Downstream marketing Archives - Page 3 of 4

08Oct 2022 by cesare ferrari

What can a MedTech product manager learn from 2 great product flops?

Downstream marketing, Upstream marketing

There are several examples of product flops and I think the best thing to do with these examples is to learn from other people’s mistakes, understand what went wrong and what we can do to avoid repeating the same mistakes. Let’s look closely at a couple of examples in other industries with very detailed stories. New coke On April 23, 1985, Coca-Cola CEO Roberto Goizueta launched the new coke, and only 79 days after its introduction Coca-Cola announced the return of the original formula. Eventually, the new coke was discontinued in 2002. What went wrong? According to Wikipedia: The sweeter cola overwhelmingly beat both regular Coke and Pepsi in taste tests, surveys, and focus groups. About 10–12 percent of testers felt angry and alienated at the thought and said they…

25Sep 2022 by cesare ferrari

Who are your competitors?

Downstream marketing, Sales

The common question I ask frequently, and often get asked too, is “who are your competitors?” Although there is nothing wrong with thinking about competitors, sometimes the question is less relevant. You should not always think about your competition, because competitors are not always who you are truly competing with. Instead, you should think about alternatives. In fact, most products are competing with alternatives or substitutes. Basically, alternatives and substitutes are what your target customers are using today to solve their problems. The competitive environment According to Michael Porter, a guru on competitive strategy, a group of competitors that provide similar products or services form an industry. Porter developed the fundamental framework called the five forces model helping organizations understand their current competitors as well as organizations that could become…

12Sep 2022 by cesare ferrari

The importance of a strong brand in MedTech

Downstream marketing

In the MedTech business as I have already mentioned here the good old times are gone. This doesn’t necessarily mean that our sector is becoming less interesting and attractive. It is simply evolving like the rest of the world and this evolution will bring challenges and opportunities. Is having a strong brand important in Medtech? We all know it is extremely important in consumer marketing where the brand can be the real differentiator. In MedTech, branding was traditionally considered less important, since the purchasing mechanism is well structured and involves different stakeholders concerned only by clinical value, performance, safety, and cost. However, I think the medical device market is evolving towards an environment where the importance of the brand is increased. This belief is supported by an article published in…

22Apr 2022 by cesare ferrari

How To Increase Customer Centricity In A Medical Device Organization And Increase Profitability

Downstream marketing

This post is the third about customer centricity. I've already introduced the topic here and analyzed the issues and challenges here- you may want to refer to them shortly. In this article, I'll explore the critical steps necessary to become a customer-centric organization or at least to increase customer centricity. I'll also answer the question; "how to increase customer centricity." I acknowledge that the plan and changes necessary for achieving customer centricity will vary from company to company based on the unique challenges of the organization and its market. More so, a company needs to define why it wants to be more customer-centric, to what degree, and whether it requires an incremental or substantial change. Well, I believe the transformation to be successful MUST include the approaches below. Without further…

02Apr 2022 by cesare ferrari

Common Challenges To Adopting A Customer Centric Approach In A Medical Device Company

Downstream marketing, Upstream marketing

I have already examined and explained the meaning of customer centricity for medical device companies in this post. Here, I'll focus more on how to transition from existing product centricity and traditional structural models to new ones that deliver what customers want. Know that the first step toward a customer centric organization is understanding the difference between customer centricity & product centricity, and identifying issues & challenges. These topics will be discussed in-depth as you read on. Product Centricity Versus Customer Centricity In the table below, I’ve listed some distinctive characteristics of the product centric and customer centric strategies. Product centricityCustomer centricityBasic ideaWe sell product. Product push approach with little or no customer segmentation.We serve customer segments. Tailored product offering based on diverse customer segments. Customer insight supports the entire…

05Mar 2022 by cesare ferrari

Customer Centricity: The Holy Grail Towards Unlocking The True Potential Of Customer Value

Downstream marketing, Upstream marketing

In the Medtech business as in many other businesses, there is a trend to move from a product-centric to a customer-centric way of doing business. Many companies are realizing that customer-centricity provides a competitive advantage, which is difficult to achieve and hard to copy. I’ve already touched on the topic of customer centricity here and here; In this short post, I will explore the following: The origin of the customer centric paradigmWhat it means to be a customer centric companyWhy it is important in the medical device sector Origin Of Customer Centricity The concept of customer centricity and its benefits have been discussed for more than 60 years in the academia and business community. Already in 1960, in the famous article “Marketing Myopia” published in Harvard Business Review, Theodore Levitt…

19Feb 2022 by cesare ferrari

KOL Management: A KEY Ingredient Of Your Marketing Strategy Recipe

Downstream marketing

I have already touched on the topic of KOL, particularly regarding new product development in this post. I encourage you to go over it as soon as possible. Today I will go through the role of KOL in downstream marketing. Trust me, you'll find this interesting and enlightening! KOL: A Definition As already discussed, a key opinion leader (KOL), in the healthcare field, is a physician, nurse, researcher, hospital executive, etc, with proven experience and expertise in a specific discipline who is trusted and respected by his/her colleagues. Why Are KOLs Important In Medical Device Marketing? Since the category “medical device” is so diverse, the relevance of KOLs is variable. For example, the importance of KOLs is lower for consolidated products like medical supply than for highly innovative devices that…

02Dec 2021 by cesare ferrari

Some Ideas Helping Medical Device Marketers To Better Understand The Value Of A Medical Technology

Downstream marketing

Every medical device company in some ways wants to move from a product-centric model to a customer & value-centric model. Customers are looking for partners, namely companies that can bring value with their products and beyond. However, value is a central concept in medical devices marketing, and sometimes it can be difficult to be defined. Today I will share some useful elements to help you understand value in medical device marketing. What Is Value In Medical Device Marketing? When I do salesforce training, I love asking questions that require "it depends" as an answer. One of these questions is; what is value in the medical device industry? There are a couple of definitions of value that are worth considering. According to Cutler and McClellan, this is the definition of value…

23Oct 2021 by cesare ferrari

Who Is The “Customer” In Medical Device Marketing?

Downstream marketing, Sales, Upstream marketing

Keep in mind that the short answer to this is that...it depends. Luckily, as you read on you'll understand the reason for this conclusion on the role of the customer in medical device marketing. To begin with, the medical devices category is very diversified and assorted, but that's not only from the regulatory point of view.   Part of the category of medical devices include: basic medical supplies like sutures, tongue depressors, syringes, surgical instruments, and more complex devices like implants, pacemakers. It also includes big capital equipment such as CT and robots.  For the different categories of medical devices, the number of individuals and organizations that could influence the purchase decision might possibly be significant and different. In this article, I consider the “customer” of medical device marketing, all the stakeholders. And not only the…

08Oct 2021 by cesare ferrari

How Marketing Can Bring Value And Better Long-term Perspective To Medical Device Companies

Downstream marketing, Upstream marketing

If you have been working in the medical device marketing for a few years; Then you've probably noticed that it is far more complicated to achieve growth in the current environment.  The good old times are gone. Incremental innovation at a premium price, product launches that almost always deliver the expectations. And rapid development projects with easy registration are becoming rare.  In the past, medical device companies could rely on incremental innovations, easy market access, fewer price constraints, and sales force relationships with the clinicians to deliver good results.  Today, the market is far more complex and competitive. To remain profitable, companies will need to leverage better, stronger, and effective medical device marketing. What Is Marketing And Why Is It Important In Medical Device According to Prof. Philip Kotler, the father of modern…

Category: Downstream marketing