In a 2017 survey of 23 marketing departments in the medical device industry, Viv uncovered that medical device companies are still relying on word-of-mouth marketing to advance sales. 44.78% of respondents indicated that they are currently dependent upon word-of-mouth marketing.
That data gives you and your team an immediate competitive edge in two ways:
- Strategically stoke the word. Many of the medical device companies with which we work are not only heavily reliant on word-of-mouth marketing, but they also do very little to ignite it, instead leaving it to chance. By contrast, you have an opportunity to regularly inspire word-of-mouth marketing. A robust referral strategy, content market strategy and regulations-compliant incentive program can all go a long way in systematizing word-of-mouth marketing and exponentially increasing returns.
- Go beyond the word. The savviest of your competitors are constantly and consistently gathering target market research. This helps them understand precisely what media the desired audience consumes most often and what messaging and look most appeals to them, even as the device or corporation evolves and grows. From that data, they are able to build and maintain sophisticated marketing strategies that include exactly the right variety of marketing tactics, far beyond just word-of-mouth or certainly trail-by-error marketing.
When asked what they were currently doing for marketing beyond word-of-mouth, these were the top answers:
- 41.70% – website marketing
- 32.84% – social media marketing
- 22.30% – online marketing
Indeed, the medical device industry is and has always been a leader in innovation, so it’s not surprising that digital marketing is most common.
Here’s what is surprising; the industry is also still fairly reliant on offline marketing. While 19.40% of respondents are currently running direct mailers, that same percentage is holding or attending events to attract leads into the funnel.
Essentially, there are about 50 different marketing tactics that a medical device company could deploy, as shown here under “The Capabilities.” Most important is identifying and delivering only the marketing tactics that are right for the medical device, the company and their evolution right now. The only way to be sure of that is to conduct regular target market and competitor research.
For a full copy of the data, contact us and write “Viv Brand Study Survey Data” in the “How can we best assist you?” form field.
Here’s to a prosperous 2018!