Yearly Archives: 2014

Experiences Over Awareness

Carlton Hoyt 10:56 am , March 26, 2014

Take a look around – at the marketing efforts of your company, your competitors, and others in similar life science markets. I’m sure you’ll still find a lot of marketing efforts centered on building awareness. Quite frankly, efforts to simply build awareness are a waste of your audience’s attention. Awareness only imparts one very basic form of knowledge: the knowledge that something exists. You can do so much more with your audience’s attention.

Awareness campaigns are almost inherently neutral. Sure, you may be offering a solution that someone needs, but aside from the facts contained within the communication there is nothing positive or negative about it. Instead of focusing on building awareness, focus on creating experiences. Experiences can be used not only to impart knowledge, but also to build confidence. They leave a positive feeling with your prospective customers that translates into positive brand value for your company.

Experiences can be simple. Focusing on experiences does not necessitate any additional complexity in your communications. To upgrade an awareness communication to an experience, give some thought to the emotion you want to invoke within your scientist-customers and craft your communications with that emotion in mind. Don’t simply focus on what you are doing, but why you are doing it.

Ideally, customer experience will be something which is defined and shaped across all your customer touch points. Any experience is more effective when it is in harmony with the other experiences that your company provides. Considering that your brand is, in effect, the sum of all the experiences that it provides to others, those experiences need to be planned and defined to ensure that they build on each other rather than conflict with each other. In the race to win customers’ hearts and minds, the brand which consistently provides the best experiences will win. The next time you need to create awareness for your company or its products and services, think about how you could instead create an experience for your potential customers. The result will be more effective communications.

"Let’s start crafting great experiences for your customers. Contact BioBM and we’ll help you generate more demand while building positive brand value at the same time."

Start Building an Audience

Carlton Hoyt 9:56 am , March 20, 2014

A lot of companies focus heavily on short-term demand-generation efforts. For small start-ups without venture funding, that is often out of necessity. However, many companies do so even when it is not necessary, and in these cases an overly short-term focus carries an unintentional long-term cost.

As we’ve discussed previously, a buying journey can be thought of as a quest to minimize risk. Scientists want to be certain that your product or service will fill their need. The more certain they are, the more likely they are to purchase. One factor which weighs heavily in the perception of risk is trust. If you have not established trust with your scientist-customer, the customer will be less likely to believe that your product / service will fill the need or, at minimum, will require more convincing. Conversely, if there is an alternative which is provided by a trustworthy source or brand, then this option will be given preference.

Short-term demand generation campaigns largely ignore this reality. This is especially damaging for lesser known brands, or brands with which the customer may have limited interaction. (Note that it is possible to be “well known” but not “well experienced” – in other words, for customers to know who you are without ever having any meaningful brand experiences.)

As an illustrative example, pick your favorite home appliance brand. Imagine there is a new appliance which you don’t currently have but which your favorite brand sells. Given that, how responsive would you be to a brand which you’ve never heard of which also makes that appliance? Unless they have a way of getting in front of you early and repeatedly in your buying journey and present a compelling message, chances are they wouldn’t have much of a chance against your favorite brand – or even just a popular one which you’ve heard of repeatedly.

This is why audience-building is so important. It creates a group of potential customers who you can repeatedly expose to your brand, building familiarity and trust with them over time. This trust then translates into a greater likelihood of your products and services being chosen when it becomes time to make a purchasing decision. It engages and influences potential customers before they have a recognized need, building advantages which translate into value once a relevant need is recognized.

Audiences can be built on almost any platform and through almost any means. An opt-in email list can be an audience. Social media followers or groups can be an audience. However, in order to create value for your company, you need to create value for your audience, and that comes via product-unrelated value (usually content).

Building an audience takes time, and so does creating familiarity and trust within that audience. By starting early, and putting in the effort to create value for your audience, you’ll be building long-term value for your company which will continue to pay you back over time.

