Promoting a biotech company can be more challenging than marketing a consumer product.
For one, the typical target demographic for life science companies is highly-educated people who want facts and not fluff. Thus, you will need a marketing strategy that can establish your business’s credibility. Doing so can make you appear trustworthy and knowledgeable in front of your target market.
To help you achieve that, you should implement these seven marketing strategies:
In a nutshell, competitive analysis is identifying your competitors and knowing what they are doing.
Sure, you are not the only biotech company in the world. But there is a way to narrow down your list of competitors. And that is to look at their specialties.
For instance, your company is known for effective insulin products. Your competitors are businesses that are known for their insulin products, as well.
Once you have identified who your competitors are, it is time to do some sleuthing and see what marketing strategies they do.
Are they on social media? Do they use email marketing? What types of content do they publish on their website?
You should also look at your competitors’ offline marketing strategy. This includes partnering with local pharmacies and clinics to mobilize their insulin products.
Promoting your biotech company is not always a one-way street. Depending on your products, you can be marketing to end-consumers, relevant businesses, or both.
Using our previous example, this could mean having a two-prong strategy. One is to promote your insulin products to people with diabetes. Another is to encourage local pharmacies to add your product to their shelves.
This is where market analysis comes in. Mind you; market analysis is one of the things that a life science investor will look at to consider whether it is work funding your company.
Do you know why people recognize brands like Apple, Nike, and McDonald’s? It is not just because of their products and TV commercials. It also has something to do with their corporate branding.
However, corporate branding is more than just your logo and color palette. It is also how you communicate your company’s core values.
If you produce insulin products, how would you like people to relate to you?
Perhaps, you would want your target market to perceive your product as affordable. How can you convey it through marketing?
Your answer should be part of your corporate branding strategy.
Search Engine Optimization
These days, it is imperative for businesses to have an online presence. This includes having a search engine-friendly website.
When we say “search engine-friendly,” your website should appear for relevant search results. An excellent example would be when someone searches for “affordable insulin” on Google.
This is where Search Engine Optimization (SEO) comes in. It is a process of improving the quality of your website to make it search engine-friendly.
This includes optimizing your page titles, optimizing meta descriptions, adding ALT text on your images, and more.
If you want to connect with your target audience, you will need an effective content marketing strategy. This includes having a content calendar for your blog and social media posts, the editorial guideline for your case studies, and more.
Content marketing is imperative in the life sciences sector because it allows you to build your company’s reputation.
For one, it allows you to showcase the expertise of your subject matter experts. This can include endocrinologists, dietitians and nutritionists, health coaches, and more.
Luckily, there is different content that you can produce to boost your company’s credibility. Some excellent examples are blog posts, white papers, and case studies.
Social Media Marketing
Other than your content, social media is an excellent channel to connect with your target market.
It seems unlikely for any life sciences businesses to be on social media, but it has many benefits. All you need is to know the right platform for your marketing goals.
For instance, LinkedIn is for business-related marketing. This platform is ideal to use if you want to expand your professional network.
On the other hand, Twitter allows you to disseminate a marketing message quickly. Do you want to update your audience with the latest news about your biotech company? Post a tweet.
Here’s the thing: Organic digital marketing takes a couple of months to a year before you can yield results. If you want to get immediate results, you should include pay-per-click and online advertising in your marketing mix.
According to Google’s 2015 study, mobile search ads can increase brand awareness by 46%. This explains why PPC is ideal if you want more people to learn more about your biotech company and your products.
You can also use PPC to acquire leads (a.k.a. people who are likely to buy from you) and boost your conversion and sales. It is just a matter of knowing how you can make the most out of your PPC campaigns.
As a biotech company, we not only handle data and hard facts. It is also imperative that we know how to promote our brand and products. If you do not know where to start, the seven marketing strategies listed above can help.
Andi Croft is a freelance writer whose main interests are topics related to business, technology, and travel. This is brought about by her passion for going around the world, meeting people from all walks of life, and bringing along with her the latest tech to enhance her adventures. @AndiCroft