Avoiding a False Start: Marketing Tips for Successful Marketing of a New Medical Device
The successful launch of a new medical device technology requires a coordinated effort among various functional groups within the company. Merging the activities of this group in line with a predetermined project schedule is essential for the timely and successful commercialization of the product. Members of the marketing team play a vital role in this process by providing market insights during the initial concept development phase through conducting a post-marketing assessment of launch planning activities and marketing tactics. marketing.
A failed product launch can be disastrous from a financial perspective and for the reputation of the product’s brand in the marketplace. Since companies have only one opportunity to launch a product, it is vital that launch planning and preparation activities cover the full scope of known and potentially unknown obstacles that could affect the successful introduction of the product to market. As a result of its integral role as part of the marketing process, marketing has primary responsibility for many of these activities.
While providing information 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 planning and execution of Marketing can help you get the product out successfully. blocks without tripping.
Obtaining customer feedback
From initial concept development to post-launch evaluation, customer involvement in the design and positioning of new medical devices is essential. Attempting to bring a product to market without proper customer feedback, or worse, without taking customer feedback into account, will ultimately limit the acceptance of the product in the market.
Examples of customer feedback parameters commonly obtained as part of this process include validation of market assumptions, competitive environment assessment, input of product specifications, determination of product value proposition, development and testing of product positioning and obtaining feedback on product usability. of use. It is important to develop a decision-making process that can be followed when paying attention to customer feedback would result in increased product development or manufacturing costs, or if the implementation of information-based changes significantly changes the timeline for product launch.
Develop a targeting strategy
Identifying and targeting the market segments that will result in a steeper adoption curve is vital to starting the building blocks strong with new medical device technology. The assessment of the different market segments should not only be based solely on the market potential, but also on the possible entry barriers that may exist within these segments.
Market segments with the highest patient numbers or procedure volumes may not always represent the best “firsts” markets to address. These segments are often associated with increased competitive pressures due to the market opportunities they represent, or they may be associated with increased visibility within a hospital environment from a product approval or cost reduction perspective. It’s also important to segment customers by technology adoption characteristics. Focusing early launch activities on early adopters who quickly understand the potential benefits of the technology and limiting efforts targeting late users 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 that require review of new products before the hospital uses or purchases them. This has resulted in more people participating in the decision-making process and a greater focus on the impact of technology costs on the hospital. Having evidence that a new medical technology provides a clinical benefit to patients is often not enough to enter the hospital and many hospitals now request cost justification analyzes that demonstrate the economic impact of adopting the technology in their institution.
To demonstrate the economic value associated with a new technology, marketing must provide both the prior training and the appropriate tools to enable the sales organization to communicate this type of information to customers. A typical tool is a proforma economic model into which variables can be entered based on clinical outcomes associated with product use and standardized or customer-specific cost data.
Develop a publishing strategy
A successful product launch requires a meticulous plan to effectively communicate the value of a new medical technology along with developing a strategy to address anticipated market objections. A key component of this strategy is the development and execution of a comprehensive publishing plan. Timely execution of an effective publishing strategy can accelerate the adoption of a new medical technology.
Sequential development and submission of manuscripts to key journals that target specific customer segments is necessary to ensure that they receive ongoing and relevant product information. The overall objective of a publication strategy should be to disseminate clinical and economic information that supports the benefits and positioning of the Company’s technology.
Conclution
The development and timely execution of a comprehensive strategic launch plan is a prerequisite for the successful commercialization of a new medical technology. Proactive marketing leadership as part of a product development and go-to-market team can help ensure that potential obstacles in the marketplace are identified and addressed prior to a product launch, resulting in greater potential for initial success in the market.
