The Most Overlooked
Medical Device Marketing Plan
Do you know that content marketing is the most overlooked marketing plan for medical devices?
Traditional DME marketing techniques have limitations that content marketing easily solves.
The medical device industry is set to grow steadily over the following years due to the heavy reliance of the health industry and the military on the medical device market.
The Most Overlooked
Medical Device Marketing Plan
Do you know that content marketing is the most overlooked marketing plan for medical devices?
Traditional DME marketing techniques have limitations that content marketing easily solves.
The medical device industry is set to grow steadily over the following years due to the heavy reliance of the health industry and the military on the medical device market.
Bottom Line
Content marketing is the most overlooked marketing plan for medical devices? Traditional DME marketing techniques have limitations that content marketing easily solves.
Bottom Line
Content marketing is the most overlooked marketing plan for medical devices? Traditional DME marketing techniques have limitations that content marketing easily solves.
Introduction
The medical device industry is set to grow steadily over the following years due to the heavy reliance of the health industry and the military on the medical device market. Statistics show that the medical devices market reached an approximated $456.9 billion in 2019 and will grow to $603 billion by 2023.1 However, you probably know all of this already. You are more interested in understanding medical device marketing plans that help you capture a larger bulk of the market capital.
Many of the traditional marketing strategies that professional medical device marketing experts have used for decades still work. But, the medical device industry as a whole has shifted toward a more online-centric consumer base. Therefore, to dominate in this new era of online marketing and digital sales, your medical device manufacturing or marketing company needs to adopt inbound marketing strategies.
%
Medical device marketing growth by 2023
Content Marketing Medical Device Marketing Plan
A medical device marketing plan using content marketing is also known as inbound marketing for medical devices. An inbound marketing plan for medical devices involves techniques that enhance a brand’s organic website traffic. Inbound marketing attracts the right readers and turns them into paying customers by using:
- Well-crafted content
- Calculated and appropriately placed original digital content
- SEO leveraging
- Social media promotion
Traditional marketing techniques for selling durable medical equipment (DME) usually involve direct interaction with potential or existing customers. Content marketing can win new customers without direct interaction.
In the digital age that we now find ourselves in, content marketing is the most useful medical device marketing plan that a brand can adopt. It maximizes brand recognition and product sales.
Traditional Marketing Techniques and Their Limitations
For the longest time, the medical device industry has used traditional marketing techniques that have been tried and tested for over a century. Conventional medical device selling techniques like peer-to-peer selling, cold calls, trade shows, written marketing material, studies to support a durable medical device (DME), and the use of roaming sales teams have worked like a charm for years. However, some of these methods, while still useful, can be enhanced with a digital presence.
Some traditional medical device marketing modes still work. But they are comparatively more expensive and time-consuming than content marketing techniques. DME marketing has evolved to involve potential buyers and leads in digital ways that cost less and create more leads than traditional marketing methods.
Traditional DME Marketing
Cold Calls
Cold calling is making an unplanned visit or phone call to someone (usually a potential customer) with the intent of selling a medical device to them. Cold calling is one of the oldest forms of traditional DME marketing. It has been effective for a very long time, at least before the advent of social media. According to the international smartphone mobility report, most Americans are more likely to screen phone calls from unknown numbers, reducing effective cold calling chances.
Peer-to-Peer Selling
Peer-to-Peer selling is considered both a traditional and digital form of DME marketing since it can be done traditionally and digitally. DME Peer-to-Peer selling is the process of selling a medical device to a medical practitioner by having a fellow doctor (peer) talk to them about the medical device.
Trade Shows
DME Trade shows are medical technology events that allow medical device brands to show off their products to potential customers. Trade shows provide access to doctors and other medical practitioners or non-medical customers.
Written Marketing Material
In the past, medical device companies had to come up with compelling literature about their medical devices. Then the companies distribute the literature to potential customers to pull their attention to their products. It is very similar to comprehensive DME guides that brands use today for medical device content marketing plans.
Studies Supporting Your DME
These days, there are more comparative reviews on DME brands’ websites to show the advantage of their products over their competitor‘s. However, traditional medical marketing techniques used groundbreaking studies (which are expensive and time–consuming) to back up their medical device claims.
Sales Teams
Highly trained and motivated sales teams have always been a huge part of traditional DME marketing. The sales teams hunt down customers for a DME brand. Sales teams for traditional DME marketing use direct and indirect means to reach potential customers. The teams call potential customers, visit with them, or provide icebreaking materials to make more people aware of a DME brand.
Problems with Traditional DME Marketing
Traditional DME marketing techniques have been useful for the longest time and are, in fact, still effective and helpful. But, there are a few limitations that have plagued these techniques over the years. Traditional medical device marketing plans were typically expensive, barely scalable, and lacked flexibility. Here are some of the most common problems:
Problems with Traditional DME Marketing
Traditional DME marketing techniques have been useful for the longest time and are, in fact, still effective and helpful. But, there are a few limitations that have plagued these techniques over the years. Traditional medical device marketing plans were typically expensive, barely scalable, and lacked flexibility. Here are some of the most common problems:
They are Expensive
Traditional DME marketing techniques are relatively more expensive than digital medical device marketing plans. The high cost of traditional marketing is tied mainly to the high price of creating a marketing campaign. Creating traditional medical device marketing campaigns in newspapers, on television, printing bills, and buying billboard spaces makes it a costly marketing method.
