In the previous article, we learned about the detailed marketing strategy of Corona, India’s premium brand of non-alcoholic beer. In this blog, we will elaborate on the marketing strategy of Medtronic, an American medical technology-based company.
The objective is to learn and gain insights into Medtronic and how it became a global leader in healthcare and medical technologies.
As the world is becoming aware of online marketing lately and if you are interested in marketing, check out our free masterclass on digital marketing by the CEO and founder of IIDE, Karan Shah.
Now, we will learn the marketing strategy of Medtronic thoroughly. First, let’s begin with the company’s story, target audience and digital presence.
About Medtronic – Company Overview
A medical equipment repair shop was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, which is now improved and converted into Medtronic. Through business, Bakken came to know C. Walton Lillehei, a heart surgeon at the University of Minnesota Medical School. He spoke with Bakken about developing some form of a pacemaker, which was deficient due to a power outage on Halloween that year. Therefore, Bakken modified the design for a metronome and created the first battery-powered pacemaker.
The company expanded through the 1050s by selling custom-made devices of its own as well as other companies. The company built headquarters in the Minneapolis suburb of St. Anthony, Minnesota in 1960 and the company moved to Fridley in the 1970s.
Later, Medtronic opened a production site for implantable pacemakers and brain pacemakers. The company announced that it would acquire Bellco from private equity firm Charme Capital Partners and HeartWare International Inc. It also acquired Crospon, Mazor, Mazor Robotics and Neutrino Heath Ltd, Titan Spine, Stimgenics, Medicrea, Companion Medical and Avenue Medical. It successfully expanded in the 2000s by acquiring several companies. In January 2022, the business announced it would acquire Affera Inc.
|CEO||Geoffrey S. Martha|
|Area Served||Globally, across 150 countries.|
|Industry||Medical and healthcare|
|Market Share/ Revenue||$3169 Cr per year|
|Vision||Contributing to human welfare by application of biomedical engineering.|
|Tagline||One company, One mission.|
Marketing Strategy of Medtronic
Let’s learn about the marketing strategy of Medtronic and how it carries the marketing campaigns, etc.
Segmentation, Targeting and Positioning
The target audience mainly ranges between 30-60 years of age. That is the age when most people start to have medical conditions and problems. Medtronic helps in curing chronic diseases with its well-equipped gadgets and devices.
Medtronic’s five-year plan to reach an affordable and reliable segment included various points such as: setting marketing and product goals, selecting target markets and finding points of difference. After a great response from people, they opened franchises. The company has acquired various companies to expand itself.
Medtronic made its positioning in the market by being the only widespread, well-equipped, biomedical engineering technology in the world. It made sure that everyone could afford the treatment at affordable prices which made it very reliable.
Earlier this month, Medtronic Inc. launched a marketing campaign for the cardiovascular sector. Announced with limited details in August, the massive publicity effort is designed to raise awareness of sudden cardiac arrest and the role of implantable cardioverter-defibrillators (ICDs) in preventing death and enhancing the overall quality of life for individuals with serious heart arrhythmias.
The campaign includes print, television, and online advertising, augmented by information brochures and a toll-free number for patients. It also includes physician education programs on the use of ICDs. The company will reportedly spend up to $100 million on the marketing initiative.
The product mix in the marketing mix of Medtronic is elaborated as follows. Its product width includes Advanced Surgical Technology, Cardiac Rhythm, Cardiovascular, Diabetes, Digestive & Gastrointestinal, Ear-Nose & Throat, General Surgery, Neurological, Patient Care, Patient Monitoring, Respiratory, Spinal & Orthopaedic and Urological & Urogynecological.
The highest number of products are in the category of cardio, neuro and general surgery. Medtronic also provides various therapies and procedures for healthcare professionals across the product segments mentioned earlier.
They work with and within hospitals and find out strategies to reduce the risks involved in any treatment. Medtronic’s innovative products help in huge cost-cutting for the healthcare organisations which use their equipment and facilities. Its partnerships provide healthcare providers enhanced access, cost and quality care.
With the help of marketing campaigns like these, Medtronic has become the global leader in healthcare.
Social Media Marketing
Medtronic is active on Social Media like Instagram, LinkedIn, Twitter, and Facebook. It has maximum followers on Instagram than on Facebook and at last LinkedIn.
The Instagram handle has followers in the range of around 62-63K. The posts contain mostly promotional and informational content along with some posts related to their new device launch or any campaigns.
Instagram: 15k followers
Facebook: 124k followers
LinkedIn: 1M followers
Twitter: 83.2k followers
Youtube: 10.3k subscribers
As per SEO ranking, it is said that the number of keywords – below 500 is bad, above 1000 is good, and 10,000+ is amazing. As we can see that www.medtronic.com has 597,900 organic keywords and it’s considered amazing. That means the digital marketing of Medtronic is gaining a great number of insights. The traffic per month is around 10M+. This is a really good engagement for the company.
From the start, Medtronic has collaborated with many YouTubers, influencers, and bloggers. All of the collaborators have a fan following of around 50K – 100K. Due to their huge social media connections. Medtronic is promoted handsomely.
In talking about the e-commerce strategies Medtronic has its website from where they announce their special deals and offers on healthcare packs. Besides that, it has gone along with other healthcare technologies in other countries such as Paris, Italy, India, Nepal, etc.
Medtronic has no mobile app.
Content Marketing Strategies
Medtronic is active on social media. The post content is related to their new offers or their deals, awareness messages, etc. The only source of posting content is through LinkedIn or Instagram. Also, they press releases about their company in newspapers and editorials in the health section.
This ends with an elaborative marketing strategy of Medtronic. Let us conclude our learning below from the marketing strategy of Medtronic.
Conclusion – What’s unique in Medtronic’s marketing?
In the marketing strategy of Medtronic, we saw that Medtronic has great support, as they are helping various countries which are laughing in the healthcare division. Their affordable costs and experienced staff is what makes them unique and a favourite company among people.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing.
We hope this blog on the marketing strategy of Medtronic has given you a good insight into the company’s marketing strategies.
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