Amy Castronova, President of Novatek Communications, Inc. and Michele Nichols, President of Launch Team, Inc., are teaming up again this fall to bring you the latest in product launch, technical documentation, training, and marketing trends in medical device and manufacturing. In a series of blog posts, we’ll share industry and economic trends, emerging regulatory and business challenges, and best practices for overcoming those barriers to new product launch and adoption.
Medical device industry experts have shared several recent trends that are making purchasing decisions more complex for customers. In the face of many seemingly similar competitors, it can come down to a decision based on price, or worse yet, no decision at all.
As we discussed in our industry trends blog post, medical device companies are faced with:
- Price pressures overseas — due to a strengthening US dollar and weakening international markets
- Increased competition — today, companies have 2x more competition than five years prior
- Reduced investment — dropping inflow of VC investment
- Commoditization — inflow of similar new products
Usability is an important aspect to building value into the product. It can help ensure compliance, reduce barriers to proper use, and improve output. Turning those features into a compelling competitive advantage requires careful product positioning. Defining your unique value proposition can increase a product’s perceived value, driving profits and revenue. See Launch Team's positioning guide details the way to define your value proposition.
Product launch is a natural time to consider product positioning, but at certain transition points in a company’s growth, company positioning or product family positioning is also needed. An example we can all relate to is FedEx. In its early days, overnight delivery was enough to differentiate. As competition grew, their promise changed to reliability. Today, their biggest true competitor is email for documents, and FedEx promises traceability due to the sophistication of their technology. As the medical device market matures, your value proposition may change to meet customers’ emerging needs.
Positioning is about targeting your ideal customer, understanding their needs and behaviors, and matching your capabilities to what they value in a way your competitors can’t. Telling that story in a way that is evident to your prospect before they purchase is critical.
Launch Team's video offers more on the changing business drivers that indicate a need for positioning. For more on creating a competitive advantage…
Download our product launch strategies:
Strategies for Managing Risk and Budget in Product Launch