Technological advances, the aging U.S. population, shifts in buying power and unprecedented changes from government healthcare reform have stimulated demand for medical devices over the past five years. Regardless of whatever industry trends ebb and flow, a brand must continue to remain strong and relevant.
Here are 6 key components to build a trend-proof brand:
- Be clear on your brand’s promise and values
Strong medical device brands are more than just features and benefits. They must also deliver a consistent set of experiences and expectations. It’s critical to understand how your brand is perceived by its purchasers and end-users and to be absolutely certain that what your brand says its delivering is a reality. - Empathize with your target market
Understanding your market and what it desires is essential. Moog Medical Devices understood that patients and physicians sought an enteral feeding pump beyond the current, large and impractical stationary products on the market. Through smart use of social media, Moog listened and developed a revolutionary alternative by creating the Infinity, the first and only 100% truly mobile enteral feeding pump. - Marry innovation with value
It’s not news that financial challenges faced by hospitals and clinics today have created major changes in procurement philosophies. Knowing exactly what and how your brand delivers “real value” to the market is crucial.
Medtronic, one of the world’s most innovative companies, is a great example of innovative thinking. Omar Ishrak, chairman and chief executive officer of Medtronic explains, “We remain deeply committed to research and development in order to create ground-breaking products, devices and services that alleviate pain, restore health and extend life for our patients.” Communicating how your brand delivers efficiencies and “true ROI” will help position your brand to succeed in tough market dynamics. - Differentiate to avoid commoditization
Global competition, outsourcing and offshoring are all squeezing margins. Many of the medical device industry sectors include products that are relatively undifferentiated, and many have become commoditized. Great brands always make sure that their innovation and differentiation is part of their story. - Become an everything partner
Purchasers and end-users want more—in the form of services, connectivity, training and support. According to an August 2016 report by PwC, “medical device companies are serving as enablers, reaching across the ecosystem to demonstrate value beyond any one device, diagnostic or technology.” Your brand has many touch-points and delivering a complete experience requires a managed, holistic approach. - Create a loyalty for your brand
The legendary business entrepreneur, speaker and author Zig Ziglar once observed that, “People don’t buy things for logical reasons, they buy for emotional reasons”. People will often remain committed to a brand if they believe they’ve developed a genuine and mutually beneficial relationship. However, building relationships with customers is increasingly difficult and requires considerable discipline in planning and execution. A brand that’s in unison with its identity remains relevant over time and invites loyalty.
Continuously evolve your brand
Increasing the value of your brand doesn’t necessarily require a big investment, but it does mean regular, unblinking evaluation and strategic, intentional cultivation. The business environment will constantly change and growth will not come at a predictable pace. Market your brand using its unique offering. Engage with your audiences often and in meaningful ways and create the most robust brand possible.
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