GROWTH MARKETING FOR MEDICAL DEVICE MANUFACTURERS

Growth marketing strategies, technology, and processes fill the need for rapid and predictable revenue.

By Cultivate | January 5, 2024

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Growth marketing strategies fill the need for rapid and predictable revenue

The global medical device industry is highly competitive and saturated, with numerous products regularly entering the market. According to global news wire,1 the global medical device market size is expected to reach approximately USD 671.49 billion, with the U.S. market projected to grow to USD 291.04 billion by 2030.2

Successfully bringing a medical device to market is complex and expensive. Medical device companies need to effectively market their innovations while navigating rigid regulations and complex sales cycles. 

Contributing to the complexity and competition, value-based care (VBC)3 is gaining traction. VBC models are primarily aimed at improving cost efficiency, care quality, and outcomes of patients. Medical device companies need to rapidly modify their business approaches to position themselves favorably in the VBC market. 

Medical device companies will also need to consider that there are typically multiple individuals that are involved in making the purchasing decision. How do you effectively communicate to these individuals the efficacy and improved patient outcomes that your device delivers? 

A well-planned growth marketing strategy can make all the difference in achieving revenue objectives.

The term “growth marketing”4 was introduced about a decade ago and has gained substantial traction. The goal of growth marketing is to effectively guide the audience through each stage of the buyer journey. It uses a customer-focused, data-driven approach to acquire, activate, and retain customers. 

In contrast, traditional marketing tends to be company-focused, with communications centering on features and functionality and the same messaging to all is company-centric. Growth marketing emphasizes retention and achieves this by incorporating these key principles5

  • Tailored and personalized: Growth Marketing is consumer-centric, understanding the customers’ needs and curating messages and content that addresses their key questions. 
  • Data-driven decisions: Data and analytics are used to make informed decisions optimizing marketing strategies and campaigns. 
  • Innovative: Growth marketing leverages technology and automation tools to improve efficiency and execute campaigns at scale.  

There are a number of effective growth marketing strategies and tools: 

  • Content marketing 
  • Inbound Marketing 
  • Conversion optimization 
  • Testing: A/B and multivariate 
  • Account-based marketing 

These practices of growth marketing can be hypothesized, tested, analyzed, and optimized. Growth marketing is beneficial for both the consumer and the company, as the company can make informed data-driven decisions while that consumer is presented with an all-inclusive product that has been designed for them. 

Growth marketing strategies provide medical device companies with a marketing strategy that is testable, scalable, and trackable. Here are some growth marketing strategies to develop an effective go-to-market strategy: 

Understand regulatory requirements 

The U.S. government has established regulations for all medical devices marketed in the United States. These regulations ensure that chosen marketing pathways do not risk the consumer’s health. For instance, all information must be truthful, not misleading, and provide the necessary information that payors need to make an informed decision. 

Medical Devices marketed in the United States are subject to the regulatory controls defined by the Federal Food, Drug, and Cosmetic Act (FDA)6 and the regulations in Title 21-Code of Federal Regulations (21 CFR) parts 1-58, 800-1299.7 These regulations are essential to understand when planning your marketing strategy:

  • Premarket (510(k))
  • Premarket Approval (PMA) 
  • De Novo Classification Request
  • Exempt 
  • Product Development Protocol (PDP)
  • Humanitarian Device Exemption (HDE)
  • Biologics License Application (BLA)8

Before undertaking any marketing initiative, it is essential that all information and content regarding the medical device adhere to the necessary regulations. 

Know your audience

To position your medical device at the forefront of the market, it is important that the marketing campaign reaches the intended audience. In the procurement process of medical devices, multiple individuals are usually involved, such as healthcare providers, patients, executives, department heads, and physicians. 

To clearly understand who the target audience is, try asking some of the following questions: 

  • How do they make decisions? 
  • What are their job responsibilities?  
  • What are their objectives? 
  • What are their pain points?  

Growth marketing provides valuable insights into the competitive landscape, customer needs, and the target market. It offers medical device companies the necessary data to identify opportunities, understand preferences, and position the device more effectively. 

Develop a variety of content 

Digital marketing and content creation are:

  • Effective ways of attracting new customers.
  • Building brand awareness.
  • Establishing an authoritative source of information.

