The Rise of Digital Marketing in Medtech

Over the years, digital marketing in medical tech has been on the rise. The pandemic proved to significantly contribute to the increasing adoption of digital marketing in medtech. Gradually, patients grew more comfortable with remote healthcare, and hence, the MedTech companies realized the importance of digital communication in engaging with healthcare firms.

It ensures improvement in treatment quality and significant returns on investment. Below, we have identified some of the notable ways that medtech adopts digital marketing as a core aspect of its functionality.

Ways Medtech is Spending their Marketing Budget

As we identified, there are different ways that medtech is leveraging digital marketing to gain additional customers:

·Product Launches

Instead of launching products directly in markets, they are now marketed online. Digital marketing in medtech involves marketing products on different social media platforms that offer a healthy return on investment. They also use online conferences to showcase their launch and engage thousands of customers online.

·Lead Generation

Medtech companies focus on creating more leads with their marketing spend. Over time, they convert them into loyal patients and gain a healthy return on investment. They use different tactics to gather leads and convert more prospects.

One of the ways they do so is by using online personas in which they tailor and personalize the messages to speak to the customer in a personalized way.

·Combining Marketing and Sales Channel

It has become increasingly important to convey a broader portfolio to the prospects to attract them. “Next-best-action” analytics help MedTech firms improve their digital marketing campaign by using a different marketing and sales channels.

These analytics also help companies come up with different solutions to create value in healthcare facilities. These analytics also help ensure an effective way to make the business more customer-centric.

·Medtech Shifts to Omni channel

Nowadays, businesses are shifting towards an omnichannel network that ensures they reach more healthcare providers. It is evident that the number of in-person consultations has significantly declined. Statistics show that healthcare providers are facing a 45% decrease in in-person consultations.

Thus, MedTech companies are now exploring different opportunities in marketing, such as omnichannel approaches, improving their online exposure. It is also useful for patients since it eliminates the requirement of visiting the healthcare institute.

They’re also leveraging different social media platforms to attract numerous prospects, with companies investing much of their budgets to compete with one another. There were days when MedTech companies would only invest 20% of their marketing budget in online marketing. Now, almost 50% of their marketing budget goes toward online marketing.

It shows how competitive the market has become and how hard it is to gain a competitive advantage over other MedTech firms. So whether it’s or lead generation, they are investing a big chunk of their budget in digital marketing.

Common Pitfalls a Medtech Needs to Avoid in Digital Marketing

It’s not all roses and butterflies in medtech marketing. There are numerous pitfalls and complications a firm can face throughout their marketing journey and end up facing a loss. We have identified several methods they can adopt to ensure they always get desirable outcomes from their investment:

·Overlooking Efficiency Metrics

Without proper monitoring in place, a medtech firm will have a hard time finding success in marketing. Many MedTech firms overlook the importance of metrics since they lack monitoring and do not assess the progress.

MedTech firms need to integrate Key Performance Indicators (KPI) to ensure that they stay updated with the latest developments surrounding their business.

·Underestimating the Facility of Digital Management

Healthcare faculties must keep patients engaged and closely invested in their digital marketing, especially the social media channels and other networking platforms. Digital engagement can go a long way, so it’s vital to figure out the right channels and ensure that priorities are met.

·Not Defining the Ownership Clearly

It is vital that you describe the ownership clearly and define the Center of Excellence (COE) that overlooks all the progress carefully. As a Medtech firm, it will need to create valuable content that aligns with its strategic vision and marketing strategy. It is important to clearly define ownership; the COE will help the healthcare firm build confidence and more effectiveness throughout the organization.

·Neglecting Important Roles and Tools

To build a successful digital marketing campaign, a healthcare firm will need a talented team and adequate tools. A COE consists of certain team members such as a marketing lead, product owners, designers, channel experts, and data analysts. A business needs to invest in top talent to make sure that they get the best out of their marketing campaigns.

Apart from talented employees, a MedTech company will also have to invest in certain tools that offer optimum functionality. They first need to invest in their CRM system and then start investing in other integral tools.

A CRM allows for plenty of information to be stored and helps ensure the firm can use the data in the future as well. Therefore, investing in tools and talented employees is vital for success.

Final Thoughts

For successful marketing, it is vital that MedTech firms put in all the efforts necessary. The efficiency and results often depend on overall marketing efforts.

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