For a biotech company seeking to successfully launch and market a new product, especially for a company that has focused all its hopes and resources on a single new product, the stakes are very high indeed. Success may mean wealth and professional recognition for principals and key staff members, as well as game-changing, even life-saving future pathways for scientists and consumers alike.
The ABC formula for a successful biotech marketing strategy- Advertising, Branding and Competitiveness
As savvy pharma and biotech marketers know, advertising is the key to success. Although other factors are also important, well-crafted advertising is the vehicle to carry new ideas, new advantages, and new products to an audience of prospective buyers. Even blockbuster products need a well-packaged, well-communicated message to sow the seeds of success. This message must be based on strong science, and must clearly explain the features and benefits of a product, and also explain the competitive advantages of the new product over the existing entries in the marketplace.
Advertising must be repeated, and the company’s message should be spread across the widest possible range of outlets, including websites and microsites, online advertising campaigns, print advertisements, multimedia presentations including animations and interactive tutorials, podcasts, direct-media campaigns, networking, social-media marketing, and even education for physicians and consumers when appropriate. Advertising must be well-thought-out, carefully budgeted and scheduled, and based on an objective study of the target market and intended customers, particularly regarding their precise needs and wants.
Branding is an equally important component of a biotech marketing strategy. First, the company must develop a logo which accomplishes several objectives. The logo must be unique in order to communicate the special benefits of the product, as well as to help customers distinguish among lookalike products in a crowded field. When the logo is created by branding experts like DevicePharm, it can also evoke the essential qualities of the product, such as the results desired by consumers, and other positive concepts condensed into a single, simple image.
Colors, printability and scalability of the logo are also important considerations for a successful biotech brand identity. Likewise, packaging of the product should be based on careful research and consideration of the needs of the intended consumers. Consistency of the product’s packaging and presentation are important elements of successful marketing. Effective biotechnology marketing strategies allow a company to position its product squarely in front of prospective buyers, while advertising and branding keep that product in the spotlight by focusing on the product’s unique value.
Successful biotech marketing strategies also rely on competitive analysis, including keen evaluation of competition in regards to other companies’ products, price points, and weaknesses. Expert biotech marketing agencies, such as DevicePharm, can highlight and showcase a company’s scientific talent and human capital as well as the proprietary technologies that place a company above its competitors. Competitive advantages are gained by research, not only regarding the science behind the product, but just as importantly by researching the existing competitive marketplace into which the to-be-successful product must enter.
By capitalizing on the ABCs of Advertising, Branding and Competitiveness, DevicePharm develops award-winning biotech marketing strategies for our clients and their products. To learn more about our successful biotech marketing strategies, please contact DevicePharm today.