Cost articles in medical device: Could you drive more revenue by openly discussing pricing?

13 Oct 23

Learning Hub / Content Marketing for Medical Devices / Cost articles in medical device: Could you drive more revenue by openly discussing pricing?

Are you wondering how sharing information about your pricing and costs can actually boost your revenue?

While it may seem unconventional in the medical device sector, crafting articles on pricing and costs has proven to be an effective strategy. Why? Because this is the number 1 thing customers research before making a purchase.

This article looks at factors that may be holding you back when it comes to writing pricing articles and highlights just how powerful candid pricing articles can be for your bottom line.

What are cost and pricing articles?

Part of the big 5 (our top 5 recommended content topics), these articles offer insights into your company’s pricing and costs, detailing factors that influence the cost of your device.

Broaching the topic of pricing, especially in the highly regulated medical device sector, can be nerve-racking. However, it’s crucial to note that delving into cost and pricing articles doesn’t mean disclosing your precise costs.

In reality, it’s about talking about the things that impact your device costs, so instead of your sales team speaking to one person at a time about why things cost what they do, you can address to everyone at the same time, through an article on your website.

Why not talk about pricing?

We’ve been championing the power of customer-centric content for a while now, and we’ve spoken to many companies about writing pricing articles.

Understandably, there’s often initial hesitation, as it simply isn’t the way things are done.

Let’s take a look at the reasons that may be holding you back.

  • Your pricing is bespoke

    You may be reluctant to talk about pricing as each project you undertake is unique, leading to variable pricing. The real answer here is “Well, it depends.”

    This is by far the best answer and the basis of many pricing articles. Potential customers are not always looking for an exact price when they are considering contacting you, especially in medical device.

    They are looking for an understanding of the average cost of the device, what will cause its cost to go up or down and how it compares to other products in the market (I.e., if another company is cheaper or more expensive, why is that).

    Just remember, there is no need to make any hard promises, customers won’t hold you to an exact price.

  • Competitors will see your costs

    If we asked you what your competitors charge, would you have an idea? The chances are, you’ve got a decent grasp on their pricing structure, so it’s likely they have some idea about yours.

    As such, this is your opportunity to explain the value behind your pricing, talking about ranges, what causes your prices to go up or down and how you compare in the market.

    Take a moment to browse your competitor’s website. Are they transparent about their costs? If they are (which most aren’t, especially in medical device), it’s time you levelled the playing field. If they aren’t, seize this opportunity to set yourself apart.

  • You’ll scare away prospects

    Being open about your pricing structure and the factors that affect it may deter some. But consider this: if a prospect is deterred by your transparent pricing, you’ve merely filtered out a lead that would have consumed your time without yielding results. Think of the hours your sales team can redirect towards engaging with genuinely interested parties.

    By being candid about your pricing, you enable prospects to assess their fit right from the outset.

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The upsides of addressing costs

Diving into the topic of pricing on your website might initially seem like a leap into the unknown, however, there are many notable benefits.

  • Building audience trust

    Addressing costs head-on fosters trust. By answering the burning questions on your audience’s mind, you’re demonstrating transparency. It’s not about revealing every penny and pound, cent or dollar; it’s about showing you’re open to the conversation.

    This approach ensures potential leads know that you’re not hiding information you’ll suddenly blindside them later in their journey They have a clear vision of the path ahead, easing apprehensions about moving forward with your company.

  • Clarifying factors affecting cost

    Whilst it’s challenging to address exact figures in the medical device industry, it can be transformative to your business to openly highlight the elements that influence cost. Most consumers recognise that pricing isn’t a one-size-fits-all scenario. They’re keen to understand the variables at play, ensuring they make an informed decision.

    The result is educated prospects who come into sales conversations with a realistic understanding of your pricing structures. Your sales team will no longer have to spend the better part of meetings explaining pricing factors, instead, they can have much more productive conversations.

  • Staying ahead of the competition

    Imagine the frustration of searching for crucial information and encountering a dead end – it’s probably a feeling you’re already familiar with yourself. This is exactly what happens when companies fail to acknowledge their customer’s curiosity about pricing upfront.

    This means that if you don’t share pricing information on your website, your audience might turn to competitors who do. By sidestepping the topic, you risk not only losing traffic but also potential business to competitors who are more forthcoming.

    In the medical device industry though, 99.9% of companies don’t address price on their website, presenting a huge opportunity for those who do. Openly discussing pricing is so far from the norm at the moment, that those who embrace it will be building trust in a way that nobody else is, setting them miles ahead of the competition and leaving everyone else to catch-up.

Clarity in pricing: building trust and understanding

Navigating the complexities of pricing discussions requires transparency, understanding, and strategy. As we’ve discussed, it’s not merely about stating figures; it’s about providing context, addressing concerns, and showcasing value.

By shedding light on the factors that influence costs and the rationale behind them, you not only inform but also build a bridge of trust with your audience. As you continue to create content, always remember that clarity in pricing discussions is a cornerstone of credibility. By being forthright and comprehensive, you empower your readers, fostering a relationship built on trust and mutual understanding.

In an industry traditionally reluctant to discuss pricing this candidly, being open about pricing—even without revealing exact numbers—can set you apart, placing you miles ahead of your competitors.

Check out our other guides on how you can use customer-centric content to expedite your marketing and sales journey.

To do this, look at our other articles:

Content mastery with Podymos

Are you aiming to communicate more effectively with HCPs and patients? Do you aspire to deliver high-quality content campaigns as part of your broader multichannel marketing strategy? You’ve landed in the right place.

Podymos is a dedicated healthcare marketing agency, specialising in downstream Medical Device marketing. Our services might be a bit pricier than non-specialised agencies and freelance teams, and that’s because our exclusive focus on the medical device space equips us with specialised knowledge and expertise that others might not offer.

For compliant campaigns that align with your business objectives, we’re here to assist. Simply provide your contact details, and we’ll reach out promptly for a no-obligation discussion.

Are you wondering how sharing information about your pricing and costs can actually boost your revenue?

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