Guide to Creating a Medical Device Go-To Market Strategy

Bringing a Medical Device to Market

Marketing pharmaceutical products, diagnostics, or medical devices has unique challenges when compared to other products or services. The industry is heavily regulated, highly competitive, and growing at a breakneck speed. You need to identify your target audience, craft a unique value proposition, and conduct competitor and positioning analysis. Those components just scratch the surface of developing a medical device go-to-market strategy.

Identifying Your Target Audience

Prospective customers in the medical device market can include care providers, patients, doctors, and other stakeholders. Companies should develop an avatar of an ideal customer for each important category of stakeholder. Avatars should include demographic information, their needs, their position in the buying cycle, their needs, where and when they are likely to purchase, and more. This data will be needed throughout the R&D phase and through product launch.

Crafting a Unique Value Proposition

Whether the device you are developing is an in vitro diagnostic system or an AI-driven app, you need to identify what problem it is solving in the marketplace. Does your product enhance the patient or provider experience, or lower costs for them? Can it be manufactured and sold at a lower price point than a competitor's product? Is it a breakthrough device or will it replace an existing product on the market? Answering these questions will help communicate the need for your medical device.

Competitor Analysis and Positioning

Competitor analysis and positioning enhance the depth of your market understanding. This process involves collecting secondary data that has already been gathered for purposes other than your current market research activities. It can include news articles, competitor press releases, their marketing efforts, and the effectiveness of those efforts. This allows you to make predictive benchmarks of your product's performance against industry standards.

Steps to Developing a Successful Medical Device Go To Market Strategy

Marketing pharmaceutical products, diagnostics, or medical devices has unique challenges when compared to other products or services. The industry is heavily regulated, highly competitive, and growing at a breakneck speed. You need to identify your target audience, craft a unique value proposition, and conduct competitor and positioning analysis. Those components just scratch the surface of developing a medical device go-to-market strategy.

Conducting Comprehensive Market Research

Identifying market structure and the growth potential of your product helps to develop a customized roadmap for success. In-depth qualitative and quantitative research methods are needed to understand the competitive landscape and position your entry strategy to make a huge splash in the marketplace upon product launch. We specialize in the following markets at the MarkeTech Group:

• Medical imaging
• In vitro diagnostics
• Pharmaceuticals & life sciences
• Medical informatics & AI
• Medical devices & diagnostics

Concept Testing and Development

Concept testing allows you to assess the appeal of your product and the willingness of the target market to adopt it. When you define the requirements of your customers at this stage, you'll know which product features to prioritize. Concept testing also helps you identify unmet customer needs. This process should include comprehensive studies on customer experience and product usability.

Market Segmentation Analysis

Our market segmentation analysis goes far beyond simple customer demographic information. The insights our strategies can provide help companies understand customer behavior patterns, preferences, and needs. This in turn leads to more impactful product and sales messaging. Continued monitoring of customer perception lets you make proactive adjustments through the life cycle of the product.

Formulating a Pricing Strategy

Selling a product or service at the right price is an extremely challenging task. Your pricing strategy must include identifying an acceptable price range, understanding the price sensitivity of potential customers, and aligning the price with your profit and revenue-maximizing goals.

Crafting an Effective Marketing and Distribution Plan

This is the point where your medical device go-to-market strategy starts to take shape. The precision data we gather throughout the process with our dedicated focus groups and stakeholders provides you with strategic market insights and distribution of your device or service. Our "Sell to Win" philosophy aids you in a more effective marketing plan. You'll be able to articulate your product's value to customers in a more meaningful and impactful way.

Executing the Launch and Monitoring Performance

Performance monitoring is vital once your product launch finally happens. A combination of qualitative and quantitative research with secondary research will have positioned you for a successful launch. Continued analysis allows you to identify potential bottlenecks in your sales funnel and make adjustments to improve. Our goal at the MarkeTech Group is to help streamline the customer journey which will lead to increased conversions and profitability.

Post-Launch Strategy for Sustained Growth

Our expert consultants come from the MedTech world, so they understand the challenges of navigating a unique medical device marketing strategy. A post-launch strategy for sustained growth is the next phase of the process to ensure long-term viability and profitability for your product. Our experts offer you marketing coaching and proprietary VOC consulting that other MedTech consulting firms lack. Put our years of experience to work to ensure that your product continues to sell into the future.

Partner with the Experts at MarkeTech Group

You don't have to develop a medical device go-to-market strategy on your own. Our qualitative and quantitative methodologies and expert MedTech consulting services are here to help you achieve a customized strategy for product launches, sales, and beyond. The MarkeTech Group's level of expertise in medical device marketing strategy is unmatched.

If you are ready to take the next step in developing a go-to-market strategy, Submit an RFP and one of our expert consultants will get in touch with you as quickly as possible!