Brand Insights

For Health Science Executives

Become a Life Science Market Leader Regardless of Your Budget

Become a Life Science Market Leader Regardless of Your Budget

By Karan Cushman, October 2, 2015

Even an underdog can dominate profitable life science niches.

We recently discovered something surprising when researching buyers of life science products. Our survey found that end users aren’t that loyal to specific brands — even some of the best-known ones. While many people have “go-to” brands they use daily, they’re happy to switch if someone else offers better performance, support, cost-effectiveness, or any combination of those traits.

This means any company — including yours — can break into a market or take control of a bigger share by finding chinks in the armor of the big boys. Here’s how to do it without spending a small fortune.

Find a niche where you can take command
No matter what size your company is, or how similar your products are to others in the life science field, there’s some aspect of your business you can do better than anyone else. Start by asking where you have the ability to add extra value. Do you provide superior scientific support? Get products to end-users more efficiently. Is there a way you can package your product that would make it safer or more convenient to use?

You can even talk to your buyers to find out how you could make their lives easier. It might be a competitive advantage you already have, or it might be something you can make superior with a bit of work.

Break away from your competition
Staking a claim to your niche before other life science companies do is only the beginning. If you want to be a market leader, you’ll also have to set your marketing bar a bit higher than they do.

That doesn’t have to mean spending a lot of money, but it does mean setting yourself apart. It’s easy to be complacent if your branding is just as good (or as bad) as your competitors…until one of them raises the bar and forces the rest of you to react. Claiming your unique niche not only positions you as a market leader, it allows you to choose your timing instead of scrambling to react to someone else’s innovation.

Start shaping the conversation
The advantage you define for yourself will ideally be the solution to a challenge your buyers have, even if they don’t recognize it before you bring it to their attention. As you begin marketing around your strengths, look for ways to raise awareness of that problem and draw their attention to why you’re in the best possible position to solve it.

This approach isn’t just about gaining market share. It’s about defining your market by encouraging it to think in terms of your strengths. Once you take this step you’re no longer a follower. You have the potential to become the organization that everyone else has to imitate or react to.

This is where the strength of the branding comes in. The single best way to trounce your competition is to build a strong point of differentiation that generates trust and credibility in your organization. Over time, the reputation you develop encourages people to ask for your product — even if it’s essentially the same as someone else’s.

Tagged: Advertising, Packaging

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