When you launch your own product, you want it to be as successful as possible. Many vendors or sellers in the healthcare industry turn to marketing agencies to help launch their business and product to the next level. While this is often an excellent and beneficial move, there are considerations and potential downsides to hiring a marketing agency. This can include a high price point, a lack of understanding of the industry, lag in timing, or unsatisfactory services.
The role of a marketing agency
A marketing agency is meant to help attract business to your product through various means at their disposal. This can include advertising and promotions that span across several avenues, such as social media, print, or television, to maximize the outreach and awareness of the brand. If you have already hired a digital marketing agency, they likely have explained the services they can provide to you. However, if you feel like your needs are not being met, it may be time to branch out elsewhere. Some of the basics that are often covered, and expected, to be completed by a marketing agency can include:
- Identifying the best way to increase sales for a product
- Tracking performance
- Developing marketing materials
- Creating social media traffic
Hiring an agency will require time on your part to meet and explain your specific goals. You will need to take time to go through meetings and information about your ideal customer or client, as well as any materials you may have already. You will also need to follow up with them to get updates which can require some diligence. If the agency is unfamiliar with your industry or product, it will take longer to explain the knowledge and educational pieces that you have at your disposal. Keep in mind that you will have the final say over their work and delivery and nothing will be able to move forward without your agreement.
The price point of hiring a marketing agency to help promote your product will vary based on the services you are asking them to complete. In 2022, the cost of digital marketing services was approximately $90 to $250 hourly, up to $10,000 a month. This will also vary based on how the agency wants you to pay- some will want to pay out hourly and some may have a flat rate per project. This is a costly expense that may be challenging for those who are struggling to get their project off the ground.
While you can certainly set deadlines for the goals you want to meet, if you hire a marketing agency, you may find yourself frustrated with the speed of achieving those goals. A marketing agency has a focus on several clients and how they distribute the work is in their hands, meaning you give up a bit of control. This also can mean your projects may be on the backburner if they find themselves short-handed on staff or juggling client emergencies. In this case, the best thing you can do is be transparent about how you want to meet these goals and your general timeline.
Difference of ideas
Ideally, the marketing agency understands what you want for your product or service. Since it is your vision, it’s imperative that you communicate exactly what it is you are looking for and how you want that communicated to the world. Do you want your marketing materials to appear clinical in nature, or to be fun and uplifting? Be as specific as possible when working with an agency so that you avoid any possible discrepancies in how your vision is carried out. The agency won’t want to put in work that won’t be what you are looking for, and you won’t want to see your project being conveyed in a way that does not align with your values.
Knowing the industry
Typically, a marketing agency is not industry specific, meaning they work among a large number of clients among varying fields. A marketing agency may not be familiar with the industry you work with, which may take more time and effort on your part to educate them. This can also rise some questions about how you want to market the product. For instance, if you want to highlight how your product is compliant with common healthcare audits or HIPAA, you may need to explain how that is beneficial and is an excellent selling point for your industry. In the healthcare sector this can be a bit more challenging since acronyms and regulations are more prevalent and directly relevant to consumers than in other areas.
If you find yourself struggling after hiring a marketing agency, then you should try to work as collaboratively as possible to execute your vision. It may not be within their bandwidth or capabilities to meet your needs. Some tips on how to best manage your marketing team are:
- Have a consistent point of contact that you work well with
- Be clear and concise on your expectations
- Create goals and timelines
- Have frequent communication scheduled (if needed or desired)
- Share your information and findings
- Communicate any struggles, questions, or concerns
Giving your agency or firm a blueprint of how you work best and what you want to get out of their services will set a clear standard of what you expect. While they are the experts, you know your product best!
If you want to get the word out about your product or service in the healthcare sector, AVIA Marketplace can help. We link health systems, buyers, and vendors together to bring awareness and education to the industry. As the leading platform for healthcare solutions, we offer insights, tools, support, and peer collaboration to attract buyers. Interested in how it works? Check it out here and get started with your free profile!