
Medical manufacturing is an increasingly competitive field, which means manufacturers must use every tool available to establish market position and enhance competitive edge. Specifically, a robust marketing strategy is required for any medical manufacturing business to grow.
Yes, but what kind of marketing? In recent years, both demand generation and lead generation have garnered a lot of buzz, while account-based marketing has emerged as still a third pathway. The truth is that all three disciplines are distinct and all three can work together in harmony. Medical manufacturers may benefit from an integrated approach, using all three of these disciplines in tandem.
Before developing an integrated approach, however, medical manufacturers should know a little bit more about what these three fields entail.
What is Demand Generation for Medical Manufacturing?
Let’s start at the beginning: What is demand generation, particularly with respect to medical manufacturing?
Demand generation is all about building awareness for a product/service and educating potential buyers, focusing on the top of the funnel. In medical manufacturing, where products tend to be both very complex and heavily regulated, demand generation is essential, positioning the manufacturer as an industry leader and trusted authority.
What are the Benefits of Demand Generation for Medical Manufacturing?
There are a few real advantages to demand generation in the medical manufacturing sector. These advantages include:
- Buyer education. Medical devices and healthcare equipment are not always intuitive. They can be quite complicated, making it necessary to educate buyers on why they need the product and how to use it effectively. With its focus on top-of-funnel thought leadership, demand generation is well-suited for buyer education.
- Building trust. For devices that people trust for their health and wellness, instilling confidence and trust is absolutely essential. Demand generation helps nurture trust-based relationships via authoritative content like whitepapers, webinars, and case studies.
- Longer sales cycles. Medical devices often have lengthier buying cycles due to high costs, safety concerns, and regulatory hurdles. Demand generation can engage and nurture prospects over the long haul.
What are the Best Demand Generation Tactics for Medical Manufacturers?
When it comes to specific tactics, there are a few ways for medical manufacturers to embrace demand generation:
- Educational webinars and conferences
- Whitepapers, specifically regarding compliance and product safety
- Case studies showing how the product addresses specific health challenges
What is Lead Generation for Medical Manufacturing?
If demand generation focuses on building awareness, lead generation is more concerned with capturing information from those prospects who are ready to take action. For medical manufacturing companies, lead generation is important for identifying the hospitals, practices, or other healthcare organizations who are prepared to complete their purchase.
What are the Benefits of Lead Generation for Medical Manufacturing?
There are several specific benefits to using lead generation in the medical manufacturing sector, including:
- Immediate return on investment. Lead generation tactics, whether gated content or targeted search ads, bring in customers who are ready to further evaluate or purchase your product.
- Funnel narrowing. If demand generation captures a broad range of customers at the top of the funnel, lead generation helps narrow focus to those customers in the middle or at the bottom of the funnel.
- Measuring success. Lead generation strategies are usually very easy to quantify and measure, allowing you to track the number of qualified leads and assess your overall campaign ROI.
What are the Best Lead Generation Tactics for Medical Manufacturers?
- With respect to specific tactics, there are a few ways for medical manufacturers to embrace lead generation:
- Gated content, including value-adding e-books and guides.
- PPC ads that specifically target healthcare buyers.
- Personalized email campaigns designed to nurture leads.
What is Account-Based Marketing (ABM) for Medical Manufacturing?
The third and final piece of the puzzle is ABM. A simple definition: ABM encourages marketing and sales teams to focus on targeted, high-value accounts, creating personalized campaigns that directly address the needs and pain points of these big-ticket prospects. It’s all about being laser-focused, as opposed to casting a wider net. This can be an exceptional option for medical manufacturers seeking to test out or build buzz around new, high-dollar products.
What are the Benefits of ABM for Medical Manufacturing?
Some of the core benefits of ABM for medical manufacturing include:
- Personalized outreach. ABM is perfect for delivering highly customized content to major decision-makers and stakeholders.
- Conversion rates. By focusing on fewer, high-value accounts, medical manufacturers can increase their rate of conversion and engagement.
- Resource optimization. Rather than burn through marketing dollars on broad campaigns, ABM ensures that resources are allocated to the accounts most likely to convert into customers.
What are the Best ABM Tactics for Medical Manufacturers?
For medical manufacturers looking to add ABM to their marketing toolbox, there are a few specific strategies worth pursuing:
- Customized proposals, tailored to key accounts.
- Co-branded content, created in partnership with key accounts.
- Highly targeted sales outreach.
Find the Right Mix for Medical Manufacturer Marketing
Medical manufacturers need to use all the tools in the marketing toolbox, which means integrating demand gen, lead gen, and account-based marketing. Pulling these three disciplines together into a cohesive strategy may require guidance from an experienced medical manufacturing marketing company.
Clarity Digital Agency is an experienced manufacturing marketing firm with a proven track record in the healthcare vertical.