Medical Device Marketing Return On Investment: An ROI Case Study
A mobile tour was developed to bring a unique form of medical device marketing to surgeons in the southeastern US. A fully equipped mobile operating theater was designed and set-up at strategic locations in early 2010 to provide laparoscopic training on a global brand's medical devices. After just twenty stops, the measured ROI was over 750%.
Measuring the ROI of Medical Device Marketing
As surgeons exited the training, they were asked about their past experience and future product use intention. A total of 188 surgeons were surveyed. This total count of surgeons was compared to the frequency and future use intention of the product. Only surgeons with relevant procedures in the past 12 months who had not used the Client's products before were included in the analysis.
From this analysis, a total new users was estimated for the two primary products included in the training. This base of new users was then cross-referenced with the number of estimated surgeries over the next 12 months (as reported by the surgeons themselves). The result was a total estimated new uses for each device (single use laparoscopic surgical products).
The incremental revenue generated from the medical device marketing was calculated by multiplying the number of future uses by the known revenue per use (as provided by the Client). Using this simple yet highly effective ROI modeling process, the team found that after just twenty-one events, the tour ROI was estimated at 770%.
This ROI is expected to increase even further as the tour continues and initial start-up costs are amortized over the life of the tour.
At PMG, we have extensive experience with medical device marketing. From program strategy to final ROI measurements, we provide you with the mobile tour that allows your prospects to experience your product in a way that increases top line sales. Contact PMG today to talk about your specific challenges and how other companies have found the way to “Drive Their Brand Experience”.