A Beginner’s Guide to Life Science Marketing and Biotech
Life science marketing is sort of a half-evolved thing.
It’s almost like a growing mountain, promising but often misjudged.
Despite the majority, being a life science professional is not only about getting your hands on research data but also knowing how to market things right to the online audience. For biotech, things are even harder with traditional approaches.
In this post, we mull over life science marketing basics that will not only help you set your strategy right but also seamlessly connect with your future audience.
Read on to find out how.
Differences In Approaching With A B2B And B2C Model
A good number of life science marketing firms plan things from a B2B standpoint.
Take an enzyme-producing company, for instance, which will only commercialize their stuff, catering to other companies keen on working with the molecules developed for specific industrial needs.
While on the other hand, life science firms, like the ones that produce probiotics meant for skin care, strictly aim to please individual customers and commercialize the product range with a totally different mindset.
Having said that, B2B and B2C models draw attention to a distinct class of audiences, which in turn exhibit differential approaches to cost, logistics, sales, and communication in tandem. Thus, for a life science marketing company, it does matter how they choose to design their marketing strategy for a tailored range of products.
Knowing Your Target Audience
When it comes to life science marketing, understanding your target audience holds the key to success.
Here, you start by taking into consideration customer behavior, their unique needs, and demographics. This further helps you enhance, and gain solid grounds with your life science marketing pitches.
However, there’s a rub!
You cannot possibly target everyone out there. As such, it is essential to understand the specific niche your product belongs to and dominate the arena by creating relevant content in the form of messages and advertisements.
As you gain more audience insights, you will have enormous research data to drive your conversion rates and, if need be, modify your product. In other words, you will attract a better ROI-a metric that is no short of a holy grail for all marketers.
The below pointers will help widen your horizon for the perfect target audience:
1. List out your benefits first, and then figure out who all are on the lookout for these benefits and what more can be done to entice them.
2. Next, check across your existing customer base and analyze them according to parameters like age, sex, location, spending capacity, interests in life, and shopping patterns. In case your life science marketing firm operates on a B2B model, you will need to collate such info by taking into account the other organizations that you deliver products to know the inherent challenges faced.
3. Keep a vigil on your immediate competitors as it is important to know what they are doing and the segments they target. Also, doing so will help you figure out the shortcomings and improve your life science marketing efforts.
Say “Yes” To Branding
For anylife science research firm looking to bolster its presence in the market, branding should be its stepping stone.
Take a good look around to understand why branding matters. Established brands do not need to take their names as people tend to identify them by looking at their company logo. Apple, Google, LG, and Nat GEO are great examples of branding that readily impact the consumer’s mind as it conjures a positive image of the organization.
But does a life science company really need to fall in line with others?
Well, give or take, life science is all about innovation, and what can be wrong with staying ahead of the game with your work.
Plus, one can’t possibly argue that scientific and medical advancements are related to human health largely, which makes it an emotional subject. Thus, with correct branding, you are invariably opening up to a whole new level of life science marketing to connect and readily impact the lives of millions on the globe.
Creating That Social Presence
Social media presence is a necessity.
Today, we live in a connected world where social media rules the roost of our lives. When you are setting your marketing goals, social media presence should be at the forefront as it is 10x more capable of reaching people compared to traditional advertising modes, like print media or television ads.
Furthermore, your company’s social media presence can help gain insight into customer data, help build a favorable persona, and inspire you to innovate better. Strictly speaking for medical sciences, platforms like Twitter and Linkedin have already proved their mettle, driven by meaningful content.
Wrap Up
As a life science firm dedicated to innovation and research to better human lives, marketing does play an indispensable role.
However, failing to identify the channels of communication can not only mar your goals but also keep you behind the competition.
Setting the difference to operate as a B2B or B2C model, identifying target audiences, and investing in branding and social media will certainly take any life science marketing strategy up a notch.