So, you have a medical device project that has a functioning prototype, FDA approval, and fulfilled manufacturing, and now you’re ready to launch your product on the market. But how do you achieve a successful launch? Here are three ways we suggest implementing for an effective launch of your product.
1. Business Plan: First, you need to find a way to financially support your product so you can launch it on the market. A great way to do this is bringing in investors. But how do you attract investors to support your product? You have to show potential investors that you’ve done the planning and have a product that will be successful on the market. This can be done in the form of a business plan which includes the research and development done on your product. Should include:
A summary of the product
Marketing research: identify your target audience and competitors
SWOT analysis: SWOT stands for strengths, weaknesses, opportunities, and threats. Recognize your product's strengths and weaknesses. What makes your product different from your competitors and how does it make improvements to competing products?
This is all important information for investors to know so they will be more willing to financially invest in your product, which aids in a successful launching.
2. Marketing Strategy: Another helpful tool that promotes a successful launch of your product is coming up with a marketing strategy. A marketing strategy is a plan of action to reach potential customers and persuade them into purchasing your product. After identifying your target audience, which should already be researched in your business plan, decide what resources to utilize which will best advertise your product. You can use social media posts to highlight updates and features, create a website where consumers can find more information on your product and purchase, or publish a press release. There are a lot of tools out there you can implement in your marketing strategy to support your product’s launch.
3. Sales Team: Distribution is a huge portion of what will make or break your product’s launch in the market. Hiring a sales team can solve this part of the struggle, as they will implement sales, provide storage for products, and market your product. As they are contacting potential clients, they are also exposing your product to consumers with each call. A sales team is a great asset to use to increase the success of your product’s launch.
It can be extremely overwhelming to know where to start when it comes to promoting your product on the market. There is a lot to consider, and we hope that you’ve found some valuable suggestions in this article.
Are you ready to learn more about developing your innovative medical device ideas?
Book a call to meet with our CEO Jason Scherer.