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Monthly Archives: May 2012

Let The Scientists Decide

Scientists will make their own purchasing decisions. To improve marketing effectiveness, life science companies must help them make their own decision, not push one on them.A common failure in life science marketing is being too pushy. Marketers frequently try to force scientists into accepting their viewpoints by making bold claims and attempting to force marketing content upon them. This approach, however, misjudges the audience. Scientists are taught to be skeptical and to arrive at their own conclusions. When companies are selling scientific products to them, scientists approach a purchasing decision with that same level of skepticism. Bold claims and forcefully wielded content do not overcome that skepticism.

Most life science marketers (and therefore, presumably, most people reading this post) were scientists at one point. Think about yourselves and how you would make a purchase of any significant importance. Maybe a computer or a television. You likely didn’t just go to a store (online or in person), look at one model, decide that you like it and buy it right there on the spot. You most likely looked up other options, researched reviews, or asked around to see if anyone you know has had experience with that model or brand. Scientists do the same thing when making purchases for their labs. They shop around, ask around, and compare multiple options. They form their own decisions, regardless of how many benefits you claim, how many features you have or how many testimonials you tout. There should be no expectation that your marketing will be able to take someone from a point of mere curiosity to the point of making a purchase then and there. Yet so much marketing is designed to do just that.

The most common reason for this overbearing and unrealistic marketing approach is fear. Put simply, many marketers fear that if they do not generate a lead or sale at any given point of contact then they have “lost.” This is not the case – ask any life science marketer how many “touches” a prospect needs to become a lead, then a lead to an opportunity, and finally an opportunity to a sale. The answer will almost never be “one”. However, marketers are unwilling to lose control. You need to be able to accept that scientists are going to shop around, try to find more information, and eventually come to their own decisions. They are simply too skeptical to accept your company as the sole provider of information in their purchasing decision.

This does not mean that marketers need to sit back and watch the purchasing decision get made. Marketers are correct in being proactive. However, in order to create a truly effective marketing campaign, life science marketers must understand what the customers will want to know and how they’ll want to obtain that information. There will be content that the customer wants that is out of your control. The best marketing campaigns will neither refuse to cede control nor allow the scientists to continue their decision-making alone, but rather will act as a shepherd that guides them to the content that both satisfies their needs while helping to validate the company’s claims.

Let the scientists decide. Just be there to help them make their decision in your favor.

"How would you like to improve your life science marketing? BioBM Consulting offers flexible marketing solutions with services that are designed especially to meet the needs of smaller life science tools companies. Our hands-on approaches have helped many companies build and improve their marketing infrastructure. How can we help yours? We’d be happy to find out. Contact us to discuss your situation and we’ll create some possibilities."

Don’t Fail Because of Scale

Lean operations can help ensure the survival of your life science tools company.We see it again and again, and it’s often the fault of investors. A promising technology, a talented team, and what would otherwise be a great young company fail. A life science tool doesn’t become the blockbuster it was pitched as, and because the company was created with the vision of huge sales numbers that never materialized, it goes under. Often it doesn’t go under until multiple additional rounds of financing are pumped into the fledgling company. The company never goes into the black because everyone bet too big, and everyone loses.

You don’t have to have a blockbuster product to be a successful life science tools company. Realism is every bit as important as ambition. If you bet big then you often grow too fast, take on too many liabilities, and end up with a structure that relies on a great deal of success to support. If you can employ lean operations and build success a little at a time, however, your life science tools company will have far more staying power.

We know that not every company or technology is amenable to slow growth. Some take massive resources just to develop and therefore necessitate a bigger payout. However, every company can, in some way, become leaner. In doing so, you can greatly reduce your business and financial risk.

The specific ways that companies can / should lean their operations is heavily dependent on each company’s needs and situations, but we’ve provided a few ideas just to get your creative energies flowing:
• Outsource! (administrative duties, financial / billing, warehousing, manufacturing, etc)
• Leverage a contract (commission-based) sales force, or only sell through distributors
• Release beta units into the market with fewer features to test both the market and your technology prior to full product launch
• Virtual operations

With leaner operations, young life science companies can reduce the threshold to becoming sustainable and successful. Planning on rapid growth or huge sales feels good, and sounds good to investors, but often leads to unnecessary risk taking.

"Looking for the right strategy for your life science tools company? Are you looking to overcome challenging conditions such as low product adoption, rapidly dwindling cash reserves, or entrenched competition? We won’t tell you not to worry, but your situation can be improved. BioBM’s life science business consultants can help you devise a strategy to turn your life science tools company around and put you on the path to profit. Contact us to speak with one of our consultants today."

Making Decisions Simple

This is the second part in a two-part post on the importance of simplicity to the decision to purchase. For the first post, which explains why simplicity is important, see Make Purchasing Decisions Simple.
By simplifying the purchasing decision you can not only gain more customers, but create more satisfied customers as well.
As scientists are presented with ever increasing options and information, the traditional purchase funnel model is breaking. Research has shown that as consumers are overloaded with information and choice, more are adopting a dynamic buying cycle, adding and dropping products from consideration nearly continuously as they progress towards their decision. Others are focusing in on a single brand, excluding any others from consideration. Furthermore, overabundance of choice is decreasing consumers’ satisfaction with both the purchase process and their purchase. There is a way to benefit from this, however. In doing so, you’ll obtain more customers and increase their satisfaction: Make their purchasing decision simple. But how do you do this? The answer comes in three parts.

First, users must be able to easily navigate your product information. Independent of format, they must be lead to the information that they need easily and the information must be presented neatly. In many cases, this means that you’ll need to present information for many different applications, but finding the information for each application must be obvious. It should come as no surprise that the easiest format to provide such a broad amount of information is on your website. Users must be able to find as much information as they want without being overwhelmed. Good navigation will provide easy access to a lot of information with a lot of opportunity to move to the next step.

