A launch strategy is a form of marketing. Simply put, it is the strategy which precedes launching a product or service to the public, anticipating its release. These strategies may seem self-explanatory. However, there are numerous important factors to consider when working on a new MedTech launch. With everything from customers to stakeholders on the line – you need to ensure that you’re doing enough to sell your product in a competitive market.
This article will run you through the most important parts of planning a MedTech launch. We’ll answer the question of ‘what is a launch strategy?’ and explore the top things to consider when promoting a new product to the public.
What To Consider Before Launching
There are a few questions that every Medtech company should consider before launching their products, which will determine the angle they should take for their launch. Some of these include:
- Will this launch introduce something innovative and completely new?
- This launch introduce a new product to an existing category?
- Will this product offer an extension or improvement to an existing product?
You should also consider if you want to launch your product via an internal marketing company or if you want to use an external medtech launch specialist.
A specialist service can help you conduct important product research, exploring shifting stakeholder and market dynamics as you create your launch strategy.
How A Launch Strategy is Developed
A launch strategy is developed by members of various teams involved in creating the product. For a new drug, for example, it would be strategized with the developers and the marketing teams. Some of the key things that are considered are:
- Who is the product being aimed at? Identifying the ideal customer helps to target the marketing strategy. In MedTech, this could be hospital buyers, investors or the public, depending on the use of the product.
- What is unique about the product? Identifying the selling points helps you to come up with a better strategy for a launch. People won’t buy into something they’ve seen a million times before – they want to know why your product offers them something better.
- What is the best way to reach your clientele? Depending on your target audience, you must define the best way to target them via advertising. For example, some companies may go for TV adverts or billboards, while others may take out adverts in newspapers or invest more in social media advertising.
Overall, a launch strategy is a collaborative effort, and it requires both the technical knowledge of those involved in development to ensure the campaign’s claims are truthful and the innovativeness of the marketing teams to get the word out to stakeholders and customers alike.
COVID-19 And Medtech Launch Strategies
If you keep up with MedTech news, you may have seen a few articles about how the COVID-19 pandemic has impacted MedTech launch strategies.
As a result of the pandemic and the Government’s struggles to recover financially, the country’s economic state has faced the consequences of a financial dip. This has made it significantly harder to launch new MedTech products, as stakeholders and public customers alike are more likely to need more money to invest in your product.
While it is still important to launch new products, medtech experts advise that you only launch products that fall under the “disruptive innovations” category. These are things that provide a service to the MedTech industry, for example:
- If the product provides a low-cost alternative for customers of an existing product
- The product offers benefits, no other product is offering.
- If the product offers the Medtech industry something game-changing (e.g. if it has the ability to advance or disrupt the tech as we know it).
It’s important to consider that some products are profit sources while others are revenue sources. While a recession may be difficult to launch a product aiming to drive profit growth via price increase, it can be a decent time to bring in a steady stream of revenue.
Companies must consider their product’s role in their customers’ lives and use this as a springboard to jump off during their launch execution.
A launch strategy is valuable as it gives customers the right impression of your product.
While it is possible to launch a product without strategizing (for example, just putting a new drug on shelves in the shop without campaigning), this will likely lose you a huge amount of customers, as people are less likely to buy a product they haven’t heard about, and therefore don’t trust.
A great Medtech launch strategy will convince people to switch out their usual product for yours. It will show them why your product is better for their needs and how investing with you will help them to have a better quality of life.
Whether you’re launching a new product and exploring marketing solutions, or you’re just curious to see how MedTech marketing works from a customer perspective, we hope this article has helped answer the question of ‘what is a launch strategy?’ and helped you understand how they work.
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