For years, medtech market experts have been sounding the alarm that medical device companies are at risk of becoming “commodity producers.” While some estimates report that the medical device market will be valued at $1.1 trillion by 2034, more conservative estimates project a CAGR of 3%.
Why such a wide range of outcomes? Unfortunately, many organizations are missing out on prime opportunities to land multi-million dollar deals. The good news is that there is a way to solve these headaches and seize more opportunities. The answer? Better marketing.
With that in mind, here are four practical marketing strategies that can help your medtech company build trust, stay visible, and close more deals.
Build a Strong Digital Marketing Foundation
Today’s physicians, procurement officers, and administrators expect to know who you are long before a sales rep reaches out. The last thing you want to do is put your reps in a position where they are fighting uphill, just to explain your offer. A robust digital marketing strategy ensures that you’re not walking into a cold conversation.
Benefits of leading with a digital presence include the following:
- Consistent Visibility: Invest in SEO, thought leadership blogs, and device-specific landing pages so you are easy to find online
- Multi-Channel Engagement: Use email, LinkedIn, and your website to share product updates and connect with your audience
- Regular Cadence: Establish predictable communications so your brand stays top-of-mind
You want a large digital footprint to connect with your audience and cultivate interest in your products.
Update and Segment Your Outreach Lists
Not every stakeholder cares about the same details. Procurement teams want cost and compliance information. Clinicians are most concerned about safety, usability, and clinical outcomes. Executives want to see alignment with strategic priorities like value-based care.
Here are some tips for connecting with each audience segment:
- Maintain segmented email lists for procurement officers, physicians, and health system administrators
- Personalize outreach with content tailored to their pain points
- Regularly scrub your lists to remove inactive contacts and update titles/roles
Segmenting your list of contacts allows you to create more personalized messaging that addresses each group’s primary concerns.
Lead With Value-Based Care Messaging
Hospitals and health systems are increasingly aligning around value-based care, where outcomes and efficiency matter as much as innovation. Medtech companies that position themselves as ecosystem partners gain a critical advantage and can move out of the commodity producer trap.
Instead of pitching a device as a standalone product, you should show:
- How it improves clinical outcomes and patient satisfaction
- How it reduces costs (fewer complications, shorter hospital stays)
- How it integrates into existing workflows and technologies without creating additional burdens
Think about factors that are important to healthcare decision-makers and frame your product as the solution. Emphasize benefits, such as cost and time savings, as well as improved patient outcomes. Those are the kinds of benefits that push undecided decision-makers to vote in favor of your product.
Tell a Compelling Story That Engages Committees
Storytelling in marketing is one of the most powerful strategies at your disposal. While this is commonly viewed as an approach for consumer brands, medtech businesses can also benefit from the effects of a great story.
When composing your story, remember, you aren’t trying to reach a single physician and convince them to champion your product. In reality, device purchasing decisions require approval from multiple stakeholders, including surgeons, nurses, IT, procurement, and even patient safety committees. Here are some tips for connecting:
- Map out key decision-makers for each target account
- Use LinkedIn and professional networks to build multiple points of contact
- Provide shareable resources that your champions can circulate internally
The more decision-makers you win over, the more momentum you build toward a “yes.” By ensuring everyone in the room sees the value of your solution, you reduce resistance and shorten the sales cycle.
Level Up Your Marketing Strategy With a Revamped Approach
The tactics outlined above will help your medtech company connect with the right audiences at the ideal moments in their decision-making journeys. From getting more active on platforms like LinkedIn to telling a great story, applying these tips will set you up for sustainable success.
Ready to get started? Review your current marketing strategy and identify opportunities to integrate these practices into the mix.
