The COVID-19 pandemic is challenging Contract Research Organizations (CROs) to revise their business development strategy. Visiting conferences, participating in workshops, or speaking at events are typical strategies to come in contact with potential business partners or clients. Unfortunately, these lead-generation methods are off the table due to the COVID-19 crisis and expected revenue streams are now under pressure.
Luckily, the innovative life sciences field is adapting to the new circumstances and business development is transitioning to a digital approach through webinars and digital conferences. Well-visited conferences, such as BIO-Europe, are now organizing digital events and most companies are starting to become more active on Linkedin. Even before the pandemic, large CROs such as IQVIA, Covance, or Charles River, were already executing strong digital marketing strategies. This is illustrated by their large advertising budgets which have led to a significant number of followers and content volume on their social media channels. Now, these companies are scaling their digital marketing efforts even further.
Of course, these large companies have more resources than the typical small- or medium-sized CRO. However, a successful digital marketing strategy does not depend on the size of a business development or marketing budget. It is rather determined by how smart and creative companies are using easily-accessible and cost-effective digital tools to generate leads for their products or services. For example, increasing a company’s online presence and visibility among their target audience is now easier than ever. Active engagement on Linkedin by sharing relevant content (i.e. articles, posts, videos) helps companies to inform their target audience and generate “warmed-up” leads that have a high chance for conversion. Also, companies can optimize their websites to make sure that they rank on top of Google’s search results for keywords that are relevant for their business. These are just a few examples of digital tools that help companies to achieve effective lead generation while becoming less dependent on physical events, such as conferences or workshops.
Apart from mitigating the negative effects of the COVID-19 crisis, digital marketing tools are also typically more effective than traditional lead generation methods. Cold calling or emailing potential clients cost companies significant time. Also, the conversion rates are relatively low because individuals are targeted without having any information about them. Tools such as automated Linkedin communication, web-scraping, and targeted advertising empower companies to generate leads in a more time-efficient manner. In addition, while using these tools, companies can collect data to help them understand the needs of their target clients. The data can be used to optimize marketing efforts even further to a point of minimal waste of the most important resources: time and money.
With digital marketing, there are endless tools that help CROs to generate leads for their products or services. Understandably, it can be difficult to choose which tools fit best with your company strategy. Sciential Marketing, a digital marketing and growth hacking agency based in the Netherlands, has written a whitepaper about the most effective digital marketing tools for CROs. Click on the link below to download the whitepaper.