The global digital health market has been approximated to bring in earnings of $536.6 billion by the end of 2025 from $196.3 billion in 2017, according to research by Transparency Market Research.
Considering that anticipated growth, increasing market share in medical device is a problem that many marketing experts are experiencing. With the increasing variety of rivals in the market, many find that their market share is shrinking and their profits are plateauing or even dropping. However, there are secrets to effectively marketing for medical devices to increase market share.
The good news though, is that there are strategies that will help you attract attention from health systems or healthcare providers and increase your market share.
To boost your market share, you should have a clear idea of who you are marketing to. A Buyer Persona is a conceptual picture of what your ideal customer is like. You can develop Buyer Personas based on specific variables such as objectives, obstacles, obligations, demographics, inspirations, functions, behavior patterns, etc. For example, you can have buyer personas such as ‘Private Practitioner Peter,’ ‘Hospital Administrator Adam’ or ‘Clinician Chris.’ By getting a good idea of what distinct difficulties are affecting each of them, as well as solutions to those problems, you are more appropriately equipped to produce quality marketing content, engage your customers, and increase your market share.
Besides determining your Buyer Personas, it’s crucial to pinpoint where they are on their Buyer’s Journey. You could do this by drawing out the usual path that your existing clients take when investigating a problem they were having, entertaining the idea of a paid solution, and proactively looking for an answer. There are three core phases of the Buyer’s Journey:
Awareness phase– This is where buyers realize that they have a problem that needs solving. Supply them with information that will help them better understand their scenario and classify their problem.
Consideration phase– Here, buyers have a clear understanding of their problem and searching for possible solutions. Recommend various techniques or strategies on the market that are designed for addressing your buyer’s issue.
Decision phase– Buyers at this phase have determined the method they want to use to remedy their situation. They now want more details on the advantages and disadvantages of specific solutions before making a final decision. This is where you should advertise your product and services and show how much better your product is compared to the competition.
Targeting your clients and leads with the proper content at each phase will create even more engagement and ultimately greater sales. Which brings us the following point…
One of the best ways to engage with customers is through strategic blogging. A study by Hubspot revealed that B2B firms that blog draw in many more leads compared to those that do not. After you develop clear Buyer Personas and draw up their Buyer’s Journey, make sure that your content addresses their particular difficulties and concerns. This will help develop trust and increase the chance of converting visitors into leads. Make sure to regularly release new content frequently, ideally two times a week or even more. Remember to include some sort of call-to-action (CTA) in your article urging site visitors to join your mailing list or download more of your content. Creating a healthy relationship with consumers through blog writing drive sales, consequently enhancing your market share.
There are always brand-new developments, updates, and modifications in any industry. To remain ahead of the crowd, you should remain informed on exactly what is taking place. Precisely what are the market share stats for your niche? What are the leading rivals doing differently from your company? Who are the newcomers in the industry? Exactly what are the current innovations? Where will your industry be in five years? Having this relevant information will help you devise an effective Content and Inbound Marketing Strategy.
According to research by HubSpot, more than 60% of marketing professionals recognize the significance of SEO for producing organic website traffic. SEO includes tweaking various components on your website to boost your position on a search engine. Among one of the most crucial variables when search engines determine a site’s position is the keywords used. Take the time to research market key phrases that you want to rank for. Be sure to include these keywords in your blog headers and content. Your photo captions and alt-tags should also include your target keyword phrases. Do not forget to include your search phrases in your meta summaries as well as page URL. Optimizing your site will bring in even more website traffic and will boost the amount of sales opportunities that your company gets.
The goal of lead nurturing is to convert leads into qualified leads, then at some point turn those qualified leads into buyers. The most effective means of doing this is with an email series. Make sure to segment your list according to what step your buyers are at in their buyer’s journey and create relevant content for each segment. Share links to your most recent blog posts. Update them on current market advancements. Provide them firsthand information about brand-new deals or price cuts. It is crucial that you do not inundate their inbox with your emails though! Too many emails will make the subscriber unsubscribe from your list.
Just as great parenting creates excellent kids, great strategies create an excellent market share. When you draw in qualified leads using effective marketing strategies, your salesmen will get the chance to close more sales and enhance market share of your medical device business.
The key strategies described above are part of what is known as the Inbound Marketing Methodology. Your medical device business can use Inbound to draw in brand-new visitors to your website, convert them into leads, and nurture them into dedicated clients.
We’ve aided many marketing professionals to outline and execute an effective Inbound Marketing Methodology for their ideal customer base.
If you would like to discover more ways to help boost your medical device company’s market share, don’t hesitate to request your free strategy session now! We’re pleased to help you, 1-on-1, assisting you to review your assets and offer complimentary insights and tips to help guide you in the right direction!