March 29, 2023
4 Ways To Harness Life Science Marketing To Get Ahead in Biotech
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Biotech firms are healing the world through biotechnology by utilizing the earth's natural tools and guiding research by our own genetics. After all, taking ideas and turning them into scientific advancements is what they do.
However, the key drivers of profitability in the biotech industry do not revolve around great ideas (although they certainly play a role); rather, they revolve around maximizing sales revenue and minimizing operating costs.
You probably already know that biotechs still face challenging markets even after a decade of chaos and unprecedented challenges. Costa et al contend that biotechnology's limited commercial success is largely a result of sector-related marketing shortcomings.
According to them, biotechnology companies have serious difficulties marketing their products due to a lack of a market-driven strategy in addition to a lack of commercial acumen in targeting markets.
Marketing your biotechnology company, its products, and its services can be done in several ways. Throughout this guide, we examine four conventional and innovative strategies that retailers and online businesses use to grow their business and drive sales.
In biotechnology, living cells are used to develop or modify products to meet specific needs, including genetically altered foods. Hence, biotechnology is related to genetic engineering and developed independently in the food industry in the early 20th century, before spreading to other sectors like healthcare and the environment.
There is a wide range of potential therapeutic targets for these products, including inherited disorders; neurological, circulatory, immunological, and inflammatory diseases; tumors; metabolic disorders; and many other conditions.
During the COVID-19 pandemic, biotechnological innovations played a crucial role as they enhanced our understanding of the virus' genome and how our body defends itself against infectious agents.
Modern biotechnology can be divided into five branches — medical, ecological, industrial, veterinary, and agricultural — to assist us in the fight against disease and air pollution, increase production safely, environmentally friendly, and economically, minimize environmental impact, and conserve resources.
Various disciplines of science and technology are used in today's practice of biotechnology, mostly the following ones:
There is no doubt that coupling technological skills with biological knowledge is a powerful combination. As a result of these new capabilities, production methods are becoming more efficient and more affordable, resulting in better-performing products that are more reliable, and, as a result, providing end customers with products and services that are more valuable. So it's no surprise that many players are attempting to capitalize on what's known as first mover advantage.
A biotech company is a company that specializes in pharmaceutical research and medical product development. Scientists have used biotechnology to develop new medications, treatment methods, and healthcare technologies to treat diseases and enhance the quality of life. It is common for them to create medications that contain living organisms such as bacteria, viruses, and fungi.
As noble as their cause is, biotechnology companies often face significant obstacles to success. This is largely due to the fact that biotech companies' research and development costs are extremely high. Furthermore, cash flows before a drug’s licensing are quite literally negative, and things don’t get much easier after the new substance is approved.
Why? Because many biotech companies lack a thorough understanding of online marketing principles and what they can do for them.
A constant state of change characterizes the biotechnology sector. Technological advances, medical discoveries, and ongoing disease progression all create a need for continuous innovation.
As a result of breakthroughs in biological science and the confluence of technological innovations in data, algorithms, and computerization, something that was once the stuff of science fiction is now beginning to come true.
In the midst of all this transformation, individual biotech organizations' core ideas can get lost in the noise. Maybe the message you've been sending out to the public isn't reaching the right audience, or even worse, does not align with the core mission of your organization.
We also can’t overlook the fact that prospects may not be familiar with the products or technologies you offer, resulting in fewer sales opportunities.
If you want to achieve success in biotech marketing, so you should be aware of the latest biotech marketing tips and trends and how they can help your marketing strategy. But first, it’s most important to determine your marketing method.
There are countless methods and strategies available to life science marketers for reaching, interacting with, and influencing their target audiences. In the programs we design for our clients, one of the most important questions they have to answer is whether they should use inbound or outbound tactics.
A traditional form of marketing, outbound marketing involves pushing marketing messages to prospective customers. Among the activities included in outbound marketing are trade shows, conferences, and email marketing techniques. In short, outbound marketing is more expensive and has a lower return on investment than inbound marketing.
An inbound marketing strategy involves creating content or using social media to promote your brand to potential customers who might visit your website in search of information, be interested in your product, and decide to purchase it.
The goal of inbound marketing is to meet your audience at a time and place that suits them. In no time at all, you'll find that inbound marketing is helping your marketing campaigns generate better results and grow your business. Inbound marketing is also the best strategy if your company has a limited amount of time, a tight budget, or a specific goal.
It’s clear that shifting from imposing companies’ technology onto consumers to attracting them with valuable assets is a more effective way of capturing consumers' attention. As a result, a hybrid of inbound marketing and outbound sales has emerged.
Note that while inbound marketing has been adopted to varying degrees, effective implementation remains a challenge for many. After all, inbound marketing is essentially a trade-off between time spent developing assets and spending money on advertisements.
It is becoming increasingly difficult for pharmaceutical marketers to establish a meaningful presence among physicians, as fewer representatives are granted access. Moreover, the Internet is used by billions of people every day to research companies and buy products, so without a digital marketing strategy, you could be losing out on a massive amount of revenue.
The process of planning a marketing strategy involves identifying your immediate and long-term objectives, evaluating your budget, analyzing your competitors, and choosing the strategies you believe will lead to success. Here below are 4 tips to help you master life science marketing and get ahead in biotech.
It is important to go beyond marketing messages and promotional programs when reaching out to scientists. The primary role of unbranded content is to raise awareness and educate patients, but it's also an opportunity for companies to bypass strict life science guidelines by being more flexible in their customer communication.
As a general rule, unbranded content can be defined as topic-driven marketing communications created by brands but not explicitly identifying them as such. Using unbranded campaigns or content can be particularly effective when trying to encourage people to discuss conditions considered taboo or difficult to mention in their healthcare provider's presence.