"Is your brand trusted and respected? If the answer isn’t a resounding “yes” then there’s work to be done. Contact BioBM and we’ll help craft and implement strategies to build your brand into something meaningful to your target markets. Don’t wait to start building long-term value. Start on the path to a more powerful brand today."

Blog / Branding / Content Marketing / Demand Generation / Social Media 9:56 am , March 20, 2014

Why Remarketing Is Critical

Carlton Hoyt 11:26 am , March 13, 2014

It’s part of my job to be very familiar with the life science tools sector. The need for familiarity commonly drives me to the websites of a number of different manufacturers – this has been especially true recently. However, if you were to ask me how many of those manufacturers presented me with their brand again after leaving their website, there are only a handful. Within that handful, however, I could name 100% of the companies. The rest? Maybe 25% to 50%, off hand, and only that many because I make a note of knowing my market.

This illustrates two key things. 1) Your brand (and product line) is much more likely to be remembered if you present it to your audience repeatedly, and 2) there is a surprising underutilization of remarketing within life science tools. The former is an opportunity. The latter is a problem, but could be an opportunity.

Most buying journeys in the life sciences aren’t completed in a single instance. With the exception of commodity-like items and repeat purchases, most purchasing decisions involve multiple “sessions” of consideration. In other words, scientists by and large don’t just sit down and buy something. They take time to consider and evaluate their needs and their options. A purchasing decision is more likely to last days, weeks or even months than it is minutes or hours. However, most demand generation-focused marketing campaigns are geared towards a customer taking action in a single sitting.

For instance, say a customer finds your company through search. (If a scientist is proactively looking for a product, there’s about a 45% chance that they performed a search as their first action within their buying journey.) Unless that customer is then sufficiently satisfied with where they are in the buying journey to take the next step then and there, they will leave. Without remarketing, that customer is gone. You’re left to sit and hope that the customer remembers you. With remarketing, however, that’s not a problem. You can present your brand, product, and / or message to that potential customer multiple times, reinforcing your brand and message to that prospect. This isn’t only applicable to search, however. The same could be said for any type of marketing or advertising – email, social, print, etc. – where the potential is there for the customer to go to your website, view some information, then walk away never to be seen again. If you think about it, that potential exists for just about any type of campaign.

Does remarketing sound complicated? It’s not. Remarketing does not require any fancy software or tools. Anyone with a basic knowledge of Google Analytics, AdWords, and the ability to paste a few lines of code into their website can set up remarketing. Even video remarketing with YouTube is easy to set up.

As with most forms of advertising, remarketing should be as targeted as possible given the practical considerations of audience segmentation. For instance, ads targeted to specific product lines which a customer viewed will generally more effective than a single, broad message to anyone that’s visited your website.

Most companies are letting a lot of good prospects get away. These are prospects that have shown interest through the activity of going to your website and viewing particular content. These are prospects that can be targeted, but in most cases aren’t because companies don’t know who they are. By leveraging the power of remarketing, life science tools companies can stay in front of scientists who have shown interest in their brand and products, helping to ensure that they stay in consideration during the scientists’ buying journeys and, ultimately, increasing their conversion.

"Do you need BioBM to perform remarketing? I’ll be completely honest – you probably don’t. However, we make your remarketing better. We ensure your ads and messages are effective. We ensure your campaign is efficient. And we utilize all of our collective knowledge, skills, and passion to ensure that your remarketing efforts hit the ground running, to maximal effect. Let’s create value for your company together. Give us a call at +1 313-312-4626 or send us an email. We’re looking forward to sharing our knowledge with you."

Blog / Demand Generation 11:26 am , March 13, 2014

Distributor Selection

Carlton Hoyt 12:55 pm , March 6, 2014

Having worked with a large number of manufacturers, it seems that there’s almost as many different processes to grow distribution networks as there are companies looking for distribution. However, there does seem to be one method that’s all too frequent: find a distributor that’s “good enough” and run with it.