They are Not Scalable
Small and medium-sized medical device companies choose digital marketing over traditional marketing because of conventional marketing’s inability to scale. Traditional marketing is difficult to scale down for small companies because of the high upfront cost of marketing materials. It is also difficult to scale up cost-effectively because of the labor-intensive methods of sales. For these reasons, most traditional durable medical equipment marketing strategies have catered to large scale companies better than small and medium-sized companies. This inability to scale puts traditional medical device marketing plans at a significant disadvantage compared to inbound marketing.
Lack of Nimbleness
In the fast-paced digital world of today, brands benefit from their ability to quickly and effectively apply multiple medical device marketing plans in short periods to cater to their customers’ needs. Most traditional durable medical equipment marketing techniques cannot change quickly and effectively. Imagine, for instance, the amount of money and effort it would require to take down and replace the image of an outdated medical device on a giant billboard covered with canvas.
Content Marketing Solves the Problems of Traditional Marketing
Did you know that according to Hubspot, 42% of companies hired at least one content strategist executive? This is because large companies now understand the power of digital content marketing. Content marketing can be a powerful tool for your medical device marketing plan.
Content marketing typically consists of all the content posted to your website, blog, social media, and other online platforms that make up your online presence. Content marketing is cheaper, more scalable, nimbler, and saves more time than traditional marketing techniques.
At least 86% of B2B marketers report that their brands and organizations use content marketing, and up to 70% of them are using more content in their marketing strategies than they did a year ago.2
- Companies hired at least one content strategist 42%
- Companies use content marketing 86%
- Companies using more content than a year ago 70%
Content Marketing‘s Affordability
Outsourcing in the Gig Economy
Effective remote technology for collaboration worldwide and the ease of payment has opened the doors to major growth in the “gig economy.” It is estimated that companies that rely on the gig economy are close to overtaking the traditional work economy. 2020 has made that even more accurate. In 2019, up to 57 million people in the United States alone worked as freelancers. These remote freelancers contribute up to $1 trillion in income to the economy.3 This large pool of talent has significantly reduced the cost of hiring for content marketing.
No Physical Products to Store
Just like with the rise of the gig economy, virtual stores are becoming dominant. With virtual stores and e-commerce websites, your brand can sell hundreds to thousands of medical devices every year without a physical store. There are so many solutions that can help medical device brands stay cost-effective and only hold as much inventory as they sell. Sales techniques like manufacturing on-demand and third-party fulfillment centers have become handy sales tools that work well in conjunction with content marketing.
No Office Space is Needed for a Sales Team
In traditional medical device marketing plans, there is usually a need to house the sales team under a roof to allow for effective collaboration and easy information dissemination. Plus, that is just the way traditional marketing has always worked. On the other hand, content marketing can have all of its workforces in remote locations to work and collaborate from their home or workspace. The lack of a need for office space makes content marketing a much cheaper, durable marketing plan than traditional plans for selling medical equipment.
Content Marketing Saves Time
Tradeshows are Time Consuming
We have all been to trade shows where the only product we were interested in did not display until later in the show. Tradeshows can be a very time-consuming task for customers and brands alike. As a medical device brand, it is also time–consuming to organize tradeshows and invite the right people to come for your tradeshows. These days, tradeshows have been replaced by marketing webinars, which help increase your reach to people in other locations and a more diverse audience. Plus, webinars can be evergreen, which is something that tradeshows lack. .
Cold Calling is Inefficient
According to a report by Harvard Business Review, cold calling is ineffective 90% of the time. Another recent research also showed that less than 2% of cold calls convert into a meeting.4 These are meager statistical numbers for a marketing technique. Therefore, it is better to use a marketing technique with a proven higher engagement and conversion rate. Statistics show that 72% of marketers admit that content marketing increases engagement and leads for a brand.
Inbound Content Marketing is Scalable
Outsourcing Allows You to Scale Quickly
Scalability is a significant aspect of marketing in the information age. Gone are the days when a business had to be extremely big to attract the best marketing talents. The gig economy offers small and medium-sized medical device brands the opportunity to outsource their content marketing tasks to marketing experts anywhere in the world and still get the best results.
Scalable Outsourcing is Less Expensive
Scalable outsourcing means that you only have to pay for how much service you are getting in return. Traditional marketing teams have a standard price that needs to be paid regardless of how big or small your marketing campaign is. Outsourced marketing allows your brand to save money by only paying for how much content about your medical device you put out.
The Nimbleness of Inbound Marketing
Spotting Opportunities and Implementing Plans Quickly
Since content marketing is a subset of digital marketing as a whole, it inherits many of digital marketing attributes. This includes the ability to change quickly and effectively. The beauty of using content marketing for durable marketing equipment is how very easily you can restructure your entire content delivery and curation system to take advantage of new opportunities.
