It wasn’t so long ago that artificial intelligence, or AI, was considered the stuff of science fiction- a novel and faraway concept existing only in fantasy. Today, however, it has become a reality and can often be found at the top of trends to watch lists. It has an expansive reach, affecting how medical devices are marketed and, to a lesser extent, affecting the industry itself. Galen Robotics’ CEO Dave Saunders, offered some insight as to how its influence is creeping into the industry, saying “We’re already seeing AI and machine learning being applied to diagnostics and other areas, so inroads are being made. AI and machine learning for surgical devices might be a bit further out though.” Saunders envisions AI becoming a sort of enhanced assistant for physicians or surgeons, providing a level of dexterity and objective decision making that humans don’t possess.
In terms of marketing, artificial intelligence is much more heavily utilized. It is increasingly being used to help implement mechanisms that save marketers time, removing laborious legwork and leaving more time to focus on strategizing and looking at the big picture. For example, AI can help divide customers into segments, which marketers can then examine and use to ascertain customer motivations and devise need-based marketing systems. For medical device companies, this could include separating individual consumers as well as hospitals, medical centers and healthcare facilities into separate customer personas. This can be done due in part to the abundance of user and customer data available to marketers in the digital age.
Marketers can easily obtain troves of data, which before now would have taken weeks or even months to parse and analyze, and the power of AI doesn’t stop there. Once the market segments have been identified, AI can help target them with smarter ads by analyzing social media profiles, keyword searches and other elements. What’s more, its systems will continue learning and building upon themselves, allowing for more effective targeting and campaigns while reducing waste by avoiding avenues that don’t work.
Another quickly growing facet of artificial intelligence is the chatbot. Chatbots often pop up in a lower corner of a website, offering to help answer questions. While some may view them as a nuisance, but they’re actually a very valuable tool for both consumers and marketers. In fact, the global market for chatbots is expected to grow to $1.25 billion by 2025, with a 24.3% compound annual growth rate. As mentioned, chatbots can help answer questions instantly, which can help convert customers into sales without the need for a company to pay a customer service representative to provide the answers. This can be especially helpful in the medtech industry as a quick and easy way to address the long list of frequently asked questions about medical devices.
AI is no longer just a sci-fi plot, it has arrived – luckily for marketers! Stay tuned to our blog for more industry insights.