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Biotech startups are usually on a mission to accelerate drug discovery, reinvent the food industry, improve human health conditions, or design new sustainable materials. Many biotech startups consider the commercialization of their discoveries from the very beginning. After all, research has to turn into a tangible offer to bring real-life results.
In an ideal world where carbon-neutral unicorns deliver you groceries, announcing a new technology or a feature launch would be enough for people to start using it. But I assume we live in reality. And the reality is: people tend to ignore many useful things simply because they are bombarded with information that they have to filter and evaluate on the spot.
While you will get early adopters excited, there will still be a chasm to cross on your product adoption curve.
Therefore, in addition to the product strategy, a startup needs a brand strategy to educate people about the innovation before the launch and align your biotech startup with your audience's perception. It will help cross the chasm on the product adoption curve and reach the so-called early majority which is a sign that the innovation has begun to spread widely across people.
Once you turn to a commercialization path, building a solid brand is next. Your idea is often a novelty on the market. In some cases, it may never existed before. Therefore, it needs more than a list of features to convince people to use it. Your biotech startup needs to win the trust and build rapport with your audience
Heap.io gave a concise definition: “Product adoption is the process by which people learn about your product and start using it to accomplish their goals.” So successful product adoption strategies ask for:
As a founder, you have done your research, identified the problem, and come up with a solution. Now is a good time to think about the positioning.
“Positioning is the act of designing the company's offering and image to occupy a distinctive place in the mind of the target market,” — words by Philip Kotler.
While a concept is an idea behind your startup, brand positioning pinpoints the maximum benefit to derive. It strives to achieve three goals:
The classic positioning statement would be: “To [ your target audience ], our product is [ category ] that provides [ benefits ] because of [ reason to believe/purpose ].”
Notice how you talk about your USP. Your competitive advantage is about the points of your uniqueness, supported by a bigger purpose.
Your competition can steal technology. But if unique and unique for good reasons, not only it will take more time and effort to copy, but it also won't be an absolute copycat. Identifying your biotech startup's points of difference is the beginning of developing a persona. And once your startup has a persona, it is even harder to copy.
Communicate the gains. According to an article in Forbes, the success of a biotech startup depends on the people's reception of the new technology. Biotech startups work with the future. Some solutions are so novel that they require the audience to educate themselves before understanding them. And if they don't understand, they won't purchase. Because if they don't understand how they win, there is no need for the new tool in their eyes.
Therefore, education is part of a customer journey. Keep it clear and keep it simple as the user adoption rate tends to drop when things get confusing or overwhelming.
To improve customer adoption rate, help your target audience understand the new invention and its features.
As part of your user adoption strategy, use these two communication techniques to establish trust:
“Companies must not only deliver a functional component for their customers, they must also offer a genuine emotional narrative and customer interaction,” — says Massimo Portincaso, founder of Officinae Bio.
This is a question of the connection between your startup brand and your audience. Building that connection is part of your customer journey. The bond is emotional. Bringing up your brand foundation (vision, mission, and purpose) will help establish it. Tell people why your business does what it does and why you felt the need to take action. This will help your audience to resonate with your brand. People develop trust based on the values you and your audience share.
Your brand differentiator attracts people to test your creation, the purpose connects with your audience genuinely, and the tool becomes living proof of your values and beliefs.
Another important part of conversion is the onboarding experience. Guiding people through steps and clear communication increases user adoption rate.
CB Insights names the absence of market needs as one of the top reasons startups fail. Reviewing your brand positioning will ensure your biotech startup's offer aligns with your audience's expectations.
Since you serve a particular tribe, focusing on the real benefits catered to them will help your audience see the value and support your product adoption strategy. If you deliver what you promise and tailor your offer based on the needs of your regular users, you get happy customers and higher product usage.
Quick and easy questions to consult to improve customer loyalty.
“It isn't always about changing the world, but asking the right question,” — suggests Natsai Audrey Chieza, founder of Faber Futures.
The retention rates depend on the customers continuing to pay for the product over and over again. For them to pay, the technology needs to constantly evolve to be able to mee their needs.
Labiotech has named overemphasis on science among the five issues that can defeat a biotech startup. Your company is your people. Your teams bring your mission to life.
A startup as any workplace is a human institution. Moving your research to the development stage requires people. It requires nurturing human and business relationships.
Invest in developing a product team, a customer success team and a marketing team - in people who take action and make your vision happen. In other words, those who track product usage, analyze user behavior, gather customer feedback from active users and keep an eye on customer retention and customer lifetime value.
Your brand foundation (vision, mission, and purpose) will serve as a basis to foster a healthy internal culture.
The purpose can be an essential connector in your company. It isn't solely about bringing revenue. It is about making an impact.
Firstly, it inspires people by giving them a common goal. It unites the product and marketing team, customer success team and data team. Each team can set objectives to reach business goals.
Secondly, it serves as a platform for your employees to discover ways to push your biotech startup. Which in return facilitates personal growth.
Lastly, it puts the pressure off the leadership team, which has to keep everyone rowing in the same direction. Praveen Tipirneni, CEO at Morphic Therapeutic, has stressed leadership is at the heart of moving the startup from discovery to development phase. A brand vision and mission as a tool to guide the team, hire missing talent, and integrate them into a startup team.
As a biotech startup, you are exploring the future. A brand strategy will help your startup align your offer with the audience's perception, educate your audience, and establish trust with your biotech brand. All in the name of helping you move through the product adoption curve.
