Only hard evidence beats experience

At a recent medtech conference where I spoke on why markets respond the way they do, an attendee asked the $1M question: “What if my experience trumps the evidence?"

That’s an excellent question. Though, it’s not a “what if?” It’s an absolute truism. Before I explain what I mean, let’s consider how markets respond and why.

Markets respond based on unavoidable realities of the market itself, not based on our vision for them, or our “gut feelings” about them. Markets are rational – including to a default. And comprehensive, fact-based analysis really can help determine what a market will do under certain circumstances.

And it is objective fact that increasingly moves medtech markets today.

Evidence is required to prove and validate that an innovative technology will improve, save, or extend human life. The evidence must show it is cost-justified. And that evidence must be quantifiable, capable of withstanding intense scientific scrutiny. Without this, a new medical technology will invariably fall short of sustainable rapid growth, and instead remain a novelty used only by innovators and early adopters.

Admittedly, such evidence is a huge barrier to overcome. It’s even bigger when you consider your physician customers are already doing the very best they can with established, trusted technologies. They are practicing good medicine.

So, it’s not like your customers feel like they are doing something wrong. Just the opposite: You’re asking them to consider something different, to consider a new way to do what they’re already doing quite well.

That’s why every customer you call on will compare what you’re promising to their own experience of providing what they know is high quality care.

So, the onus is on you to prove beyond any doubt that your promise is real, that your technology is not just worth considering, but fully adopting. Until you do, their experience will trump your evidence. 

How do I know? It’s not just from our decades of quantitative analysis on the drivers of medtech market adoption. It’s also from talking to you: because you all know this is true. Getting highly educated, confident, and capable physicians to change their behavior is one of the most difficult marketing tasks in business.