The healthcare industry is competitive, and it’s likely that there are a handful of other brands pushing similar products that you are. How you differentiate your product depends on your target audience, market and values as a company. Consumers today are concerned about how they can further improve their mental health and self care which means that the market is flooded with products claiming to do just that. The more you can stand out through your advertising and marketing efforts, the better your products will do overall. Check out some advice from business leaders in the healthcare industry on how you can differentiate your product from similar brands.
The healthcare industry is increasingly becoming about self care and mental health in addition to medications and physical. If you can angle your product to serve both avenues, your product will stand out from other competing companies. Don’t make claims you can’t back up, but look at all of the angles your products can be helpful for.
Michael Hennessy, Founder and CEO Diathrive
Pay attention to the patients you serve and what they need. These are the people you are aiming to help and their feedback can help you guide your decisions in standing your product out from a crowd. Your patients can help you understand what customers are needing and missing in the products they are typically buying. Plus, being open to customer feedback will give you a great reputation in the care industry.
Kiran Gollakota, Co-Founder Waltham Clinic
What products are flooding the market right now? Pay attention to medications that are in high demand and short supply to get in on the ground floor ahead of the competition. Certain medications will fluctuate in the market and if you can keep a steady supply of your medications, it will put you at an advantage over other companies.
Eric Lefkosky, CEO Tempus
Know what your strengths are. It's important to understand what your company is capable of providing and promising with a new product. The healthcare industry is competitive and chances are another company is doing similar work to yours. Take honest stock of what you can provide to care for your patients. This will differentiate you from other organizations.
Anthony Puopolo, CMO Rex MD
Make sure you know what your competition is doing and how they are positioning themselves. Take notes on the things they are not presenting or focusing on, there may be an angle you can take that separates you from your competition.
Michael Jankie, Founder Natural Patch
How are your products actually different from your competitors? These are the things that you are going to want to highlight when advertising your new products, or trying to push your established ones. Companies making any kind of wearable medical device can always improve on the look and modern quality of materials in their products.
David Gilboa, CEO Warby Parker
Consumers want to know that their providers are focusing on patient care rather than profits. Lean into patient testimonials to give potential customers a look into what your values are as a company and that you care about your patients experience using your product or medication. This will create a sense of trust for your future customers.
Dylan Arthur Garber, Co-Founder Audien Hearing
Who is your product targeted to? Depending on whether you are targeting younger or older patient groups, you will want to reflect their lifestyles appropriately in your advertisements. A medication for anti aging cream might do well in millennial audiences, but not if they are not represented in your marketing campaign.
Steven Zeldes, Founder and CEO AvaCare Medical
Prove that your company cares for its patients by making your research available for consumers to read. You can make this more engaging by using videos, pictures and graphs to express the data in your claims. This will create an air of trust and transparency with your customer base.
Kelli Lane, Chief Marketing Officer Genexa