Can Turn Around Content for New Opportunities in Days Instead of Weeks
In the past, it used to take weeks of planning, organizing, and substantial budget allocations to create a marketing plan for new opportunities in the medical device market. Now? You only need a few days or even hours in some cases to come up with fresh content marketing strategies for your brand’s DME.
Organic Search Traffic Drives Sales
To understand why organic search is essential to your DME brand, you first need to understand what organic search is and how to take advantage of its marketing prowess. Content marketing is a huge part of organic traffic. With the widespread use of tools like ad blockers and cookie blockers, it is increasingly hard to use paid ads to generate traffic. However, statistics show that 70% of internet users would rather obtain information about a product or a brand via an article or block post than through advertisement – basically content over ads.
Statistics on How Many Sales Start with Organic Search
Over 3.5 billion searches are conducted daily, translating to billions of potential organic search traffic daily
The top 5 search results on a Google page gets 70% of the clicks on that page
10% of Google searchers (which is a vast number) are looking for detailed content, and Google‘s algorithm looks out for detailed content to be ranked higher
57% of B2B marketers report that SEO generates more leads than any other marketing technique used by them
81% of people perform some type of online search about a product before making a large purchase – like when purchasing a medical device, for instance
72% of online marketers state that content marketing is their most effective SEO tactic
Content Marketing Can Help Build Your Brand
Content marketing is a huge way to build your brand and increase your brand recognition. You can learn more in our article on medical device marketing strategies to increase brand recognition. Proper content marketing techniques for your medical device can help grow your brand by making people more familiar with your products and your brand in general.
Imagine that every time a medical device in your medical device category is looked up on a search engine, your brand’s medical devices come up on the first page with favorable reviews and comparison charts. A correctly implemented content marketing plan can substantially increase the chances of potential buyers recognizing your brand.
Content Marketing Can Help Build Your Brand
Content marketing is a huge way to build your brand and increase your brand recognition. You can learn more in our article on medical device marketing strategies to increase brand recognition. Proper content marketing techniques for your medical device can help grow your brand by making people more familiar with your products and your brand in general.
Imagine that every time a medical device in your medical device category is looked up on a search engine, your brand’s medical devices come up on the first page with favorable reviews and comparison charts. A correctly implemented content marketing plan can substantially increase the chances of potential buyers recognizing your brand.
Most of Your Competition is Selling the Same DME
Perhaps you wonder why building your brand is just as crucial as building recognition for your medical devices. In the crowded market of durable medical equipment sellers, at least two or more brands are likely selling the same DME as you with slightly different features. The question then becomes, why should a potential customer choose your product over your competitor’s? The answer is branding and content marketing.
For instance, Nike and Adidas both sell sports footwear. Still, for some reason (which has very little to do with quality as both companies make fantastic products), Nike is the world’s leading supplier of athletic shoes. A huge part of Nike’s success has to do with the brand rather than its products.
Set Yourself Apart with Branding
Branding is the key to setting yourself apart from your competition. Show your customers that you can provide value to them, and you understand what they need. Make use of all the proper branding techniques to ensure that you are not just another company selling DME. Branding shows your medical device company as the best place to purchase DME.
Brand recognition helps your audience identify and pick out your products without the need to see the name. A brand is the next level aspect of digital marketing that significantly multiplies the effect of content marketing for your brand.
Conclusion
Content marketing is a critical part of brand building in the digital world. It is the most reliable way of communicating your products and your values to your audience. There are various tools and methods of content marketing that can build your brand the right way and ensure that your audience always stays engaged. Tools like interactive content and virtual product tours can help pique your potential customers’ interest in your products and establish your brand as high-quality and reliable in their minds.
While traditional medical device marketing plans still have a place in the medical device industry, your brand needs to adopt content marketing as one of its DME marketing strategies. With content marketing, you stay consistently relevant and profitable.
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Active Marketing: Proven Game Changers
Active Marketing has transformed addiction treatment businesses with our strategic horsepower. We have proven experience developing and executing marketing strategies that get your brand’s best messaging in front of the right people at the right time and place.
Our impact on our clients’ bottom lines changes the way they do business. We’d love to talk to you more about your potential.
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Resources
- https://www.globenewswire.com/news-release/2020/09/16/2094355/0/en/Global-Medical-Device-Industry-Statistics-Show-Production-Of-Non-COVID-Equipment-Is-Severely-Impacted.html#:~:text=The%20medical%20devices%20market%202020,a%20rate%20of%20%2D3.2%25
- https://contentmarketinginstitute.com/2015/03/buy-in-conversation-content-marketing/
- https://startupsanonymous.com/blog/gig-economy-statistics/
- https://hbr.org/2010/12/vision-statement-do-you-really-know-who-your-best-salespeople-are/ar/1
- https://medium.com/@SearchDecoder/18-eye-opening-seo-statistics-to-prove-the-value-of-organic-search-ff1b19aade40#:~:text=51%25%20OF%20WEBSITE%20TRAFFIC%20COMES%20FROM%20ORGANIC%20SEARCH%20RESULTS&text=They%27re%20Googling%20their%20way,captured%20through%20organic%20search%20traffic
- https://junto.digital/blog/seo-stats/