01. Unclear position.
Positioning sounds easy, but it’s hard. It is the single biggest marketing decision you will make. Are you positioned in a way that sticks in customers’ minds?
02. Brand name.
Picking your name is a big deal. The company’s equity will be captured in that word. A good name can make the company memorable and communicate its value. Do you have multiple brand names that dilute your equity?
03. Market research.
Acquiring companies want to see evidence from a broad range of users. Are you over-reliant on a select few physicians who may be involved with the company?
04. Pitch deck.
Never pitch your company’s technology informally to a potential investor or buyer. Create a formal communication platform early on so all team members say the same thing. Do you have a pitch deck you can send with confidence?
05. Company website.
Your website is your most critical marketing asset. Every stakeholder from physicians to employees to patients will judge your company based on its quality. Do you tell a compelling story that engages the right people, or is it a boring template?
06. Long-term vision.
Your acquirers are likely public companies. They like to see a long-term vision brought to life with a robust outline of a future product portfolio. Are you going to be a major player in this space with the second and third generation already in the works?
07. Medical congresses.
Attendance can be key to building your brand and user base not to mention strategics often circulate here. Go big or don’t attend. Interactive displays that draw crowds are the key.
08. Product demos.
How you present your technology to first-time users is paramount. They will quickly make a judgment. Spend time and money to design something memorable and impactful.
09. Early planning.
It is not just marketing, but several areas of expertise you should develop at the beginning of your journey. Even large companies sometimes wait to address these later in the product development process. It is always a big mistake. Develop your critical marketing claims early. Pull together relevant pricing and payer information now. Build your clinical protocol and case report forms ASAP. Is this all integrated into your pitch deck?
10. Lack of formal marketing plans.
Nothing impresses large companies more than robust and attractively presented plans (Gantt charts are invaluable). You should not only have a complete upstream marketing / product development plan but also a full commercialization plan.