Established Leaders

7 Ways to Effectively Compete in a Saturated Medical Device Market

The medical device market is getting swamped by competitors selling similar software and hardware products. The Global Digital Health Market size was USD 51.3 billion in 2015, with 25.9% compound annual growth rate approximated from 2016 to 2024, according to Global Market Insights.

With numerous medical device firms available, the medical device market has come to be very saturated and extremely competitive. That’s the bad news for marketers in the medical device market. The good news, however, is that saturation is not always the end all be all. When an industry is filled, it shows that there is a huge demand for that certain product or service. Additionally, remaining in the same industry with several rivals pressures competitors to be more innovative to stay afloat.

Here are some suggestions for competing effectively in a saturated medical device market by having a more customer-centric mindset and being inbound-driven:

1. Create useful and beneficial content

Offering academic content regularly is one of the most efficient means of driving traffic to your website. Creating at the least two posts a week on subjects that are relevant to your leads is key to developing engagement and remaining in your prospects heads. Do not forget to research and include long-tail search phrases in your titles and content. White papers and eBooks are other pieces of content that could be useful for solutions to industry-specific issues. If you intend to supply information and then have a real-time Q&A with your target market, a webinar is a great idea.

2. Incorporate influencers into your content.

Company leaders look for the thoughts of industry experts when examining brand-new technologies to purchase. A current Tomoson study revealed that influencer marketing has increasingly become one of the most popular customer acquisition methodologies. Plenty of technology companies are currently partnering with influencers to improve their credibility. The first step in strategic content marketing is to determine your target buyers. Learn just what their obstacles are, which groups they are taking part in online, as well as what and who they are following. You could then connect with a couple of influencers to ask them to share your content with their followers on their social media platforms. Some tools for finding and managing influencers include FollowerWonk, BuzzStream, GroupHigh and MuckRack. This connection with influencers could also be part of an effective Content and Inbound Strategy.

3. Produce how-to articles and video clips

Individuals are searching for options that are simple and intuitive. Think about developing valuable how-to articles, video clips, or computer animations showing things relevant to your solution. When producing an article, make sure that you hit a word count of at least 600 and that you optimize the article for search engines. When developing video clips, keep them brief and enjoyable to keep the interest of your potential customers. When you create the perception that your medical device solution is more intuitive than the others on the medical device market, people are more likely to consider adopting your technology. An excellent example is Medical Realities, a business concentrating on the development of online surgical procedure training methods for med students. They published a 360-degree video on YouTube video demonstrating how their technology functions.

4. Get listed in medical device-related directory sites

There many directory sites available that list a wide variety of medical device businesses that offer a wide range of products or services. As an example, the Global Health Insider is a directory site that lists medical device companies that develop remedies such as laboratory, immunology, and rehab technologies. Businesses are allowed to display their phone contacts, email addresses, and website address. Being included on such directory sites will improve your website’s search engine ranking and will give your site more visibility to give your company an edge.

5. Participate in discussion forums and blog sites

There many industry-specific forums on the web. A quick Google search will undoubtedly bring you to forums concerning topics connected to medical device. Try to look for online forums that have a considerable following and sign-up rate. Individuals usually visit such discussion forums in search of answers before deciding on purchasing a particular solution. Search for those that are asking inquiries associated with just what you are marketing as well as offer solutions. Always remember to leave a link to your site! Once individuals consider you an authoritative figure, they are more likely to visit your website and consider purchasing your solution.

6. Write for clinical journals

A study by the Content Marketing Institute revealed that 80% of business decision makers prefer to obtain information from a short article rather than an ad. medical device exec specialists check out clinical journals to remain informed on the most recent movements in the market. Some of the more popular journals in medical device are the Harvard Health Journal, American Journal of Preventive Medicine, Journal of Adolescent Health, Mayo Clinic Proceedings and The Lancet. Getting your firm’s thought leaders to write guest articles will improve your company’s credibility in the medical device sector as well as generate valuable backlinks to your website.

7. Develop social media teams

Social media provides medical device firms the possibility to develop brand name recognition as well as engagement with their clients. Among the most effective means of interacting with your target market is through industry-specific social media groups. You could sign up with a currently existing group or create your own. Philips Healthcare, a firm whose goal is to connect information, technology, and individuals effortlessly, has a LinkedIn group called Innovations in Health. In this group, medical device specialists discuss relevant technologies along with common difficulties in the sector. It has almost 150,000 participants including managers, administrators, execs, clinicians, and analysts.

The Final Word

The key to sticking out in extremely saturated medical device sector is actively producing useful content and active participation in the numerous medical device discussion groups. You and your business’s medical device professionals can work together on developing and disseminating academic content that will undoubtedly attract prospective buyers and prop up your company as a leader in the medical device market.

However, all of this is much more easy in concept than it is in execution. It can be tough to go it alone in many of the ideas discussed in this article. We here at Responsify partner with medical device marketing experts to offer strategy, support, and assistance in applying these tasks, so they can tactically compete in a saturated medical device market, draw in new site visitors, and convert them to qualified leads and delighted clients.

If you like to discuss the means necessary to give your medical device business a competitive edge, don’t hesitate to request a free strategy session! We’ve got your back. We’re delighted to help you review your assets as well as offer complementary insights and tips to help you along your way.

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