Avoiding a False Start – Marketing Tips For the Successful Commercialization of Novel Medical Device

The successful launch of a novel medical device technology requires a coordinated effort between several functional groups within the company. The coalescence of these group’s activities in line with a predetermined project timeline are essential to timely and successful product commercialization. Marketing team members play a vital role in this process beginning with providing market insight during the initial concept development phase through conducting a post-commercialization assessment of launch planning activities and marketing tactics.

A failed product launch can be disastrous from a financial perspective and to the reputation of the product’s brand in the marketplace. Since companies only have one chance to launch a product, it is vital that launch planning and preparedness activities cover the entire scope of known and potentially unknown roadblocks which could affect successful product introduction into the marketplace. As a result of its integral role as a part of the commercialization process, marketing has the primary responsibility for many of these activities.

While providing insight on the full range of marketing activities required for a successful product launch is beyond the scope of this article, the following are four key areas, based on the author’s experience, where good marketing planning and execution can help get the product successfully out the blocks without stumbling.

Obtaining Customer Feedback

From initial concept development through post-launch assessment, customer input into the design and positioning of new medical devices is essential. Attempting to bring a product to market without adequate customer feedback, or even worse, disregarding customer feedback, will ultimately limit product acceptance in the marketplace.

Examples of customer feedback parameters which are commonly obtained as a part of this process include validating market assumptions, assessment of the competitive environment, input on product specifications, determining the product’s value proposition, developing and testing product positioning, and obtaining feedback on the product’s ease of use. It is important to develop a decision making process which can be followed when heeding customer feedback would results in an increase in product development or manufacturing costs, or if implementing changes based on the customer input significantly changes the timeline for product launch.

Developing a Targeting Strategy

Identifying and targeting market segments which will result in a steeper adoption curve is vital to getting a strong start out of the blocks with a new medical device technology. Assessing differing market segments should not only be solely based upon the market potential, but also on the potential barriers to entry which may exist within these segments.

Market segments with the highest number of patients or procedural volumes may not always represent the best “first” markets to approach. These segments are often associated with greater competitive pressures due to the market opportunities they represent, or may be associated with higher visibility within a hospital setting from either a product approval or cost-cutting perspective. Segmenting customers by technology adoption characteristics is also important. Focusing initial launch activities towards early adopters who are quick to understand the potential benefits of the technology and limiting efforts directed at late adopters who require substantial clinical experience and more scientific evidence will maximize resources and drive initial sales growth.

Creating Economic Value

Most hospitals now have policies and procedures in place which require the review of new products prior to their use or purchase by the hospital. This has resulted in an expanded number of individuals who are involved in the decision making process and a greater focus on the cost impact of the technology to the hospital. Having evidence that a new medical technology provides a clinical benefit to patients is often not sufficient to gain entry into the hospital and many hospitals are now requesting cost justification analyses which demonstrate the economic impact of the adoption of the technology at their institution.

In order to demonstrate the economic value associated with a new technology, marketing must provide both the background training and the appropriate tools to empower the sales organization to communicate this type of information to customers. A typical tool is a pro-forma economic model where variables can be inputted based on clinical results associated with the products use and either standardized or customer specific cost data.

Developing a Publication Strategy

A successful product launch necessitates a meticulous plan for effectively communicating the value of a new medical technology along with developing a strategy for addressing anticipated objections from the marketplace. A key component of this strategy is the development and execution of a comprehensive publication plan. The timely execution of an effective publication strategy can accelerate the adoption of a new medical technology.

The sequential development and submission of manuscripts to key journals which target specific customer segments is needed to insure they receive continuous and pertinent information about the product. The overall objective for a publication strategy should be to disseminate clinical and economic information which supports the benefits and the positioning of the Company’s technology.

Conclusion

The development and timely execution of a comprehensive strategic launch plan is a requirement for the successful commercialization of a new medical technology. Proactive marketing leadership as a part of a product development and commercialization team can help to insure that potential hurdles in the marketplace are identified and addressed in advance of a product launch resulting in a greater potential for initial market success.

The 3 Core Values for a Successful Product Positioning

So you want to know about successful product positioning?

I understand how this issue affects you and your business. Actually, I had the same issue too when I was starting mine. So I spent time looking for techniques to use to successfully position my products. Having done the research, I certainly understand how tricky this issue could be for you.

Most ‘Me-Too” businesses go broke. You have to stand out from the crowd and here is why.

But first answer this question… What makes your business different from your competitors? Got the answer already? Great, that is good news.

Think about this… The fact that other businesses fail means there is less so-called competition cluttering up your market place.

Losing money is not clever and of course the word ‘bankruptcy’ strikes a raw nerve in everybody involved. I understand. The last thing we all want is to get to that point in our business.

So here is the best way of avoiding the problem of bankruptcy. Look for ways to successfully position your productso that you do not have any competition. Make your product or service unique.

The 3 secrets are these…VP, U.S.P and U.B.A

1. Value Proposition –This states your company’s core values. What you want to be known for. What makes your company special? Write it on a piece of paper. It should be no longer than 4 sentences and contain no fluff and no filler.

2. Unique Selling Proposition –This states what is unique and different about your product or service. If you are selling a product that other people sell too. Find a way to add value to your offer. Add something that makes your offer unique.

