The MedTech and HealthTech sectors have achieved atmospheric growth over the past 30 years, with the industry outpacing the S&P index by over 15 points. But many in the B2B sector still miss the mark when it comes to marketing the innovative solutions currently on the market.
Read on to find out how you should be marketing within the HealthTech and MedTech sectors.
Performing market research is incredibly important when it comes to marketing in a highly technically complex industry such as MedTech and HealthTech. So, before you start looking into marketing plans and whether or not you should give TikTok a try, follow the following steps to gain a detailed understanding of the industry and inform your wider marketing strategy:
- The first step is to perform an overall market analysis of your chosen sector. This will help you identify if and where there is a market gap that your brands USP can fit into.
- Once you have identified your market gap, a persona analysis should then be undertaken to gain a greater understanding of your target audience. This will allow you to understand your customers and better apply your future marketing campaigns.
- Lastly, a competitor analysis is needed to ensure that you can keep up with your sectors industry leaders.
Without following these three steps you might as well be taking a stab in the dark.
Use Digital Communications
It sounds simple, but one of the main ways you can boss the MedTech and Healthcare space is to utilise a range of digital communications to your advantage. It’s all too common for brands in this sector to not prioritise their digital presence as they think they are too niche, or they prefer to use in-person networking to achieve their goals. But unfortunately for those who prefer to do things the old-fashioned way, your brand’s digital and non-digital identity is closely intertwined.
We know this first-hand from marketing in the pharmaceutical industry with compliance specialists, JGMP, to create an annual strategy that would encapsulate their brand and boost their overall digital presence through SEO and social media. Our expertise in communications in the world of life sciences enabled them to gain back lost market share through digital communications.
Leverage Thought Leadership
Reputation is everything within the HealthTech and MedTech sectors, and in an industry literally run by doctors and healthcare experts you need to establish expertise quickly. This doesn’t just mean your brands expert offerings, but also yours.
Leveraging your, or a colleague’s authority in a field is a difficult task and can sometimes feel a bit out of your comfort zone. But remember, when leveraging your thought leadership, it won’t be coming from you but from a reputable third-party publication that your target audience is likely to be reading.
Take for example our work with Medicalchain. With an aim of running targeted campaigns for their brand within highly respected doctor’s circles to assist with the launch of their app MyClinic.com, Medicalchain wanted to be at the core of the MedTech conversation. To achieve this, we strategised a targeted thought leadership-centred PR strategy that gained them placements in prominent pharmaceutical publications. Just one of these publications received 16,000+ visitors to sit each month and has garnered over 54,000 Twitter followers.
Create Engaging Content
Myth or fact: B2B marketing in the MedTech and HealthTech sector should only include long complicated text and should always be done in the colour blue?
Much like B2C marketing, B2B marketing works better when you create engaging content. Interactive Instagram stories, clickable links on swipe throughs, and snappy videos are just some of the ways you can incorporate content into your strategy. In fact, 72% of consumers prefer video to text when receiving branded marketing information, showing its value.
Creating engaging branded creatives is what we do here at Halston Group. Just ask our B2B client, Protek, who approached us to create a footprint in Europe with the launch of their Verona-based manufacturing plant. Our freshly branded creatives allowed the Californian brand to resonate with their target audience by responding to their pain points and providing a solution with their products. By using a mix of hi-res explainer videos and engaging social media assets the brand remained relevant to their customers and partners long past the asset’s initial publication.
Your Next Steps into the Industry
Here at Halston Group, we’re experts in the MedTech and HealthTech industries. Don’t believe us? Read our latest whitepaper “MedTech and HealthTech: The New Realm of Patient Care” to see why.