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Life Science SMM: Facebook

Carlton Hoyt 5:00 pm , August 17, 2011

Facebook for life science social media marketingThis post is the second in a series of primers on various platforms available for life science social media marketing (SMM). The first SMM primer, about the use of Twitter, is available here. Check back for more primers on the use of youtube and other means of life science social media marketing.

Facebook is hands down the largest social media platform in the world, and it wouldn’t be difficult to argue that Facebook is the most pervasive and influential website that has ever existed. According to their own statistics, Facebook has over 750 million active users and each user spends, on average, about 30 minutes per day on Facebook. The rest of the statistics are almost equally staggering. Users install 20 million applications per day. More than 2.5 million websites have integrated with Facebook. According to Alexa, Facebook is the second most popular website in the world (Google is first), reaching an estimated 44.9% of global internet users on any given day. Over 7% of all pageviews occur on facebook.com; this means that, statistically speaking, for every 14 pages that any internet user anywhere views, at least one of those is on facebook.com. This makes facebook the most viewed website in the world and in my opinion is an absolutely staggering statistic. In the US Facebook is even more pervasive, and a comScore study found that 1 in every 8 minutes spent online is spent on Facebook.

Your customers are on Facebook. Probably a lot of them. In fact, it is very likely that you have more customers that are on Facebook than have ever been to your company’s website. According to our internally compiled data on 400 small life science and analytical laboratory products companies, 31.0% of small life science have a presence on Facebook. In most cases, however, a presence is all it is. There is no engagement. Updates are infrequent and not customer-centric. There is no enticement for customers to like the page, to use the page, to visit the page, or even to view the content that gets posted. That is a heck of a shame, especially since Facebook offers the most versatile social platform available for social media marketing. So what can life science companies do to more effectively utilize Facebook for marketing purposes?

Step 1: Build

Build a great and attractive page. Facebook allows you to custom build html-based pages for your Facebook page, and you should leverage those appropriately. There are also great, free tools to feed in content – we recommend checking out Involver for some great free and paid Facebook apps (we are in no way affiliated with Involver; we just like their apps). Always remember that your customers are almost exclusively on facebook to socialize and be entertained and keep that in mind when designing your page and deciding what content to automatically feed into it.

Step 2: Grow

You have a Facebook page – great! Now to get found. Unlike Twitter, which actively promotes users finding other users with similar interests and doesn’t discriminate between personal and corporate accounts, on Facebook your customers mostly have to actively find you in order to connect with you (the exception to this would involve paid advertising on Facebook). This is a hurdle that you need to actively overcome. Some ideas on how to get around this include placing links to your Facebook page on your website and in e-mails, letting your customers know that you’re on Facebook in support and marketing communications, and offering exclusive Facebook-only promotions. If you can create a clear benefit to “like”ing a page, you’ll get a lot more likes.

Step 3: Engage

There’s almost no value to having a huge fan base if you’re not doing anything with it. Provide your fan-customers with information and content that they will be interested in. Facilitate more interaction amongst your fans. Project your expertise on relevant topics. Because of the way that Facebook determines what should appear on a user’s “top news” news feed, which shows users more updates from the pages and people that they engage with most, that a successful engagement strategy will build on its own successes. Always keep in mind that social media marketing is better suited for branding than lead generation, so try to keep branding as the focus and stay away from making too many pitches or overly discussing your products; tactics that could disengage your audience.

Step 4: Maintain

Don’t let your page or your content get stale! If your incentive for getting your customers to like your page gets old and ineffective, replace it. If you aren’t growing the rate at which your customers like, comment on, or share your content, revamp your strategy. As with any branding effort, the payouts are relatively longer term. Giving up before you can reap such benefits is a huge waste. Return-on-investment from SMM efforts can be difficult to measure and because of this managers often are quick to cut SMM if there is any contraction in the marketing budget or if they are evaluating marketing efforts by standard methodologies. If you are in charge of an SMM effort, be prepared to use “soft” measurements, nonstandard metrics and, perhaps, a few reasonable assumptions to make your case for continuation of SMM.

Social media marketing on Facebook is an integral part of any life science social media marketing campaign, and with the right strategy and execution, it can be a highly effective avenue for SMM as well.