This admittedly sounds counter-intuitive – after all, why would anyone want a distributor that’s only “good enough” – but it happens surprisingly frequently. It’s easy to get a bit lazy when it comes to distribution. Identifying and qualifying distributors is a tedious, time-consuming, and sometimes difficult process. Many manufacturers don’t have a good understanding of the distribution landscape in many geographies. There’s always a large amount of uncertainty when it comes to distributor selection, so many people turn to gut instinct. Whatever the reason is for not vetting a sufficient pool of distributors, it can carry a huge opportunity cost.

Think about the difference in performance between one of your very good distributors and an average one. For most companies, the 80/20 rule is in full effect when it comes to distributors – 80% of their distributors are mediocre, while 20% are very good or exceptional. (I’ve heard a number of manufacturers state this rule should be changed to 90/10 when applied to distributors.) While it’s a stretch to say that all of a manufacturer’s distributors will ever be exceptional, this indicates that there is a very large amount of room for improvement. Not all of this improvement can come from better distributor management; some improvement needs to be rooted in better selection of distributors.

The first critical step to selecting better distributors is to create a profile of what a high-performing distributor would be for your company and product line. What are the most important strengths and capabilities you need them to have? What functions will you need them to perform? What skills and knowledge must they possess? What signals will you look for that would indicate a distributor would meet these needs?

The second critical step is to ensure that you’ve successfully identified all of the relevant distributors for evaluation – and engage with them. With success being dependent on a such a broad array of factors, it’s important to engage with many distributors to learn more about them and feel them out. Unless you’re literally using distributors as order fulfillment centers, their interest in distributing your product line is often the most important factor in their success. Interest is something that you can only gauge by speaking with distributors, so it’s important to engage with a number of distributors to enable you to accurately weigh your options.

Distributors are central to the success of many life science manufacturers. Depending on the market and the product line, the difference between an excellent distributor and a mediocre one could be anywhere from thousands to millions of dollars per year. With so much at stake, isn’t it worth the effort to ensure that you’re selecting the best distributor available?

"Are you looking to expand or improve your distribution network? Ensure that you have all your options and start your search with the BioBM Nexus Distributor Directory. This low-cost resource has over 2300 life science distributors broken down into specific categories so you can find targeted distributors quickly. For more information go to biobm.com/nexus."

Blog / Distribution 12:55 pm , March 6, 2014

New Paper on Decision Engines

biobm 7:11 pm , February 24, 2014

BioBM Consulting has published a new paper which outlines the current problems facing scientists when attempting to make a purchasing decision, the negative impacts this is having on scientists, and how decision engines can be leveraged to create transformational change within life science markets. “How Decision Engines Will Reshape the Life Science Buying Journey” explains why information has become the enemy of purchasers and suppliers alike, explains what decision engines are and how they are already creating disruptive change in other markets, and outlines a general framework for creating decision engines.

All with all BioBM papers, “How Decision Engines Will Reshape the Life Science Buying Journey” is available free of charge to all those in the life science tools & services 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/

News 7:11 pm , February 24, 2014

Optimize Your Messages

Carlton Hoyt 11:09 am , January 30, 2014

Optimize Your Marketing Messages Think about how much money (not to mention effort) goes into disseminating your marketing messages. Think of all the resources spent on advertising, copywriting, conference exhibitions, social media, printed materials, even search marketing. Life science companies spend huge sums trying to reach their audience but many companies don’t spend nearly enough on making sure their messages are effective. Instead, messaging is often based on personal opinion, anecdote, or simply left to whatever the copywriter puts on paper. The result is that most marketing communication efforts are sub-optimal. In other words, you’re throwing away money on every marketing communication you make or disseminate.

To avoid this, companies need to devote just a small amount of their marketing communications budget into optimizing their messages. There are three primary ways in which this can (and should) be performed.

First, start with the competition. Analyze how your competition is positioning and describing their own products by performing an attribute analysis. Just as your products / services need to be differentiated (unless you’re competing on price) your message needs to effectively convey that differentiation. If you’re describing your products the same way that everyone else is, then your audience is going to have a hard time discerning which product is more valuable to them. However, differentiating the message isn’t enough to discern what message is optimal.

