Survival of the fittest: the crucial role of digital marketing in the life sciences
The global life sciences industry has changed dramatically over the last few years due to a complex interplay of factors including the COVID-19 outbreak and the widespread implementation of AI from early-stage research to daily medical practice. The sector is also highly lucrative; it was valued at $144.08 billion in 2022 and is predicted to balloon to $330.69 billion by 2030, which represents a massive compound annual growth rate of 10.8 per cent.1 Successful businesses certainly stand to reap healthy profits if they make it to the top, but claiming a share of these financial benefits is only becoming harder as more competitors launch into the already crowded life sciences environment.
So, how can enterprises carve out a niche for themselves in this sector and stay one step ahead of their rivals in the evolutionary race? Unfortunately, in our digital modern-day era, we can no longer rely on in-person meetings or networking events to raise brand awareness, generate leads or form new partnerships. Companies that mean business must instead invest in solid, strategic digital marketing campaigns to effectively reach the precise audience segments vital to their growth and longevity.
Digital marketing channels such as social media, email marketing and search engine advertising allow you to target the specific customer groups most relevant to your business and its goals. Making full use of these digital-only tools is a cost-effective way to rapidly improve brand visibility and loyalty among industry professionals, and maximise the impact and efficacy of all your marketing efforts.
Where to begin
There’s a lot that goes into launching and running a successful marketing strategy, but it all starts with defining clear SMART goals that you want your efforts to accomplish – those that are specific, measurable, achievable, relevant and time bound. This allows you to focus your energies and stay on track throughout your campaign. It’s also important to identify the specific audience segment you want to direct your efforts towards, and the media channels and digital marketing tools most likely to reach them. This can be done through creating customer personas, performing competitor analysis and conducting keyword research, all with the aim of narrowing down your exact customer base and understanding the best way to get their attention.
Post-campaign follow-up and analytics reporting are equally important for optimising your strategy for the future. Measuring key performance indicators – other than purely sales figures – will give you an accurate picture of campaign impact, and may include social media engagement, email list subscriptions, website traffic, PPC figures and brand awareness. These metrics are all worth monitoring for gauging overall campaign success and improving the value of your marketing activities in the future.
Make your mark on the landscape
The complex life sciences ecosystem seems set to continue evolving rapidly into the future and entities of all shapes and sizes must adapt in order to survive in this fast-paced arena. Whether it’s to announce critical medical innovations or breakthrough discoveries, update your brand or increase your visibility, a solid and comprehensive digital marketing strategy is crucial for helping your life sciences business stand out from the herd and stay well ahead of the competition.
Get in touch to see how kdm communications can help you to implement a successful digital marketing strategy and reach your business goals.
1 Grand View Research. 2022. Global Life Science Tools Market Size & Growth Report, 2030. Accessed 29th June 2023. Available from: https://www.grandviewresearch.com/industry-analysis/life-science-tools-market