February 8, 2023
Revolutionize Your Revenue With Life Science Marketing - A Beginner's Guide
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According to estimates, the global life science sector market size was calculated to be $92.2 billion in 2020, growing at a compound annual growth rate of 11.9% from 2021 to 2028. By 2026, there are estimated to be over US $1.5 billion in sales of microscopy equipment for life science applications.
However, the life science market size is not the only dynamic element that has evolved and shifted over time. There is a shift in the marketing landscape every year, and with the introduction of new technologies and tools, new strategies and methodologies are introduced as well. To remain competitive, you have to optimize your marketing strategy and stay current with the new trends.
The purpose of this article is to provide you with a comprehensive overview of all the key components of digital marketing for life science and biotech firms. We will cover the fundamentals of online marketing for life science companies, along with how you can integrate the latest trends into your marketing strategy.
Marketing has become a science in the modern age, and simply analyzing a website's performance using analytic tools is not enough. That is also why life science companies that partner with marketing agencies that lack the experience to work with the lengthy review processes of internal regulatory bodies find it difficult to implement a successful marketing strategy.
Marketing life sciences requires a targeted and tailored approach. Moreover, your team’s marketing efforts can also help with regulatory compliance and labeling for FDA approval through proper brand development, social media campaigns, and product labels.
The following tips will help you and your life science marketing team to create engaging content; reach your target audience with effective distribution methods; and better understand their buying behavior based on analytics that let you optimize your life science marketing strategies.
Those life science brands that ensure people are at the center of their marketing messages and advertising campaigns will be the most successful. Having a good understanding of your audience will help you create a compelling marketing pitch that will attract customers who are interested in your product or service. Conducting market research also lets you find out what your market share is and how your competitors are doing.
It's not uncommon for people to look online for answers to their medical problems using Google symptom searches. As a result, you have a great opportunity to conduct keyword research and write blog posts tailored to your audience.
By working with life science marketing specialists, you can obtain market intelligence faster and more accurately. You will also be able to see the actual values of your competitors' recent sales to map out their landscape faster and with greater precision.
By now, you have gathered a great deal of information about your target audience, and the next step is to create a branding strategy and develop your narrative.
There's no doubt that customers choose brands they can trust to provide them with the products, services, and solutions they require. But unfortunately, life sciences companies often struggle to find their personal narratives. As a result, the brand identity becomes uninteresting and easy to forget. In the end, what makes a tagline such as “Results you can count on” so appealing”? Nothing.
An experienced life science marketing agency will know how to use digital marketing strategies and tailor scientific messages to resonate with your target audience without sounding dry or technical. And you can, too:
There is a universal interest in keeping up with healthcare and scientific advancements. The subject of human health becomes emotionally charged when it touches those around us, allowing you to build your brand based on the principles of human emotion.
The brand identity includes everything that embodies your brand and creates an emotional response: graphics, color schemes, typefaces, visuals, logos, CTAs, video, animation, website design, infographics, style guides, buttons, etc.
It is likely that a large amount of content will remain relevant in the long run and can drive revenue, leads, and conversions, but only if it is properly optimized. Thus, you must share content consistently across all channels - self-owned, earned, paid, and social channels.
The idea of a biotech company using TikTok or Instagram to advertise might seem strange to you, however, social media has become a crucial part of marketing any type of business nowadays.
The good news is that you don't need to be on all social media platforms to achieve success. Set up a single account if you're just starting out. If you're looking for a social media plan for B2B, consider LinkedIn.
You can also use social media to keep track of what content your audience is most interested in. Keep an eye on your competitors' posts and check the platform’s analytic tools. To find your strategy's holes and create more engaging content.
You can deliver more personalized content, marketing messages, and emails the better you know what your product's niche is. As a result, with a greater understanding of your audience, conversion rates will also rise, allowing you to get a better ROI - metrics that are crucial to any marketer.
The creation and distribution of content are essential elements of inbound marketing. The process of producing content can take a long time, particularly in this industry where even the smallest details must go through multiple approval stages before being published.
That’s why so many organizations, research facilities, and life science companies fail to develop quality content for their audiences. Consequently, the brand may lose momentum, engagement rates may be low, and sales may decline.
For example, if you're trying to reach academics or scientists, you can showcase your technical proficiency through well-developed content. Or when targeting corporate executives, you may emphasize your company’s credibility, your product's benefits, and how your solutions can solve their problems through content.
