Ready. Set. Market.
Let’s face it, we are part of a complicated industry. At least to those outside of it.
From Cheminformatics to Genomics to Molecular Modeling, the life science industry is diverse, captivating and important. So how do you communicate that to shareholders, the public and others you may depend on to believe and invest in your business model?
The answer is at least shared by other industries: the right marketing strategy.
“Sell … (your) capacity for innovation and creativity and its ability to be detached and objective in processing data,” says branding and consulting firm Insight180. “Focus marketing messages on the potential of the company to bring results, not just on proven deliverables.”
Then you just have to share those messages with the masses. Insight180 suggests using an annual report.
“Despite the fact that privately funded life science companies aren’t required to publish annual reports and despite the fact that most biotechnology and life science companies don’t profit until 10 or more years into trying to develop a successful product, the annual report gives them a vehicle to communicate their processes and investments made in their efforts,” the agency says.
No matter how you deliver the message, the key is to make it as thought-provoking as your products.
“Smart life science companies are focused on developing new – and sometimes innovative – ways to solve challenges that scientists face, says The Linus Group. The industry marketing firm suggests maintaining this focus while developing marketing and communications campaigns, because if nothing else, that will directly appeal to customers.
And as it turns out, that takes a certain “science.”
“Marketing effectiveness—achieving it—requires an organization with the resources and know-how to achieve the fine balance between art and science that it takes to create marketing programs that meet measurable business objectives,” according to MarketingProfs.com. “And these days, that’s a mandate—not an option.”
The online marketing community says in addition to using the right vehicles, the key is to balance them in your overall marketing strategy through initiatives such as closing the measurement loop, aligning business objectives with investments and a constant focus on forward-thinking.
“Both short- and long-term objectives must be kept in the marketer’s sights, and to a significant extent that requires an integration of various marketing levers to maintain the balance,” MarketingProfs says.
BioSpace.com’s Hotbed campaigns are one of these levers. From Biotech Bay to Pharm Country, you’re leaving your mark on a map of your industry. And it just takes one look to show you’re a player in the life sciences. Now that’s a message anyone can understand.