That’s where marketing research comes in.

Many companies think they know what is most important to their customers and why, but it’s easy to be wrong. For instance, say your product enables what was a 5-step procedure to be done in three shorter steps. That obviously has value, but what is most important to the customer? Do they perceive the greatest value in the reduced number of steps, or is it that the whole process is shorter? Is it that they are saving time? Is it that the time saved allows them to do other things and thereby accelerate their research? Perhaps, if you’re selling to a manager or PI, they think less time equals less money and that is what’s most important. As you notice, any one feature or attribute may translate into a large number of perceived benefits. In order for your message to be optimally effective, you need to understand where the customer places that importance. Draw out a “web of benefits” to articulate all the reasonably likely perceptions of value, then query your audience as to which benefits they find most valuable. However, sometimes the feedback received in this kind of marketing research differs from how people actually act in a real-life situation.

That’s where A/B testing comes in.

So now you have a short list of what the most important areas of perceived value are to the audience and which messages are the most differentiated. Overlay those and choose a few messages which reflect your differentiation, are distinct from your competitors, and align with the customers’ perceptions of value. Now test them to see which ones actually work best in practice.

None of these things need to be time consuming or complicated, and they’re certainly a lot less costly than wasting a significant chunk of your communications budget.

Just one last tip – no matter what you do, always avoid facile claims. Reliable, high-quality, and industry-leading have lost their meaning long ago. Stick with meaningful claims that can be expressly validated.

"Are you looking to get more from your marketing? To ensure that your communications are effective, contact BioBM. We’ll work with you to ensure you’re resonating with your audiences and that your communications are generating leads and creating brand value."

Blog / Market Research / Marketing Communications 11:09 am , January 30, 2014

Nexus Distributor Discovery Service

biobm 5:08 pm , January 22, 2014

BioBM Launches the Nexus Worldwide Life Science Distributor Directory

New Low-Cost Service Allows Life Science Suppliers to Readily Discover Targeted, Relevant Distributors in Specific Markets of Interest.

Boston, Massachusetts, USA, January 22, 2013 – BioBM Consulting has announced the launch of BioBM Nexus, a fast, low-cost, self-serve distributor discovery service allowing manufacturers of life science tools to find relevant, targeted distributors in their geographic markets of interest. This service is rooted in BioBM’s distributor directory, which contains information on over 2300 global life science distributors.

Statement from Principal Consultant Carlton Hoyt

Finding an appropriate distributor for your product line can be a tedious, time-consuming, and difficult process. Many distributors are not readily found through standard methods such as internet searches, making the performance of a thorough search difficult and imprecise. Our Nexus Worldwide Life Science Distributor Directory provides life science tools manufacturers with near-instant access to distributors which match a number of important criteria, thereby not only saving time but increasing the amount of distributors a manufacturer has to choose from. Being able to identify all the relevant distributors within a target geography allows manufacturers to find a better fit and ultimately improve revenues and market penetration within that geography.

The Nexus service allows manufacturers to search for distributors based on country, product specialization, and the type of sale required (e.g. consumable vs. capital equipment). The price to perform a distributor search is $175 + $25 per distributor listing generated, and all listings are manually verified to ensure they are current before they are provided.

To use the Nexus or learn more about the Nexus service, please visit https://biobm.com/nexus/.

About BioBM Consulting:
BioBM Consulting is a highly specialized marketing, distribution, and communications agency serving small and mid-sized life science tools and services companies. BioBM excels at maximizing ROI by combining deep industry knowledge with a broad skill set and keen understanding of the needs of smaller companies, enabling us to provide solutions of unmatched value for our clients.

News 5:08 pm , January 22, 2014

Preferences for Content

Carlton Hoyt 5:06 pm , January 21, 2014

Pay attention to your customers preferences for content consumption. We talk so much about content on a conceptual level that I thought it might be helpful to offer some more practical advice. Luckily for me, there’s a lot of knowledge out there to work with. In this post, we’ll look at two studies that surveyed B2B buyers on their preferences for content.

