Biotech is an exciting field to be in when you are a researcher. You are always pushing the limits of your knowledge and looking for answers using a multitude of techniques and protocols.
You also get pulled in many directions outside of the lab.You need to file patent applications to protect your inventions, prepare press releases and give carefully controlled presentations to potential investors and strategic partners.
How do you reach a target audience for your biotech company?
You need to be able to describe and share your research and the story behind your biotech company with the variety of subgroups that make up your target audience such as:
- Colleagues to hopefully gain a strategic partner or two to do supplemental research in their own laboratories
- Investors that are looking for more than just great data, they are looking for something different that will be a good investment and make them the envy of their peers for finding you first
- Media / General Public to increase awareness around the importance of the research your business is focused on and to increase your public profile in the hope of attracting even more investment
A former colleague of mine was recently at, for lack of a better term, a biotech investor speed dating event. Basically, you have the floor of a hotel set aside and in each room are investors that will give you 20 min of their time to make your pitch as to why they should invest in your biotech company.
Imagine only having that short a time to share the impact of your research?
Would you pull the data, microscope pictures and cell counts? Would you have flow charts and enzymatic cascades to make sure that they could visualize the exact cellular pathway? It would appear that the majority of biotech start-ups pitching at this event were doing just that.
One of them was not. One start-up spent half their time explaining the focus of their research and the results to date and the other half explaining how they were systematically reaching out to their target audience and building online interest in their product already – using online engagement to drive investment.
What did they do differently?
This biotech company had the interest of the investors from the beginning by integrating real data and research into the bigger picture and story of the company which they shared using visuals and props.
By the end of Day 1, everyone was talking about this biotech company at the evening cocktail. Their pitch had been completely different from the others and many of the investors were impressed.
This start-up had a compelling story behind the creation of their business and there was a strategy behind promoting the story online and driving the interest of the media and the general public.
[Tweet “have a compelling story behind the creation of your business when pitching to investors”]
Successful biotech companies know data doesn’t drive interest but a great story does
I know there are still purists out there that think the quality of the data should speak for itself. It is true that you need sound research and data as the foundation of a strong biotech company but science without active sharing is pointless.
You need to share what you are doing with your target audience to build interest, increase your scientific reach and establish your reputation as the expert in your field.
Many well respected research institutions like the Mayo Clinic have embraced the power of online marketing and seen a dramatic increase in the level of patient and staff engagement. More and more medical and health professionals are also seeing the benefits that come from sharing blogs and videos with their target audience.
[Tweet “Successful biotech companies know data doesn’t drive interest but a great story does”]
Why not get started with a simple two question exercise
- What is the story behind your biotech company?
- Who are the groups that make up your target audience?
Now you need to start personalizing your story for each group within your target audience. Think about the key words they would use, what would be important to them and what makes you unique from the biotech companies that are already out there?
Jennifer Arnold, Founder at InnovaMap, Ph.D. in Neuroscience
We are now on our summer editorial schedule posting our blog every other week.
Enjoy your summer holidays!
InnovaMap is an Ottawa based content marketing firm, specializing in the health industry.