Market Focus: Bioscientists
A Market Worth Further Analysis
Just as scientific research is an exacting process, so is selling to scientists. Even when you narrow the field to bioscientists—scientists who study living organisms—the sector can be further defined into several categories:
• government, academia or private industry;
• title, such as lab technician, researcher and university department head; and
• field of study, such as microbiology, zoology, ecology and biochemistry.
Key to selling to bioscientists is knowing these details and understanding how they influence the products and services needed, budgets, purchasing authority and buying habits.
But reaching out to this market doesn’t require a microscope for every marketing activity. Some common traits exist to help you create successful direct response campaigns without the need for one-to-one marketing.
The Overall Market
According to Alexander Grimwade, publisher of The Scientist, a journal that covers news and issues of interest to life scientists, the life science research market numbers about 400,000 professionals.
By B-to-C standards, this is a niche market. But when you consider that the spending power of this market is roughly $60 billion annually, Grimwade estimates, it’s a business sector with tremendous purchasing needs.
Of this $60 billion, $22 billion is government money dedicated to grants and research projects, says Grimwade.
As this financial breakdown suggests, almost half of all biological scientists in the United States held federal, state or local government positions in 2002, according to U.S. Department of Labor statistics. The remainder were employed by scientific research and testing laboratories, the pharmaceutical and medicine-manufacturing industry, hospitals, or colleges and universities.
This market is comprised of people who spend a tremendous amount of time and money on education and their careers, says Pam Mulligan, vice president of list management at MKTG Services, which manages The Scientist files. Many hold doctorate degrees.
With higher education levels come high average salaries. U.S. Department of Labor statistics for 2002 show that bioscientists working for the government earned a median annual income between $55,000 and $90,000. In the private sector, bioscientists earned median annual incomes between $48,000 and $64,000. In the top echelons of this field, bioscientists earn average annual incomes in excess of $100,000.