BioBM's Life Science Marketing Blog
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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.
Where Is Your Web Content?
When viewing the websites of companies selling life science tools or services, I frequently notice that many companies have problems with online content.
Private Labeling / OEM
Private labeling presents a lucrative opportunity for many life science businesses. It can rapidly and dramatically increase market access and also transfer marketing, sales, support, and other costs outside your company.
Value of Social Media Marketing
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.
Can Distribution be Optimized?
A key to the success of many small bioscience products companies is the creation and maintenance of an effective global network of distributors (or dealers / resellers). Ensuring that you get the most out of your distribution network, however, is not a simple task. There is no formula to follow.
CRM: Challenges and Benefits
A challenge for any company is properly managing customer interactions. Sometimes overlooked in a small-company environment, customer relationship management should be an important process within any company in the life science research industry, even those who do not sell directly to end-users.
Defend Against Commoditization
Commoditization – the transformation of goods and services into a commodity – is a major problem when it threatens to rear it's head. As technologies age, lose patent protection and become less expensive, there are often more competitors that will join the market.
Creating Value w/ Cross-Promotions
Cross-promotions are a valuable and highly focused marketing tool to drive additional sales. By promoting products to a customer who has purchased a related product, you help ensure that your marketing dollars are spent on a highly targeted audience that is more likely to be receptive to your marketing message.
Distribution & Opportunity Cost
Everything has an opportunity cost. For those not familiar with the concept of opportunity cost, it basically means the cost of not making a given decision (see a more detailed explanation on Investopedia). While a simple concept, the frequency with which it is ignored is often a huge inhibitor on small companies.
The Power of Remarketing
It's the season where all retailers start to think about how to spike their sales as much as possible, and while there is a lot of marketing information and tactics which are generally inapplicable to companies selling products to the life science research market.
Improve Your Online Presence
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.
Prepare for the holidays!
November is already underway and if your company sells products or services to academic researchers then you should already be preparing to double down on your marketing efforts and start reaching out to potential new customers now.
Change is Permanent
I was speaking with someone the other day about the general state of things (not just the industry or the economy but everything, really) when I remembered and used a phrase that was uttered to me some time ago – "change is permanent".
Leveraging a Weak Dollar
[one_half]Small or start-up businesses are rarely sitting on stockpiles of cash reserves. Quite the opposite, cash is usually a bit tight, so if you are running a small life science company you probably want to take every opportunity you can to improve your cash position.
Don’t Get Left Behind
Taking a pragmatic view on the state of the economy, it's fairly easy to see that the road to recovery will very likely be a long one.
BioBM Launches Inventor Services
BioBM Consulting is pleased to announce the launch of its new "Inventor Services" division, offering commercialization services to life science inventors and others who wish to commercialize intellectual property with a life science research focus.
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