Startup Leaders

5 Steps to Lower Customer Acquisition Costs for Med Device Startups

The proverb ‘it takes money to make money’ rings true, especially when it comes to customer acquisition for medical device business. You need to make investments in branding, promotion, and marketing before you can expect to earn any returns. This investment is especially expensive when you implement typical marketing methods such as print, trade shows, and advertisements. However, there is a way for you to decrease your customer procurement expenses for medical device by implementing Inbound Marketing strategies. A research study by Weidert disclosed that Inbound Marketing costs 61% less when compared to conventional marketing tactics. Med device startups can also seize this opportunity to lower customer acquisition costs with Inbound.

Below are some ways to begin implementing Inbound into your business to reduce your customer acquisition cost for med device startups:

Define your target audience

The first step in lowering customer acquisition cost is to know what your target audience is. Doing so will allow you to target your ideal partners better, and not waste resources on those that may not be interested in your product. Buyer Personas are fictitious personalities that represent your typical buyers. As an example, you might have ‘Clinician Calvin’ or ‘Director Daniel.’ Just what are their duties in the company? Exactly what are their objectives? What are their obstacles? A detailed understanding of who your ideal buyers are will help you to reach your ideal buyers more effectively.

Establish your marketing objectives

From the beginning, you have to determine what you wish to accomplish with your marketing initiatives. For example, if you decide that your purpose is to generate more qualified leads, your efforts should be geared towards marketing to your target audience aka your buyer personas. Ensure your objectives are SMART (specific, measurable, attainable, realistic and time-bound). For example, producing 500 leads every quarter is a much more precise goal compared to just generating more leads. You should start your goals small, and increase the sizes as you complete them.

Strategize content creation

Developing instructional content that your ideal buyers would find interesting is the core of Inbound marketing. As soon as you’ve established specific marketing objectives, you can begin by detailing an excellent content strategy. The content you produce should be full of valuable information to attract new visitors while engaging your current prospects. This will increase your brand name recognition with both your new and old leads. However, make sure you’re not just droning on and on about your business! As remarkable as your medical device solution is, you want to first build trust with your audience rather than just advertising your med device startups.

Content can be anything from blog posts, social media messages, and case studies, to ebooks, webinars, video clips, and white papers. Composing guest posts for other distinguished medical device blog sites get you even more visibility and is an effective way to reach a larger audience. To make it less complicated for leads to discover your content on search engines, make sure to engage in Search Engine Optimization (SEO). Research which prominent, long-tail keyword phrases are used when your suitable buyers are performing their online research. Make sure to include these keyword phrases in your content URLs, headers, paragraphs, meta descriptions, and image alt texts. This will rank your website higher on search engines, making it easier for your audience to find you.

Nurture your leads via marketing automation

Your potential customers are probably not to make a purchasing decision right after they first get in contact with you. They will need time to seek advice from others, make inquiries, and research all possible alternatives. Reliable Email Lead Nurturing will help keep your leads engaged until they are ready to make a purchasing decision. One of the most effective ways to do this is with marketing automation. You can use CRM software such as Marketo or HubSpot to automate your email distribution and social media posts to the target market at the right times. Marketing automation allows you to accumulate e-mails of your target market and send them relevant information, like your weekly blog posts, on a regular basis. This will help your prospects keep your brand in their mind and improve the chances of a successful sale.

Measure your results

You have to go back every so often to examine just how the Inbound marketing is playing out for your med device startups. A thorough evaluation will provide you an idea of what strategies are thriving and which ones need to be tweaked. There many devices that could help you to check your efficiency. For example, BuzzSumo will reveal the number of times your content had been shared on various social media platforms. Google Analytics will track metrics such as the variety of website site visitors and bounce rate. Services like Moz and Hubspot will help keep track of your SEO progression. Using your findings, you will be able to tweak the Inbound marketing strategies to fit the needs of your med device startups.

The final takeaway

As the director of all of the operations of your business, you may have easily bypassed the effects that conventional marketing has on your customer acquisition cost. These marketing techniques not only drain the cash from your med device startups but it also consumes morale from your marketing team. But with the Inbound Methodology, you can draw in the right individuals to your med device startups and nurture them until they convert into customers of your own.

We’ve collaborated with plenty of Presidents, CEOs, and Directors to execute Inbound strategies with their marketing and sales teams. You can request your free strategy session now to help you examine your properties and gain free insights and suggestions on how to lower your customer acquisition cost!

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