Market Research Using AdWords?
Carlton Hoyt
Life science market research can be a tricky, and often expensive, endeavor. You need to find a suitable population that meets your study requirements, recruit individuals to actually participate in the study, and building the survey. You have to worry about introducing bias, sufficiently powering your study, ensuring your population is representative, and many other factors. However, there is one tool that can, in many situations, make your research easier, faster, and cheaper: AdWords.
Yes, that AdWords. Pay-per-click Google Adwords.
AdWords has many desirable qualities that one would want in a market research platform. It has a huge audience, and our in-house research has shown that it is overwhelmingly the search engine of choice within the life sciences. Google is used by a billion unique individuals every month. The audience is easy to segregate (albeit in limited ways: by keyword or by geography). It’s easy to reduce both population bias and question bias. With market research via AdWords, you often don’t have to even ask a question – the question is implicit rather than explicit since the unwilling participants are looking for information, products, services, or content. While you’ll be limited by language, in most places English is the language of science and users select themselves by using relevant keywords.
That said, AdWords is obviously not designed for market research and its capabilities as a life science market research platform are understandably limited. You only get to “ask” each participant a single question. The types of information you can gather are relatively limited. You can’t segregate the audience by job title or other useful demographic information.
Still, you can get insights on a surprising amount of questions. For example, the following information can often be reasonably obtained using AdWords:
⢠The relative popularity of a basket of products or brands
⢠Which prospective name for a new product would be better
⢠What method are researchers using more often
⢠What nations are most frequently using a particular method or type of product
⢠An attractive price for a particular laboratory product
⢠A fair deal more…
Note that some of the above information would require the use of Google Analytics (or similar) in conjunction with AdWords.
While not a fully capable replacement for traditional market research studies, a lot can be done with Google AdWords for as little as $0.10 per participant ($0.10 is the minimum cost-per-click in AdWords). Next time you’re looking for market data, especially if the data you’re looking for isn’t terribly complex, you may be able to save your life science company a lot of time and money by turning to the reliable old pay-per-click advertising platform.
We work with all sorts of life science company websites for a multitude of purposes. One thing strikes us over and over and over again. A lot of life science websites seem to be designed without a well-defined purpose in mind. Companies (and the life science marketers working for them) seemingly treat their websites like a chandelier – they want really pretty websites that you can’t really do much with. Likewise, a lot of designers know that an eye-catching, flashy site will earn the rubber stamp of the executive who needs to sign off on it, regardless of whether or not it’s particularly functional. That’s simply no good.
Need to do a product launch on a shoestring budget? Is your ad budget almost expended but you wish you could do more? Don’t start worrying quite yet… There’s a few avenues to leverage FREE 
Somewhat recently, another life science marketing agency (who shall remain anonymous), wrote that “No one ‘peruses’ websites from the homepage anymore. Sites need to be optimized to have an infinite number of ‘front doors’.” They’re largely correct on the first part – many users today will find your web content via search or other avenues which will lead them to an entry point that is not your homepage. However, the claim that every page should be a “front door” is flat-out wrong. If you’re not controlling the entry points to your website, you need a good dash of … SEO.
Life science companies, and indeed companies in many industries, often get caught up in thinking about their products or services in terms of their features and benefits. Customers are often grouped by demographics. This type of thinking, however, often doesn’t lead to the best solutions for your customers needs.
Consider this seemingly obvious statement: the reason your life science company can sell products or services to scientists is because they have needs. These needs, in turn, create demand for solutions. Life science marketing is the tool by which we identify those needs and pair them with the solutions we offer. However, scientists don’t want you to solve any old problem, they want you to solve their problem. The closer you can get to conveying a solution to an individual scientist’s particular problem, the closer you’ll be to generating a lead and / or making a sale.
Social media, blogs, social bookmarking, RSS, e-mail… There’s so much competing for scientists digital attention these days. When a scientist (or anyone) is in front of a computer they have a purpose in mind, and be it leisure, education, or work, their time there is limited. Simply engaging in content marketing is no longer enough. Your life science company’s content is competing for the attention of your audience, and it has to meet the needs or desires of the audience better than any other content they have access to, or else they simply won’t view and absorb it. Scientists aren’t just customers of your products anymore, but are customers of your content as well.
What I’m about to tell you isn’t anything groundbreaking. It’s not new, it’s not innovative, and you may even say that it’s obvious. It is, however, dramatically and consistently overlooked by the overwhelming majority of life science companies. It’s something that any plan to generate demand should be built around: a consumer’s behavior when looking for a solution to a problem (and in our case, a scientist’s behavior).
Consider this: the life science advertising market is similar in functionality to a stock market or the market for any good or service. People want to maximize the return on their investment. In a perfect market, the ROI of all channels would become equal because those that provided a higher ROI initially would become more expensive and / or more crowded until the ROI dropped, and those providing a lower ROI would lose advertisers and the demand would decrease, thereby lowering prices and competition through that channel and increasing its ROI. In reality that’s not the case. A lot of life science marketers have a tendency to turn to “traditional channels” for ad placement and marketing communications. Even those who consider a broader spectrum of possible channels than those considered “traditional” often limit themselves. This creates an imperfect market, and imperfect markets create opportunity.