How Do You Market Medical Devices? Tips From a Charlotte FCMO

The medical industry is thriving with discoveries and technologies every year. Much of this can be attributed to medical devices with a projected growth of $886.80 billion in 2032. Thanks to its innovative and advanced healthcare sector, Charlotte is one of the key cities playing a big role in the development of medical devices. When there’s competition like this, we turn to our fractional CMOs in Charlotte for advice. 

If your company is looking to advance in the medical device scene as well, you’ve come to the right place! This guide highlights practical marketing tips from a Charlotte FCMO for medical device marketing strategies. 

What Does a Fractional Chief Marketing Officer Do?

A fractional CMO is a C-level executive who offers professional guidance to marketing teams. They develop innovative and personal marketing strategies that drive growth and bring marketing teams closer to their objectives.

Fractional CMOs have years of experience working in a wide range of Charlotte businesses, including hyper-specific niche ones. Their expertise covers a wide range of marketing disciplines, such as:

• Branding and identity
• Market research
• Competitor analysis
• Campaign planning and execution
• Email marketing
• Social media marketing
• Content marketing
• Data analytics

What Is the Difference Between a Marketing Consultant and a Fractional CMO?

A marketing consultant is ideal for short-term projects and specialized services. They are tasked with tackling specific challenges, making the scope of their engagement shorter. Marketing consultants also focus on providing suggestions and recommendations, compared to an FCMO who is more hands-on with campaign execution and high-level guidance.

Meanwhile, fractional CMOs offer long-term and ongoing counsel. They are responsible for creating comprehensive marketing strategies that cover a wider range of areas, making them more flexible.

How Many Hours Does a Fractional CMO Work?

A fractional CMO works varying hours. Since they aren’t full-time employees, it will depend on who you hire and the terms and conditions set.

Generally, an FCMO can work for as little as five hours a week or as much as 20 hours a week. They can also work around 50 to 60 hours per month. 

When Should I Hire a Fractional CMO for My Medical Device Company?

Fractional CMOs bring a lot to the table. If you’re experiencing any of the following signs, it may be wise to bring a fractional expert on board.

• Stagnant growth: An FCMO can create new and effective campaigns or improve previous ones to bring new growth.
• Expertise gaps: An FCMO can fill marketing skill or knowledge gaps.
• Lack of leadership: FCMOs excel at leading and mentoring marketing teams.
• Upcoming major projects: An experienced FCMO can help with major campaigns like new product launches or broadening markets.
• Budget constraints: FCMOs create budget-friendly plans that accommodate a company’s financial situation. (Their part-time or project-based setup also makes them more affordable than a full-time CMO.)

5 Charlotte FCMO Medical Device Marketing Strategies

A fractional CMO for medical device companies provides essential marketing tips to bring their client’s products to the right customers.

We reached out to one of our Charlotte FCMOs for medical device marketing strategies and got back a few of these tips:

1. Establish Your Branding

With so many medical device companies in the market, standing out has become a tall order. However, with an FCMO’s help, you can highlight what’s unique about your business and communicate this to your customers.

FCMOs are branding specialists who help businesses identify their unique selling proposition (USP), mission and vision, and core values. Not only that, but they come up with compelling messages and narratives designed to appeal to your target audience. 

Not 100% sure about your target audience? No stress! Your FCMO already did the research and it’s in a Google Slides presentation waiting for you.

2. Create a Strong Digital Marketing Presence 

FCMOs are well-versed in various digital marketing methods, including email marketing, social media, content creation, and SEO. With a Charlotte fractional CMO by your side, you can create digital marketing plans that make the most of each platform and speak to your audience.

For example, in social media marketing, FCMOs optimize marketing methods for each platform, whether you’re using Facebook, Instagram, or any other platform. They also optimize their email marketing strategies to boost open rates, click-through rates, and conversion rates.

Want to improve search engine rankings and boost online traffic? We’ve got you: FCMOs assist with keyword research, and on-page and off-page optimization. 

Since Google prioritizes content that follows E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness), it’s important that blogs, landing pages, white papers, and other forms of content provide value to the reader. An FCMO can help set up a content calendar to guide your overall content strategy.

