BioBM's Life Science Marketing Blog
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The Limitations of Referrals
While less common in highly technical industries such as life science tools and services, it's not wholly uncommon for entrepreneurs to "boot-strap" their start-up companies (try to start without external funding and race to become profitable before they run out of cash).
Success in Product Development
For companies, success in life science product development does not mean completed development of a single product, or even successful commercialization of a product. Likewise, triage of one product development project does not equal failure.
Encouraging Action
Life science marketing often involves an abundance of technical information. This is often for good reason – scientists are inquisitive and want to know what they are potentially buying.
Leveraging a Weak Dollar
In one of the first posts on our new site we discussed some ways in which life science tools companies can take advantage of a weak dollar, but with a decidedly U. S. -centric focus.
A Note on Off-Site Blogs
Going somewhat in step with our previous post on projecting expertise, I've noticed a recent trend of life science companies starting or sponsoring unbranded, off-site blogs. I have no problem with using such blogs as a marketing tool so long as the strategy for doing so is properly addressed.
Be The Expert
The life sciences are, almost by definition in being a science, a highly technical field. Most life science products, and certainly life science services, are of a similarly highly technical nature. At the same time, experiments are precious and expensive.
The Lost Art of Go / Kill
Great ideas are precious things. They are the fuel driving innovation, the sustenance of progress, the energy that powers success. Not all great ideas are so great in practice, however.
Ion Torrent’s Apple Spoof
So I ran across Ion Torrent's / Life Technologies' spoof of Apple's "I'm a Mac" commercials, where Ion Torrent rips into the Illumina MiSeq a bit … okay, more than just a bit, the Ion Torrent attempts to pretty much tear apart the MiSeq in comparing it to the PGM.
Send the Right Message
Life science marketing can be a difficult task, especially because scientists often don't like to be marketed to. They are particularly adept at identifying marketing and ignoring it.
Benchfly: Innovation 3 of 3
The third post in life science innovation in the laboratory has been published on Benchfly. In this final post in the guest blogger series by BioBM Principal Consultant Carlton Hoyt he discusses some considerations regarding intellectual property and options for commercializing and realizing revenues from a life.
Managing a Product Portfolio
All companies making and / or selling life science tools and services have a product portfolio, but often these portfolios are not viewed in a strategic manner.
Lowering Barriers
Life scientists are busy people. Between bench work, meetings, writing, presentations, seminars, and everything else they may have to do in their day, their time is limited. As such, they appreciate (knowingly or not) situations where the purchasing of products that they need is easy, fast, and simple.
Creating Brand Champions
Branding is an important part of marketing in the life sciences, as we've previously discussed in this blog. The ability to shape and manage the perceptions of your company in the minds of customers is a powerful thing.
Fix the Cause, Not the Effect
In business, problems are an inevitability. No company ever sails completely smoothly to success. In the life sciences and elsewhere, companies often fail to step back to understand their own problems and their own situation as well as they should.
Driving Innovation
What was once "out-of-the-box" is no longer out of the box. As time goes on and progress is made, your company must continuously progress in order to remain competitive.
Acting With Confidence
Small life science companies are surrounded by uncertainty. How can we improve our service to customers? What new product would be of greatest interest to scientists? How can we be more certain that our strategic direction is in sync with future realities? What can we do to add value to our products?
Benchfly: Innovation 2 of 3
The second in the BioBM / Benchfly series on laboratory innovation for life scientists has been published on Benchfly. In this post, BioBM Principal Consultant Carlton Hoyt discusses a "back-of-the-envelope" method for life scientists to ballpark how much their ideas or inventions could be worth to them.
From Site to Sale
Many companies under-utilize their website, and life science companies are no exception. There is often a lot of marketing going on, and that's good, but most websites seem to stop there.
BioBM Launches Subsidiary Management Services
BioBM Consulting has announced the launch of its new Subsidiary Management Services for international life science tools companies looking to establish a United States / North American presence.
Establishing a U.S. Subsidiary
If you are reading this post you are probably deserving of some congratulations. Your life science tools company has grown sufficiently to consider starting a subsidiary in the world's largest market – the United States.
Building a Brand
Life science companies frequently underestimate the value of building a strong brand. This is perfectly understandable – very often these companies are started by scientists or engineers and simply don't think in terms of abstract marketing principles.
BenchFly: Innovation 1 of 3
BioBM Principal Consultant Carlton Hoyt has been given the honor of writing a three-part series on innovation for life science inventors that is being featured on laboratory technique and advise site BenchFly. The first post focuses on different ways to realize the value of ideas – from small to groundbreaking.
Selling to Pharma / Biotech
A lot of small life science companies, including those manufacturing products or offering services but especially small distributors, are unsatisfied by their penetration of the pharma / biotech markets. While academic labs are often quite open and accessible, access to labs in industry is extremely restricted.
New Product? Aim for a Niche.
Small companies often have trouble with gaining traction for their new products. Researchers in the life sciences are notoriously hesitant to change brands or adopt new technologies. Once a lab has a tried and tested method and tried and tested products, good luck getting them to change anything.
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