What Is the Goal of Digital Marketing for Biotech Companies?
The biotech space is an exciting place to be. Experts anticipate the value of the global biotech market will grow from $859.94 billion in 2022 to $1,683.52 billion by 2030. The North American biotech market had a 37.76% revenue share in 2022 (Precedence Research). The industry has never been more robust and competitive, as companies produce key discoveries affecting the lives of everyday patients and their providers.
There are thousands of biotech companies in the United States, and standing out from the competition is challenging, especially for smaller or new biotech companies. Marketing is critical for the success of product launches, funding, and sales—but it can be tough to find and retain specialized marketing teams.
Defining the goals for a marketing team and then contracting agencies that specialize in biotech solves the staffing and time problems so many companies face. To get started, identify your key challenges so that your contracted marketing team can help to solve your main pain points.
Challenges That Biotech Companies Face—And How Marketing Helps
Once biotech companies have a product ready for market, they must move quickly. Reining in operating costs and increasing sales revenue is the money-making combination most companies strive for. Teams that specialize in biotechnology marketing can be an incredible asset for companies facing the challenges of this fast-paced industry.
Your overall business goals will trickle down to your goals for a marketing team. Are you trying to attract funding? Are you focused on B2B sales? Are you looking for potential buyers? Depending on what your primary goals and challenges are, your marketing strategy will differ.
Challenge: Explaining Complex Products
From cures for cancer to innovations in medical devices, biotech companies are making life-altering discoveries. Most biotech companies need to position their products for two primary audiences:
- Scientists, researchers, and educators with the clinical knowledge to understand scientific terminology and processes
- The decision-makers at universities, healthcare systems, startups, and companies who usually approve the purchase of new biotech products
These decision-makers don’t always have the background needed to fully understand scientific terminology. Because of this, biotech companies must ensure their products are positioned for accessibility.
Marketing Solution: Showcase Your Research With Accessible Content
Start by scripting and editing product demonstration videos or writing case studies that showcase your successes in a format that’s appealing to both scientist and non-scientist audiences. Depending on your goals, a marketing team like Metric Biotech can also repurpose this content into paid or organic social media campaigns and implement search engine optimization (SEO) across your online content so your customers can find you.
Challenge: Competitive Timelines
Biotech is competitive, and most leaders know that once their product is ready for market, pushing it out ahead of competitors is key. The time-consuming process of refining and testing products for consumers can be a barrier to properly marketing the product, building personalized customer experiences, and supporting your sales team.
Marketing Solution: Time-Saving, Long-Term Processes
Track your relationship with customers and position your newest product using the right messaging at the right time. Update your website to showcase your product, manage sales funnels by using a customer relationship management (CRM) tool, and create a cohesive marketing strategy made up of content, digital advertising, email marketing, and SEO. When you partner with a marketing agency such as Metric Biotech, we collaborate with internal marketing and sales teams to ensure your CRM saves you time and improves your leads.
Conduct market research and audience segmentation to ensure you’re reaching each unique customer with the products and services they’re most interested in.
Challenge: Competition With Big Pharma
Big pharmaceutical companies often have large ad campaign budgets. Without deep pockets, biotech companies must spend their marketing budget strategically, focusing on building credibility with their target audiences.
Marketing Solution: Analytics-Informed Branding
Make your marketing budget work for you and reach your audience with a custom marketing plan. Analyze your audience’s interests and build out branding and campaigns—including SEO-optimized blog posts, organic social media, paid social campaigns, and more—that build your credibility and increase inbound leads.
Update your website’s branding, design, and copy to ensure that all news, awards, and certifications you and your team hold are front and center. Your experience and credibility should stand out, so don’t be afraid to make sure your brand shines brightly!
Outsource Your Marketing
Since 2020, many industries have been facing a shortage of eligible talent for open positions, and biotech is no exception. In an interview with Geekwire, multiple leaders at biotech companies expressed how challenging the hunt for talent has been.
Hilary Hehman, Vice President of Business Development at Fred Hutchinson Cancer Research Center, notes, “There are simply not enough trained scientific hands to staff the massive number of biotech companies, and companies are competing for the talent. Recruitment and retention are top of mind for everyone in biotech.”
Biotech companies clearly stand to benefit from outsourcing their marketing. Instead of spending time searching for qualified marketers with a scientific background, companies can use their recruiting resources to fill the jobs directly affecting their R&D and collaborate with a marketing agency that already specializes in biotech.
Metric Biotech has a strong track record of helping biotech clients meet their goals:
- Akadeum Life Sciences came to us for help with inbound leads and branding. Learn about how we helped them double sales and increase website traffic.
- As Nanotein Technologies launched its first-ever product, Metric partnered with them to build their e-commerce site, manage their CRM, and create their content strategy. Read more.
- in2being provides a critical service for biotech companies, and since 2018, Metric Biotech has worked with them to double website traffic, increase leads by over 80%, and boost website clicks. Learn more about this long-term partnership.
Our team at Metric Biotech focuses on the biotech industry, so we know how to do market research and audience identification, inbound lead generation, branding, writing, and more—all specifically for biotech clients. Contact us today to start your partnership with Metric Biotech.