"Life science SMM can be complex and difficult to grasp and analyze. Don’t let that stop you from connecting with your customers on a highly personal level and building critical, long-lasting connections. If you’re looking for a high-power SMM campaign that is not only tailored to your currently needs but can readily adapt to your future situation as well, contact us at BioBM Consulting. You can win the hearts and minds of your customers. BioBM will help you do so."
Blog / Social Media 5:00 pm , August 17, 2011

Life Science SMM: Twitter

Carlton Hoyt 7:10 pm , August 10, 2011

Twitter is the most popular platform for life science marketing, and can be a powerful tool when used correctly.This post is the first in a series of primers on various platforms available for life science social media marketing (SMM). Check back for primers on the use of facebook, youtube, and other means of life science social media marketing.

Twitter has undeniably become the social platform of choice for life science marketing. Based upon our in-house research performed on 400 small life science companies (in this case “small companies” is defined as those with 200 employees or less), 39.5% of small life science companies have twitter accounts, however only 31.0% have facebook accounts. Of the life science companies that use twitter, however, only a fraction make optimal use of it. Most commit multiple social media marketing faux-pas, and their marketing efforts are, in whole or in part, wasted as a result.

The first thing to remember about any life science social media marketing, and something that I reiterate over and over again, is that you are effectively on your customer’s “turf”, and you need to play by their rules. They are there for a reason, and that reason may be to network, socialize, follow topics of interest, etc., but you can be relatively certain that they are not there to read a stream of advertisements. If your twitter is effectively just a feed of new product announcements, press releases, sales and promotions, don’t waste your time. Either step up your game or shut your twitter account.

Remember that social media marketing, especially SMM on twitter, is far more about branding as opposed to lead generation. If you’re expecting twitter to be something that’s going to provide a short-term ROI, you’re probably barking up the wrong tree. (there are methods to realize a more near-term ROI, but this should be a small piece of your social media strategy). Think long-term. Think of it as an outlet that will project an image or an expertise. It will be one of the “faces” of your business, and its value will be in helping to shape and control your brand image.

When it comes to social media marketing, it is often good not to think of your target audience as current / potential customers but rather as scientists (or whatever subset of scientists you are looking to target). This will help you get out of the more traditional marketing mindset. Now, what would those scientists be interested in? How can you deliver content that is interesting to them as well as relevant to your business? That line that achieves both interest to your audience and relevance to your business is your sweet spot – stick to that as closely as you can. The source of the content can be external or internal, in fact most sustainable social media strategies by necessity rely more heavily on external content as generating the majority of content internally will either be too much of a burden or leave you posting too infrequently.

This is not to say that some more traditional marketing can’t be worked in, it just has to be communicated in terms of how it would be interesting to your audience. New products can be discussed if they are sufficiently interesting and you can add value to a conversation. Promotions can be announced if they are compelling to your audience. Just try your best to avoid making too many pitches, if any.

The next thing to remember is to engage. You need to promote and create bi-directional communication with your audience. Even if your audience is too large to listen and respond to a significant number of them, reach out to some eventually. Share what they have to say, respond to topics of interest, and talk to them. Just like conversations offline, people like it when what they say is acknowledged. Show your audience that there’s a real person (maybe even one that’s not wearing a tie) behind your twitter avatar. Being human is so much better than being corporate, and will help them foment a positive opinion of your brand and create an emotional attachment.

I’ve heard some prominent life science marketers predict the downfall of twitter as a marketing platform (just as, they say, e-mail has fallen out of favor as a marketing platform). I would go so far as to say they are outright incorrect. Unlike e-mail, where you are not always in control of who is sending you messages, twitter users choose who they want to listen to. If they feel they are being marketed to more than they desire, they’ll simply follow fewer corporate accounts. This can, however, be overcome by using marketing methods that don’t “feel” like marketing (such as content marketing), avoiding pitches, creating engagement, and being human.

Most twitter users don’t know most of the people they follow; they follow them because they’re interested in what they have to say. Put extremely simply, for a life science social media campaign on twitter to be successful, all you have to do is be relevant and interesting.

