What do CROs, CDMOs, biotech, lab instrumentation, and medical device companies all have in common?
Answer: very few of them understand how to make the most of their marketing budgets.
In the life science industry, where competition is fierce, regulation is strict, and resources are often limited, the effective allocation of your marketing budget can make or break your sales projections for the year. Marketing budgets in 2023 are even slimmer than they were in 2022, so how do you achieve more growth with less money?
In this blog, we’ll explore three major ways to maximize your life science marketing budget.
1. Investing in a content strategy is always a good idea
There are very few “guaranteed” ways to succeed in marketing, but developing relevant, unique, trustworthy content is a surefire way to improve your science brand.
Content is the backbone of any successful marketing strategy, especially in the field of life sciences. It’s not just about producing content; it’s about creating valuable, informative, and engaging content that resonates with your target audience. Here’s why investing in a content strategy should be a priority for all life science organizations:
- Establish Authority: High-quality content positions your brand as an authority in the field. By consistently delivering insightful articles, blog posts, videos, or whitepapers, you build trust and credibility among your audience.
- Long-term ROI: Unlike paid advertising, content marketing has a longer shelf life. A well-optimized blog post or video can continue to drive traffic and generate leads for months or even years after it’s published.
- Organic Growth: Quality content can improve your website’s search engine ranking, driving organic traffic and reducing your reliance on paid advertising.
Struggling with creating compelling content? Check out our blog on common problems and solutions with content strategies in the life sciences.
2. Pay Close Attention to Your Paid Advertising Strategy
While content marketing provides long-term benefits, paid advertising can be a valuable tool to supplement your marketing efforts. However, it’s essential to be strategic with your advertising budget to avoid wasting money:
- Don’t skimp on your ad spend: We talk with dozens of science organizations each year who complain that their ads aren’t having the impact they wanted, only later to confess they’re devoting a minuscule amount of their budget towards their Google Ads. In our experience, your Google Ad spent should be at least $3,000 per month in order to validate your bidding strategy. If you’re unable to spend that amount, you’re likely better off pursuing other channels until you can afford to hit that threshold.
- Monitor and Optimize: Regularly analyze the performance of your paid campaigns. Adjust your strategy based on what works and what doesn’t. This ongoing optimization can significantly improve the ROI of your ad spend.
- Use filters to prevent spammers from affecting your budget: Unfortunately, spammers and bots are a natural part of any digital initiative, including paid advertising. If you’re seeing large chunks of your budget get eaten up by demographics or regions that you’re confident won’t be buying from you, configure some filters to make sure your ads are only being shown to users with high commercial intent.
3. Don’t fixate on short-term solutions
In the quest to maximize your life science marketing budget, it can be tempting to seek quick wins or shortcuts. However, relying exclusively on short-term fixes can be detrimental in the long run. Here’s why:
- Diminished trust: Short-term tactics like clickbait or spammy email campaigns can damage your brand’s reputation and erode trust with your audience.
- Unsustainable growth: Quick wins may provide an initial boost in leads or sales, but they often lead to a boom-and-bust cycle. Sustainable growth is built on a solid foundation of content, trust, and a strategic approach.
- Wasted resources: Resources spent on short-term fixes could be better allocated to long-term strategies that provide consistent and lasting results.
By incorporating the tips we’ve outlined, you can make the most out of your marketing budget and achieve sustainable growth in this highly competitive industry.
If you’re looking for a trusted marketing agency with decades of experience in the life sciences, reach out today to learn how Forma can help you hit your sales and marketing goals.