3. Unique Buying Advantage –If the added value that goes with your product really resonates with your customers then your U.S.P will instantly become their U.B.A. So find out as much as you can about their pain points.

Finally, the best way to do this is to ask them. They will be pleased that you have taken the time to listen to their concerns. This will build rapport and customer loyalty.

Warning: These 3 core product positioning values must be aligned. You must feel congruent with them. Success will then be a short step away.

Medical Technology PR Strategies for a Successful Product Launch

You have produced a medical technology that is a breakthrough in the field of medicine, the next thing to do is to let the world know about it. The best medical technology will be of no use if it is not being noticed by the right people. Employing the aid of a professional medical technology PR service provider is the first step to reach the right people and be noticed by the public. This is crucial, especially for a successful product launch. Here are a few tips for an effective medical technology PR prior to a product launch.

Value your PR

For startups or businesses that offer new medical technology, the role of PR in a product launch should not be underestimated. In the current marketing scenario, the effectiveness of advertising decreases, the value of articles and quality content increases. Relevant and fresh PR enables your company not only to gain visibility but also credibility among important persons such as investors, industry peers, and customers.

Write a high-quality press release

PR experts know the importance of content creation and press release in medical technology PR strategies. A high-quality content and relevant press release offer a perception of an actively growing company. This also opens opportunities for acquiring investors and financers due to the increased local visibility of the brand. By producing share-worthy stories for social media, you can increase your brand awareness and gain followers. Consistently relevant press releases can also open an opportunity for your company to be an expert resource for journalists. However, despite the numerous benefits of press releases, not all companies are diligent enough to write them.

For you to maximize the benefits of PR prior to a launch, it helps to produce a high-quality press release to help you boost your brand reputation. If you are able to come up with a cutting-edge medical technology, you are certainly capable of producing a buzz-worthy press release. Expert PR companies can help you identify newsworthy topics from your expertise and share them with the public in the most informative and interesting way.

Look at different angles

If you are wondering what to include in your press release or if you want to write several press releases prior to your launch, there are several topics for you to explore aside from the launch itself. For instance, you can describe the process involved in the initial testing or the work being done with a prototype. You may also share the approval or quality certification you have acquired for the current technology side by side with the awards and recognition you have received. You can also discuss new or updated documentation about your product as well as emerging applications for your technology. You can write a customer case study or share the milestone of units sold and plans for expansion or investments. These are just some of the things you can write about in a press release so you don’t miss the opportunities that may come by simply writing one.

Keep up to date with the current events

One way to produce a relevant and timely content or press release is by tying it up with a current event. Some topics related to the medical field include flu season, soldier safety, returning veterans, healthcare reforms and costs, mobile tools for disease management, disaster relief, etc. Just remember that when mentioning a current event or a crisis, your content should include ways on how your company or product can help in addressing the situation. Avoid including trending stories that are unrelated to what you do since this will not be helpful to you and can possibly harm your reputation.

Product Listing Tips For a Highly Successful E-Commerce Business

Every online seller must know that the presentation and marketing of their products / services directly impacts the sale and revenue models for their Ecommerce business. Unlike a retail store, an E commerce platform cannot provide their customers an opportunity to handle the commodities physically and feel the quality. This is precisely why the significance of product listings and presentation becomes even more important. Online entrepreneurs can successfully help their online customers make an informed decision regarding their purchase by providing correct product listings.

Here’s how you can improve your product listings for your E-commerce business in 4 easy steps!

1. Provide a Detailed Product Description

Although photos are a must, do not underestimate the value add of written words. Your virtual customers will still require a useful description that offers information regarding product pricing, specifications, product care, shipping and various other essential details. The E-Commerce regulation requires that the price must be clearly mentioned. An informative product description is a great way to persuade your online customers that your product is worth purchasing.

2. Make the Product Description More Enjoyable To Read

Keep the product description a focused piece to help you make a sale, instead of lengthy creative writing. You can easily witness your sales soar by improving your online customer’s experience for your E-Commerce business. If you are not proficient with words, consider hiring a copy-writer to add polish and persuasion to your listings.

3. Include Long Tail Keywords to Make Your Products Easy To Find

If you find yourself struggling to attain good rankings in the search results, you can overcome this and get more search traffic by including long tail keywords. Four keywords or more are adequate. The longer the keyword, the simpler it is for you to rank high for that keyword in search engines. Find the most in-demand relevant keyword and expand it for longer variations. For instance, if the long tail keyword you are targeting is ‘Weight loss guide for beginners’, you can generate many more daily visitors through long tail search for fitness niche such as:

• best weight loss guide for beginners

• beginners weight loss guide

• free weight loss guide for beginners

• download weight loss guide

4. Tell A Story and Talk About the Product Benefits

In addition to mentioning the features, it is important to present the product in a way that is appealing and engaging. Customers want to know why they should buy a product, so it must clearly explain ‘what’s in it for them’. A straightforward headline and an engaging story will add personalized appeal and highlight the product benefits. The font size must be just right, and an array of colours can skilfully draw attention to the headlines and bullet points. Some brands tell the whole story behind the product so the customers know how it’s made and how it will add value to their lives.

Remember, your product listings must successfully ‘Engage, Persuade, and Sell’. Your product copy must not simply offer a product description on ecommerce platform and tell the online visitor what it does. It must persuade the readers to click on ‘BUY’.