From Relationships to Webinars: The Evolution of MedTech Marketing

by John Perkins

A few months ago, I noticed a pattern in conversations that I was having with several MedTech marketing leaders. The sentiment was broadly as follows: We need to get better with our digital marketing – the traditional relationship-based marketing approach still dominates – we need to do better. I wasn’t surprised to hear this, but I wanted to know more. I wanted to understand what was driving this “dated” approach and whether this was still true across different types of MedTech businesses.

The Scope of the MedTech Sector

The Medical Device/MedTech sector is large. According to LinkedIn, there are over 200,000 companies listed under the category of Medical Equipment Manufacturing. This includes 24 companies with over 10,000 employees, at one end of the spectrum, and over 84,000 companies with 1-10 employees. With such a broad cross-section of companies, and so many start-ups, is it fair to say that MedTech marketing is lagging behind other sectors? Is the rep/relationship-based sales model still dominant? What marketing challenges are MedTech companies experiencing and how has this changed over the last few years?

Insights from Industry Leaders

Over nine weeks, I interviewed 14 MedTech marketing and commercial leaders from companies of varying sizes – from over 40,000 employees to less than 20. While this exercise was qualitative and the sample wasn’t statistically representative, some interesting and valuable insights emerged which I am sharing here.

The Shift from Traditional to Digital Marketing

The landscape of marketing within the Medical Technology (MedTech) sector is undergoing a transformation, marked by a shift from traditional relationship-based strategies towards digital approaches, particularly in the wake of the COVID-19 pandemic. While traditional methods still hold significance, especially in sectors with complex products and high barriers to entry, there is a growing recognition of the need to adapt to changing customer expectations and market dynamics.

The Role of In-Person Events and Digital Alternatives

In the past, MedTech marketing heavily relied on in-person events such as congresses and conferences, which provided valuable opportunities for networking, showcasing products, and engaging with customers. However, the pandemic has disrupted this paradigm, leading to a re-evaluation of the ROI of in-person events and a subsequent pivot towards digital alternatives. Webinars have emerged as a favored digital tool due to their cost-effectiveness, scalability, and ability to reach diverse audiences. Companies are leveraging webinars not only for lead generation but also for educational purposes, penetrating new markets, and engaging hard-to-reach customer groups.

The Importance of Lead Generation and Social Media

The importance of lead generation through digital channels has become increasingly apparent, especially for accessing healthcare professionals (HCPs) who may be difficult to reach through traditional means. Social media platforms, particularly LinkedIn, have become integral to MedTech marketing strategies, offering opportunities for targeted outreach, content dissemination, and networking. However, navigating GDPR regulations and building permission-based customer databases present challenges, prompting companies to explore alternative communication channels and engagement strategies.

The Rise of Internal Digital Production Departments

The rise of internal digital production departments reflects the growing emphasis on digital marketing within MedTech companies. These departments play a crucial role in supporting digital initiatives, producing content, and managing digital assets. While internal resources are valuable, collaboration with external partners remains essential for accessing specialized skills, strategic insights, and creative expertise.

Challenges in Measuring ROI and the Role of MarTech

Despite the growing importance of digital marketing, challenges persist, particularly in measuring ROI and attributing success to specific tactics. The fragmented nature of Marketing Technology (MarTech) solutions often leads to discrepancies between promised outcomes and practical experiences. Nonetheless, the implementation of MarTech solutions has facilitated closer collaboration between marketing and sales teams, optimizing customer journeys and enhancing efficiency.

Unlocking Budgets for Innovative Projects

Digital transformation initiatives have unlocked budgets for innovative projects, enabling companies to explore new avenues such as producing customer video testimonials. These initiatives not only enhance brand visibility and engagement but also demonstrate a commitment to embracing emerging technologies and trends.

Balancing Traditional and Digital Marketing Approaches

The evolving landscape of MedTech marketing underscores the need for a balanced approach that integrates traditional and digital methods. While digital channels offer opportunities for reaching wider audiences and improving engagement, traditional approaches such as in-person events and relationship-based marketing remain valuable, especially in certain sectors and markets. Marketers must navigate these complexities while staying abreast of regulatory requirements, technological advancements, and shifting customer preferences.

Conclusion

The transformation of MedTech marketing is an ongoing journey. The insights gathered from industry leaders highlight the importance of blending traditional and digital strategies to effectively reach and engage target audiences. While the shift towards digital marketing presents challenges, it also offers numerous opportunities for growth and innovation.

To download the full report, fill out the form below.

By requesting this report you are giving permission for SparkLife to contact you via email. You can unsubscribe at any time.

Privacy policy