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Value of Social Media Marketing

Social Media Marketing is a great way to interact with customers, but many companies take it for granted and do not adequately plan their SMM strategies.Social media is all the rage – it has been for almost a decade now. From the generation Y-ers who initially picked up on the pioneering social network Friendster back in 2002 to the new generation of socially networked seniors with Facebook friends galore, the world is now socially networked. Using social networks for marketing purposes, a practice more technically referred to as social media marketing or just SMM, is a young and rapidly evolving practice (as you may notice from the lack of detailed information in the Wikipedia entry on the subject). While the leveraging of social networks for marketing purposes is not a particularly new idea, companies have traditionally been slow to adopt social networking. While some companies have had overwhelming successes with SMM – such as Bio-Rad’s PCR song spoof of the Village People’s “YMCA” that went massively viral within the scientific community two years ago – most companies’ social media efforts, particularly those of small companies, are largely failures. In this post, I will address some of the basic yet important and often overlooked questions and challenges of social media marketing that many companies fail to address, as well as discuss some of the social media outlets and some of the specific concerns involving each.

Issue #1: Understand who you are trying to talk to

This is the easiest and least complex step and should be the first step as well, but nonetheless even this relatively simple issue gets overlooked sometimes. Simply ask yourself: “Who am I trying to communicate with?” If you are serving life science researchers generally, then the answer to this question will be broad – you’ll be communicating with research assistants and lab techs, PIs and professors, grad students and lab managers, procurement department employees, etc. They may be in academia, pharma / biotech, CROs, etc, etc, etc. This will likely make it easier to find your audience but may make it harder to connect with them since they’ll have diverse interests. Alternatively you may be focusing on a small subset – say, researchers in big pharma performing mass spectroscopy analysis of proteins. This kind of refined specification may make it harder to find your audience but will make it easier to connect with them since you will know their interests to some extent.

Issue #2: Understand why you are talking to them

An equally important and amazingly frequently overlooked question is “why”. Why are we trying to engage this audience? Do we want to get their opinions? Do we want to control or convey our brand image? Do we simply want to promote products and / or services to them? Don’t just answer yes or no to these questions – delve into them a bit. If you want to promote products to them, think about how you plan on doing so. Do you plan on offering exclusive promotions? Do you want to use social media as an outlet for conveying information on new products? Dig deep and think about what your goals are.

Issue #3: Understand how your audience uses any given social media platform

This is the #1 reason for failure of any social media marketing strategy. Companies fail to understand how the audience is using a particular platform. A related pitfall involves rolling out an identical engagement plan across all (read: “disparate”) platforms. While this is a complex issue and could be the subject of a book, allow me to give you a few things to remember. 1) Social Networks are your audience’s turf, not yours. Unlike your website, print or online advertisements, or just about any other marketing platform you utilize, you are not in control of a social network, and your audience is not there specifically to interact with you. You are both a guest and a member of a conversation, so act accordingly. Interact. Contribute. 2) You need to give people a reason to listen to you, and this reason has to be congruous with the reason that your audience is on a particular social platform in the first place. In other words, delivering value is not enough – you need to deliver value within the context of the audience’s presence on any given social network.

Issue #4: Resource your efforts appropriately

One of the great things about SMM is that social platforms are almost always free to use, but this doesn’t mean that an SMM campaign doesn’t require any significant amount of resources. While SMM can be significantly less expensive than other marketing outlets, social media marketing is not some simple endeavor that involves merely sending out an occasional tweet whenever you have a promotion. It requires forethought, planning, engagement, conversing, creating and delivering value, and all these things take time. Figure out where you can get the greatest returns from your social media marketing investment and focus on that. Only roll out a broad SMM campaign across many platforms if you have the time and budget to do so. As with other marketing endeavors, spreading your efforts too thin will lead to failure.

Brief comments about different social media platforms

Facebook – This is a purely social, mostly recreational platform. It’s a great place for strong consumer brands, but others can have difficulty connecting with their audience here. Remember that people go on Facebook for personal reasons and to make personal connections. If you’re going to connect to most scientists here, you’ll need to reach out to them not just as scientists, but as people.

