Hospitals and health systems are facing some pretty stiff competition these days. The emergence of convenient care providers and retailers offering more and more healthcare-related services has changed how hospitals view their markets. As a result, the ability of hospitals and systems to leverage next-level market analytics to their advantage can be the difference between being a market leader or just a member of the pack.
In the medical device market, we’re seeing a similar scenario unfold. Aging populations are driving demand for more advanced treatments, R&D efforts continue to turn out new, more technologically advanced solutions, and competition is fierce. According to SelectUSA, there are now more than 6,500 medical device organizations in the U.S.
Just as their hospital and health system counterparts have done, marketing and business development teams at medical device companies could benefit from a deeper lens into prospect service areas. Imagine the credibility a device sales professional would gain if he or she were able to meet with a hospital executive and provide answers to key questions which no doubt keep them up at night:
- Do you have the demographic data or patient trends to pull patients from competitors?
- How effective have your competitors been at stealing your market share?
- Could brand equity help you drive growth in underserved areas of your market?
Take a look at this infographic which walks through an orthopedic marketing case study. You’ll see how access to sophisticated market intelligence can set you up for a successful dialogue and add value to your relationship with providers.
I’d challenge medical device marketers and sales professionals to keep ahead of the competition by establishing themselves as market experts. With access to strategic market intelligence, marketers can offer hospital decision makers keen insights on their target market.