I think the way it works is that the companies have certain employees that they send out to conferences where they give presentations to physicians who might be interested in their products. Another way is to send sales representatives directly to physicians' offices to introduce the product and convince them why they should work with your company rather than another company who might be providing a similar service or technology. It's all about being able to prove to them that your product is the best one out there.
Companies usually attend conferences where they can preset and showcase a new product they have been working on. the conferences are effective because they include the desired audience the company is looking for. in these type of events, a company will prepare product information, showcases, demonstrations, Q&A to all the audience. it is a fast way to spread the word of the product in the field. companies also have representatives which task is to travel and present new products to current customers or new companies who will be interested in obtaining their product. these practices are fairly common and we have seen them in the past years, however, new marketing techniques have been seen lately such as online marketing.
companies are able to advertise their product via the internet using websites, and social media. It seems to be highly effective because it can reach out to people at a further extent and customers can see what companies offer easly.
I feel that promoting a new medical device will be done through conference fairs/expositions which enable business to show case their products to potential consumer whether being hospital, researchers, schools, etc. It should be similar to capstone showcase which is where we all introduce our product, what is does, and why is it different and better from any other similar product. This is important for the market because it draws connection to a group of customers not one which helps promote their product. If a customer is interested in the product they may have a private meeting between the business sales and head director of the customer company/hospital/school where they can make deal in buying product.
I find that the amount of buzz created before a product is launched is relative to the prospective audience for that product. For phone products like Apple's iPhone or Samsung's Galaxy, the audience is the majority of the population. The prospective audience for medical devices is much smaller, as it is limited to hospitals and other medical device companies. The internet is a great resource for medical device companies to create a buzz about their products. Aside from advertising, informational videos can be posted on social media sites like LinkedIn and Facebook to promote the innovation and medical breakthroughs of companies. These videos broaden the audience to the younger generation and like Professor Simon said in his presentation, if someone sees a cool video that they like, they are more likely to tell others about it, creating a buzz.
From experience in the industry, the company’s Marketing lead for that project will reach out to their sales team in each region or country and have initial discussions to understand the markets needs, wants, and anticipated interest in the product before the developing stages begin. This is where I would agree with yze3’s point of view where marketing will need to target the intended audience for the product. There are several discussions during the developmental stages of the product to determine region interest, volumes, and new launch opportunities.
Otherwise in regards to promotional materials, images from modeling softwares and pre-production prototypes (that are created for preliminary reliability testing to verify the design inputs) can be used as means of displaying the product during the developing stages. Typically there are quite a few pre-production runs and prototypes made to verify the product outputs and to include any additional marketing inputs that may be determined during the developing stages. Otherwise, mass production product (used for validation and sales) can be displayed as a marketing/sales tool. For Sales Conferences, the mass production product may also be provided for free to clinicians, sales representatives, or potential clients for their own use in understanding the product or as promotional samples.
Having conferences is a great way for marketing and per-launch, one great way i experienced was having the showcase for the product using VR which was fun to use and to interact with.
On bad side that happened,the laboratory device did not had fully all the tests needed so because that when the customer asked to order the device after all the great presentations at the conference, the company responded that not all the tests are available yet, so in the end the company lost this valuable customer.
Medical device expos and conferences are definitely among the main ways of marketing the latest medical device technology. My parents being dental surgeons, I do know closely that each time a company releases new technology, they post about it in dental associations and invite the members for expos. If it is a small product, the company sends their marketing and sales team out to meet the surgeons with samples which are given to them to test and review. So if the user is satisfied with it, it spreads through word of mouth to others who can use it as well.
Especially in medical device companies when product are in developing stages how can a company like verb or ethicon which are working on new technology or are about to launch a new surgical robot how would the companies be able to showcase there products in order start getting order for that device.
For example in case of apple when it is about to launch Iphone, company is out there every year where it grabs all attention and develop all the fuss around it before the launch. How would a medical device company do that and how important is it to do from marketing point of view.
I think that companies like Verb and Ethicon market their upcoming products by using their name recognition (In Verb and Ethicon's case, Johnson and Johnson) and their sales network. As professor Simon explained in his lecture, sales reps often develop a relationship and repour with surgeons/doctors/the purchasing department at a hospital. That being said, those sales people can then approach their customers and showcase the new product, and start gaining attraction for it. In addition, a good thing to do is showcase/demonstrate the efficacy of the product to a hospital or surgeon that might be willing to listen and adopt the product. Since its a medical device, it has to use different channels then traditional retail. If its a new product that addresses an unmet need, it should be very easy to get doctors on board. However, if its a competitor product to an existing solution, it becomes harder to prove superiority and get doctors to switch from their current standard of care.
One example of this is Ethicon's Plus suture line which was the introduction of anti-bacterial suture. This product came on the market with some hesitation from physicians "How much can it really reduce infections?". Turns out, after substantial research from physicians, this Plus suture can reduce infections ~30% compared to uncoated suture. That type of statistic/claim is incredible and a fantastic way to convince surgeons to adopt the product. Furthermore, these Plus sutures have become recommended for use from almost every medical device governing body due to its tremendous effect.
Independent claims and a great product make it easy for a product to market itself. But not every medical device product will have that same fortune. That is why customer sales reps, in most cases, will be the finger on the pulse of getting the word out for new products from medical device companies.
Does anyone have any similar/opposing thoughts? Does anyone think that medical journals might be a great place to advertise new medical device products?
Thanks,
Matt
Generating interest for a product before it is released is difficult to do if you are a medical device company, with respect to the consumer side. Attracting the attention of investors, and perhaps B2B sales is some that may generate interest, as these companies are actively looking out for what is new. However, to get the general populous excited and talking about the new upcoming hip implant, is not quite within the realm of reality. Generally, the people who need hip implants will hear about this information from their doctor. Therefore, there is a method toward generating traction for a product, but it would not be done in the same manner as the next iPhone.
I believe that the best way a medical device company can induce excitement on the release of their product is by trying to keep up with the latest trends in technology related culture today. For instance, a big thing with both younger and older people nowadays is easy online investing opportunities. Apps like Acorn or Robinhood are great ways people can invest in a medical device company. Bitcoin, and other cryptocurrencies are also trailblazing in the investing world. If medical device companies can promote their company as one that accepts pay in crypto or allows people to easily invest in their company with a much desired scope of focus, they will definitely be able to create some buzz around their name.