Don’t forget to follow BioBM on twitter! @BioBM

"Don’t let life science SMM intimidate you. If you want to get more out of your SMM, develop a strategy that will help you engage your audience and deliver value to your company, and / or have your social media marketing professionally and personally executed by life science SMM experts, call BioBM Consulting. You can become an authority in your field via social media. BioBM can help you get there."
Blog / Social Media 7:10 pm , August 10, 2011

New Paper from BioBM

biobm 10:43 am , August 10, 2011

BioBM Consulting has released a new white paper entitled: “Life Science Marketing on a Low Budget: How Start-Ups in the Life Science Tools Sector Can Drive Product Awareness, Sales, and Sustainable Growth on a Limited Budget”. This paper addresses ways for small or start-up life science tools manufacturers with a low marketing budget to achieve a high ROI and drive growth by carefully selecting and properly utilizing the best marketing tools and channels.

This new paper is the first paper released by BioBM. To commemorate this milestone, principal consultant Carlton Hoyt gave the following statement:

Statement from Principal Consultant Carlton Hoyt

BioBM’s development and strong growth has both motivated and allowed us to devote more resources into activities that provide value to our current and potential clients, as well as to the industry in general. We hope our continued growth will allow us to more regularly provide such high-value documents to the life science tools community and look forward to creating more papers and reports in the future.


To learn more about the new paper, to preview it, or to request a copy, please visit: https://biobm.com/idea-farm/reports-papers/

News 10:43 am , August 10, 2011

Replacing Distributors

Carlton Hoyt 11:31 am , July 18, 2011

The right contractual terms will help motivate your life science distributors.In this edition of our blog mini-series on life science distribution, we’ll be discussing the use of contractual terms to help motivate distributors. Previous posts were on improving the performance of existing distributors, distributor selection, and using contractual terms to improve distributor performance.

Replacing distributors is often a difficult task. Similar to firing an employee, it’s something we often don’t want to do, but circumstances arise when the business case is clear – the distributor must be replaced. On the other hand, things can go the other way as well and you may find the relationship being terminated by the distributor. While replacing a life science distributor can be a difficult process, there are certainly many things you can do, both before and during the process, to make it easier on both you and your business.

The time to start planning for the potential need to replace a distributor is before an agreement is ever made. Before contracts are signed, or even before you begin to approach distributors, you should develop a contingency plan. Know in advance that the relationship may not work out and that you’ll may be in the position of needing to replace the distributor some day. When determining what life science distributor(s) you want to partner with in any particular region, identify your top 3 or 4 choices, not just your #1. Know who they are and maybe even who to contact in your second and third choices so you can make contact and initiate negotiations quickly if need be. If you have a distribution contract, make sure that the terms won’t prevent you from effectively transitioning between distributors, either. If you’re providing a distributor with exclusivity, it’s a good idea to have the exclusivity automatically revoked if they fall well below target sales and / or if they remain below target sales for an extended period of time. Non-exclusive distribution agreements are the best thing for life science suppliers when replacing a distributor, as you can transition while your original distributor is still in place.

If the time comes when you feel like you may have to replace a distributor, critically analyze the situation. If the issue is sales-related, make sure that replacement really is the best option. Are there other ways to motivate the distributor to increase sales? Is the drop in sales temporary, due to a factor beyond the distributor’s control, and / or due to a reason that may be unknown to you? A good distributor-supplier relationship should be open and honest, so talk to your distributor to get a better idea of what the problem may be. Lastly, identify the other life science distributors who would potentially replace the one in question. Assess their capabilities and be sure that they have sufficient reach, are a good fit, and would likely pay sufficient attention to your product lines. Even through a distributor is under-performing, if there are no other distributors who would be a good fit or can match the capabilities of your current distributor, it is wholly possible that replacing the distributor may actually result in lower sales.

If the situation cannot be reasonably rectified and there are better options available, then it is indeed time to make the transition to a new life science distributor. If the distributor had exclusivity which is now revoked and you will be engaging a new distributor while the old distributor is still under a non-exclusive agreement, be straightforward with them. It will be far better if you tell them that they’re going to have competition than if they find out themselves. If you don’t have the benefit of being able to sustain a non-exclusive distributor relationship, try to engage another distributor far in advance. This will give the new distributor time to prepare to market, sell, and support your product lines so they will be better able to hit the ground running, so to speak. This can be done by signing a distribution agreement that takes effect at the same time the existing distributor’s contract expires.

We all enter supplier-distributor relationships hoping they work out, but unfortunately that can’t always be the case. With sufficient planning, however, you can minimize the disruption to your business caused by a transition to a new life science distributor.

