The Ultimate Guide for Biotech Sales Funnel Growth Guide

The Ultimate Guide for Biotech Sales Funnel Growth Guide

January 9, 2023

Biotech Lead Generation Strategy

Lead generation is crucial in biotech marketing, yet many marketers struggle to develop a fine-tuned strategy that reliably attracts and converts leads through the sales funnel. In this guide, we’ll explore sales funnel basics, customer research, effective content types for each stage of the funnel, and tools for lead generation tailored for the biotech industry.

Before diving into sales and lead generation strategies and tools, it’s essential to understand your buyers. Without this understanding, building an optimized marketing and sales strategy is impossible. In the past decade, buyer persona research has become a staple in both inbound and outbound marketing strategies.

Buyer Persona Research 101

Buyer personas are semi-fictional representations of your ideal customer segments. These personas depict key characteristics that define each audience segment, including psychological traits, purchasing behaviors, and decision-making processes.

Unlike other forms of consumer research that bundle buyers based on demographics, buyer persona research focuses on the customer’s journey. This approach is immensely valuable to sales teams as it brings the customer’s experience to the forefront.

How To Conduct Buyer Persona Interviews

To uncover valuable insights, conduct one-on-one interviews with current or past customers who represent key sales segments. During these interviews, avoid leading the customer. Ask structured questions, listen, record, and transcribe the interviews. Highlight and code phrases reflecting each buying insight. For example, if they mention pricing or key features they like, categorize these quotes under “Decision-Making Criteria.” After reviewing qualitative data from several transcripts, identify patterns to define a target buyer audience based on their goals, success definitions, desired features, objections, and purchasing processes.

Understanding The Buyer’s Journey

The key to building a sales funnel is understanding the buyer’s journey. Each ring of buying insights provides a basis for strong messaging, market positioning, and UX design. However, the most important insight for building a sales funnel is understanding the buyer’s journey.

The buyer’s journey has three key stages:

  • Awareness Phase: The buyer notices a problem and seeks to resolve it.
  • Consideration Phase: The buyer understands the problem better and explores solutions.
  • Decision Phase: The buyer narrows down options and is ready to make a purchase.

What Is A Sales Funnel?

Sales funnels, marketing funnels, or revenue funnels depict the natural prospect attrition during the sales process. Sales funnels start with many prospects engaging with your brand but narrow down to qualified leads and eventually customers.

There are five key components of the sales funnel:

  • Awareness: A lead enters your funnel by becoming aware of your brand.
  • Interest: The lead shows interest and engages with your content.
  • Evaluation: The lead considers their options and evaluates your solutions.
  • Action: The lead makes a purchasing decision.
  • Purchase: The lead becomes a customer.

Lead Qualification

There are three types of qualified leads:

  • Information Qualified Leads (IQL): Cold leads who have recently entered the funnel.
  • Marketing Qualified Leads (MQL): Leads showing interest and engaging with middle-of-funnel content.
  • Sales Qualified Leads (SQL): Leads ready to make a purchase in the action and purchase stages.

The Digital Marketing Playbook

The Inbound Marketing Process involves four phases:

  • Attract: Draw in prospects to your website.
  • Convert: Capture contact information and convert visitors into leads.
  • Close: Deliver content that convinces leads to buy.
  • Delight: Build long-lasting relationships with customers.

Measuring Predictive Revenue Growth

Predictive revenue growth can be measured through:

  • Conversion Rate: The percentage of leads who become customers.
  • Cost Per Conversion: Total marketing costs divided by the number of conversions.
  • Customer Lifetime Value: The predicted total spend of a customer over time.
  • Entrances: Number of leads entering the funnel.
  • Flow Rate: Time leads spend in each funnel stage.
  • Win Rate: Percentage of deals closed divided by qualified leads.

How to Craft Great Content for Each Stage of the Funnel

Delivering appropriate content to leads based on their funnel position drives revenue growth. Sales funnel content is typically broken into three categories:

Top-of-Funnel Content

Build content that positions your brand as a trusted authority. Focus on educating leads without being pushy. Top-of-funnel content includes:

  • Tutorials
  • How-To Guides
  • Helpful Articles
  • SEO
  • PPC
  • Influencer Content
  • Social Publishing
  • Podcasts
  • Press Releases
  • Contests
  • Product Ads

Middle-of-Funnel Content

Engage leads with content that educates and informs them about their problem and your solution. Middle-of-funnel content includes:

  • Buyer Guides
  • Case Studies
  • Explainer Videos
  • FAQs
  • Newsletters
  • Testimonials
  • Reviews
  • Product/Service Rankings
  • Email Drip Campaigns

Bottom-of-Funnel Content

Differentiate your offering with powerful feature lists, benefit statements, and unique value propositions. Bottom-of-funnel content includes:

  • Demos
  • Case Studies
  • Reviews
  • White Papers
  • Discounts
  • Cut Sheets
  • Pitch Decks
  • Product Pages
  • Pricing Page
  • Comparison Tools
  • Sales Calls

Must-Have Tools for Lead Generation

Utilize these tools along with top- and middle-of-funnel content to attract and convert leads.

Top-of-Funnel Tools for Lead Generation to Attract Prospects

  • Ahrefs: Keyword research, link building, and web search analysis.
  • Ubersuggest: Keyword research and web auditing.
  • Semrush: Content planning and site optimization.
  • Google Business Profile: Local search results and maps.
  • Google AdWords: Targeted pay-per-click ads.
  • Google Local Service Ads: Local business ads.
  • Upfluence: Influencer identification and management.
  • LTK: Retail influence network programs.
  • BuzzSumo: Influencer and journalist identification.
  • Google Analytics: Website and advertising performance.
  • Crazy Egg: Heat mapping software.
  • Yoast: Content optimization for keywords.
  • Referral Factory: Referral campaign management.
  • EmbedReviews: Display positive reviews.
  • NiceJob: Invite customers to leave reviews.
  • LinkedIn Sales Navigator: Prospect profile search.
  • Prospect profile access.
  • Cision: Media list building and story pitching.
  • Hootsuite: Social media content scheduling.
  • Brandwatch: Social listening tool.
  • Canva: Social media design platform.

Middle-of-Funnel Tools for Lead Generation to Convert Leads

  • Zoom: Webinar hosting.
  • Livestorm: Virtual meetings and webinars.
  • Agile CRM: All-in-one lead management platform.
  • MailChimp: Email marketing and automation.
  • Flodesk: Modern email campaigns.
  • LiveChat: Live chat tool.
  • HubSpot or Agile CRM Chat: Integrated chat tools.
  • Unbounce: AI-assisted landing page design.
  • WordPress: Content management system.

Let us help you boost lead generation with user-focused web design, content strategy, and search marketing. At Mesa Marketing, we create powerful biotech websites that:

  1. Attract prospects with engaging top-of-funnel content and search marketing strategy.
  2. Convert website visitors into leads.
  3. Raise brand awareness with a search-friendly website and content strategy.

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