5 Marketing Challenges That the Life Science Industry Should Overcome
Marketing in the Life Science Industry isn’t easy, get familiar with 5 Big marketing challenges you’ll need to overcome in this niche.
Unlike other industries, companies in the Life Sciences niche find it challenging to dabble in marketing.
For one, there are numerous regulating bodies that they have to deal with. This includes the Food and Drug Administration and the Bureau of Consumer Protection and believe me, these agencies provide many marketing challenges.
These regulating bodies exist to prevent people from accessing fraudulent products. They also prohibit Life Sciences companies from producing products that can harm consumers.
Sure, the regulations are designed to ensure that only safe and quality products enter the market. But this could also mean limited marketing provisions ranging from verbiage and content intent.
If you belong in the Life Sciences industry, here are five marketing challenges that you should overcome:
1. Audience Identification
One of the marketing challenges in the Life Sciences industry is identifying the right audience.
For one, it easy to say that you can market to everyone. But just because you sell cough syrup does not mean that everyone will need it.
Sure, a cough can be a common respiratory issue. But what if the consumer is allergic to one of your primary ingredients? And what if the dosage is too high for a five-year-old kid?
On the other hand, you can also market to distributors. But like with consumers, different distributors have varying needs.
While a pharmacy can handle and store boxes of cough syrups, it’s a different case for a community doctor.
This is not to say that you can only market to one sector. However, it is imperative to identify who your audience is. Doing so allows you to understand their needs, enabling them to come up with the right solutions.
And when you know how to cater to your markets’ needs adequately, it will be easier for you to cultivate a meaningful relationship with them.
2. Worldwide Product Rollout
In relation to the previous point, working in a Life Sciences company also means making your products available globally. However, each region can have unique dynamics, regulations, and priorities.
That said, Life Sciences expert Michelle Dipp points out that it is imperative to craft a marketing message that is localized and culturally appropriate. This is where having remote teams could come in handy.
For one, they can help you comply with local regulations. They can also vet whether the localization makes sense.
Doing so ensures that your marketing efforts have a clear message locally and globally.
3. Implementing Inbound Marketing
If you own or promote a pharmaceutical company, you are likely used to traditional methods. Some examples are billboards and TV commercials.
However, consumers and researchers are keen to make informed decisions. You should know this better since you also rely on scientific researches when working on a new product.
It is like doing some Google searches and reading scientific journals to know whether reformulating your signature cough syrup makes sense. This shows that inbound marketing is integral if you want to tap a relevant market.
So, how can you apply it to your own company?
We suggest that you start with creating valuable assets to real in your target audience. This includes creating valuable content for your website, social media channels, and breakthrough researches.
Next is to figure out a way to showcase your expertise. This is where social media channels could come in handy. It is just a matter of understanding the kind of audience that every platform has.
For instance, you might want to share family-friendly content on Facebook. Talk about what makes your products unique and the value it brings to them.
Meanwhile, you can use LinkedIn to connect with key people in the distribution sector. This can be pharmacy owners, doctors in private practice, hospitals, and more.
4. Data Privacy and Compliance
Nowadays, companies who have access to big data are deemed to win with their marketing efforts.
In the case of the Life Sciences industry, it allows them to segment their potential clients. Doing so will enable them to “personalize” their marketing efforts depending on their target market.
The only caveat is that companies need to comply with data privacy laws.
Back in 2018, the European Union decided to put the General Data Protection Regulation into effect. This regulates companies to disclose any data collection and its basis. It also obliges them to protect these data and only extract what is necessary.
Whether you are in the Life Sciences industry or not, you must have clear procedures in compliance with GDPR. That’s because enforcement of this regulation is rigorous, and the penalties are strict.
5. Identifying Opportunities
What makes a Life Sciences company successful is the network it was able to build. Whether you are new to the scene or not, relationship building will always come in handy.
You can start by identifying and attending conferences that will be beneficial for you. It can be as simple as visiting the Conference Series website and look for a relevant event near you.
You would be surprised there are numerous conferences about over-the-counter cough medicine happening. Try to attend one of them, and see to it that you introduce yourself to some key people like speakers and sponsors.
It is just a matter of finding events that can bring you close to success, instead of those who are in it for the money.
Life Sciences companies have unique needs when it comes to building awareness about their brand and products. And individual marketing needs come with unique challenges. Luckily, understanding your target market and knowing your value proposition will enable you to overcome these hurdles.