"Do you want to implement distribution strategies that will protect your sales channels from future disruption? Are you looking to replace a distributor and want help identifying and approaching new partners? BioBM Consulting’s bioscience distribution and distribution management experts will help you productively meet today’s needs and tomorrow’s challenges. Contact us today to confidentially discuss your situation and how BioBM can help you build and maintain a strong life science distribution network."
Blog / Distribution 11:31 am , July 18, 2011

Distributors & Contract Terms

Carlton Hoyt 10:32 am , July 8, 2011

The right contractual terms can really help motivate your life science distributors.In this edition of our blog mini-series on life science distribution, we’ll be discussing the use of contractual terms to help motivate distributors. Previous posts were on improving the performance of existing distributors and distributor selection.

Distributor relationships start from the moment you first make contact with them, and the things you do in the process of signing a life science distributor are almost as important as the things you do after they are signed. A well designed distribution agreement alone doesn’t ensure that the relationship will be successful, but a poorly designed contract can single-handedly ensure the distributor-supplier partnership fails. The terms of your agreement can go a long way in motivating your distributors to perform and greatly help your sales in the process.

The first thing you need to do is understand why a distributor wants to sell your products. By understanding what their motivation is you’ll be able to create ways to motivate them further. Is your product a great fit for the distributor’s current line? Do they think the product would be an easy sell to their existing customers? Is your product a new and promising technology that they appreciate and are excited about? Perhaps they lost the distribution rights to a similar product and want to fill the gap in their product offering? On the other hand, maybe their motivations aren’t as ingenuous. Do they just want to scoop up as many products under exclusive agreements as they can, or simply have a huge catalog of products? Do they have a customer or two that have expressed interest and simply want to sign as fast as possible to get a discount so they can make a quick profit? Even if you have actively sought out a potential distribution partner, don’t be afraid to ask why they would potentially be interested in selling your products. The answer is important.

By definition, everyone is in business to make a profit. Before discussing other contractual terms which may motivate a life science distribution company, we need to consider what financial terms would motivate the distributor while being appropriate and fair to all parties, potentially including your other distributors. Think about what both of your financial goals are and how you can motivate the distributor to reach them. For example, tiered discounts based on performance can be a great motivator. For example, basing discount in the following period off sales figures in a previous period, or increasing the discount as sales targets are hit within a period. A similar discount system can be based on the order volume, although I’m personally not as big of a fan of this system since while it encourages the distributors to keep inventory, I don’t believe it to be as good a motivator in achieving higher sales overall. There are many other methods of offering financial incentives for performance as well. Despite which financial incentives you choose, they need to be explicit and achievable in order to effectively motivate the distributor.

Financial incentives are certainly not the only type of contractual considerations you can use to help motivate your life science distributors. Perhaps the best example of a non-financial motivator is exclusivity. Knowing that they are the only distribution company in their territory that will be able to offer your products is a great boon to the company. They will often put far more effort into marketing and sales if they know that they won’t have competition. However, giving away such benefits freely is often too kind, not to mention shortsighted. Exclusivity tied to performance is an excellent motivator. Marketing assistance can likewise be added to a contract and tied to performance. Guaranteed technical support, or even just the assertion of responsibility for tier 2 and / or tier 3 support, can make your products more attractive for distributors to sell. Again, figuring out exactly what is important to your distributors will be instrumental in determining what the best terms may be. Don’t lay all your cards on the table, so to speak, but don’t hesitate to ask questions and inquire as to what a distributor values in the supplier-distributor relationship.

The right contractual terms can go a long way in helping to motivate a life science distributor. Know their motivations, understand what is important to them in the relationship, and use that to craft appropriate terms that effectively motivate the distributor, financial and otherwise. By using the right terms, you’ll be moving towards a mutually beneficial relationship with your new distributor. Even if you already have a mature and / or complete distribution network, it’s never too late to renegotiate the terms to better incite performance.

