We are living in a time of mass innovation. As pharmaceutical and biotechnical research progresses, the laboratory supply market is expanding as more and more supply companies begin offering their services. In 2020, the global lab supply industry was valued at $30.6 billion. Between now and 2028 the industry is expected to continue growing at a steady annual rate of 7.5%. For smaller and emerging suppliers, this industry growth could mean the difference between successfully attracting customers or not.
Read on for how to use digital marketing strategies to convert your potential customers.
Lab Supplier Demand Generation 101
In order to attract customers in such a crowded industry, laboratory supply marketers are embracing demand generation best practices. Demand generation — a marketing strategy that targets segmented audiences — is a straightforward process. Here is how you can begin using demand generation to attract more customers and spread valuable awareness of your company.
1. Target your buyer personas.
Before you can effectively market to your target audience, you first need to develop an understanding of who your target audience is. Consider what type of scientist, R&D researcher, or lab manager is most likely to purchase your lab supplies and equipment, and tailor your marketing strategy around their needs.
In order to create accurate buyer personas for lab supply companies:
- Analyze your customer database in order to detect the online behavior trends of your current customers
- Utilize forms and surveys to collect the personal information you need to gain a holistic view of who your ideal customers are (such as company size or lab supply procurement preferences)
- Work alongside your sales and customer support teams, as customer-facing departments they will be able to provide you with the valuable insights you’ll need to craft detailed buyer personas
- Directly interview past and active customers on what they like most about the products and services you provide, so you can continue delivering a desirable service
2. Find where your audience lives online.
Think of demand generation as the highest degree of targeted marketing. As opposed to mass marketing that is designed to appeal to as large of an audience as possible, demand generation instead tasks marketers with crafting hyper specific messaging designed to appeal to and attract only those prospective customers whose behavior suggests that they are likely to become a lifelong customer of your company.
In the world of modern marketing, this boils down to a marketer's ability to accurately pinpoint where their target audiences spend their time online. To do so:
- Develop a holistic view of your target audience and their online behavior patterns
- Reach out to your existing customers and ask them about their favorite online communities, websites, forums and other resources
- Embrace social media and make connections in established online communities of your target audience members
- Determine if there are any active influencers in your industry — if so, monitor their online behavior and follow them to their online community
3. Create content and establish a presence.
Once you’ve determined where your target audience likes to virtually hangout, you can begin establishing a presence for your company in these same spaces. Create informative and interesting content that you then publish to these spaces. For example, get in the rhythm of posting your weekly blog posts in the popular industry Reddit community like r/labrats.
When conducting demand generation, earning and maintaining the trust of your target audience and providing useful content is key. When audiences can feel as though you are a trusted member of their industry, they will be more likely to utilize your assistance in the future.
4. Create a pipeline in these spaces.
With the attention of the right members of your community, you need to succinctly and effectively direct them toward your company and lab products that will make their experiments better. For some marketers, it could be useful to approach this step similarly to conversion. It is here that you will transition your target audience from prospects to active customers.
If you have established a presence in the right online communities thoroughly enough, creating a pipeline in these spaces that lead prospects toward further engagement with your company won’t be a problem. Simply use the content you are already publishing and your existing presence to direct customers to your specific products and services.
5. Use an online marketplace.
At this point you may be wondering, but if every lab supplier in this crowded industry practices demand generation won’t we still be fighting over customers? The good news is, even with so many lab suppliers vying for the attention of the seemingly same audience, there are ways for smaller and emerging suppliers to make their presence known.
Online marketplaces serve as the equal playing field that new and emerging lab suppliers are looking for in order to help their voices be heard amongst all of the noise. When you use an online marketplace like ZAGENO to host your lab supplies, you’ll not only be making yourself available to your target audience but your organization will become accessible to and known by an entire population of customers who otherwise may not have had the opportunity to familiarize themself with your brand.
Online marketplaces have changed the way that suppliers are found by their customers online. In order to make sure you are making your presence known to your target audience, begin utilizing a lab supply online marketplace today. For everything you need to know to get started, check out What is an e-Commerce Marketplace?