You’ve recently launched a new medical technology and now have met your initial strategic milestone of having your first customers try the product and express their approval for how the product performed. Depending on the product and the technical requirements associated with its use (and adminstrative hurdles you have had to overcome) this process could possibly have taken from days to months to come to a successful conclusion. Are you ready to move on to the next customer prospects while reaping the rewards of your efforts with your initial customers? Not quite yet….
One of the most important steps in the sales process is reinforcing the buying decision. This is especially important with newer technologies. Once a customer has made a decision which changes their practice or adds expense to their (or their institution’s) budgets, it is important to insure you have a plan in place to reassure the customer that they have made the right decision by electing to use your product. Whether it is a result of the cost involved in using your product, second thoughts the user may have since they are changing their or other individuals habits causing them to be outside of their comfort zone, or the behind the scences complaints from purchasing managers, “buyer’s remorse” is a potential pitfall you need to prevent.
How Do You Avoid a Customer Having Buyer’s Remorse?
I am reminded of the old adage, “who is most likely to read the automobile ad in a magazine…the individual who just purchased that brand of car“. The same is true for your product. Many initial users of new medical technologies will actively look for information about your product to reinforce their buying decision or even communicate to their colleagues their experience with your product with the goal of getting approval from their peers for the decision to use the technology. The best way to avoid a customer from having buyer’s remorse is to take steps to insure customers receive information which confirms the benefits of your new technology following initial use. Importantly, they must receive this at the opportune time for this information to have its best impact. Timely sales follow-up overlayed with targeted marketing activities and materials which reinforce the benefits of your product are essential components of this effort.
What are some possible approaches you can use to prevent your customers from having buyer’s remorse and turn them into an active promoter of your technology? Stay tuned for my next post…
Check out our White Papers
Medical Technology Insights is an ongoing series of white papers developed by The Atticus Group addressing key topics of interest to companies developing and commercializing novel medical technologies.
Volume 1, Number 1 – October 2016
Avoiding a False Start: Marketing Tips for the Successful Commercialization of Novel Medical Devices
A failed product launch can be disastrous, both financially and to the reputation of the brand. The development and timely execution of a comprehensive strategic launch plan is required for the successful commercialization of new medical technologies. In this paper we review four areas where advanced planning by marketing individuals can assist with a successful product launch.
Volume 1, Number 2 – January 2017
Predicting the Future: Forecasting Initial Product Demand and Sales Revenue for Novel Medical Device Technologies
Sales forecasting for new medical technologies is both an art and a science. This paper reviews the benefits of developing a spreadsheet-based forecasting model and how various market factors and company-related parameters can influence forecasting for sales revenue and initial product build.