In recent conversations with life sciences technology leaders, I’ve noticed a concerning (but not surprising) trend: the idea that formal marketing strategy is unnecessary in today’s fast-moving market. Some leaders, particularly those coming from broader technology sectors, bring with them a “fail fast, learn faster” mentality that can be problematic when applied wholesale to life sciences technology marketing. Others strongly believe that their Rolodex (am I dating myself?) is all they need to grow their business, and as they build it, “people will come.”
But those of us who have founded, grown, and successfully exited the companies we’ve built know the reality is much different.
Operating without a formalized marketing strategy is like embarking on a journey without a destination or map. While you might eventually reach somewhere interesting, the path will likely be inefficient and resource intensive. For life sciences technology companies selling sophisticated SaaS and analytics solutions to enterprises like pharma and biotech, such inefficiency can be catastrophic.
While rapid testing and iteration certainly have their place, our industry demands more strategic forethought. Whether you’re launching a new clinical trial management platform or commercial analytics solution, skipping strategic planning often leads to costly missteps. This doesn’t mean moving slowly – it means moving purposefully.
Here are four essential elements of strategic life sciences technology marketing to establish before launching tactical initiatives.
1. Customer Insights: Selling tech into life sciences is a complex enterprise process. Sales cycles are long, and in large pharma it’s not unusual for sales to navigate multiple stakeholders across a matrixed organization, orchestrating a complex sales process with both influencers and decision makers. What makes this even more difficult is that each team (data science, IT, sales operations, market insights, market access, clinical and commercial teams, etc.), will have their own distinct priorities.
Successful sales and marketing professionals invest in direct customer conversations to understand problem urgency and its impact on clinical or commercial outcomes. The upside? This process can uncover deep insights about pain points, use cases for your product, and more.
This, in turn, helps marketing create more effective tools like 360-degree personas, messaging frameworks, and product assets that addresses specific pain points, rather than more generic pitch decks, fact sheets, and sales tools.
2. Differentiated Messaging: Your solution’s value proposition needs to resonate with both technical and business stakeholders in life sciences. Too technical and business buyers will tune out. Too general and you lose credibility with the CTO, CIO, and data scientists. Craft a messaging framework that works across your audience spectrum that focuses on your customers’ pain points. Lead with outcomes that matter –whether that’s accelerated trial timelines, improved data quality, or faster commercial decision making. Articulate clear and compelling reasons to believe in your solution, validate them with proof points, then layer in your innovation roadmap and implementation approach. Consistency is also key –from your sales deck to your website, everyone should communicate the same compelling story about how your solution will transform their business.
3. Marketing and Go-to-Market Plan: In a high-growth life sciences technology company, marketing, product, and sales must collaborate closely throughout the entire deal process to meet business goals –from building pipeline to converting leads. Work with product management to prioritize solutions to focus on your technology roadmap. Align marketing with sales about enablement resources and growth marketing investments.
Specific planning activities include:
- Define bold and measurable objectives and get buy-in from senior leadership
- Establish clear roles and responsibilities to support the deal journey
- Allocate marketing budget to growth levers and commercial initiatives
- Map your market opportunities, including target segments and white space analysis
- Stand up a KPI scorecard and review regularly with commercial leaders and C-level execs
4. Strong Digital Presence: Your website and LinkedIn channels are among the first places where decision makers and influencers visit to evaluate your solution and move through the buyer’s journey. For life sciences technology firms, that means crafting a digital presence that attracts and persuades potential customers. Effective inbound marketing guides prospects from awareness to consideration and intent with experiences that build understanding and motivation to engage further. Marketing teams should build content that demonstrates innovation in your solution area and helps different personas through their evaluations, making it easy for your prospects to find what they need, share it internally, and build the case for your solution.
Moving Forward Strategically
In our industry, where sales cycles are long and the cost of switching solutions is high, you rarely get second chances. The investment required to cultivate leads means getting your strategy right from the start. By no means does this limit agile execution. The key is establishing your strategic foundation first, then testing and optimizing within that framework. This approach informs countless decisions throughout the year about relative priorities and resource allocations as opportunities emerge and market conditions change.
Increasing the likelihood of success in life sciences technology marketing starts with a thoughtful and comprehensive strategic plan, not just a Rolodex. Take the time to build your foundation before rushing to market; your business will thank you.
Ready to build a strategic marketing plan for your life sciences technology solution? Schedule a call with our team today to take the first step toward improving results.