(By the way, if you have more questions on SEO and want to go the agency route, here’s our guide on how to choose the best medical SEO agency.)

3. Define and Expand Your Target Audience

A target audience is a general group of people most likely to engage with your brand. Within your target audience is your customer persona—a more detailed description of your ideal individual buyer. It’s kind of like writing a character in a movie (name, age, attributes, and more). 

Determining your customer persona allows you to gain insights into the specific preferences, motivations, and other personal information of your customer. 

A Charlotte FCMO for medical device marketing strategies helps with this process through customer data gathering and segmentation. Market segmentation is grouping customers with similar demographic, psychographic, or behavioral characteristics.

These details help paint a clear picture of your ideal customer and help you successfully target your marketing campaigns to the right person, increasing conversion and customer loyalty.

• Quick Tip: Custom healthcare software can help you sort through patient and consumer data and form insights more efficiently.

4. Do a Strong Competitor Analysis

The medical industry is competitive, to say the least—which is why we do the most. And by “doing the most,” we mean competitor analysis. Competitor analysis is one of the best ways to understand the landscape and stand out. 

You can enlist the help of your fractional CMO to conduct a SWOT analysis on your competitors. This allows you to gauge their strengths and weaknesses and identify opportunities and threats to your business.

A competitor analysis highlights potential gaps that other medical companies aren’t addressing, giving you a chance to promote your product as the best solution.

5. Follow Regulatory Standards Closely

The medical industry is not always easy to navigate due to its strict laws. One of the (many) benefits of hiring a fractional CMO for Charlotte businesses is that they’re absolute superstars at navigating compliance and rules and regulations.

Medical devices are subject to the Food and Drug Act (FDA), which governs all advertising related to food, cosmetics, and of course, medical products. When marketing medical products and devices, it’s crucial to meet the FDA’s premarket requirements.

These premarket requirements are as follows:

1. Classify Your Device - Classifying devices according to the level of risk to patients
   1. Class I - Devices that require general control and maintenance
   2. Class II - Devices that require general control plus special controls
   3. Class III - Devices that support or sustain human life
2. Select Correct Premarket Submission - Prepare a premarket submission depending on your product’s classification. Premarket submissions include:
   1. 510(k) (Premarket Notification)
   2. PMA (Premarket Approval)
   3. De Novo Classification Request
   4. HDE (Humanitarian Device Exemption)
3. Send Premarket Submission to FDA for Review - Before submitting premarket submissions, take note of the following:
   1. Medical device user fees
   2. Small Business Determination (SBD) Program
   3. eCopy
   4. eSTAR
4. Comply With Establishment Registration Device Listing - The FDA requires that medical devices are:
   1. Registered with the FDA
   2. Manufactured according to Good Manufacturing Practices
   3. Labeled according to labeling requirements
   4. Not adulterated or mistreated

FAQs: About Medical Device Marketing Strategies

Here are a few frequently asked questions our Charlotte FCMOs get:

Who Is the Target Market for Medical Devices?

The target market for medical devices depends on the company. Generally, medical devices are targeted toward institutions like hospitals and nursing facilities or professionals like doctors or other healthcare providers. Medical devices can also be marketed toward patients directly. 

What Is a Medtech Go-to-Market Strategy?

A Medtech go-to-market strategy is a plan to introduce a new medical product to the market and drive sales. It’s composed of a unique selling proposition, a clear target market, and relevant marketing platforms.

Can You Market a Medical Device Without FDA Approval?

No. All medical devices must be approved by the FDA to ensure safety standards before they are sold to customers. Failure to comply with FDA regulations can result in legal action and financial penalties.

What Are the Market Drivers for Medical Devices?

Some of the main market drivers for medical devices include technological advancements, increased healthcare costs, an aging population, and improved access to healthcare systems.

Get More of a Charlotte FCMO’s Medical Device Marketing Strategies

Medical devices are constantly evolving and changing the way companies approach healthcare. If your company would like to enhance its medical device marketing efforts, look no further than Digital Authority Partners.

We connect you with the perfect Charlotte FCMO for medical device marketing strategies. With years of experience in healthcare marketing, these experts can elevate your business even further with personalized campaigns and effective digital marketing tactics.

If you’re interested, send us a message, and we’d be happy to give you a free consultation!