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This was a presentation I did for a group of young entrepreneurial biomedical engineers at University of Cincinnati on the importance of marketing.
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Marketing for New TechnologiesSetting the Stage for Your Success
Maureen A. ShafferMedical Device Bootcamp
University of Cincinnati 2010
Maureen Shaffer Bio
• Vice President, Life Sciences for Prolifiq Software
• Former VP Marketing at AtriCure and InSet
• Marketing roles at Cordis (pre-JNJ), US Surgical and Heartport.
• FiberOptic Sensors• Converge Medical
Marketing Role
• Strategic market direction from Concept to Launch and beyond– Ongoing analysis and market assessment– Positioning/Differentiation– Market entry
• Multidirectional communication hub– Customer advocate
Continuous Market Research
Observe Procedures and PatientsFind Opportunities
Ask the Right People
• Team ask• Broad demographics– FiberOptic Sensors: CCF LAP– Heartport: non-locking NDR
• Advisory Board– Hands-on with time– Not podium assets– Not investigators
Ask the Right Questions in the Right Forum
• Across the desk• Share drawing• Share prototype• Use prototype in wet lab• Preclinical use• Clinical use
Customers
From Concept to Launch
Your First Customer is…Internal
• R&D• Manufacturing– Tolerances and Testing– Forecasting and Samples
• Regulatory– Indications and Claims
• Legal• Finance
Onerous Compliance = Patient Safety
Laws Multiplying
Enforcement Increasing at FDA, DOJ and SEC
Sentencing Toughening
Governing bodies at federal, state and hospital
Whistleblowers 1%
Your Second Customer is…Field
• Sales– Work the Comp Plan– Time is Money– Foster Competition– Involve, Develop Buzz, Grow Organically
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Marketing Materials
Articles & Abstracts 303
Case Studies & Clinical Data28
Graphics & TradeshowMaterials 122
Brochures & Sell Sheets 51
Emails & Web Content 29
Media Files (Video, Animation,Podcasts, Presentations, etc.)134
Other 41
“The world is changing”, November 2008, Awopetu.
Your Third Customer is…Consumer
Which Disease?
Where Are The Patients?
Who Are The Patients?
• Age groups• Activities• Geography• Relationships• Who is most likely to want new therapies?– Who is motivated? Why?
Source: 2005 Health Care Survey, conducted by GMI and Media Screen (March 2005).
58% go online first!
Which Site(s) of Service?
How Do You Reach Them?
“In 2010, …digital content is changing the way physicians practice medicine,” said Meredith Ressi, VP of research at Manhattan Research. “Professional use of smartphones and online user-generated content are no longer early adopter activities of a tech-savvy few – these types of activities are the norm for the majority of physicians today.” HBR, “Stop Delighting Your Customer”, July 2010. Self service = Web, Voice
Prompts, Chat or Email, Person = Phone interactionManhattan Research’s Taking the Pulse report, 2010. n=2000 US Physicians
Growing Economic Arguments
• Product and Procedure Value = 9x effort– 90% of hospitals have made cutbacks
• VAC– $2.7B savings have been identified in Cardiology
and Orthopedics with GPO pricing• Coding, Coverage and Reimbursement– Three-year ACE demonstration project for single-
payment bundle underway by CMS“GPOs Embrace New Cost-Cutting Initiatives” at MedTech Insight:
www.medtechinsight.com“Payment Bundling – The Future of Reimbursement” at MedTech Insight“Pulse of the Industry”, Ernst and Young 2009 per American Hospital Association data. www.ey.com/medtech
Market Launch Communication
Hard-Wired Habits and Humor
• PFC and STN or Newton’s Law of Motion– 7 times to make it a habit; McKinsey 9x benefit
• Peers listen to peers• Sell the data/make it a competition• Employ humor– Humorous items are more easily remembered than
non-humorous ones, which might be explained by the distinctiveness of humor, the increased cognitive processing time to understand the humor, or the emotional arousal caused by the humor.
http://en.wikipedia.org/wiki/List_of_memory_biases
Be Gutsy
• If you have an important point to make, don't try to be subtle or clever.– Use a pile driver. Hit the
point once.– Then come back and hit it
again.– Then hit it a third time –
a tremendous whack.
Winston Churchill
Psychology Sells312 symposium attendees312 symposium attendees
457 booth leads!457 booth leads!
Carmen’s Grandma and Warren Buffet
• Would you want your grandmother:– Treated with this?– Reading this material and making a decision?
• The Newspaper Test– Written up next day in local paper– Read by family, friends, neighbors– Written by smart but unfriendly reporter– If close to the lines, it is out
http://youtu.be/A0mNKh7lYE4
Contact Information
Maureen A. Shaffermaureen.shaffer@gmail.com
linkedin: http://www.linkedin.com/in/maureenashaffertwitter: http://twitter.com/maureenshaffer
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