A study published by the CMO council this past summer asked a lot of useful questions. I’ve summarized some key insights below:

The 5 most trusted types of content:

Research reports or white papers from professional associations – 67%
Research reports or white papers from industry groups – 50%
Customer case studies – 48%
Reports and whitepapers from analysts – 44%
Independent product reviews – 40%

The 5 most valuable sources of content in purchasing decisions:

Professional associations and online communities – 47%
Industry groups – 46%
Online trade publications – 41%
Seminars and workshops – 41%
Trade shows – 35%

(These results hint at who can help you amplify your voice most effectively)

The 3 most valued characteristics of content:

Breadth and depth of information – 47%
Ease of access, understanding and readability – 44%
Originality of thinking and ideas – 39%

The 3 most disliked characteristics of content:

Too many requirements for download – 50%
Blatantly promotional and self-serving – 43%
Non-substantive / uninformed – 34%

The above data is largely self-explanatory so I’ll save a long-winded explanation.

Salesforce Pardot also had some interesting information in its “State of Demand Generation 2013” study, most notably on the legnth of content. They asked B2B buyers how long content should be and gave three choices: under 5 pages, over 5 pages, or as long as it takes to inform them. 70% stated that they prefer content to be under 5 pages and only 2% stated that they prefer content to be over 5 pages (the remaining 28% said “as long as it takes”). We generally advise to make your content as long as it takes, and I certainly wouldn’t recommend sacrificing quality for brevity, but given these results it may be worthwhile to re-evaluate long pieces of content to see if you could either be more concise or break the content up into multiple discrete units.

The Salesforce Pardot study also found that about 3 in 4 B2B buyers prefer different content at each stage of the research process. That’s not particularly surprising, considering that informational needs change over the course of the buying journey. However, it is a good reminder not to keep dangling the same piece of content in front of your prospects.

Take all of this data with a grain of salt, as every industry is different. However, the information can serve as general guidance in the creation and / or publishing of content.

"For small life science companies, great products often aren’t enough. No one will try your products if they don’t trust you, but if they don’t try your products you can’t demonstrate their value. Content solves that chicken-and-egg problem by demonstrating and sharing your company’s valuable knowledge and experience. If you need help creating content which will speed your market penetration, contact BioBM."

Blog / Content Marketing 5:06 pm , January 21, 2014

Can the Shallow Content

Carlton Hoyt 11:08 am , January 14, 2014

We’re big advocates of content marketing, and we’re glad to see that content marketing is rapidly being adopted by life science companies. However, as content marketing becomes more popular, we’re seeing more companies creating content simply for the sake of creating content without much regards to strategy, customer, or value. While content marketing is highly valuable when done correctly, it can actually be detrimental if done carelessly.

To understand why, we need to step back and revisit the concept of a company’s brand and understand that the brand resides in the mind of the customer. It is the result of the customers’ cumulative experiences with the company. Everything the company does influences the brand, content included. A strong, positive brand elevates all of the company’s marketing and sales efforts. It improves the level of trust that your customers extend to you. It makes your communications more likely to be not only received by your audience, but digested. It can even make closing sales far easier. The opposite is also true – having a weak or negative brand makes virtually all marketing and sales endeavors that much more difficult.

Well-written content that is educational, helpful, or otherwise valuable to the audience reflects positively upon the company. Trivial, meaningless, or irrelevant content can reflect negatively. Even if superficial or poorly written content is helping you attract more eyes, if those eyes are not part of your target audience they are worthless. Even worse, if they are part of your target audience and are not impressed with your content, they could leave with a negative impression which hurts your company. Just because your target market is exposed to your brand doesn’t mean that it’s helping you. (Side note: This is also why no marketing analytics effort should place too much value on views.)

