As a medical provider, staying on top of new advances and developments is crucial. Without the requisite knowledge to inform patients of options and effectively treat them, you will not only suffer a loss of business, but you also may suffer a loss of professional integrity. While it is essential to stay grounded in older routines and those products that are still relevant, newer tools may provide more opportunities to attract new clients and offer new options to existing ones. Understanding what happens from the time medical products are introduced until they become irrelevant may help when it comes to medical marketing.
Staying informed of new trends
When it comes to providing the best options for patient treatment, technological trends and developments are crucial. The ability to introduce patients to a full array of potential solutions to health problems results in a higher rate of successful recovery. Keeping an eye on medical journals, doing independent research on clinical trials, and speaking with an equipment representative may prove sufficient to stay abreast of trends.
The stages of medical products
Once a new medical product becomes available, company reps strive to reach relevant practices. The more medical providers use it and prescribe it, the higher the chance that it will gain notoriety. According to thestreet.com, typical product lifecycle management contains four benchmarks: introduction, growth, maturity, and decline. Each of these stages requires unique marketing strategies to remain competitive.
Introduction
Bringing a new medical product to the market can prove difficult, especially if the first phase of the lifecycle is not successful. In the introduction, the company is trying to gain some awareness of the product. Activities during this time include promotions geared towards those medical practices that have patients who may benefit from the new product.
Growth
Once the product finds a measure of success, the distributor will want to broaden its horizons and target other areas of the medical community that might utilize it. The distributor may start to change the branding of the product to make it more appealing to a broader audience. Something used primarily for one health condition may be pushed for aiding with another. As long as the data backs up the claims, providers may give it a try.
Maturity
Business strategy changes the more successful a product becomes. When product sales plateau, it is a signal that it has reached maturity. To keep the company’s name at the forefront of the medical community, it now has to make some clear changes to the product or its marketing. In some cases, this results in a 2.0 version of the same item.
Decline
When competitors introduce rival products, and sales start to decrease, the lifecycle is declining. This means that a company must either completely reformulate and reintroduce the product or come up with something new.
Help when you need it
Convincing clients that your practice is on top of the latest medical products and trends gives them confidence that you are looking out for the best avenues for treatment. The team here at Doctor Genius can help bolster your practice’s website to highlight new trends and product development. When it comes to gaining traction with new and existing clients, DG can help. Give us a call at 877-477-2311 to discuss how we can help your practice grow.
Doctor Genius, located at 2 S Pointe Dr #200, Lake Forest, CA 92630, provides a range of services for practice success. We seek to meet our clients’ needs by providing a variety of marketing, SEO, practice optimization tools, and coaching to transform the healthcare experience. Though we work to provide the most accurate information, the content found on this website is solely intended for entertainment purposes. Therefore, we cannot guarantee that the information provided is entirely correct. You may not use the information on this site to cure, prevent, or diagnose a perceived medical issue. If you have healthcare-related needs, please speak directly to a healthcare professional. Never self-perform medical treatments discussed on this website. All images displayed are also for entertainment purposes only, and personal experiences may differ. Please note that the business tactics mentioned on this site might not be applicable to your industry or practice.
