- Jul 04, 2022
Developing a new medical device entails a long process that begins with an idea and ends with a completed product. However, the success or failure of the product heavily depends on its debut. With so much at stake, all stakeholders must work cooperatively to ensure the product launch is a success.
Given the market’s abundance of competitors, medical device businesses frequently struggle to introduce new product lines successfully. In that case, an effective product launch plan will help it overcome most of the market’s obstacles.
A successful product launch is often measured by its:
- Return on investment
- Adoption
- Market share
- Customer satisfaction
- Awareness
The post will outline the successful steps for medical device product launch. Following them will ensure that your device stands out in the marketplace. Keep scrolling.
Medical Device Product Launch: 7 Easy Steps
A well-executed product launch offers a huge opportunity to expand market share, clients, and revenue. It would help if you began considering prudent strategies for developing a comprehensive medical device product launch.
1. Begin Preparation Before FDA Approval
Before marketing the device, a pre-market submission and approval are required by Food and Drug Administration FDA. The launch date may be closer than you believe with the FDA’s unpredictable timeframe. That may frequently lead your team to race to complete all necessary tasks before the product’s debut.
Creating a timeline-based plan before FDA approval can assist the product launch go smoothly. Meanwhile, you can prepare promotions, train sales personnel, and handle other jobs. Even if your chronology changes as events unfold, you will have laid the groundwork for future revisions.
Assure the project team has analyzed product performance in accordance with market demands and FDA rules. Complete product documentation and make it easily accessible.
2. Create a Marketing Plan
While we’re on the subject of planning, it’s equally critical to have marketing strategies for your product launch. Medical devices require a high level of visualization for the end-user. Your marketing plan must include not only your target demographic, deliverables, and storytelling technique but also any possible customer concerns.
A few essential marketing deliverables you could consider are:
- Social media platforms
- Website
- Healthcare Marketing Data
- Press Release
- Live Seminars
- Chatbots
- Digital Campaigns
- Significant Players of Medical Devices
Also, any effective launch requires internal communication. Overcommunication confuses and dilutes the main message. Plan your communications carefully, start them early, and keep in touch with your team.
Pro Tip: Use whatever marketing tool that reaches people, even if your budget is limited!
3. Establish Launch Objectives
Measurable goals and objectives help direct your actions. Breaking down the major aim into smaller goals helps prioritize the tasks.
Sales, marketing, training, customer service, manufacturing, quality, and regulatory departments all play a crucial role in a product launch. You may easily pave your path towards success if these divisions understand their goals and how they may work together to achieve them.
4. Assess Your Marketplace
Although this may seem self-evident, it is a vital component of a successful product launch. It is vital to assess the current market before you offer your product. The market gaps, your rivals, and their vital info will keep you on your toes before capturing the market.
Notably, this will help you incorporate competitive intelligence into your product launch. You may eventually utilize it to your advantage and achieve market share within the timeframe specified.
Pro tip: You may even opt for operating a test market before the launch.
5. Produce Impactful Content
Medical devices and procedures might be difficult to demonstrate. Since you introduce buyers to a powerful product, using powerful content to showcase it would be wise. You may try using 3D animations, procedural animations, etc., to express your product’s story effectively.
Make sure to highlight the essential qualities of your product. If you want to show how your product works, take a 3D animation camera under the skin.
Pro tip: You can reuse the high-end digital content, which also allows you to optimize your investment. This may also assist in creating a revision plan for delivering upgrades to customers.
6. Train Your Staff
Employee training is a critical component of any launch strategy. Your sales force must be well-versed in the features and functions of the new product.
Consider briefing your distribution network via an internal launch event and providing additional hands-on training for your employees. Providing service manuals, troubleshooting instructions, and quick-reference guides will be an excellent way to equip them with the tools necessary to execute their tasks.
And Voila! You are ready with your launch.
7. Monitor Results
After you’ve launched your product, it’s critical to monitor your progress and objectives. You may use sales enablement technology to help you with real-time statistics on the product launch collateral.
Your field team is another effective tool for tracking results! They are closest to the action and interact with your customers the most. Inquire of them and get comments on what they believe might assist them in selling more effectively.
Promotion of Medical Device Launch in the Media: Guidelines
According to a report, one in five Medtech companies has shifted at least 50% of their marketing expenditure to digital marketing.
While you may transfer your advertising priorities to the digital market, it is also critical to retain public relations. Invigorating and succinct public relations enable your business to increase its visibility and reputation with investors, buyers, and industry peers.
Apart from the grand unveiling of your new medical device, you may engage the public with other notable concerns. Below are some of them worth trying.
- Initial prototype testing
- Quality assurance or approval
- Updated product manuals
- New medical and healthcare facility list
- Product-related educational programs etc.
Remember, press releases are terrific to launch your successful medical device product. While you give it a try, be careful when newsjacking a topic or event.
Conclusion
Getting a medical device to market can be daunting. However, adopting a strategic approach from the beginning may save a great deal of stress and ambiguity from the process. This will dramatically increase your chances of success and ensure that your launch has a significant market presence.
A lot goes into a successful product launch. However, the aforementioned successful steps for medical device product launch will get you off to a good start.
