A commercial launch strategy is the first step in launching your latest MedTech device. It’s incredibly important to have a successful launch, as this will be the first time your customers interact with your product commercially.
In this article, we’ll answer the question ‘what is a commercial launch strategy?’ in detail, going through every aspect of what you need to know before you take your medical device to market.
Are you ready to launch? Keep reading to find out!
Before You Launch
There are a few key things that you need to consider before you launch your Medtech device. These factors will contribute to the success of your launch campaign and the way the public views your product. Before you take your product any further, you must ask yourself:
- Will this launch introduce something innovative? Your product must be different from those already on the market.
- Will this launch introduce a new product to an existing category?
- Will this product offer an extension or improvement to an existing product?
You must also decide whether to handle the launch with a professional MedTech marketing team or keep it in-house.
Going with an external team can have numerous benefits, as they will have access to specialist market and product research, which you might not have otherwise. This can help you find stakeholders and investors and improve your sales forecasting.
Have You Developed Your Launch Strategy?
A launch strategy is a collaborative thing.
It can not be created by one party alone. Particularly in a technical industry such as MedTech, it requires a range of specialists to ensure the strategy remains compelling yet doesn’t contain false promises. MedTech marketing needs to maintain a strict ethical code to ensure that no product is sold under the pretence that it can do something that it can’t.
Some things your team should think about include the following:
USPs (Unique Selling Points) – What is unique about your product? Why is it better than those that are already commercially available? People want to see something unique and innovative that will improve medical processes.
Who Are You Selling To? – In MedTech, you might sell to hospitals, suppliers, distributors, standard customers, pharmacies and more, depending on your product type. You will want to identify your target demographic to develop a strategic marketing campaign.
How Do You Reach Your Target Audience? – Once you’ve identified the above target demographic, you’ll need to consider how to reach them. A lot of marketing to the public takes place on social media now (this can work nicely for new non-prescription medication, for example, cough medicine). For products aimed at hospitals, you’ll need to think about methods of showcasing their potential to hospital buyers and doctors.
Once you have defined these three factors, you can devise a launch strategy with your marketing team. It would be best if you aimed to get as much exposure to the right audiences as possible.
Can You Launch A Device Without A Strategy?
While it is possible to release a product and put it on the shelves and hope people buy it – you’ll lose a lot of customers this way.
From a customer perspective, MedTech is not a highly commercial industry. However, this is solely because the public is rarely the subject of MedTech marketing.
For example, if someone creates a new type of MRI Machine, this won’t be advertised to the public as something they can buy. Instead, people will go into hospitals to pitch its use to those who can use it and testify to its reliability and usefulness.
MedTech marketing is different because it has to prioritise science and be truthful in its claims. Unlike traditional product marketing, which is known for bending the truth to make sales, MedTech genuinely affects the lives of those using devices – a false promise can be the difference between someone being healthy or very ill, so it’s of paramount importance to have a strategy which explains all aspects of the devices use and applications.
A great MedTech launch campaign will convince your audience that your product can change people’s lives. It will be fuelled by science and combined with marketing creativity to create something truthful yet engaging for your target demographic.
Launching is the first step in your product’s market development. Following the launch, post-market research can help you monitor any flaws with its perception and note what customers love about it to inspire your next versions/product updates.
We hope we have adequately answered your question of ‘what is a launch strategy?’ and that you feel more confident about launching your MedTech device to the commercial or private market. Best of luck with your new endeavour!