Medical Device Business Strategy that Drives Revenue Growth

What medical device firm CEO, President, or Management Director would not wish to see an increase in profit? In a competitive landscape, with long sales cycles, the most efficient way of improving revenue growth is by using a medical device business strategy and a proven marketing method known as ‘Inbound.’ According to Hubspot, 49.7% of firms utilizing Inbound marketing and sales to boost their sales within seven months! Conventional marketing and sales techniques such as print advertisements, website pop-ups, self-promotional email newsletters and blasts, trade conventions, cold-calling and basic item demos entail aiming to offer your brand to individuals that may or may not be interested in your medical device remedy. However, Inbound brings in qualified individuals using academic content that meets the needs of specific clients. Inbound strategies help generate qualified web traffic to your site, develop brand name understanding, boost the sales process, and ultimately improve your income.

Below are six medical device business strategy that influence your income development in the medical device market:

Clarify who your ideal buyers are

Suitable consumers are various for each company. A buyer persona is an imaginary person that represents your medical device business’s ideal customer. Comprehensive understanding of your buyer personas will help your marketing and sales team to produce content that pertains to your personalities’ requirements, which will draw in more leads, and increase your customer closing rate. It’s essential to consider the following ideas when constructing Buyer Personas: Success factors— What tangible or intangible incentives does the prospect associate with success? Perceived barriers-– What service or obstacles would make your prospect defer to a rival? Change drivers— What events trigger a modification in a prospect’s actions, and need for adjustment? Buyer’s journey— What questions does the prospect ask throughout their buying process? Priority initiatives— How does the prospect spend budget and time? Decision criteria— What is the prospect’s process of decision making?

Developing a content strategy

After creating your Buyer Personas, you can work with your marketing and sales teams to build a content strategy that will bring in potential customers to your site, convert them to leads, at some point transform them into clients. See to it your content addresses the most common concerns asked by your leads and includes key phrases usually searched by your ideal buyers. Posting optimized content on your site consistently will improve your search engine position and will bring in even more natural web traffic. Additionally, it will help develop your medical device business as an authority in the sector and will help you to win the trust of your prospects. You could produce content such as an article, books, white papers, infographics, reports, and case studies that will both enlighten your leads and keep them coming back for more. Sharing your content on social media will help you reach a broader target market and improve the chances of revenue growth.

Crafting efficient landing pages

What’s the point of enhancing your web traffic to your website if your site visitors come, but once they leave they never come back? You should convert these site visitors into leads by getting their personal info. To do so, you need to create a landing page where newcomers can enter their information for freemium content such as an eBook, white paper, or report. Make your call-to-action develop a sense of seriousness and compel your prospect to take action. ‘Download your free guide today!’ and ‘Get your cost-free eBook today!’ are instances of well-crafted CTAs. A recent report by HubSpot found that businesses with 40 or more landing pages obtained twelve times more leads compared to those with fewer than five landing pages.

Nurturing your leads carefully

After collecting contact details, your sales group must take the time to nurture your leads until they convert into consumers. You could make use of tools such as Marketo, Eloqua, Customer.io, Constant Contact, and Hubspot to automate your lead nurturing campaigns. To make the most of click-through rates, make sure that e-mails are customized with ‘From’ fields that have your salespeoples’ names and email addresses. The subject lines must produce a feeling of excitement and urgency. Do not forget to include an explicit call-to-action (CTA) in all of your e-mails. The CTA must be clear in the lead nurturing e-mails to improve opportunities of getting a click. To reach an even more extensive market, your e-mails should have buttons that will share the content to social media. Many email marketing devices have layouts that feature integrated social sharing buttons. One of the most vital point to remember is to offer value to your prospects. Sending out teasers to blog posts and free premium content that directly relates to the buyer persona receiving the email is a great way to engage them on a weekly basis.

Creating mobile accessibility

According to ComScore, individuals invest approximately 69% of their media time on their smart devices. For that reason, it is crucial to optimize your website design for smartphones, computers, and tablet devices. Your web dev team must see to it that the CTAs are large enough to click and positioned above the fold to make it so that your CTAs can be viewed on smartphone internet browsers. The content should be kept brief and not littered with pictures. Text on mobile phones big enough so that someone reading will not have to strain their eyes. Pop-ups and flash should be avoided, as they distract your visitors. You and your web dev team should strive to have a website that is both intuitive and simple.

Measuring the impact

To maximize your return on investment (ROI), make sure to monitor marketing metrics such as total site views, channel-specific traffic, bounce rate, total conversions, lead to close ratio, customer retention rate, and customer acquisition cost. Adhering to these metrics will provide you an idea of needs to be changed or improved to increase profits. Devices such as Mixpanel, Heap Analytics, Kissmetrics, and Kapost’s Content Scoring are fantastic tools for gauging various metrics and initiatives.

The bottom line

As crucial as it is to any, profit growth does not happen overnight. Unless you concentrate your marketing and sales strategies on your ideal target market, it will be challenging to close sales and generate a significant profit. Nonetheless, with the Inbound Marketing and Sales methodology, you will be able to draw in more qualified leads, nurture them into clients, and transform into supporters of your medical device solution. We’ve helped numerous industry leaders boost their marketing and sales procedures by implementing Inbound strategy and support. Do not hesitate to schedule your free strategy session now to help you examine your properties and get free insights and recommendations on how you can enhance your income!