In the last installment of this series (Part 2) I talked about solutions to the common marketing challenges related to getting marketing involved early in the product research and development process. In this final segment of the Biotech Startup Marketing series I’ll address a separate but equally important challenge…being effective with a more targeted marketing for niche markets.
Targeted Marketing Suggestion #1: Start communicating the potential value early
My first targeted marketing suggestion is similar to one of the previous suggestions for early adoption…you need to start communicating the potential value of a product at conferences and seminars or though scientific publications before the product launch. However, the reasoning is slightly different. In this case, beginning to communicate the potential value of your product through these channels allows you start targeting the right group of thought leaders, potential customers, and investors at the right time.
Targeted Marketing Suggestion #2: Implement an online marketing process
The second targeted marketing suggestion involves implementing a solid online marketing process, also known as inbound marketing. By setting up a effective online marketing process, you’ll be able to construct the foundation to begin reaching your target audience very early in the process, while continuing to scale and improve that process long after the product launch.
Online marketing connects your product with your target audience on the Internet, in search engines, blogs, social media sites, etc.. Ten years ago, biotech startups and many other companies reached their target audience through trade shows, print advertising, and other traditional marketing methods. Today, thought leaders and others in your target market will still attend trade shows and read print advertisements, but they are spending more time finding your product by looking on the Internet, in the search engines, blogs, RSS feeds, and social media sites. In order to be competitive, your product (or potential product) needs to be found online by thought leaders, customers, and investors who are already searching for or reading about similar products. For more detail about online marketing, visit Hubspot.
Here are a few specific suggestions for an online/inbound marketing process that will help your biotech startup be effective with targeted marketing.
Get Found Online– create quality online content that solves a problem for your target market and leads them back to your website, optimize that content using SEO, then promote the content through your blog, social media, etc.
Convert Website Traffic into Leads and Sales – use offers, landing pages, email marketing, and lead nurturing campaigns to generate leads and revenue.
Analyze Your Results – measure your website traffic, compare how you stack up to competition, track your promotional campaigns and leads to improve everything you do over time.
I hope you enjoyed reading this series as much as I enjoyed writing it. Feel free to contact me for specific questions, I’m here to help.