For emerging medical device companies the concept of marketing can be downright daunting when you barely have a product.
By Erin Warner, S2N Health
Early stage med tech companies often have little time, money or resources to commit to marketing activities, especially when their exciting new technologies may be months or years away from commercialization. The whole concept of marketing can be downright daunting when you barely have a product.
The absolute marketing fundamental, and where most companies start (or should) back in series A, is the compelling market story, e.g. why your product is a “must-have” solution to a major unmet need. The entire company down to the lab techs should be able to recite some version of this story if woken up in the middle of the night; you never know when you might run into an investor at a bar or a potential hire at Comic-Con.
Beyond the good story, companies need just a few marketing essentials to carry them to, and even through, commercial launch:
1. Animate Your Technology
A 30-second animation showcasing your technology is one of the best investments you can make to explain how your gizmo works well before it’s actually working. For the many med tech products that are difficult to visualize in action, there is really no substitute; most people need this kind of handholding to “get it” when seeing a new medical device for the first time (remember that many folks simply don’t have the stomach for gory videos that we do). Animations make it easy to educate anyone, from future investors to potential customers and even your kids, and you will use it over and over on your laptop, tablet and phone. It shouldn’t cost a fortune; professional looking animations can be had for as little as $10-12K.
2. Take a Few Photos