This is also why content should not be thought of one-dimensionally, especially if you’re making it publicly accessible. When you make content public, you’re losing some element of control over who views it and for what purpose. If you’re posting content for a particular purpose, it may be consumed by others who have a different purpose. To use a simple example, if you’re posting content for SEO, which by necessity is publicly accessible, you still need to address the needs of your audience. Similarly, if you’re disproportionately posting content which is relevant only to a particular segment of your audience, you may turn off other segments of your audience.

For most life science companies, content can enhance many areas of marketing and sales and should be central to the marketing effort. Content marketing needs to be taken seriously and be approached strategically. Haphazardly creating content which is of questionable value is not only a wasted effort, but it can actually hurt you.

"Does your content add value to your brand? Is it providing measurable value? If you’re looking to improve the quality of your content, create strategies for more effective use of content, or just have questions about how you can effectively implement content marketing in your organization, contact BioBM. We’ll help you develop and implement a highly effective content marketing program which drives value across multiple facets of your marketing and sales programs and adds value to your brand."

Blog / Branding / Content Marketing 11:08 am , January 14, 2014

Case: Content at a Small CRO

Carlton Hoyt 11:26 am , January 6, 2014

It feels like every week I see or learn something that reinforces just how valuable content is to life science companies. For instance, I was recently discussing some sales dilemmas with the founder of a young, small CRO. Let’s call him Greg. Greg’s CRO performs a well-differentiated and valuable research service. However, Greg was lamenting about the “commoditization” of contract research – how his firm can’t seem to compete on quality and all anyone cares about is price.

Knowing what his CRO does, I was a bit disturbed by this. There are such things as commodities, sure, but the whole reason commodities become commoditized is because there is no difference in quality. Even coal fetches different prices based on, among other things, how clean it burns. If someone can mine better coal and get a better price for it, surely his CRO should be able to get a better price for their superior service. … I dug deeper.

Greg used a current problem he was having to illustrate his larger problem. He had drafted a proposal for his contact at a pharma company. That person reviewed his proposal, along with a number of others, then handed it to his boss to make a decision. According to Greg, the boss would then just choose one of the cheap ones.

Now there are times when budgets are tight and price is simply the most important factor, but this was a recurring problem. So what was really the big problem?

Greg’s CRO is young and small. He has built a rapport with his contact. He has not, however, built a rapport with the decision maker, which he does not have access to. So the person making the decision only knows Greg’s CRO from the information that is available about them on their website and with a quick internet search. This wouldn’t necessarily be a problem, but Greg’s CRO has no educational content. Unless the decision maker happens to know Greg or someone on his team, there is no reason for him to believe that they are capable of producing the higher-quality output they claim to be able to. Compared to the more established and lower cost CROs, selecting Greg’s CRO would be a high-risk endeavor!

To lower the perceived risk, and therefore increase the likelihood that their proposal is selected, Greg’s CRO needs to demonstrate their knowledge through content. Content can, at least to some extent, mitigate the inability to demonstrate knowledge through person-to-person content. It could help provide the confidence that may lack if Greg’s CRO cannot provide many reputable customer references. Instead of only knowing Greg’s CRO as a proposal, at least they would be able to build some degree of positive brand image.

Content is an extremely multifunctional marketing tool that can assist organizations in numerous ways. Content can aid in sales support, as with the case of this CRO, it can generate leads, it can help drive inbound search traffic, it can improve your brand. There’s so much that content can do, and it contributes to so many aspects of marketing, that content marketing should really be a default. Especially in knowledge-intensive sectors like contract research and life science tools, content should be a centerpiece of the marketing effort for most companies. Content marketing is simply too valuable, and valuable in too many situations, to ignore.

What do you think?

What would you do if you were Greg? Would you invest in content marketing? Would you take another approach? Join the discussion on LinkedIn and share your thoughts.

"Is content the centerpiece of your marketing effort? If it’s not, or if you’re not sure what you need to do to craft high-value, multifunctional content, contact us. We’ll put you on the path to more leads, improved conversion, and more effective overall marketing – with content at the center."

Case Study / Content Marketing / Demand Generation 11:26 am , January 6, 2014

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