Secondly, users must be able to trust the information they find, which means that life science tools companies need to provide trustworthy information. Some level of trust will be built by validating your marketing messages with data and other proven information. Testimonials may help somewhat. Reviews and information from independent scientists on third-party websites will imbue even more trust. (Want to lead people to content on external websites then easily guide them back to your website? Ask us about our solutions.) However your company attempts to build trust, your marketing and sales teams need to take a proactive role in doing so.

Lastly, life science tools companies need to make it easy for customers to weigh their options. Note that weighing options does not mean comparing all the options that are out there – again, too much information and choice is often the problem and not the solution. However, over the course of providing customers with information, you’ve likely established many choices (even if they are all your own products, as may likely be the case). Now you must assist the customer in making the final decision. Does your product have multiple models? Help select the one that is best for them. Are there different feature sets available? Help guide customers through the process of choosing which features are right for them. This can be a hands-off or hands-on process, depending at what point you generally convert prospects into leads.

By providing easily navigable, trustworthy information, and helping customers weigh their options, life science marketers can make their purchasing decisions far simpler. By being the one that does so, you not only gain the opportunity to tilt the scales heavily in your favor, but you ultimately increase customer satisfaction by making your customers more certain that the decision to buy your product was the correct one.

"Does your life science marketing make scientists purchasing decisions simple? Are you getting a lot of visibility but not generating a lot of leads or sales? BioBM Consulting has develops custom solutions, specifically designed for small life science tools companies, that leverage the best practices in life science marketing without costing tens of thousands of dollars to implement. Contact us to learn more."

Make Purchasing Decisions Simple

Scientists may be getting overwhelmed with too much information, having effects on how they make purchasing decisions
Researchers from the Corporate Executive Board analyzed results from multiple surveys that totaled over 7,000 consumers, as well as interview with hundreds of marketing experts and executives, trying to figure out what makes a product “stick”. They looked at over 40 variables, trying to figure out what is most important in the choice of one brand over others. The results, discussed in a recent Harvard Business Review article, may surprise you. The key wasn’t frequency of interaction with the brand, nor was it price, nor was it the consumer’s initial perception of the brand. In the end, the purchasing decisions are most influenced by which company makes the decision to purchase simple.

Just so this doesn’t get taken out of context, we’re not talking about making the purchase simple. Putting up big red flags that says “buy this here” isn’t going to help you. We’re talking about making the decision simple. As Spenner and Freeman describe it in the HBR article: “the ease with which consumers can gather trustworthy information about a product and confidently and efficiently weigh their purchase options.” The reason for this? In a new world of marketing flooded with choice, driven by content, and with staggering amounts of marketing messages, many customers are simply overloaded with information. They’ll reward the brand that best helps them make things simple again.

How great is this effect? Spenner and Freeman created a “decision simplicity index” that graded brands on how easy it is to gather, navigate, and assess information about them. Those that scored in the top 25th percentile were 86% more likely to be purchased and 115% more likely to be recommended to others than those in the bottom 25th percentile. That is awfully dramatic.

Now all of this requires our usual grain of salt (I’m a scientist by training as well and as such am a naturally skeptical creature). These are general-purpose consumers that were studied and analyzed. The scientist is not the average consumer. The scientist is more skeptical, more analytical, and more capable of dealing with large amounts of information. However, even scientists will have a threshold at which an abundance of information will become too much information and the effect that decision simplicity has on the purchase decision will be significant. As the growth in the life sciences in general leads to the growth in life science tools, an abundance of options may eventually lead to information overload for all scientists, and those who simplify the decision making process will be rewarded.

Even now, however, life science marketers stand to benefit from making decision processes simple. We’ll be following this post up with another on how to simplify the purchase decision. Be sure to check back for more information.

"If you’re following the traditional methods of life science marketing, you are likely not to get the desired results, or may be facing diminishing returns and decreasing marketing ROI. Don’t let that happen. BioBM Consulting has life science marketing solutions for small life science tools companies that transform their marketing based on the newest scientist-consumer trends and information, helping you to drive demand and accelerate your sales. Contact us to speak with one of our professionals about how we can help your life science company."

BioBM Publishes New Paper

BioBM Consulting has released a new paper, entitled “Redefining the Life Science Buying Cycle: A novel paradigm enabling life science tools companies to communicate with their entire target market in order to build a strong brand.” This white paper discussed the flaws in the traditional view of the life science buying cycle, replaces it with a new purchasing paradigm, and instructs life science marketers how to effectively target more of their desired audience by utilizing different marketing methods.

This white paper is freely available to individuals in the life science industry. To learn more about the new report, to preview it, or to request a copy, please visit: https://biobm.com/idea-farm/reports-papers/

BioBM Relocates to Boston, MA

BioBM Consulting has completed the move of all of its operations from it’s previous Kingston, New York location to Boston, Massachusetts. BioBM’s physical and mailing addresses are now 9 Weyanoke St., Boston, MA, 02124.

Regarding the move, Principal Consultant Carlton Hoyt gave the following statement:

Statement from Principal Consultant Carlton Hoyt

The move from Kingston to Boston is a natural development in the continued growth and maturation of BioBM. While we appreciated the beauty of being at the foot of the Catskills, the Boston metro area has a near-unparalleled depth of life science tools and services companies, a vibrant startup community, and a culture that is very friendly to life sciences in general. Incredibly, we began to realize benefits from this move before we were even fully moved in, which speaks volumes to the demand for life science marketing services such as ours. I have every confidence that this move will prove beneficial to the company, its clients, and its employees.


All correspondence or packages sent to BioBM should be addressed to the new location. Sending parcels to BioBM’s Kingston address may result in a considerable delay in receipt.