Optimizing Medical Device Marketing Staffing Levels
Like all industries, the medical device sector is constantly seeking to align its marketing staffing levels to achieve optimal organizational performance. Despite this, product and configuration complexities require medical device companies to invest more resources in tactical marketing compared to branded or generic pharmaceutical products.
Due to the ever-changing nature of the healthcare industry, leaders are being forced to constantly reevaluate their marketing strategies, tactics, time and activities. From our recent research, “Performance Benchmark: Optimizing Staff Levels to Drive Growth in Medical Devices,” we found that key marketing improvement opportunities reside along four fronts and opportunity type varies across different business units:
- Structure: No one structure is ideal across all businesses, each organization must identify their unique situation and properly align structure to optimize resource allocation while allowing for flexibility to meet with opportunities and challenges as they arise.
- Staffing: Businesses should continually review staffing alignment with business objectives to ensure that brands are properly resourced within the scope of the portfolio to optimize revenue growth and profit margins.
- Marketing Activity: Each business unit has opportunities to shift and optimize marketing activities over time to optimize portfolio growth rates throughout the product lifecycle.
- Growth & Margin Rate: Given the vast disparity between high- and low- growth and margin products, each organization must understand its unique situation and focus resources to align with proper business objectives Marketing staffing and activity optimization can help enhance growth rates – and in the right situations, margin rates as well.
By utilizing innovative approaches to structuring, staffing, marketing activities, and product growth and margin rates, Medical Device marketing teams can spur overall effectiveness. For marketing leaders in the medical device industry, there has never been a more critical time to evaluate and bolster the organizational levers that drive innovation, efficiency, and real revenue growth.