This is a blog by Mark Verzijl, Consultant at Sciential.
I am sure that many life sciences companies encounter situations where new ideas want to be brought to market as soon as possible. Sometimes, you want jump into a market opportunity on a short notice, capitalize on current affairs or you have this fresh new idea that just feels right. In these cases, life sciences marketers could leverage digital advertising to rapidly validate their idea.
When you’re on the verge of entering a new market or differentiating a product or service, it is essential to poll the opinion of your potential client. And digital advertising can be of amazing assistance. For instance, you can serve your target audience display ads to test different propositions. Or you can carry out a short survey through a rich media banner ad for opinion polling. This way you can collect data rapidly among a highly targeted audience. In just a couple of days, you can have your idea validated in the most cost efficient manner so you can enter a new market well prepared.
𝐔𝐧𝐫𝐚𝐟𝐟𝐥𝐞 𝐭𝐡𝐞 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐦𝐚𝐤𝐢𝐧𝐠 𝐮𝐧𝐢𝐭.
When expanding to a new market, it is of great importance to know your audience. Within the B2B space, you really want to know who makes decisions within the companies you target. Therefore, I recommend you to create landing pages and analyze through insights pixels who is visiting your website (e.g., name, company and job title) and see how they behave. These audience insights helps you to tailor you new idea to the right audience.
𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐞 𝐚𝐧 𝐨𝐩𝐭𝐢𝐦𝐚𝐥 𝐩𝐫𝐢𝐜𝐞 𝐩𝐨𝐢𝐧𝐭.
Pricing strategies are often overlooked and underrated while it can build or break your service or product. One of the mistakes I come across very often is that price points are duplicated from one region to another. To avoid costly missteps, I strongly advise to test various price points and price anchors with multivariate testing. This can be easily and cost efficiently done with digital ads when testing different creatives and landing pages in order to determine an optimum in terms of margin and volume.