MedTech + Mindset Newsletter #034

Welcome to the MedTech + Mindset Newsletter!

I've been thinking about how I can challenge myself to not fall into the trap of developing strategies and tactics that just repeat what I've done in the past rather than evaluating problems for the best purpose built solution.

1. Maslow's Hammer and How to Avoid Bias Caused by Familiarity and Experience

Insight from Matt Tucker 

In the medical device industry, success often comes down to effectively commercializing and promoting new products to customers. However, many companies - driven by experienced leaders - fall into the trap of relying on the same tried-and-true strategies and tactics, even when these approaches may not be the most appropriate for the situation at hand. This tendency is known as "Maslow's Hammer," and it can be a major barrier to success for medical device companies.

Maslow's Hammer is a term derived from Abraham Maslow's "Hierarchy of Needs" theory. It refers to the tendency for people to use the same tools or solutions to solve problems, regardless of whether or not those tools are the most appropriate for the situation at hand. In the medical device industry, this can manifest in a number of ways. For example, a company might rely heavily on traditional sales techniques, such as face-to-face meetings and product demos, even when these approaches are less effective than digital marketing or other newer strategies.

Another example is a company focusing on a single product and trying to sell it to every customer, regardless of their needs. This approach is not tailored to the customer's needs and will likely result in poor sales.

The problem with Maslow's Hammer is that it can prevent companies from exploring new and potentially more effective solutions. Companies that fall prey to this bias may miss out on valuable opportunities to reach new customers and grow their businesses.

So how can medical device companies break free from the cycle of relying on the same strategies and tactics over and over again? One key is to be open to new ideas and approaches. This means actively seeking out and considering different perspectives, whether from internal teams or external partners.

Another important step is to understand the needs of your customers. By understanding the needs of your customers and aligning your products and marketing efforts with the stages of Maslow's Hierarchy of Needs, medical device companies can create more effective commercial strategies and ultimately improve the lives of their customers.

A third option is to conduct strategy and problem solving exercises or off-sites that build solutions from the ground up, rather than what you're already doing today or what you've done in the past. These strategy development and problem solving sessions can be invaluable at stripping down a problem to its core, foundational elements and subsequently building from the ground up the appropriate - likely different or creative - solution.

In conclusion, medical device companies should be aware of the tendency to rely on the same strategies and tactics, and strive to explore new and innovative methods. By breaking free from the cycle of Maslow's Hammer, companies can open up new opportunities for growth and success."

2.  More People in Medtech Need to Read This

Insight from Matt Tucker 

I've gotta be honest.  More people need to read this.  I speak at conferences all the time, and so many people with so many great ideas won't succeed because they don't have the benefit of experience and usually at an early stage can't afford to bring someone on with that experience.

I wrote this to help for those in that exact situation.

Expertise in the medtech industry is very hard to come by. Most professionals only get a small number of opportunities to build up their professional skillsets. This approach requires decades to develop everything needed to effectively approach different commercial situations and understand how to navigate them.

The medtech industry is fast-paced with continuous and unexpected changes in direction. Training and mentorship is often missing within the profession, and senior leaders and trainers have built their skillsets based on very limited experiences that causes blindspots for them. Devloping broad expertise requires a variety experiences in disease states, product categories, or competitive situations.

This book addresses many gaps and shortcomings of our companies and our industry. Medtech commercial leaders deserve access to great training and information to make their efforts driving growth more efficient and effective.

Helping patients by bringing new and innovative products shouldn't be a mystery!

The Ten Commandments of Medtech will walk the reader through ten critical approaches to commercializing your product successfully.

Learn:

• Why clinical utility is critical and what it is
• How to prepare for medical policy reviews
• The most effective way to create an educational ecosystem
• Why it's important to become a trusted partner in the treatment of diseases
• Effective ways to create a brand identity and a clear product story 

CreateNext is officially launched and a number of action oriented high performers have taken the leap to design their future, take control, and create what's next for them!

If you're trading your happiness and freedom for a professional life that is making you frustrated or bitter...there's a better option.

We work with high performers who are motivated to increase compensation or revenue and eliminate compromising your happiness, freedom, or health.

Hear my story for more!

Thanks, Matt Tucker 

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Who is MedTech + Mindset? We’re committed to providing the best information, strategies, and tactics to advance your product and career. We ignore the pablum, listicles and clickbait and only share high-quality, vetted, and actionable commercialization content.

That's it for this week.

 — Your Friends at the M+M Team.

 
MedTech + Mindset is part of the CreateNext Group, which also publishes