Building Loyalty With CX In MedTech
Recently I wrote an article exploring why MedTechs need to think more seriously about the customer experience (CX) — or more specifically in this case, the patient experience. Poor CX can destroy trust in a MedTech product and once that is gone, patient engagement will suffer. If they are not engaged any more, this will affect their treatment, and in turn, their status as your customer.
So, what can MedTechs do to build a loyalty strategy, and does increased patient loyalty have a direct impact on sales and revenue?
I have designed a framework that focuses on trust and relationships between MedTechs and patients. It focuses on the journey from a patient who is merely buying your MedTech product through to a patient that loves your product so much they are an ambassador — they share posts online and tell their friends and family all about your product.
So the important points here are firstly, how do you move your patient along the chart. They start off with a basic awareness of your MedTech product then they consider using it. After they obtain and use it, you want them to renew their use — especially if on a subscription package and then start recommending it to others.
To facilitate these steps there are various needs, as outlined on the chart. For example, when the client wants to obtain the product there is a need to make it easily available online and in the stores where they might expect to find it. I would summarize all these steps in three broad ways. First you need to attract attention, then build confidence in the product, and then create trust so the patient wants to keep using your product.
The engagement with your product has a value. While not always directly visible in your sales actuals, you will see this value in your sales forecasts. Obviously, loyalty means a less likely chance to churn. That is particularly important if your product profitability is dependent on depletable resources; for instance, glucose measurement sticks. But equally important, loyal customers cost less to re- and upsell to than acquiring new ones. Loyal customers that can be moved into the advocacy zone then have a particularly high value because they are far better at advertising your product than any paid advertising. When you are searching for a MedTech product would you listen to the advice of a family member with personal experience of a product or an advert on YouTube?
Think about products from other categories. Nike running shoes or consumer electronics by Apple. These are products that develop genuine advocates — people love the products and they will happily pay more to keep on using products from their favorite brand. If your MedTech product has both a great value to your health and is equally good at supporting you every step of the way, you are way more likely to advocate it to your peers.
This is the goal with MedTech. Create a great product and experience. Make people aware and then build loyalty by delivering a fantastic patient experience. Aim to turn some of those loyal patients into advocates and you can start building awareness and then a wave of new patients — back to the start of the cycle.
SYKES Digital Services has recently published a Consumer Medtech Report titled ‘Insights and Opportunities To Improve CX and Digital Delivery.’ This research features insight based on a study of over 60 MedTech and HealthTech companies. If you would like to receive a copy of the complete report then please click here.
I’d be delighted to hear your views on Medtech generally and in particular what you think about CX and creating patient loyalty for Medtech products. Do you agree with this article or have a different view? Please leave a comment here or get in touch directly via my LinkedIn.