"Is your company looking for better ways to motivate your life science distributors? Do you want to grow your distribution network, or just get improved results from your current distributors? If so, then BioBM Consulting’s life sciences business development and distribution management services are the answer to your needs. Contact us today to confidentially discuss your needs and how BioBM can help you reap the benefits of improved distribution."
Blog / Distribution 10:32 am , July 8, 2011

SMM Isn’t Free

Carlton Hoyt 5:41 am , June 30, 2011

While social media platforms are free, executing an effective Social Media Marketing campaign is not.There is a common misconception, and not just in life science but in many industries, that social media marketing is free. This misconception arises because the platforms that social media marketing occurs on are free to use. However, while the platforms are free, SMM is not free. SMM campaigns may be relatively inexpensive but they still need to be resourced appropriately.

There is, effectively, a minimum threshold of effort that must be crossed in order to effectively make use of social media as a marketing tool. It requires a certain amount of content and interaction to effectively engage the audience, and also requires a certain amount of personal management in order to maintain a “social” and personal feel (without which you’re largely defeating the purpose) and make sure the audience stays relevant. Both of these things require time.

Because of this minimum threshold of effort, social media marketing is not infinitely scalable as is, say, search engine marketing or most kinds of pay-per-click or pay-per-impression marketing. While it is true that what you get our of SMM is related to what you put into it, the relationship is not a direct one. Put in too little and you won’t get anything meaningful out of it. Put in too much and you may be well beyond inefficiency (although SMM effort are very rarely resourced to the point of that being a problem).

Social media marketing can be effective even when resourced at a very small percentage of most life science companies’ marketing budgets, but it does need to be resourced. Don’t take SMM for granted – create defined goals, build a strategy that will be effective in achieving those goals, and resource the effort appropriately to successfully execute that strategy. Only then will your life science company realize the benefits of social media marketing.

"Wondering how your company can leverage social media marketing to create and benefit from high-value customer interactions? Are you unsure how much effort your company should devote to social media, or even if social media marketing is right for you? Don’t get caught up in the hype or be dazed by buzzwords and novelty. BioBM Consulting can help you determine if you should utilize SMM, how you can most effectively utilize SMM, and create results that are quantifiable and analyzable. Call us today or use the form below to see how your company can leverage social media marketing to truly connect with your customers."
Blog / Social Media 5:41 am , June 30, 2011

Using a Website to Engage

Douglas E. Rogers 1:21 pm , June 29, 2011

Life science internet marketing solutions from BioBM ConsultingA website can be an exceptionally powerful tool. It is, in essence, a block of clay – massively flexible and limited only by your creativity. For life science companies this flexibility can and should be leveraged as a key component of your internet marketing. When a scientist or other potential customer is on your website you have their attention, at least when they first arrive. Don’t squander that opportunity. Engage the customer, impress them, and you’ll be far more likely to generate a lead or create a sale. But how can a life science company go about doing that? Well, there are a few things we have to do before you get there…

Step 1: Know why people are going to your website. I’ve said it before and it’s worth repeating: Make friends with Google Analytics. Knowing where people are entering from, what search terms they are using, and how they are navigating your website can greatly help figure out why people are going to your site.

Step 2: Lead them to the information they want. We talked about this in a similar context before, so feel free to read our post “From Site to Sale” for more info on that.

Step 3: Make that information engaging! Is your technology complex? Use some interactive flash or a well-illustrated animation to show consumers why your technology is superior. Would customers want to know how to use your product? Make a demonstration video. Don’t just state your advantages – show them. Nothing is worse than a run-on page of text or a lack of information. Remember: showing is always more powerful than telling.

By escaping the paradigm of only having text and images on your website and using engaging media in meaningful and appropriate ways, you can not only improve customer engagement but also present information in ways that make it easier to understand for customers. Combine that with navigation that directs customers to relevant information and leads them into the sales process, and you’ll have a website that is a genuine sales machine.

"Who wouldn’t want to drive more sales or inquiries from their website? The issue is always “how”? BioBM has the answers. If you want to send your conversions through the roof, contact us and we’ll show you how we can design a website that will drive revenues and provide a great, measurable ROI, or simply improve your current website to the same result. If you’re not sure where and how you can improve, feel free to request a free site review and we’ll help you identify areas for improvement and discuss potential remedies."
Blog / Digital Marketing 1:21 pm , June 29, 2011

Escaping the Bench part 3

biobm 11:22 am , June 27, 2011

The third and final part in BioBM Principal Consultant Carlton Hoyt’s editorial on graduate students and post-docs moving outside science titled “A Flood of Life Scientists: The Practical Guide to Escaping the Crowd by Escaping the Bench” has been posted on PostDocsForum today. The editorial, which is broken up into multiple parts, frames the issue of the relative lack of quality life science jobs compared to the number of trainees then goes on to explain ways to build and execute a strategy for moving away from bench science. This final part focuses on gaining the relevant skills that scientists will need to transition into their new career path while still in their current roles. You can read the post in its entirety on PostDocsForum.

