The U.S. Government states that the Affordable Care Act has three main objectives. And while these are very nice, laudable, and simple goals, they are creating paradigm shifts in the marketing and selling of medical devices.
Imagine looking at market research results and seeing that a large population of consumers wanted to pay a relatively low price for a new elective medical procedure. Just a few years ago, this would have been a cut-and-dry result leading to a lower price. However, using an advanced predictive analytics platform powered by Compellon, DevicePharm was able to dig deeper and determine that the actionable market was actually bigger with the higher price point.
“Do we really need sales reps to support medical devices?” This question has been asked by surgeons, medical device CEOs, and hospital administrators for years. Recently, however, that philosophical question moved from theory to practice in a bold move by Smith & Nephew.
Since mobile devices arose in the market, they have quickly evolved from a consumer luxury to a necessity, bringing a new set of challenges to business owners and content developers. A recent study conducted by Pew Research Center found that more than 90% of Americans own a cell phone and 63% of these mobile phone owners now use their phones to go online.1 With nearly two-thirds of the United States population using their phones to access the web, it is becoming essential for companies to understand how to cost-effectively deliver the best user experiences possible for multiple devices.
In the movie the Wizard of Oz, Dorothy famously exclaimed, “Lions, and tigers, and bears, oh my!” Today’s equivalent would be, “Apple, and Android, and Apps, oh my!”
At DevicePharm, we are having increasingly complex discussions with our clients about web and mobile media platforms. The lines between phones, tablets, and computers as well as apps, and app-like web solutions continue to blur. And the lines between perception and reality, in terms of what consumers are actually doing online, are in a constant state of flux. It makes Dorothy’s animal issue pale by comparison.
Medical device manufacturers typically spend the greatest part of their marketing budgets hiring, training and equipping their sales team. It’s a model that makes sense in most cases, since selling a physician, hospital or GPO is critical to building market share for most device manufacturers.
But what about the consumer; does he or she really care about your medical technology brand?
There has been no shortage of press these past few years covering the world of “Big Data” and its potential impact on the strategic decision making process. According to global technology solutions provider, CSC, the world’s data growth is expected to reach thirty-five zetabytes by 2020. To put that into perspective, one-thousand megabytes equals one gigabyte. One-trillion gigabytes equals one-zetabyte. That’s a lot of data. You needn’t be a statistician to figure that out. But what exactly is big data? And what type of impact can it have on medical device marketing?
We have all seen a research report that defines customer behaviors, the opinions of a segment of the market about a topic, or even how a population reacts to a specific message. That is certainly helpful to marketers, but the big question still remains, “What about the buyers?”