Twitter – People express a variety of interests here, so listen to what your audience is saying and participate. Perhaps the greatest power of social media marketing via twitter is it’s search function. Connect with people who are talking about things that pertain to your company. Also, be sure to give your account some personality.

LinkedIn – You’re probably not going to pick up many customers here unless you’re doing higher-level B2B sales, but it is a great way to connect with potential business partners. Since your space on LinkedIn is your turf, so to speak, make the best of it. When presenting yourself on LinkedIn think of your company first, and your products as a function or extension of your company.

Forums – While not always thought of as a social network, the same rules apply. Forums can be great ways to find and convey messages to groups of researchers and scientists (and others) interested in a specific topic. Again, be engaging and be sure to add value to the conversation.

YouTube – Remember that after someone watches a video on YouTube, they’ll see “related videos”, so if your competitors are on YouTube as well, they’ll probably be presented with their videos after watching yours (although this works both ways). It’s a great way to host content that can be easily linked to, shared, embedded, and otherwise distributed.

Virality

As a closing note, don’t spend all your effort trying to create the next huge, viral media phenomenon. While it’s a noble goal, the success rate in trying to do so is very low, and the compulsion to spread the word needs to be very high. A 2006 Millward Brown study suggested that on average only 13% of people who receive any viral message pass it on. This means that for every 8 people the message reaches, one of those must pass it on to another 8 in order for the message to maintain it’s rate of spread. That’s a lot to ask for. Don’t let these numbers discourage you from trying, especially if you have a great idea (again, I point to Bio-Rad’s video), but don’t think that going viral is necessary for a good SMM campaign.

Social media marketing is a great way to connect with customers, get feedback on products or services, crowdsource for ideas, and convey and monitor your brand identity, but it is something that requires planning. Not adequately defining SMM strategies, not understanding your audience or social platforms, or under-resourcing your SMM efforts are all-too-common and avoidable reasons for social media marketing failures. A little planning and some understanding of the social networking landscape can dramatically improve returns on social media marketing.

"Need help defining a social media marketing strategy? Want to talk to a social media marketing expert about how best to engage customers on a given platform? Want to create and launch a well-rounded SMM campaign? The marketing and web experts at BioBM have deep knowledge and robust experience in SMM. Talk to us and tell us about what you want to accomplish, and we’ll help get you there."

And now, for your enjoyment, the Bio-Rad PCR song!

Improve Your Online Presence

Internet penetration is growing, and the internet is becoming an ever more important marketing tool.I don’t think anyone will dispute the power and influence of the internet. According to data from the International Telecommunications Union (a United Nations agency), internet penetration in the developed world will exceed 70% this year. Scientists are even more heavily influenced by the internet. We rely on it as a vast and trusted source of readily accessible data, a gateway to the tools and databases we use on a regular basis, a necessary communication tool, and a platform for collaboration across countries and continents. Fueled by fast, extensive business and university networks, internet penetration among life scientists is virtually 100%.

Just as individual consumers are turning more and more to the internet for both information and to make purchases, so are scientists. Researchers, geared towards finding their own information and encouraged by the ready availability of online information, look to the internet for information on products and services prior to purchase, and ever more are using use e-commerce for fast and efficient purchases. Because of this, it is imperative that life science companies leverage the internet to maximize their exposure, ensure that they manage their online brand image, present compelling online marketing, effectively capture online leads and convert these into sales, and utilize e-commerce where possible to reduce the barriers to purchase and increase sales efficiency.

How Important is A Website?

Online, your website is who you are. The quality of your website will be perceived to reflect the quality of your company and, by association, your products. Customers expect that the same kind of companies who create and maintain high-quality, well-performing products will put the same effort into creating and maintaining high-quality and well-performing websites. An outdated look or feel, errors, poor navigation, and a large list of other website faux pas will hurt your image and reputation. Unless you have an extremely strong reputation among your target market, you can assume that every new prospective customer who is interested in your product will look at your website for information before purchasing, and it is likely that your website will be the first place they look … unless they search for it and someone else comes up higher in the search results. Even with a strong reputation, many will still look to your website for more information. While a beautiful, well-structured website alone will not be enough to sell your products (you still need the proper content) a poor website can dramatically hurt your sales.

