website, investing in SEM, and being active on social media will allow your brand to be noticed by the customers who are looking for a medical device like yours. Linking back to published medical journals and articles that feature your medical device on your website and social media posts will also help with your brand being discovered.
Identify brand purpose and include it in your brand strategy
Deciding to incorporate your business purpose into your branding strategy is no longer an option. It is an expectation driven by customer demands, making the role of purpose driven content within an organization vital for business growth. A purpose study revealed that 87% of consumers expect the health industry to have a meaningful purpose. It is so important to consumers that 88% claim they would buy a product from that company with a brand purpose they believe in and 73% would share their information with others. Strategically incorporating your brand purpose enables marketers to foster deeper relationships with customers by connecting shared values and topics of concern other than promoting product attributes. Medical device companies will benefit by increased brand awareness, customer loyalty, and entry into new markets.
Start by looking at what your brand purpose means across the organization and you may see various ways it is described. Have your public relations department, social media team, and product managers work together to share their own interpretation to create impactful stories that resonate with the brand purpose. You can even dig deep into the company history to identify the reason for the company’s existence and the initial mission. Be aware that purpose is more that corporate social responsibility but value-driven choices your company makes on how you do business.
Once your brand purpose is defined, incorporate it into your larger content marketing strategy that can be easily identifiable and allow it to fuel content marketing objections for the company. This value system can resonate not only outside the company with marketing initiatives but within internal corporate communications as well. Product specific blogs, corporate level presentations, and investor relations reporting are opportunities to reinforce the message.