Tag Archives: Marketing

A New Way to Market Your Medical Device

Did you ever consider marketing your medical device through social media?  I recently discovered a new social media site called Pinterest that may be the perfect site for such a venture. The picture-driven Pinterest made Internet history recently by rocketing to 10 million subscribers in just under two years, and has already surpassed all of the original four except for Twitter for referral traffic. The majority of users are early adopters of social media, women in their 20s and 30s who are sharing pictures in categories ranging from beauty and fitness to science and nature. Users can upload images directly to a particular “board” or use a toolbar widget to “pin” an image from a blog post or web page. The software automatically imbeds a link in the image, making...

How do You Market Medical Devices?

So, you’ve developed a great medical device that’s going to revolutionize the industry and save thousands of lives.  How do you market it?  Sure, you can show up at your potential client’s workplace with your briefcase and product sample, but then what? I came across an interesting article by Gavin Finn that looks at the options for presenting and demonstrating medical device products to prospects. He covers everything from who might be present at the meeting and how to market to them, to creating a compelling experience through audience involvement and demonstrations, to using virtual and interactive technologies. Finn states, “Fortunately, today’s sales and marketing toolkit includes a number of options for presenting and demonstrating products to prospects—even in the absence of a physical product. In a traditional selling process, buyers often...

Improving Your Chances for Success

I found an interesting article about medical device product development that talks about the lack of success that many companies seem to have in taking their product from start to finish. Although introducing a successful new medical device has never been easy, it seems like it’s been especially difficult in the last few years. According to a 2010 survey from McKinsey Global, only 39% of 2240 executives feel confident in their companies’ ability to do so. And the cost of failure isn’t exactly cheap—a launch delay or failure can cost millions of dollars. It’s no surprise then that many firms would like to improve in this regard. Mr. Buntz suggests that while companies spend a lot of time developing product prototypes, perhaps they should also spend time developing sales model prototypes. To deal...

Ideas vs. Execution

I came across this blog by Seth Levine in which he encourages usage of some of the same principles that we try to persuade you to instill with our Building The Business Case document. Mr. Levine states, “Ideas are great. But they’re not as valuable as most people make them out to be, and by correlation, execution is almost universally underrated and in hindsight taken for granted as a given once a company has become successful (and rarely given the credit it deserves).” I was especially interested when, in referring to what we consider market leaders, he states “Many weren’t the first or only ones to come up with the idea that made their company. What separated them from their competitors was their ability to out execute everyone else in a way that...