Most bioprocessing comes from existing companies with years of experience, skills, many client interactions, and established technologies. For a company looking to get a start in this industry, the challenge can be daunting.
“Existing bioprocessing companies are often extremely difficult to compete with when it comes to capacity but may be limited in terms of capability,” says Daniel Lofaso, CEO of Digital Elevator, a biotech marketing agency. “Smaller, more nimble companies may have an edge when it comes to specific therapies, and this should be identified in terms of a unique selling proposition and translated into marketing.”
The question is: How does a new bioprocessor market itself to emphasize an edge over established competitors? “To successfully break into the competitive field of bioprocessing, new bioprocessing companies should play to their strengths, particularly those that are related to time and cost,” Lofaso says. “These have consistently been identified as the biggest challenges in bioprocessing, so if a new bioprocessing company can compete on speed and price, they may be able to generate more conversations.”
To get those conversations going, Lofaso says that it “starts on the website and then can be echoed across further campaigns and initiatives.” In fact, he says: “The website is always the foundation of my recommendations for new bioprocessing companies as it provides the ability to share details about the company, technology, leadership, and services.” After that, Lofaso might recommend paid advertising like Google Ads or LinkedIn Ads. “They are the quickest way to generate leads for a business,” he explains. “Done correctly, paid advertising can identify the exact buyer persona and get in front of them efficiently and competitively.”
Nonetheless, a budding bioprocessor needs more than a website plus Google and LinkedIn Ads. Other paid-media opportunities should also be explored. “Industry publications often provide a wealth of targeted buyer persona advertising opportunities, such as banner ads, email blasts, podcasts, or native ads that can be highly effective from a lead-generation and brand-awareness standpoint,” Lofaso notes. “Identify the best industry sites that your buyer persona utilizes and seek out their media kit for opportunities.”
Beyond taking these steps, a new bioprocessor needs to make the most of them. “Improper sales funnels through poorly run ads and website landing pages are often a common issue I see with new bioprocessing companies,” Lofaso says. “Companies with limited experience running paid campaigns will fail to do proper intent-based targeting, running ads to people who don’t have purchase intent.”
Top three tips
When asked for his top-three tips for a new bioprocessing company developing a marketing strategy, here’s what Lofaso says:
- Identify target-buyer personas. “Understanding whom you are targeting, what makes them purchase your product over another, and what their pain points are when it comes to [evaluating potential] bioprocessing vendors helps simplify marketing campaigns and messaging,” Lofaso says.
- Build a modern, resource-rich, and trustworthy website. This “is perhaps the most important ‘salesperson’ a bioprocessing company can have,” Lofaso “B2B buyers typically do about 80% of their research on their own before reaching out to a partner—with the bulk of this research happening on a website—so it behooves a new bioprocessing company to invest in an informative website that showcases their value.”
- Get opportunities in the door and start selling. “It’s easy to get carried away with pretty business cards and business polos, conference assets, or the desire to have a dedicated marketing staff,” Lofaso points out. “For me personally, everything else is secondary to generating leads as they are the lifeblood of your business.”
No matter what marketing strategy a new bioprocessor takes, resolve will be required to reach success. As Calvin Coolidge, 30th president of the United States, put it: “Nothing in the world can take the place of persistence.”
