Branding strategies for you biotech business starts with the market. We need to understand your product’s position in the market before we can help you successfully sell it. This means that you would need a good understanding of the demands of our industry, the minds of the patients/care-givers, and the position of your competition.
Selling a biotech product is not easy considering all the regulations and high costs associated with it. Now, as our industry transitions from the lab to the marketplace, we must consider the brand. In this transition we are obligated to communicate more than the academic ‘if we can’. We are to say clearly the more personal message, ‘why we should.’
Here are 3 brand strategies to do just that.
Branding your Biotech Business with an Appeal to the Healthcare Market
Companies in the BioTech industry have a higher chance of succeeding when they know who their target audience is and what they need—this is the patient and care-giver. Healthcare providers, Pharma, and so on, all know this truth; it always comes down to this target audience.
The most important thing is to identify your target audience. It is imperative to know who you are targeting with your product. People are looking for answers. Whether it’s in the form of a google search, social media post, their uncle’s opinion or—most preferably—their doctor’s advice, the answer to their question is what drives them to search for the product they need. They’re looking for someone who can understand what they’re going through and offer help by showing that they know exactly what they are dealing with.
It’s important to be able to achieve a strong emotional connection with them. This way, you’ll be able to show that you truly understand their problem and that you’re glad that they found your company.
Branding your Biotech Business by Highlighting a Unique Benefits Position
As a fancy marketing guru, it is essential to have a Unique Selling Position (USP). Due to the sensitive nature of our industry and products, we are more careful. We can’t be so bold and unempathetic to the patient’s challenges. The health and well-being is far more important to us, than our bottom line. Right?
Of course, this is true. But most of the time in these conversations, it comes down to semantics.
So, we at HDC call it Unique Benefits Position (UBP) and move on to the strategy. A UBP should highlight the features and benefits of your product that make it stand out from other brands. It should also be differentiated from your competitor’s products. To find your UBP, you need to know the needs of your customers and what sets you apart from the competition.
Acquiring a winning brand strategy, you need to know how to develop a UBP for your product. Want to learn more about how to build your UBP? Search Unique Selling Position and practice empathy to the patients when executing strategy.
Your BioTech Business NEEDS to Develop Your Brand Story
People nowadays want to buy from brands that they trust and care about. In order for your company to establish an emotional connection with patients and care-givers, then you need to start by establishing a clear brand story.
In the age of social media, authenticity is everything and storytelling is the most powerful marketing tool. The old methods of cramming your message into a one-minute ad or compassionate tri-fold brochure are no longer enough. Consumers want to hear the story behind the product and how it will benefit their lives.
Stories don’t have to be complicated or pretentious, but they do need to connect with the audience on an emotional level and answer their needs in some way. This can be done through marketing materials, patient engagement materials, advertising campaigns, and so on. The most important matter is using storytelling as a core component for communicating clearly the company’s story, thus engaging with patients and care-givers.
Next Steps
If you are in the biotech business, then you need to develop your brand story, appeal to the healthcare market, and highlight unique benefits. Healthcare professionals are looking for products that will improve patient outcomes, patients are looking for help. It’s important to know what their needs are before you start marketing your product.
Learn more about HIARKI DESIGN Co.
We have covered 3 Branding Strategies for your Biotech Business. Contact HIARKI DESIGN Co. at hello@hiarki.com when you’re ready to discuss the next steps for your brand.