Whether your drug development company is focused on pre-clinical research or phase IV trials, it’s important to have a good inbound marketing strategy in place. A study from the Northwestern University Kellogg School of Management, using an approach that included a combination of interviews with bio-entrepreneurs and research using industry journals, business databases, and newspaper articles, outlines several serious problems that can arise when marketing is not involved early in the process.
Why is it important to implement marketing early in the process of bringing a new drug to the market?
The Kellogg study suggests a lack of marketing involvement early in the process can negatively impact a drug development company in several specific ways. First, it can impact the ability of decision makers to assess market potential and commercial viability to guide investment decisions. Second, it can impact the clinical trial design process, without marketing, the end points of the trials may not be commercially meaningful. Next, if scientific messages are not aligned with the commercial messages early in the pre-market process, the startup could have problems with a successful launch. Finally, if scientists and management don’t start communicating the potential value of a product at conferences and seminars before the product launch, they may not be able to attract key opinion leaders early enough to build a successful launch.
How can a drug development company implement an inbound marketing strategy early in the process?
Here are 3 tips to get started:
1) Keyword Research for your Target Market(s). Start here. Whether you’re trying to attract key opinion leaders, investors, future customers, etc., use a keyword tool like Google Adwords or Hubspot’s Keyword Grader to identify popular keywords used in searches by your target market(s).
2) Start Blogging. Make sure your website has a blog and start creating online content that solves a problem for your target market, leading them back to your blog/website. Incorporate your keywords, and other SEO methods, into your content to get it in front of the people who are already searching for your product, or a similar product.
3) Promote with Social Media. Promote your new content in social media channels, to reach a wider audience. LinkedIn is particularly popular in the biotech space. You can set up your blog to automatically update your social media accounts when you publish new blog content.