Marketing budgets aren’t limitless. That’s a fact.
When deciding where to put your marketing dollars, you’ve got to be smart. This is especially true for the hyper-competitive medical manufacturing field.
Do it right, and you can tap into a vast market. In medical devices alone, the United States remains the world’s largest supplier, claiming 40 % ($156 billion) of the global market in 2017. By 2023, the U.S. market share is expected to equal $208 billion. Some of the bigger device manufacturers in the U.S. are Medtronic, Stryker, Boston Scientific, BD, Baxter and 3M just to name a few.
A medical manufacturing marketing agency can help you get a bigger piece of that pie by boosting your brand to grow your market share. Finding the right agency is the first step.
Here’s what you need to know when searching for a healthcare product marketing agency.
Not All Healthcare Marketing Agencies Are Created Equal
Look for a marketing agency that specializes in medical manufacturing and intimately understands, IDNs, GPOs and Medical Distribution. They should either be dedicated to healthcare marketing or, at the least, have a dedicated healthcare vertical.
To verify this kind of expertise, you can:
- Check Former Clients: Many marketing agencies include the logos of big-name clients on their websites. This is an easy first stop when researching a medical manufacturing marketing agency. If this info isn’t available online, ask directly.
- View a Portfolio: Request to see a portfolio of relevant work. Medical manufacturing covers a huge range of products, from hearing aids to catheters and stents. Ideally, the agency will have experience in your niche.
- Request Resumes: Ask for resumes of team members who will handle your medical marketing needs. Their experience should be clearly healthcare-focused – maybe they even used to work in the field in a “boots on the ground” role like medical device sales.
All of this adds up to expertise – and that’s precisely what you want. You don’t want generalist marketing. You want medical manufacturing marketing, provided by people who are passionate about the field. They will bring valuable knowledge because they know the industry from the inside out.
They’ve been in hospitals, at doctor’s offices, and at R&D facilities, talking to the people who matter: the Supply Chain Leaders. And guess what? Harvard Business Review reports that the most successful brands focus on users, not buyers.
What to Look for in a Medical Manufacturing Marketing Agency
Once you’ve narrowed down the field to a selection of healthcare marketing agencies with dedicated experience in medical manufacturing, it’s time for a more detailed assessment.
1. Digital Knowledge
Digital marketing is already dominating other industries, from fashion to food. It’s also the future of medical manufacturing marketing. The field has been slow to catch up, but it’s making progress. With the COVID-19 pandemic restricting large-scale healthcare events, digital will gain more ground.
Find out what digital-specific experience the agency has, requesting samples of campaigns and asking what healthcare marketing tools they use. Look for media diversity, from social platforms to online trade publications and email newsletters.
2. Comprehensive Strategy
It’s not all about digital. Physical marketing still has its place. Cross-platform capability offers the best of both worlds. The messaging of an e-publication can also be adapted to a print magazine found in a physician’s office, for example. Different audiences have different needs and wants, and the right channel depends largely on the intended audience.
Look for examples of innovation across multiple channels. Inbound and outbound marketing work best together. Digital and physical media might be complemented with educational seminars, lectures, or investigator-initiated studies, for instance.
3. Knowledge of Market Segmentation
An understanding of market segmentation and buyer intent is essential to success. Attracting the attention of best-in-class supply chain leaders or high-interest IDNs like Mayo Clinic will arguably get you further than attracting the attention of rural physicians in the Midwest.
The best marketing agencies not only have the knowledge and tools to execute campaigns across multiple channels, but they also know which channels to use to reach the desired audience. Discuss your target audiences with the agency to see how they would approach each one.
4. Measurable Results
Marketing success is measurable. Don’t let anybody tell you otherwise. From quantitative metrics like clicks on digital campaigns to qualitative methods like surveys on brand reputation, it’s possible to see the difference good marketing makes. Then there’s always the bottom line: sales figures.
Ask what tools and metrics the agency will use to measure success and how these results will be reported to you. You deserve to see whether those marketing dollars you’re investing are reaping the rewards.
5. Innovative Mindset
The fact is that marketers fight an uphill battle. Only 4% of consumers believe advertisers and marketers act with integrity. Creativity is the key to overcoming that doubt. Less “sexy” markets like medical supplies can learn from other fields – like the 2020 Superbowl ads, an example of authenticity in action.
That might seem like a wild statement to make. But it’s that kind of unconventional thinking that leads to success. Choose a medical manufacturing marketing agency that isn’t afraid to think outside the box.
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