The first two part of the editorial series can be found here: Part 1 Part 2.

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News 11:22 am , June 27, 2011

Escaping the Bench part 2

biobm 1:38 pm , June 20, 2011

BioBM Principal Consultant Carlton Hoyt has written an editorial for PostDocsForum on graduate students and post-docs moving outside science titled “A Flood of Life Scientists: The Practical Guide to Escaping the Crowd by Escaping the Bench”. The editorial, which is broken up into multiple parts, frames the issue of the relative lack of quality life science jobs compared to the number of trainees then goes on to explain ways to build and execute a strategy for moving away from bench science. The second part in the series has been posted today and you can read it in its entirely on PostDocsForum. This post focuses on figuring out if you will be successful as a scientist and how to choose an alternate but related career as well as determine what skills you will need in your new career path.

The first post, which frames the problem of there being too many aspiring life science PhDs and post-docs and the need for self-driven career mobility and professional development, can be found here.

The third part will be posted next week. We’ll let you know when it is.

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News 1:38 pm , June 20, 2011

Supreme Court: Bayh-Dole Act

Carlton Hoyt 10:35 pm , June 13, 2011

Maximizing distributor performance allows bioscience companies to efficiently grow revenues.Last week, the Supreme Court ruled in the case of Stanford vs. Roche Molecular Systems, which has implications for academic inventors who receive federal funding for their research. Stanford was suing Roche Molecular Systems, claiming saying RMS did not have the rights to a patent which described a test to quantify the HIV load in a patient’s blood, which is now commonly used. RMS had bought the rights from Cetus Corporation, a private company at which a Stanford fellow, Dr. Mark Holodniy, had been assigned by Stanford to conduct research and at which Dr. Holodniy had invented the HIV load test in question.

In their prosecution, Stanford used the Bayh-Dole Act to argue that the intellectual property was rightfully theirs. For those who may be unfamiliar with the act, the Bayh-Dole Act (also known as the Patent and Trademark Law Amendments Act) granted universities, non-profit institutions, and small businesses within the United States the rights to intellectual property resulting from U.S. government-funded research. In defense, Roche Molecular Systems argued a simple point of wording. Dr. Holodniy’s contract with Stanford stated that “I agree to assign” intellectual property resulting from his fellowship at Stanford to the university, while his contract from Cetus stated that “I will assign and do hereby assign” such IP.

Despite that the Bayh-Dole Act states (albeit extremely verbosely) that rights to government-funded inventions lie first with the funded firm, then with the United States government, and lastly with the individual inventor, the Supreme Court ruled 7-2 that Cetus indeed rightfully owned the IP that they sold to Roche Molecular Systems. Chief Justice John Roberts wrote for the majority that the Bayh-Dole act does not automatically strip employees of the rights to intellectual property and because of the weak wording of Stanford’s contract (saying “will assign” instead of “do assign”) that Stanford never actually held the rights to Dr. Holodniy’s invention in the first place. You can read the full case syllabus and opinions in this pdf on supremecourt.gov.

What is of significance here is that Justice Roberts affirmed in the court opinion “the general rule that rights in an invention belong to the inventor”. This would indicate that companies, universities, and other institutions may need to have a very clear and explicit agreement that the individuals turn over their intellectual property to their institutions or else the individual may actually retain the rights, especially when the work is federally funded.

Disclaimer

BioBM Consulting is not a law firm and does not provide legal advice. If you have any questions regarding the law, please refer them to an appropriate licensed legal professional. For questions related to patent law, especially as it pertains to life science or biomedical patents, we highly recommend Gordin IP.

"Are you a life science inventor and have a great idea that you would like to commercialize? BioBM may be able to help you. Our inventor services allow scientist-inventors to inexpensively commercialize and profit from their inventions. We can guide you through all the necessary steps to sell, licence, or build a company around your intellectual property. Feel free to contact us and confidentially discuss your idea and desires."
Blog 10:35 pm , June 13, 2011