Marketing strategy for a fast growing biotechnology company
Young companies or novel products often have growth projections which look like a hockey stick – slow start and then geometric growth, but they struggle to reach the elusive take off point. Part of the secret is moving from selling to other like-minded enthusiasts to finding a true niche market where your product satisfies most or all of the needs. Once established in that niche a company can start to build a more mainstream presence. This is the story of one company who had exactly that experience…
This transatlantic company has been around for about 8 years, they had an interesting product in the competitive and innovative field of genomic research, but unfortunately had struggled to achieve real growth.
We visited Universities, Hospitals, and Laboratories and interviewed researchers at the leading edge of genetic medicine. Interestingly those who were most enthusiastic about the product were those who were using it for clinical research close to the patient. The technique offered a ‘gold standard’ in terms of quality of data on a result by result basis, which obviously appealed to clinical researchers who can see the potential for life critical decisions based on a single test.
We advised the company to re-direct their sales messages and marketing effort at this clinical niche, where they had a complete and compelling offer. This moved them away from the larger but more competitive market for basic genetic research which relies on accumulating large databases and uses statistical methods, and where cost per test is the main driver of buying decisions. As a result of this refocus they are now one of the fastest growing in their biotech sector.
“We got everyone together and listened to the findings and the conclusions, the recommendations were so compelling that we walked out of that room and started doing it…” CEO