The Importance of Artificial Intelligence
As life science professionals, we not only continuously handle hard science and research, but we also have to learn how to market our products and interact with a large online audience. However, coming from the sciences, many of us struggle with bio-business.
Here is where you can start. In this article, we will take you through all the essential aspects of digital marketing for biotech and life science companies. You will learn the basic concepts of digital life science marketing and how to connect them with your company’s marketing strategy, or your future business.
First, let’s recap the difference between B2B and B2C.
What do B2B and B2C mean?
B2B stands for business-to-business, which is a process of selling products or services to other businesses. Whereas B2C stands for business-to-consumer, meaning your product or service is sold directly to individual consumers.
Most biotech and life science companies are driven by B2B models. One example of a B2B in the biotech market is Novozymes, as the company produces enzymes and commercializes it to other companies, which will apply these molecules to their industrial processes.
Lactobio, on the other hand, produces probiotic-based skin care products, and they are commercialized directly to individual consumers, illustrating a B2C case.
These two business models aim to draw the attention of two distinct audiences, which differ in scale, cost, communication, sales, and logistics. Therefore, the way you develop a marketing strategy for your product or service tailored to these targets varies.
Understand your target market
If we are analyzing a B2B case, the marketing strategy is dedicated to the needs, interests, and challenges of customers who are making purchases on behalf of their organization.
In the example above, Novozymes’ account managers will search the industry for decision-makers who apply enzymes in their processes. While in B2C cases, we are talking about people in their everyday lives.
But be careful, your target can’t be everyone. A product will always have a specific niche, and you must understand that niche if you want to dominate it.
The better you understand your product’s niche, the more customized your communication in the form of relevant content, ads, and messaging can be. Consequently, with more audience insights, you will also see your conversion rates growing, and you will get a better return of investments — metrics that matter to all marketers! Here are a few steps to develop your audience research: