Blog

15Jul 2023 by cesare ferrari

OOO-Summer Break

Other

It’s time for my yearly summer break and the right time to enjoy the summer vacations with my family. How about you – are you planning one too? For a while my regular schedule (every two weeks) will be taking a little bit of hiatus. As usual, in my last post before the summer break, I would like to share a few posts in case you missed them. Customer complaints Customer complaints is a hot topic in the medical device business for marketers, quality and regulatory people. I’m convinced that customer complaints are not a good indicator of customer satisfaction and I have discussed why in this post. Product flops Product flops are an incredibly good source of learning for product managers. In this post I analyzed 2 flops, their…

30Jun 2023 by cesare ferrari

Are Business plans useless or useful?

Downstream marketing, Sales

In the MedTech community, there are 2 common positions regarding business plans and business cases. Some people consider business plan and business case the “compass” of the business, the new venture, or the new project. They rely on it, and they use it to evaluate business opportunities, new projects, and new ventures. Others are more skeptical regarding business plans considering them less useful and some extremists consider them totally useless. So what then is true? Let’s start with a proper definition of what a business plan and business case are. Definition of business plan and business case According to Friend and Zehle in their book Guide to Business Planning, “A business plan describes the business’s vision and objectives as well as the strategy and tactics that will be employed to…

13Jun 2023 by cesare ferrari

Change this common mindset to develop better medical devices

Upstream marketing

If you have worked in the MedTech business or even in Pharma for a few years, you've probably heard some variations of this common mindset: "The user will benefit greatly from this technology that a good enough product will be okay. There is no need to investigate customer's need further." "The patient would die if they are not using our product, so the user will not consider how the product looks." "These stakeholders (nurses, scrub techs, sterile processing technicians, etc.) are not so influential; therefore, their needs will be satisfied by this basic design." "In the next generation of our product, we do not need to develop a new design because our current product's aesthetics and perceived quality are considered okay. Actually, nobody complains about it." Does this sound familiar?…

28May 2023 by cesare ferrari

These are the Best Methodologies for Measuring Customer Satisfaction

Downstream marketing

Measuring customer satisfaction is a cost-effective way to build brand loyalty, increase word-of-mouth marketing and differentiate your business from the competition. While large MedTech companies are systematically measuring how they are perceived by their customers and identifying the factors shaping customer satisfaction, small and medium businesses are still picking up. The benefits of customer satisfaction are enormous, and you should measure it regularly because it is one of the key elements to producing customer retention and loyalty. According to Philip Kotler, it has also been linked to better performance in the stock market. I'll discuss more on this here. Methodologies for measuring Customer Satisfaction The concept of customer satisfaction and its assessment is complex. It encompasses many different factors, and you can expect it to be more complicated than measuring…

12May 2023 by cesare ferrari

How to tackle MedTech over-engineering

Upstream marketing

Welcome back! Still, on MedTech over-engineering, I think this sentence from "The Elements of Style" is a great guideline for over-writing and can be transferred to over-engineering: "A sentence should contain no unnecessary words, a paragraph no unnecessary sentences, for the same reason that a drawing should have no unnecessary lines and a machine no unnecessary parts." After analyzing the major causes of over-engineering in MedTech, now is the time to understand the consequences and the strategies to prevent it. Let's unfold that. Consequences of over-engineering There are many consequences from over-engineering a new product, but ultimately it limits the chance of product success by creating a misalignment between the product and the market. The most significant damage over-engineering can cause is creating a medical product with features and functions…

29Apr 2023 by cesare ferrari

Over-engineering is not only the fault of narcissistic, egocentric, and sociopathic engineers

Upstream marketing

Over-engineering in medical devices is more common than we think, and it can severely impact products and companies. Today's post is directed to all the people involved in the process of new product development, especially engineers, no matter their role—for instance, R&D engineers, founders, CTOs, project managers, and designers. We all know the sentence, "the devil is in the details." Well, over-engineering seems to be the natural solution, and R & D engineers might not even see it and do not see its associated risks. Read this step-by-step guide to understand over-engineering in MedTech, its cause, and its effects. What is over-engineering? According to Wikipedia: "Overengineering (or over-engineering) is the act of designing a product or providing a solution to a problem in an elaborate or complicated manner, where a…

15Apr 2023 by cesare ferrari

Customer Retention, Customer Loyalty, Or Customer Delight, What Is Your Goal?

Downstream marketing

Do you know that customer retention, loyalty, and delight are different? It's okay if you're finding out. All three are linked to customer satisfaction and provide substantial benefits for a medical device company. Remember, the goal of any marketing strategy is to attract, satisfy and retain customers in the target segment. This is because the longer customers stay with a company, the more benefits the customer generates. And often, it's a win-win for both parties. In this article, I'll discuss the differences and similarities between customer retention, loyalty, and delight. So keep reading. What is Customer Retention? According to Wikipedia, customer retention refers to the ability of a company or product to retain its customers over some specified period. The benefit generated by retention is related to a few different…

01Apr 2023 by cesare ferrari

4 Best Factors That Affect Customer Satisfaction In MedTech

Downstream marketing

In this article, I'm going to analyze the factors affecting customer satisfaction. And in the previous posts, I covered customer satisfaction, dissatisfaction, and their impact–you can refer back to them. Several factors determine customer satisfaction, and the importance of a single determinant might vary depending on the sub-segment of the medical device market. For example, the impact of product reliability is less critical for a single-use and low-priced device than for reusable and expensive medical equipment. Moreover, over time the importance of the determinant may evolve as it is influenced by various factors such as market dynamics. And this is one of the reasons for continuously monitoring customer satisfaction and its determinants. Let's see the four key factors affecting customer satisfaction in MedTech, and the actionable steps you can take…

18Mar 2023 by cesare ferrari

Do you consider customer complaints a good proxy of customer satisfaction? You may regret it!

Downstream marketing, Upstream marketing

Medical device companies must seriously treat customers' complaints in compliance with regulatory quality standards. However, compliance with regulations does not necessarily mean you're focused on customer satisfaction. Most MedTech companies are small and medium-sized, and customer satisfaction is sometimes not fully understood and considered for different reasons. Imagine this scene: You are with a colleague discussing a product feature that produces customer's dissatisfaction. And to support the thesis that this is not a real problem, he/she shows you that none of the complaints collected about the product is related to that feature. Despite having anecdotal feedback on the problem, you do not have robust data; therefore, customer satisfaction with this feature is considered good. Let's have a look at the impact of customer satisfaction, dissatisfaction, and customer complaints to see…

05Mar 2023 by cesare ferrari

Back To Basics: Understanding Customer Satisfaction

Downstream marketing

As a marketing and sales leader, I consider customer satisfaction a fundamental aspect and a key to running a long-term successful medical company. Customer satisfaction is not something new. The concept has been central in marketing since the '50s, with increasing interest and importance. Obviously, if customers are satisfied with the product, they will buy again, and they could show loyalty and spread the message. Otherwise, they will move to another supplier or may complain and express dissatisfaction with the company and others. Sam Walton's short story The former CEO and founder of Walmart shared this short, personal story which I think is very stimulating. "I'm the kind of person who goes to a restaurant, sits at the table, and patiently waits whilst the waiter does everything but takes my…