Refining Your Marketing Message / Having the Right Content

Your online marketing message is arguably the most important one that you will present. It is, in effect, constant; your online brand and marketing are always there for anyone to view. Again, it is very likely that almost all of your customers will view information for your products or services online at some point before purchase. You therefore need to have the appropriate mix of technical information and compelling marketing messages to encourage scientists to either buy the product at that time or inquire for more information immediately.

Search Engine Optimization (SEO) / Search Engine Marketing (SEM)

It will not do you any good if your company has an excellent website that no one can find, and how you get found is through search. ComScore’s global search report has indicated that Google alone gets 1.5 million searches per minute, or well over one billion per day! Having insight into how search engines serve search results to these hundreds of millions of people is crucial to ensure that scientists looking for products or services online find yours and not those of your competitors. Search engine optimization is a tricky thing – search engines guard their algorithms and make only vague public statements as to how they work, so having someone with expert knowledge manage your SEO is crucial. For example, there is a sweet spot between a site having too few keywords, which will result in sub-optimal rankings, and too many keywords, which search engines will penalize you for. Experts have spent years figuring out the optimal “keyword density” along with many other SEO considerations and know what works and what doesn’t. Even with expert help, organically improving your search engine ranking takes time. To get around this, and get you to the critically important first page of search results today, you can make use of search engine marketing. Remember: 90% of searchers never go past the first page of search results, and 99% will not go past the third page, so being on the first page is of extreme importance. A properly managed SEM campaign can economically get you to that critically important first page page of the search results regardless of SEO, and even with good SEO it has been shown that a well-run SEM campaign will still result in an average 20% more hits. Another benefit of SEM: since most SEM campaigns are pay-per-click, you know that most of the people clicking are in your target market. After all, people most often click on links that are of genuine interest to them. Also, search engine marketing prices their advertising by the keyword, and a lot of life science keywords are niche markets, and therefore are less saturated which leads to lower costs and a higher return on your advertising dollars.

E-Commerce

According to a study by Forrester Research, sales via electronic commerce will increase by an estimated 60% from 2009 to 2014 in the United States. In Europe, the estimated increase over the same time period is 68%. A burgeoning societal tendency to make purchases online compounded by extremely high internet usage among scientists and the ease of finding products and information online, ever more researchers are turning to the internet for laboratory purchases wherever possible. Particularly for lower-cost items which do not require purchase orders or budgeted line-items (usually $2500 maximum for universities and research institutes and around $5000 for pharmaceutical or biotech companies), a well-implemented e-commerce backend to your website can make it easier for customers to buy your products, help you process orders more efficiently, and even integrate with customer relationship management and / or accounting software to automatically capture customer and order information. The most important factor, however, is the ease and speed of ordering for customers. At all times, you want to ensure that it is as easy as possible for customers to order your products.

These are only some of the considerations that a company should think about when analyzing their online presence. I did not touch on Social Media Marketing (SMM), forms of online advertising other than SEM, online brand presentation, and many other factors (a quick tangent since I’ve brought up social media marketing; if you think the most popular site on the internet is Google, you are wrong). However, the above points are perhaps some of the most important for a small life science company to consider when establishing, updating, and / or maintaining an online presence. We’ll be tackling each in more detail, including social media and the other topics we didn’t cover at all here, so be sure to follow us on twitter or add our blog to your RSS feed if you’d like to stay up to date with the latest posts.

"Does your company want a more professional online presence? Would you like to improve your online marketing? Would you like to know how you can improve your company’s search engine rankings? Get a free site review from BioBM and we will analyze your online presence and discuss how we can help you establish and maintain a top-quality online presence."

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