There’s a nasty industry secret medtech marketer’s don’t want to admit:
Premium medtech brands are winning a lot of deals, but only by matching their lowest-priced competitors. This isn’t what being a premium brand is all about. It’s what being a commodity is about. What’s causing it?
Buyers want premium brands. They probably think of you as a premium brand. However, if you can’t articulate premium value, you’ll get paid like a commodity. When price is the only differentiator, the lowest price usually wins. Winning business by reducing prices has become quite common, and it can lead to an unsustainable death march for your business. So how can medtech marketers fix it?
Ask yourself these questions
Is your marketing inwardly
focused on your product?
Are you saying the same things your competitors say?
Is your value proposition really nothing more than a product description?
If you answered “yes” to any of these questions (or if customers are refusing to pay what your product is worth), your value proposition is woefully inadequate.
Medtech marketers must market premium value
Turn your medical device marketing inside out. Start with your customers. Find their biggest challenges. Identify how your product uniquely solves these challenges. Make sure you solve them better than your competition. Now, articulate a value proposition that shows your customer what life would look like in both clinical and economic terms if those challenges were removed. Finally, bring it to life, so customers can experience it.
Make Shift Happen
Need help shifting your strategic marketing to be less inwardly and more outwardly focused? We can help. VIVO is a medtech marketing agency with skilled strategists and creatives who have been doing this every day for the last fourteen years.