A successful marketing program begins with the right type of content (of course, you must also consider your tone in order to convey your message effectively.) It is important to understand your target audience and where they stand in the sales funnel. Only then you can create content that attracts readers and converts leads.
Your brand aims to raise awareness among potential customers at this stage. In some instances, when the application of your life science product or service is not immediately apparent, it may also be necessary to educate the market about the problem in the first place.
Among the content types you can use at the top of the funnel (TOTF) are:
At this point, potential customers are looking at your offerings and checking out customer feedback. Additionally, they may present this information to relevant stakeholders. It is at this stage that you will want to offer useful and credible resources, including buying guides and comparison tables.
According to the Semrush study, the following types of Middle of the Funnel (MOFU) content attract traffic the most.
By the time a potential customer reaches the bottom of the funnel (BOFU), they're seeking content that will help them make a final decision about whether to buy or not. BOFU content focuses on reassuring customers that they are making the right decision and demonstrating how the product can be used efficiently.
It's possible to convert your free trial into a purchase, provided you don't give away the entire product and its features. In the BOFU stage, the following content types perform best:
The measurement of your content's engagement in terms of time spent on your content, bounce rates, and the number of unique visitors is essential to determine the effectiveness of life sciences digital marketing campaigns.
Reviewing your marketing plan at intervals is important, and what better time than going into 2023 to put one together?
With the best marketing strategies and practices drawn from leading marketers both within and outside the life science industry, our life science marketing specialists offer innovative, modern solutions to help your brand thrive. Whether you’re looking to stay on top of those important metrics or launch a comprehensive rebranding campaign, we’d like to hear from you. Let’s talk.
It's almost never easy to plan a successful life science conference or event marketing strategy. That wasn't the case before COVID-19 and it certainly isn't the case now.
There are life science marketing agencies that can provide information about the conferences or events you will be attending so that you can contact them in advance to promote your booth and maximize ROI - as well as data from shows you don't attend to make use of leads you wouldn't otherwise have.
Remember that everyone who visits your organization's website will need to know about your virtual event, just as you would promote physical events prior to the big day.
If we list our products, researchers will flock to us in their thousands with debit cards and funding approvals in hand, right? Sadly not.
According to Google, Only 3% of your potential customers are ready to make a purchase at this very moment, and sales are even more challenging in the life science sector since customers rarely make impulse purchases. Rather, there is a variety of external factors that affect purchasing decisions beyond our control, for instance, grant funding and spending cycles within industries. Therefore, it is very difficult to convince people into making a purchase if they are not prepared to do so.
Based on decades of experience and hundreds of campaigns focused on the health and life sciences field, we know that the importance of assessing the market and identifying opportunities in a timely manner cannot be overstated.
You can differentiate yourself from the crowd, however, by adopting trends and using them to improve your current marketing activities. Here below are three of the most popular trends you may be seeing more of in 2023.
It's understandable that some people are concerned about video overuse at this point, particularly after webinar fatigue struck around a year ago. However, if you don't incorporate video in your content marketing efforts, your life science marketing may miss out on the chance to differentiate itself from the competition.
The use of video can be a great way to conduct interviews, incorporate animation, or create a video blog, giving your viewers something to look forward to. If a lot of content needs to be delivered, interactive videos keep visitors engaged - they are engaged for longer rather than abandoning the video or your site as they might otherwise.
There is perhaps nothing better than data from a third party you can trust. Examples of case studies from customers, preferably those who are renowned and well respected in their field, provide the strongest evidence, and consumers rely heavily on online reviews when making purchases (97%, according to research).
In case studies, you get a variety of perspectives, as opposed to the singular perspective of surveys or interviews. As a result, prospects are able to gain a deeper understanding of the topic at hand and avoid bias by minimizing individual agendas.
Life science companies place a high value on relationships. It will be easier for your patients to trust you if you have strong relationships with them. If you want to cultivate new relationships and strengthen the ones you already have, conversational marketing is a great approach.
Your message reaches the right people at the right time when you create Email/SMS funnels that include automated sequences, scheduled messages, and segmented audiences. Our tools and expertise will help you increase repeat sales, follow up on leads, or create a funnel that converts subscribers into clients.
Check out JM&Co direct connection services to learn more.
The art is building the right growth campaign. The science is in the results.
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