Upstream marketing Archives

23Jan 2025 by cesare ferrari No Comments

Key factors to consider for successful medical device pricing

Setting a pricing strategy for a medical device is not an easy job. Many factors impacting the pricing of medical devices are in continuous evolution; therefore, companies that expect to effectively manage profitably in changing markets need a clear pricing strategy governing how they will set prices to earn revenues. If you’re in doubt as to the essential factors to consider when setting a price strategy, this guide is for you. Keep reading to learn what to do and what to avoid. The pricing strategy The pricing strategy is a critical part of the overall marketing strategy. For the pricing strategy to be effective, it must align with the marketing strategy and the business strategy. If the business strategy is where to play and how to win, in my opinion,…

11Jan 2025 by cesare ferrari No Comments

Navigating the Pricing Labyrinth: Pricing Strategies for Success in MedTech

Sales, Upstream marketing

“There are two fools in every market—one asks too little, another asks too much.” Old Russian Proverb The subject of a good pricing strategy has been long debated, raising questions and concerns for very obvious reasons. To begin with, some folks agree that charging too little helps to gain market share but reduces profitability. Others say low-priced products can attract the wrong customers—those who will switch to competitors to save money. A low price could cheapen the customer’s view of the product. Conversely, charging too much may reduce product acceptance and market penetration. This topic of pricing is particularly very intense in the medical device business. Several forces like competition, concentration of buyers, globalization, internet diffusion, and lack of resources in the healthcare systems act to increase downward pressure on…

07Dec 2024 by cesare ferrari

The Cornerstone Of Great Medical Value Propositions: The Customer

Upstream marketing

The value proposition of a medical device or a drug is one of the key determinants of its commercial success. I’ve deeply analyzed this subject in 4 different articles and you can read all about it starting here. In today’s post, I will revisit the subject focusing on a crucial aspect of the value proposition design: the customer. It’s my hope that at the end you’ll have further insight into why the customer is the cornerstone of a great medical value proposition. So follow along. The foundation of the value proposition: The customer You’ll agree that to design and effectively promote medical products and services that satisfy our multiple customers we must have a comprehensive knowledge of them. And to correctly use the value proposition canvas, we first need to…

23Nov 2024 by cesare ferrari

What makes a good value proposition for Medical products?

Downstream marketing, Upstream marketing

At the heart of every strong medical product success is a good value proposition, here you’ll find out what makes a great one. The influential powers that determine customer preference may not always be initially evident. This is why we must understand what our customers are really looking for in terms of Jobs-to-be-Done, gains, and pains and consequently design products that will delight them and speak their language in our promotional material. What makes a good value proposition? Combining different sources, this is my personal list of factors to consider when building a good value proposition: Early start: To start developing a product with no clear objectives is too common a mistake. The value proposition design process is the basis for defining the product development plan and clinical development. Collaboration:…

30Jul 2024 by cesare ferrari

It’s Time for My Summer Break

Downstream marketing, Sales, Upstream marketing

As the summer season approaches, it's time for my usual break. For a few weeks, I will pause my postings and plan to return to my regular schedule of bi-weekly updates in September. Before I go, I'd like to share a summary of some series I've published over the years: Cultural Factors in International Medical Sales Selling medical products (devices or drugs) internationally involves understanding and managing cultural differences. Parts one and two of this series examine the importance of cultural sensitivity and the key elements of a country's culture, and their impact on sales. The Importance of Cross-Selling and Upselling In medical sales, upselling and cross-selling are often seen as unethical tactics, and sometimes this view is justified. However, in the first and second posts of this series, I…

28May 2024 by cesare ferrari

How To Get The Right Insights From The VOC

Upstream marketing

Recently I’ve been discussing with a founder of a MedTech start-up on the importance of collecting the VOC (Voice of the customer) and validating the high-risk hypothesis. I’ve come to observe that MedTech start-up founders are generally very well equipped with scientific knowledge and technical expertise; however, they lack some expertise in properly interacting with customers. Start-up teams also come up with smart and creative solutions but they frequently risk missing the right insights to validate their solution and high-risk hypothesis with customers. While there are many factors to be considered for a successful VOC study, here are my top four: 1. Identify your customer(s) Before even starting your VOC, it is fundamental to determine who the customer is. You’ll also need to consider who you need to talk to…

19May 2024 by cesare ferrari

How customer interviews can help you in defining the price of your new medical device

Upstream marketing

A few years ago, I attended a product test where a KOL used a product developed by a start-up to provide feedback. At the end of the test of the highly innovative medical device, a member of the team asked, “How much would you pay for this product?”. Although the intention was laudable because I agree with collecting data from customers for pricing a new medical device, unfortunately, the question was wrong. Therefore, do not ask this question during customer interviews about the price of new medical devices. So, if you’re thinking about contacting your potential customers to ask them about pricing of your new medical device, you should read this post to avoid making some of these mistakes. Why “How much would you pay for this?” is a…

27Apr 2024 by cesare ferrari

The 4 Types of Medtech Innovation

Upstream marketing

In the medical device business, the capacity for innovation is commonly regarded as a key competence and a powerful response mechanism for companies operating in our complex and highly competitive environment. Innovation is generally recognized to be a complex and multi-dimensional phenomenon and understanding how it works continues to be a challenge. The purpose of this post is to help MedTech professionals to better understand the different types of innovation. As a professional, you'll find this guide useful, so please follow along. Innovation: The definition Peter Drucker defines innovation as: “Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of…

15Mar 2024 by cesare ferrari

The ugly truth of new medical devices

Upstream marketing

All the companies active in the MedTech industry, especially the big ones, launch new products regularly. Every year, millions are invested in R&D in this industry worldwide to support the creation of new products. Often, we see these new products marketed as game changers or disruptive innovations; however, the reality is that most of these new products belong to a different category of innovation, which is the ugly truth. Knowing that the success (or failure) of the new medical devices will significantly impact a company’s financial results, let's examine the characteristics of a new medical device and its classification. Product innovation classification If you follow me, you should know that creating a new medical product involves meeting the customer's needs, bearing in mind that customer needs are always evolving, and…

01Mar 2024 by cesare ferrari

Value proposition design for medical products (Part 4)

Upstream marketing

After discussing value proposition in general and with respect to the customer and the product, in this post, I would use the value proposition canvas to analyze the value proposition of a medical product and its product market fit. Inclusively, I'll evaluate the value proposition of hyaluronic acid injections with a specific customer segment in a defined context. Let’s start with only one customer type. Customer profile The customer profile is an orthopedic surgeon consulting a patient suffering from knee osteoarthritis. In this context the customer has the following "jobs to be done": Providing a treatment to reduce pain and increase mobility Being recognized by the patient Producing patient satisfaction Identifying patients needing surgical treatment Creating patient loyalty Performing a medical act (prescription or procedure) Making money Pains The orthopedic…

Category: Upstream marketing