I don’t think anyone will dispute the power and influence of the internet. According to data from the International Telecommunications Union (a United Nations agency), internet penetration in the developed world will exceed 70% this year. Scientists are even more heavily influenced by the internet. We rely on it as a vast and trusted source of readily accessible data, a gateway to the tools and databases we use on a regular basis, a necessary communication tool, and a platform for collaboration across countries and continents. Fueled by fast, extensive business and university networks, internet penetration among life scientists is virtually 100%.
Just as individual consumers are turning more and more to the internet for both information and to make purchases, so are scientists. Researchers, geared towards finding their own information and encouraged by the ready availability of online information, look to the internet for information on products and services prior to purchase, and ever more are using use e-commerce for fast and efficient purchases. Because of this, it is imperative that life science companies leverage the internet to maximize their exposure, ensure that they manage their online brand image, present compelling online marketing, effectively capture online leads and convert these into sales, and utilize e-commerce where possible to reduce the barriers to purchase and increase sales efficiency.
How Important is A Website?
Online, your website is who you are. The quality of your website will be perceived to reflect the quality of your company and, by association, your products. Customers expect that the same kind of companies who create and maintain high-quality, well-performing products will put the same effort into creating and maintaining high-quality and well-performing websites. An outdated look or feel, errors, poor navigation, and a large list of other website faux pas will hurt your image and reputation. Unless you have an extremely strong reputation among your target market, you can assume that every new prospective customer who is interested in your product will look at your website for information before purchasing, and it is likely that your website will be the first place they look … unless they search for it and someone else comes up higher in the search results. Even with a strong reputation, many will still look to your website for more information. While a beautiful, well-structured website alone will not be enough to sell your products (you still need the proper content) a poor website can dramatically hurt your sales.
Refining Your Marketing Message / Having the Right Content
Your online marketing message is arguably the most important one that you will present. It is, in effect, constant; your online brand and marketing are always there for anyone to view. Again, it is very likely that almost all of your customers will view information for your products or services online at some point before purchase. You therefore need to have the appropriate mix of technical information and compelling marketing messages to encourage scientists to either buy the product at that time or inquire for more information immediately.
Search Engine Optimization (SEO) / Search Engine Marketing (SEM)
It will not do you any good if your company has an excellent website that no one can find, and how you get found is through search. ComScore’s global search report has indicated that Google alone gets 1.5 million searches per minute, or well over one billion per day! Having insight into how search engines serve search results to these hundreds of millions of people is crucial to ensure that scientists looking for products or services online find yours and not those of your competitors. Search engine optimization is a tricky thing – search engines guard their algorithms and make only vague public statements as to how they work, so having someone with expert knowledge manage your SEO is crucial. For example, there is a sweet spot between a site having too few keywords, which will result in sub-optimal rankings, and too many keywords, which search engines will penalize you for. Experts have spent years figuring out the optimal “keyword density” along with many other SEO considerations and know what works and what doesn’t. Even with expert help, organically improving your search engine ranking takes time. To get around this, and get you to the critically important first page of search results today, you can make use of search engine marketing. Remember: 90% of searchers never go past the first page of search results, and 99% will not go past the third page, so being on the first page is of extreme importance. A properly managed SEM campaign can economically get you to that critically important first page page of the search results regardless of SEO, and even with good SEO it has been shown that a well-run SEM campaign will still result in an average 20% more hits. Another benefit of SEM: since most SEM campaigns are pay-per-click, you know that most of the people clicking are in your target market. After all, people most often click on links that are of genuine interest to them. Also, search engine marketing prices their advertising by the keyword, and a lot of life science keywords are niche markets, and therefore are less saturated which leads to lower costs and a higher return on your advertising dollars.
E-Commerce
According to a study by Forrester Research, sales via electronic commerce will increase by an estimated 60% from 2009 to 2014 in the United States. In Europe, the estimated increase over the same time period is 68%. A burgeoning societal tendency to make purchases online compounded by extremely high internet usage among scientists and the ease of finding products and information online, ever more researchers are turning to the internet for laboratory purchases wherever possible. Particularly for lower-cost items which do not require purchase orders or budgeted line-items (usually $2500 maximum for universities and research institutes and around $5000 for pharmaceutical or biotech companies), a well-implemented e-commerce backend to your website can make it easier for customers to buy your products, help you process orders more efficiently, and even integrate with customer relationship management and / or accounting software to automatically capture customer and order information. The most important factor, however, is the ease and speed of ordering for customers. At all times, you want to ensure that it is as easy as possible for customers to order your products.
These are only some of the considerations that a company should think about when analyzing their online presence. I did not touch on Social Media Marketing (SMM), forms of online advertising other than SEM, online brand presentation, and many other factors (a quick tangent since I’ve brought up social media marketing; if you think the most popular site on the internet is Google, you are wrong). However, the above points are perhaps some of the most important for a small life science company to consider when establishing, updating, and / or maintaining an online presence. We’ll be tackling each in more detail, including social media and the other topics we didn’t cover at all here, so be sure to follow us on twitter or add our blog to your RSS feed if you’d like to stay up to date with the latest posts.
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Carlton Hoyt
Cross-promotions are a valuable and highly focused marketing tool to drive additional sales. By promoting products to a customer who has purchased a related product, you help ensure that your marketing dollars are spent on a highly targeted audience that is more likely to be receptive to your marketing message. However, creating highly relevant cross-promotions can be an issue for a small company with a limited product offering, but still provides an opportunity to compete with larger competitors.
November is already underway and if your company sells products or services to academic researchers then you should already be preparing to double down on your marketing efforts and start reaching out to potential new customers now. Many professors and graduate students will be extremely busy in early and mid December with their class responsibilities and will not want to pay attention to anything extraneous (including marketing materials), however important purchasing decisions, particularly larger purchasing decisions, for many university labs are made in early January – after the bustle of finals and the holidays but before classes start up again. Use this to your advantage.
Taking a pragmatic view on the state of the economy, it’s fairly easy to see that the road to recovery will very likely be a long one. Governments are in huge amounts of debt, and the “great recession” has been especially hard on small businesses, yet we see the stock markets going back up; the Dow is almost to 11,100 as I write this. Why do things feel so bad but look so good for big businesses? A lot of it isn’t due to revenue growth – global demand is still anemic. A lot of it is due to cost cutting to improve bottom lines which have left many large companies with very positive balance sheets. Now, having likely seen the worst of the recession and being in a strong financial position, large companies are starting to reinvest in anticipation of future demand growth.