Every year, countless dollars are wasted on ineffective marketing efforts in the MedTech industry. When marketing tactics are disjointed and incongruent, the results they produce (or don’t) pale in comparison to those of strategic and comprehensive efforts. As competition grows, the need for a well-oiled marketing machine is becoming even more significant.
Viv has identified three key factors that help to eliminate noise in the marketplace:
- Staying ahead of the competition
- Consistently gathering data
- Refining your marketing plan based on the trends in the market
Staying Ahead of the Competition
This is a two-step process. The first step involves finding out who your new competitors are in the market and the second step involves staying on top of current competitors. In both cases, you must thoroughly understand what competitors’ unique selling points are and then determine your differentiating factor in a single statement. This message needs to be crystal clear, extremely succinct and should be evident in every single customer, referrer and employee interaction. Be sure that this differentiating factor aligns with your customers’ expectations and the original mission of your business.
Viv helped to bring clarity, focus, and freedom to a multimillion-dollar healthcare organization, MGMA. In just 30 minutes, we can help your team identify and prioritize key marketing strategies to get you on your way.
Any successful and thriving business is constantly gathering data based on customer experiences, evolving preferences, the changing market, etc. Apple is a perfect example – they are constantly gathering customer feedback and input and then using that information to update software, release new products, create new services and refine their brand – all based on said data. MedTech is no different: give your most loyal customers what they want, and they’ll sing your praises for life.
Refining Your Marketing Plan
The final piece is evolving and refining your ongoing strategy based on what the competition is doing and what the market research tells you. It is important to address trends over individual incidences – if competitors are increasingly utilizing video marketing and the market research is indicating an increased trust in video marketing, it is likely time to invest more heavily in this tactic.
By staying deeply in-tune with your customers, your competition and the marketplace, you will be able to deploy a strategic marketing plan that will produce effective and sustainable results that will allow your business to thrive.