In a recent post, we discussed three key MedTech trends in 2022 and their influence on how companies will need to adapt the way they market their products or services to remain relevant and profitable.
This article looks at a similar area, but from a slightly different perspective.
Why would we do this?
As a leading provider of marketing solutions in the MedTech vertical, we like to keep a broad view of the industry so that we can provide our clients with what is actually the best solution for them (not the one we or they wish, or hope was the best!).
Just as there have been impressive advances in medical technology, advances in marketing technology and channels provide exciting opportunities for smart MedTech companies looking to stay ahead of their competition.
Long gone is the need to spend your marketing budget on broad, poorly targeted advertising, in the hope that if you spread a large enough net, you will capture sufficient leads.
While this type of unfocused marketing approach may previously have delivered adequate results, any MedTech company trying this today is playing a risky game.
Instead, by using the most effective channels for a specific audience, you will often see a far better response, with a much lower cost of acquisition.
Below, you’ll see the 4 steps you need to take to ensure you choose (and then use) the right channel for the right audience.
Step One – Know Your Audience
Success in any marketing campaign begins with an accurate understanding of your audience. The deeper you can go with this understanding, the more precisely you can calibrate campaigns to individual audience avatars.
Indeed, in the MedTech campaigns we’ve run (and continue to run every day for our clients), we can see a very strong correlation between how well an audience is understood before a campaign is created, and their responsiveness (and hence your results) to that campaign once it starts running.
So how can you get a better understanding of your audience?
By improving the amount of data captured, the accuracy of that data, and the way it is then processed and analyzed, different audiences can be more reliably segmented into different marketing channels.
This then leads to more effective spend on whichever channel(s) are used. (In other words, you’re able to spend money on the right people, in the ideal place, in the most effective way.)
Step Two – Know Your Channels
One of the many challenges facing MedTech companies is the sheer number of potential channels open to them.
Many years ago, there were far fewer channels to utilize, with print, audio, and TV dominating.
Fast forward to today and you face a far greater range of choices including, but not limited to:
In a survey of 400 B2B marketers, HubSpot found that the four most popular channels were (in descending order):
To paraphrase a well-known quote from a Spiderman movie, “With great choice comes great responsibility!”
Your responsibility is to choose the channel (or channels) that are best suited to your audience. This comes from knowing your audience and the channels they use. In other words, go where your customers are, not where they aren’t.
(This may seem obvious, but it never fails to surprise us how few MedTech companies are actually doing this.)
Again, having accurate data is key to helping you make the right choice of channels.
Many MedTech companies find that an omni-channel approach to marketing delivers the best results. Content can be repurposed for different channels, to ensure it remains relevant and targeted at the right audience in each iteration.
Step Three – Know Yourself
While you may be tempted to rush out and start using every possible channel for your next marketing campaign, STOP! You still have two steps to go…
This third step is one you won’t hear from many marketing companies, but it is vital to marketing success. It is important to know where you, as a MedTech company, want to be seen and who you want as your audience.
Clarity gives power, and by knowing these two things you have exceptional marketing power, because you can then direct your focus on the right area.
By way of example, place strategy is a powerful, often underused marketing tool. Often, using a non-traditional marketing channel can have far greater impact than would be expected, simply because you are in a “competitor-free zone”.
If you show up like no-one else AND you show up alone, you will often be pleasantly surprised by the results you see.
Step Four – Get To know US!
While the above three steps may seem overwhelming at first reading, it can be a relief to know that some people do this for a living and can significantly ease the process.
At MedGen, we’re specialists in these areas and are your ideal partner in the MedTech vertical.
Our proprietary machine learning and tracking technology gives us real-time data for ongoing creative and AI-driven optimization of your marketing campaigns (in whichever channels you use).
Further benefits include:
We already partner with many MedTech companies, delivering them with the results they want in a range of channels. Contact us today to see how we could help you see better results, faster.