For medical device companies, creating educational and informative customized content that is easily digestible9 and accurate helps build trust and effectively engages healthcare professionals, patients, and other stakeholders.10

Releasing multiple formats of content helps reach a broader target market and increase conversion rates. This could be anything from infographics, blog posts, slide decks, white papers, or webinars. 

Medical device companies can position themselves as trusted experts in their niche by providing high-quality content in multiformat that provides valuable insights and solutions. 

Data-Driven Decision-Making 

Growth marketing loves data analytics. It generates beneficial insights via tools, technologies, and key performance indicators (KPIs) that medical device companies can utilize to understand their target audience’s preferences, pain points, and behavior. 

This data-driven approach allows medical device companies to make informed decisions, allocate resources effectively, and optimize their pre market and market campaigns. 

Integrated Multi-channel Marketing 

Growth marketing leverages integrated traditional and digital channels. Digital marketing channels include social media, email marketing, content marketing SEO, PPC, and SEM. Integrated multi-channel marketing aims to find the most effective combination of channels for a specific business to generate direct exposure and build a brand.11 

This integrated and comprehensive approach ensures that medical device companies can reach their target audience from anywhere. 

The primary objective of growth marketing is to acquire, activate, and retain customers by effectively guiding them through each stage of the marketing pathway. Medical device companies that leverage growth marketing can better allocate their resources, ensuring that their marketing budgets yield the best possible results. 

Growth marketing agencies exist to generate a positive return on investment for their clients, producing long-term sustainable growth. An Agency that provides fractional team members can accelerate your company’s go-to-market plan by filling resource gaps often plaguing medical device start-ups.

References

1. Research P. Medical Devices Market Size to Hit Around US$ 671.49 Bn by 2027. GlobeNewswire News Room. Published June 30, 2021. https://www.globenewswire.com/news-release/2021/06/30/2255807/0/en/Medical-Devices-Market-Size-to-Hit-Around-US-671-49-Bn-by-2027.html

2. Insights FB. U.S. Medical Devices Market Size Report [2023-2030] | USD 291.04 Billion Industry. GlobeNewswire News Room. Published June 7, 2023. Accessed November 10, 2023. https://www.globenewswire.com/en/news-release/2023/06/07/2683510/0/en/U-S-Medical-Devices-Market-Size-Report-2023-2030-USD-291-04-Billion-Industry.html

3. Value-Based Care | CMS. www.cms.gov. https://www.cms.gov/priorities/innovation/key-concept/value-based-care

4. Boyette Z. Council Post: Why Growth Marketing Is The Next Frontier Of Marketing. Forbes. Accessed November 10, 2023. https://www.forbes.com/sites/forbesbusinesscouncil/2021/11/16/why-growth-marketing-is-the-next-frontier-of-marketing/?sh=7bd511861e76

5. Cultivate. Growth Marketing 101: Let’s start with a definition. Cultivate Communications. Published July 11, 2023. Accessed November 10, 2023. https://www.cultivate-communications.com/inventive-thinking/growth-marketing-science-and-art/

6. Center for Devices and Radiological Health. Regulatory Controls. U.S. Food and Drug Administration. Published 2019. https://www.fda.gov/medical-devices/overview-device-regulation/regulatory-controls

7. CFR – Code of Federal Regulations Title 21. Fda.gov. Published 2012. https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfCFR/CFRSearch.cfm

8. Health C for D and R. How to Study and Market Your Device. FDA. Published January 28, 2020. https://www.fda.gov/medical-devices/device-advice-comprehensive-regulatory-assistance/how-study-and-market-your-device

9. What content matters most? Insights and preferences for engaging today’s HCPs. www.wolterskluwer.com. Accessed November 10, 2023. https://www.wolterskluwer.com/en/expert-insights/what-content-matters-most-insights-and-preferences-for-engaging-todays-hcps

10. Wilkins CH. Effective Engagement Requires Trust and Being Trustworthy. Medical Care. 2018;56(10):S6-S8. doi:https://doi.org/10.1097/mlr.0000000000000953

11. 5 Medical Device Marketing Strategies That Will Increase Brand Recognition | Lippincott Audience Solutions. www.wolterskluwer.com. https://www.wolterskluwer.com/en/expert-insights/5-medical-device-marketing-strategies-that-will-increase-brand-recognition

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