5 Best Practices When Writing A Medtech Marketing Plan
Your Medtech marketing plan should outline SMART (specific, measurable, attainable, relevant, time-bound) goals, practical strategies, and evidence-based actions and tactics. But creating your plan is only the first step toward success. Your determination and ability to implement your plan are equally important. Use your marketing plan as a compass to guide your efforts, monitor your progress, and use it to drive demand for your medical device.
Do you know the difference between a stellar Medtech marketing plan and a collection of marketing tactics? The answer is an overarching marketing strategy. A next-generation medical device commercial model is unfolding right before our eyes, one founded on digital and omnichannel interactions leading to a significant increase in the productivity of sales representatives.
But despite the noticeable shift to a more personalized engagement model, many medical device manufacturers struggle to transition from their traditional sales approach and adopt innovative marketing methods. The inability to develop a marketing plan steered by a well-thought-out omnichannel marketing strategy can have devastating consequences. So let's explore what exactly is a Medtech marketing plan and why every medical device company needs one.
What Is A Medtech Marketing Plan?
A marketing plan is a document outlining your medical device company's marketing strategy. The document should include the specific actions and steps needed to achieve your marketing goals. Your plan should serve as a roadmap to guide you from where you are today to where you want to be over a set period and identify your target market, the value proposition of your brand or device, the campaigns to be created, and the metrics to use to assess the effectiveness of marketing initiatives.
Your Medtech marketing plan should be based on your overall marketing strategy
Your Medtech marketing plan should be based on your overall marketing strategy and include the following components:
Description of your target audience
Market research to support pricing decisions
Brand messaging tailored to the buyer personas within your target market
Marketing channel selection for medical device and service promotion
Website and Blog
Trade shows and other events
Email Marketing
Online Advertising
Content Marketing
Social Media Marketing
SEO
Podcasts
Video Marketing
Breakdown of the mix of channels for each campaign
Metrics to measure the campaign effectiveness and ROI
Why Is It Important To Create A Marketing Plan?
Consider your marketing plan one of your company's most critical success factors. As Benjamin Franklin put it: "If you fail to plan, you are planning to fail." Conversely, you are far more likely to succeed if you have a written plan outlining your marketing strategy to generate leads and reach your target market. But because your Medtech marketing plan will likely need adjustment over time, create one that is flexible enough and still has firm goals and a clear roadmap to success.
Now that you understand what a marketing plan is and why it's critical to develop one for your Medtech business, here are our top 5 tips to help you improve your own strategy to drive better results.
5 Best Practices When Developing Your Marketing Strategy
Organized marketers are 674% more likely to report success
Get Organized
According to a 2022 Trend Report on Marketing Strategy, organized marketers are 674% more likely to report success. Here are the steps to take to become more organized in your marketing:
Plan your marketing campaigns & projects regularly
Reflect on your processes
Integrate consistent processes and established workflows
Document Your Marketing Strategy
Although top marketers document their strategy, almost 40% of marketers report not doing so. This is a crucial mistake! Having your plan in a written format allows your marketing team members to stay productive, share progress updates, and pivot when necessary. In addition, your marketing plan should include in-progress projects and active and upcoming marketing campaigns.
Become A Proactive Marketer
The 2022 report also revealed that proactive marketers are 331% more successful than those that are not. Instead of waiting until the last minute, get into the habit of planning ahead for upcoming events or busy seasons. Planning ahead allows you to give team members ample time to complete marketing projects and execute campaigns.
Focus On Top-Performing Content
Survey findings suggest that not all content types are created equal. The best-performing content types are social media ads, emails, and blog posts. Although the survey was not specific to the Medtech industry, these content formats have consistently shown up in research as the most effective content types across various sectors. Focus your resources on creating content that performs well & publish it through the channels your target physicians are most active.
Become A Goal Setter
Once again, the 2022 survey shows that goal-setting marketers are 377% more successful than those that are not. After all, without clearly defined marketing goals, how can you expect to achieve them? So if goal setting is not your strength, start by identifying your main marketing objectives and build your strategy around them.
In Summary
Your Medtech marketing plan should outline SMART (specific, measurable, attainable, relevant, time-bound) goals, practical strategies, and evidence-based actions and tactics. But creating your plan is only the first step toward success. Your determination and ability to implement your plan are equally important. Use your marketing plan as a compass to guide your efforts, monitor your progress, and use it to drive demand for your medical device.
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