Medical device manufacturers have never been able to rely on traditional marketing approaches.
Strict regulatory and compliance guidelines, multi-faceted decision-making considerations, and unusual buying cycles all pose challenges that make conventional marketing practices less effective for these companies.
Fortunately, business software tools like CRM (customer relationship management) are changing the game for medical device manufacturers.
With these powerful toolsets, organizations can leverage the power of advanced data analytics to uncover buyer patterns, identify trends, and optimize their marketing campaigns.
In this article, we will explore the challenges faced by medical device manufacturers and demonstrate how the use of CRM data analytics can help companies overcome these challenges and gain an edge in this highly competitive industry.
For help finding a CRM that is right for your medical device manufacturing business, check out our CRM Buyer’s Guide for Med Tech.
What is CRM?
CRM is a software toolset that assists businesses with the day-to-day management of their people (customers and employees), work processes, products, and projects.
Once thought of primarily as a sales tool, CRM has evolved to address the needs of many different business aspects, including marketing, customer service, and project management.
Through the use of advanced automations tools and data centralization, CRM software can help your business improve communication (both internal and external), work more efficiently, and track performance.
The challenges of medical device marketing
Marketers in the medical device space face unique challenges when trying to promote their products.
- The regulatory landscape- Medical device companies must comply with the stringent regulations of the different governing bodies of the countries in which they operate.
For example, in the US, medical device manufacturers have to gain approval from the FDA (Food and Drug Administration) before many of their innovations can go to market.
In Europe, the EMA (European Medicines Agency) performs a similar function, but the guidelines that inform their approval process are very different.
For medical device marketers trying to promote their products in these markets, understanding the regulation and compliance requirements of each is essential to proving expertise and gaining the trust of hospitals, clinics, and other healthcare facilities.
- Data protection- In recent years, data protection and patient privacy concerns have added another wrinkle to this already complicated puzzle.
Compliance standards like those imposed by HIPAA (Health Insurance Portability and Accountability Act — in the US) and GDPR (General Data Protection Regulation — in Europe) require that digital patient data be handled in a very particular way.
Not only does this require more training and stricter operational processes to achieve, but it also makes finding software tools that handle patient data harder, as many of these vendors don’t consider the needs of healthcare companies when designing their toolsets.
While these regulations aim to ensure patient safety, they pose a significant business challenge for companies operating in the healthcare space.
For more information on HIPAA-compliant CRMs, check out our article, HIPAA Compliant CRM Software.
- Specialized target markets- The target market for medical device products is very limited and specialized, consisting mainly of:
- Clinics
- Hospitals
- Health systems
- Healthcare facilities
- Healthcare professionals
- Group purchasing organizations (GPO)
Not only must medical device marketers understand the healthcare industry as a whole (including regulatory and compliance considerations), but they must also possess some technical knowledge about the various specialties of their target audience.
Proper use of common industry terms and technical jargon in marketing materials is essential for these campaigns to be successful.
To learn more about winning with health systems and GPOs, check out our article, Mastering Key Account Management in Med Tech: A Comparative Analysis of GPOs vs. Health Systems.
- Budget constraints- The healthcare organizations that make up the target audience for medical device sales often operate within strict budget limitations.
Medical device marketers must be able to show the clear financial benefits of their products in order for them to be considered by these organizations and they must be able to communicate these benefits to multiple stakeholders effectively.
- Gaining trust- Due to the complex nature of medical devices, getting to market often involves lengthy clinical trials, comprehensive comparative analysis, and approvals from various governing bodies.
In some cases, the marketing department may even be involved in bids to gain such approvals.
Marketing campaigns must be able to speak to these various criteria and position their results effectively in order to gain the trust of their potential customers.
Using CRM data analytics to overcome the challenges of medical device marketing
CRM data analytics provide medical device marketing teams with valuable insight that can help them optimize their messaging and improve the effectiveness of their campaigns.
- Track campaign performance- CRM data analytics can track marketing campaign performance in real time. A CRM can track:
- Response rate
- Conversion rate
- Click-through rate
- Customer engagement
- Return on investment (ROI)
With this data, medical device marketers can identify which campaigns are most effective and make data-driven decisions on optimizing their marketing strategy and resource allocation.
- Analyze customer behavior- With CRM data analytics, medical device marketers can better understand customer behavior.
They can identify what messaging garners the most engagement, what channels see the most interaction, and what products draw the most attention.
They can use this data to refine their communication cadences, create targeted promotions, and deliver personalized ad campaigns.
- Lead Generation and opportunity identification- Medical device marketers can use conversion metrics to better identify high-potential prospects and refine prospect nurture cadences to increase conversion potential.
Additionally, CRM data analytics can help marketers identify upsell/cross-sell opportunities within their existing customer base and help them create more effective strategies for positioning these offerings.
FreeAgent CRM is the best CRM for medical device manufacturers
FreeAgent CRM is designed for today’s world of work and our robust toolset is ideally suited to supporting the varied work processes of modern businesses. FreeAgent is:
- Easy to use: FreeAgent works like you expect modern apps to work, providing a user experience that feels fresh and familiar. Teams love working in FreeAgent, leading to high adoption and greater ROI.
- User-configurable: FreeAgent can be configured by you to work the way you do. This means you don’t need outside support to add a form field, adjust a CRM automated workflow, or try out a new process.
- Customizable: With FreeAgent, apps, forms, and configurations are all completely customizable, allowing you to capture and connect your data in any way you like.
To see FreeAgent in action, get a demo, and discover for yourself how FreeAgent can help you have workdays full of impact.
