Medical device advertising: co-market vs key market
Marketing medical devices is an important part of any healthcare organization. Medical device advertising often comes in the following two strategies: Co-marketing and Key Marketing.
Knowing the difference between these two approaches, as well as the right fit for your business and when to leverage each strategy, is essential.
Co-marketing is a collaboration between two or more organizations to promote each company's products and services. It typically consists of joint campaigns, such as content creation, advertising, promotions, or events. Co-marketing can help spread the cost of marketing initiatives among multiple parties, as well as provide increased exposure for both parties and their products.
An important benefit to medical device co-marketing is that both parties are invested financially, so there is usually an increased investment in the success of the results of the campaign.
Key marketing is a form of marketing in which one company is responsible for paying for and planning the initiative. It can be used to build relationships and loyalty, drive results into target markets, identify new opportunities, or increase sales. The biggest difference in key marketing is you can use it as a tool to lift your market as a whole, not necessarily an individual practice. Your run advertising to create demand in the market and then pass that demand on to a participating practice of the patient’s choosing.
Co-marketing is ideal for companies that do not have a lot of users in a market and need to leverage the traction they do have to the fullest. Co-marketing is also a right fit for companies that have a limited budget.
Key marketing is best for organizations that are looking to lift the success of an entire market. The goal is to accelerate patient demand while using the tool to have better conversations with current and potential users.
For both co-marketing and key marketing, the right time depends on a single question.
Do you have a team that will leverage your investment?
If your team is not going to use the investment as a way to better relationships and gain new ones, then advertising is likely not right for you at this time.
No matter the type of marketing you choose, it's important to have a plan in place and leverage the right tools for success.
Sales and marketing teams need to work together to ensure they are creating a great experience that patients can find help with and physicians want to participate in.
That means increased communication, case studies of patient demand for new prospects, and transparency of results.
Knowing when and how to leverage each approach can help organizations reach their marketing goals in an effective and efficient way. By leveraging the right tools and strategies, organizations can set themselves up for success.
Common misconceptions about medical device marketing are that it's expensive or time consuming. While both co-marketing and key-marketing require some investment of resources, they also offer a number of benefits such as increased exposure for both parties, the potential to spread marketing costs among multiple parties, and an opportunity to gain insights into target markets and identify new opportunities. Investing in medical device marketing can provide a return on investment in the long run.
Another misconception is that medical device marketing only applies to large organizations and not smaller ones. While larger organizations may have more resources available, medical device marketing campaigns are beneficial for any size organization.