Marketing above all else teaches humility. What you think is not what your target customer thinks. For those who want to get a solid but quick education on the most important marketing concepts, I recommend these five books.
Purple Cow by Seth Godin
This book conveys the importance of “remarkable marketing” symbolized by the purple cow. Remarkable marketing is defined as “the art of building things worth noticing into your product or service.” “Sneezers” are a critical segment. These are early adopters who will spread the word about your product because it is just that amazing. For new medical technology, these physician sneezers are essential. After all, these are the doctors whom your target acquirers speak to when considering whether to buy your company.
Positioning: The Battle for Your Mind by Al Ries and Jack Trout
A true marketing classic from 1968 and a personal favorite. It introduces the concept of positioning with many helpful examples. This is the single most important marketing decision. If you get this right, you will give your product the best chance of success. The most common mistake of medtech startups, however, is incorrect or undeveloped positioning. Brimming with solid advice such as “it never pays to change a mind” and avoid going “head-to-head with a market leader” this book is well worth your time.
The 22 Immutable Laws of Marketing by Al Ries and Jack Trout
For those looking for a more actionable list of what to do or not to do, this book is extremely helpful. In short, it will help non-marketers understand the pitfalls to avoid. Given its age, digital marketing is not integrated into the analysis, but all the marketing laws apply regardless. The first law is it’s better to be first than it is to be better since the first brand in a category is perceived as superior. You may have a clinical trial to complete, but occupying the first position will earn you double the market share of the second one. Nothing gets better in marketing than having prime real estate in the target’s brain.
This Is Marketing by Seth Godin
This is an inspiring story of how marketing can change the world. It will resonate strongly with innovators, especially engineers and clinicians. The author defines marketing as “the generous act of helping someone solve a problem.” There are easy to follow steps for how to tell your story and share it. Jampacked with actionable advice, the book is well worth your time. For example, the author advises to “begin with the smallest viable market.” Too many people think too big when they should be working with a small number of influential physicians.
Aaker on Branding by David Aaker
For those wanting to go deeper, this is an excellent primer on the power of brands. It defines a brand and offers a roadmap on how to manage them effectively. Small companies need to proactively manage their brand, which will include things like a relevant brand vision. As the author puts it, “purpose-driven companies have a huge advantage.” Partner with a non-profit focused on your therapeutic area. Level up your mission. Inspire those around you. That is the power of your brand.