How to Overcome the Life Science Startup Blues
Life science entrepreneurs endure a lot of startup turmoil.
First, they face all the usual challenges of understanding the market’s nuances, developing an airtight business model and, of course, acquiring ample funding.
Then, entrepreneurs in healthcare, biotech and other biomedical fields must navigate additional obstacles, which sometimes include gaining regulatory clearance, succeeding in clinical trials and ensuring R&D productivity.
But even after these essential steps are complete, there still awaits perhaps the biggest challenge for life science startups: convincing the ever-skeptical and brand-loyal researchers and clinicians that their product or service is worth trying.
In this fast-moving industry, the survival of any brand relies heavily on its ability to distinguish itself sufficiently to connect with scientists.
If you’re a life science entrepreneur, you know the importance of credibility simply can’t be underestimated. There’s no faking it in this field. That’s why your communications strategy must never take a back seat.
You’ve done the difficult part in getting your company to the point where it’s market-ready. Now it’s time to let the world know. Here are three key recommendations to give your “baby” the best chance for success.
Plant your stake in the ground. In all communications from your new company, make sure your brand is positioned clearly and strategically. What differentiates your offering from competitors? What challenges do your potential customers face on the job, and how do you help solve those problems in a novel way? Everyone at your company should be well versed on the answers to these questions.
Find your personality. Create a memorable brand image. Develop a look and feel that exemplifies your company’s unique value proposition and culture. Then leverage some key marketing tools to convey credibility: a website, a corporate presentation, business cards and leave-behind collateral.
Amplify your voice. Go public with your story. If you’ve made it this far, your offering clearly solves a problem. And that is exactly the type of content that editors at trade publications are looking for. Whether you’re approaching editors with a story idea or writing blog posts on your own website, present yourself in a nonpromotional way. Spread your unique knowledge to establish yourself as an industry thought leader.
Start-ups have a tough road getting off the ground. But of all the critical components of success, marketing communications shouldn’t be the part holding you back.
You’re not the first one to get to this point; there are plenty of case studies to guide your success. Want to see a few? Find inspiration in Chempetitive Group’s portfolio.