In spite of the fact that unbranded pharma campaigns may be easier to execute—at the very least easier to get through internal research and regulatory review—they must follow the same marketing guidelines that apply to branded drugs.
It is essential to understand what biotechnology marketing strategies appeal to your audience, regardless of whether you intend to hire a firm or go solo. Even those academic writers who understand what works and what doesn't must be provided with data in order to produce good content.
It is possible to use competitive analysis as a marketing asset in a variety of ways. An example would be a chart that compares your product, side by side, to one of your competitors. There may be a lengthy report that discusses the results of a study comparing your services with others. Or it could be utilizing niche research tools to identify the topics that your ideal audience would find interesting.
Time is precious, so don't waste it trying to make the same mistakes twice. Take a look at what your competitors are publishing by subscribing to their newsletters and checking out their blogs. Learn how they speak to their customers so that you can improve your approach. Make sure you know their products as thoroughly as your own.
The biotechnology industry needs content marketing to reach its target audience and effectively communicate with them. In fact, consumers who engage with biotechnology company content frequently are more likely to view the company as an industry expert.
An analysis found that 80% of prospects prefer to learn about companies through their content. The biotechnology industry is well-suited to agile content marketing strategies. Adapting to fast-paced technological advancements, environmental changes, as well as audience expectations, calls for an equally flexible approach to digital marketing.
Implementing an effective SEO strategy for your biotech company will not only lead to an increase in website traffic but will also increase its quality. By bringing high-quality traffic to your website, your products will be found by those who are already searching for them on the Internet.
Different types of content are used by large biotechnology companies, however, white papers, announcements & news releases, articles, and social media posts are the most commonly used. Original and creative content is particularly important for mature brands without a steady stream of topical news, as they can become an attractive selling point.
As we move into a time of blogs, social networking sites, online communities, and bidirectional communication, there is also an increasing amount of user-generated content on sites like Patients Like Me, an online community for people living with MS.
As these online communities become increasingly popular, brand marketers would do well to take advantage of the power of social media to promote their brands in a variety of ways.
Even though it seems obvious, you should avoid developing a biotech social media strategy unless you understand and embrace the first word: social. It is imperative that social media be viewed first as a social tool, even when used for marketing purposes.
When your posts receive comments or reactions, be sure to acknowledge them. As time goes on, you'll gain loyal followers, and the more loyal followers you have, the more likely it is for your current audience to become customers. Moreover, social interactions and direct communications showcase your trustworthiness to those who are just discovering you on social channels.
As soon as you've established your brand, you should consider seeking professional help. Although no one can know your products more intimately than you, marketing professionals and copywriters understand how to create content that gets results. They can do anything from revising your existing content to generating fresh content or helping you with paid ad campaigns – the choice is yours.
However, brands need to be careful, since most do not realize that they are dealing with different target audiences. It is common for them to focus all their efforts on one strategy, for instance, using only one or two channels, which is inadequate to reach their objectives.
As a full-service digital media and growth consultancy company, we know how important it is that your business is found online by the right people. We offer life science marketing solutions to ensure your product has the digital presence necessary to be seen by the world.
The team at JM&Co. has experience working on a variety of biotechnology projects, including market studies and startup establishments. Let’s talk, and we’ll help you harness life science marketing techniques to get ahead in biotech.
Biotechnology uses cellular and molecular mechanisms to develop technologies and solutions that enhance our quality of life and protect the environment. Scientists have used the biochemical processes of microorganisms for thousands of years to produce nutrient-rich products, including bread and cheese, in addition to preserving dairy products.
By 2030, the global biotechnology market is expected to reach USD 3,879.51 billion at a compound annual growth rate of 13.9%. Moreover, genetically modified organisms (GMOs) and pesticide-resistant & insect-resistant crops have become increasingly popular, thereby contributing to the growth of the market.
In recent years, there has been an increase in the adoption of cell culture technology in the development of novel rice varieties and pest- and disease-free banana varieties throughout Asia and Africa, and the use of technology for cloning healthy and nutritious plants has boosted biotechnology's agricultural applications.
Additionally, the market is driven by a strong pipeline of clinical trials as well as funding opportunities for tissue engineering and cell regeneration methods.
With the Bio Revolution, companies will have access to a new array of capabilities that will fundamentally change the way they compete. There is no doubt that merging digital skills with biological skills yields powerful results. By leveraging these new capabilities, manufacturers are able to speed up and decrease the cost of production methods, creating higher-quality inputs, and, as a result, providing customers with products and services that add value.
If you’re trying to expand your client base and generate revenue for your bioengineering business, digital marketing is the way to go.
Ultimately, marketing to academic researchers as an outsider presents the same challenges as marketing to any other group. It is important to plan carefully, conduct market research, and create engaging content if you want your business to succeed.
These days, you must also use new technologies, such as social networking sites, direct communication campaigns, and advertising tools from search engines like Google in order to get noticed and connect with your target audience, who are always connected via their smartphones and laptops.
As long as you follow the powerful strategies we outlined above, we are confident you'll be able to maximize the effectiveness and ROI of your upcoming biotech marketing campaign.
There is no time for hesitation as new players prepare to make waves in some markets and existing players make aggressive investments so they can stand out and win.
Whatever your marketing needs are, whether you need to promote groundbreaking technology, introduce a new treatment, increase brand awareness, or boost customer acquisition, you can count on our team of digital marketing experts to help you reach your goals. Contact us to get started.
The art is building the right growth campaign. The science is in the results.
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