Tag : buying cycle

What I’m about to tell you isn’t anything groundbreaking. It’s not new, it’s not innovative, and you may even say that it’s obvious. It is, however, dramatically and consistently overlooked by the overwhelming majority of life science companies. It’s something that any plan to generate demand should be built around: a consumer’s behavior when looking for a solution to a problem (and in our case, a scientist’s behavior).

It goes like this:

• Phase 0 – Steady State: The scientist has no recognized need for your type of product(s) / service(s), and is effectively not in the buying cycle
• Phase 1 – Realization: Realization of the need to solve a problem, or realization of an opportunity to improve his / her work in some way. This can happen independently, or be induced by presentation of external information.
• Phase 2 – Exploration: The scientist is acquiring information about the need or opportunity and looking for potential solutions.
• Phase 3 – Analysis: The scientist is evaluating the information collected and is attempting to create a short list of viable, desirable solutions.
• Phase 4 – Decision: The final decision is made to use a particular solution or to ignore the need.
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  Note that these steps are not entirely serial, but rather overlap somewhat. In particular, exploration and analysis commonly overlap significantly, as scientists look for solutions and, to at least some extent, evaluate those solutions as they find them, then continue to do so as they find more solutions. What we’re calling the “steady state” and realization may overlap somewhat as well, as problems and opportunities are not always obvious and may be slowly discovered over time.

  That seems both simple and logical, right? So where do companies go wrong? They forget that most of their target audience, at any given point in time, is NOT in the buying cycle! They ignore phase 0!

  Most life science companies simply attempt to pitch their products over and over through traditional channels using traditional methods, most often focusing on features / benefits. The underlying concept is that even if a scientist isn’t ready to buy (either in the buying cycle currently or can be induced into the buying cycle), that this strategy will build product and / or brand awareness. While this concept is true, it does not build brand value, which is much more highly correlated with how likely a customer will be to return to you when considering a purchase.

  What life science marketers should be doing is seeking to add value regardless of the buying cycle phase that the scientist is in, or even regardless of whether they are in the buying cycle. This is done through content marketing. Content marketing allows the provision of information valuable to your scientific audience at any time. While not nearly as effective as traditional, outbound marketing when a customer is analyzing potential solutions to a problem, at all other times it provides more value. We therefore argue that content marketing (or similar value-added marketing efforts) should be the default and not more traditional feature/benefit-based marketing approaches. Traditional marketing approaches should be limited to channels in which customers are likely to be actively looking for or evaluating products, or in situations when it is likely that scientists could be induced into the buying cycle.

  Companies need to ensure that they are leveraging more useful content marketing tactics and integrating them effectively with their traditional marketing tactics such that they can effectively engage the needs of their target audience regardless of whether or not they’re in the buying cycle, or what phase of the buying cycle they are in. Doing so isn’t simple, and there’s no one-size-fits-all formula for it, but those companies that succeed in doing so are building strong foundations for long-term success.

  "Marketing to scientists isn’t always easy, but you shouldn’t let it weigh down your company. If you have products that you feel aren’t meeting their potential, give us a call. We’ll help you analyze your situations and help you define and execute a plan to improve your sales, create strong, sustainable growth, and meet your goals. At BioBM, our passion is helping life science tools companies to succeed."