Marketing & Comms for MedTech Start-Ups
- 1. Marketing and Communications for MedTech Start-Ups 17 May 2018
- 2. Overview 1. Developing your marketing and communications strategy - how to do it, what it should include, when to do it, timeframes involved 2. The importance of telling your product, company or innovation story in clear, jargon-free language 3. The role of social media 4. The things you can do right now as a start-up
- 3. Developing a marketing strategy Strategy and planning ⢠What you want to achieve, how you plan on achieving it ⢠Goals, objectives, measurement Research ⢠Competitor and industry analysis ⢠Identify and understand what makes your product/service unique Story and Key Messages ⢠Should be consistent across all marketing activities Audience ⢠What audience are you trying to reach? ⢠What action do you want them to take? ⢠Not just prospects and customers, but the people who influence them
- 4. Defining your goals Questions to ask yourself: ⢠What is my biggest goal? ⢠What are my top priorities? ⢠What strategies and tactics will help me reach my goal? ⢠Strategies = the bigger picture how ⢠Tactics = specifics of what you will do ⢠How can I measure the success of this activity? ⢠What resources am I able to commit to the project? Possible answers: ⢠Brand awareness ⢠Increase my visibility and stand out from the competition ⢠Increase the number of visitors to my website ⢠Other engagement e.g. likes, shares, app downloads ⢠New leads and partners ⢠Increase my number of customers ⢠Fundraising or pre-listing
- 5. Marketing toolkit 101 The basics: ⢠Define your story ⢠Key messages ⢠Elevator pitch Next steps: ⢠Website ⢠Social media presence ⢠New information: news and blog ⢠Other content e.g. white papers, research, industry insights
- 6. Defining your story What is the story you want to tell? ⢠What is special about your story? ⢠Who are you telling your story to and is your story relevant to them? ⢠What language are you using? ⢠The importance of creating an emotional connection ⢠Honesty and transparency are key = establishing trust I want the people I reach with my story to: ⢠Consider investing in me ⢠Consider partnering with me ⢠Interact with me and my business online or in real life ⢠Tell other people about me ⢠Sign up for my newsletter, subscribe to my blog, âlikeâ me on Facebook ⢠Buy from me
- 7. Defining your key messages Why do you need them? ⢠Create cohesion and define your focus = consistent themes for your ongoing marketing and communications efforts Identify your differentiators and value proposition: ⢠Know your target audience, their pain points and what they care about ⢠Make sure your messages map back to company goals ⢠Determine your primary benefits/differentiators/USPs ⢠Know how your compare to competitors and broader industry ⢠Aspirational is fine, honesty is key
- 8. The elevator pitch ⢠A brief persuasive statement that you can use to spark interest in what you, your company or product does (or hopes to do) ⢠20-30 seconds maximum/40 words or less = the length of an elevator ride ⢠Interesting, memorable and succinct ⢠Cover off what you do, the problem that your product solves, how you help people ⢠Leave them wanting more = the follow-up opportunity
- 9. Website ⢠Your website is the center of your online presence. Before you begin: ⢠Domain name ⢠Web host ⢠Your end goal: a website that doesnât just look pretty, but one that works well and serves a purpose ⢠Optimise your website by design: ⢠Be clear about the function of your website ⢠Usability and design are key ⢠Scroll down or multi page ⢠Mobile friendly
- 10. Website vs blog Website ⢠Mainly static content ⢠Your professional calling card ⢠One-way communication ⢠Can include new information about products and services ⢠Possible e-commerce focus ⢠Your competitors have one too Blog ⢠Part of your website ⢠Storytelling focus with regularly updated content/new information ⢠Less formal than the âabout usâ section of your website ⢠Opportunity for broader, deeper engagement and education; two- way engagement via comments ⢠Time/resource commitment required
- 11. Social media ⢠Facebook is the most popular, used by around 9 in 10 of every size business. ⢠LinkedIn is the second most popular platform, used by a majority of large businesses (82%), 41% of medium size businesses and 35% of small businesses. ⢠Twitter increases in popularity with business size, from 24% of small businesses to 36% of medium size businesses and 55% of large businesses BUT need to commit!
- 12. General advice ⢠Marketing and communications needs be part of your business strategy from the start ⢠Work out what you can and canât do yourself ⢠Remember that âfreeâ or DIY still require your time = significant cost impact ⢠Bring in the experts for big ticket or complicated items, and remember that you get what you pay for ⢠Agencies vary from general marketing to specific expertise: find what works for you and your budget
- 13. Further information ⢠This presentation was given as part of SPARK Co-Labâs Actuator Series ⢠Headquartered in Perth, Western Australia, SPARK Co-Lab provides education and training in support of medical research innovation and commercialisation ⢠The Actuator Series is a series of free interactive lectures that will run throughout 2018, providing medical researchers and early-stage entrepreneurs with a guided pathway to commercialising their discovery ⢠Actuator covers a broad range of topics relevant to start-up development stages from R&D to post-commercialisation entrepreneurial skills ⢠Visit www.sparkcolab.com/actuator-series for further information