BioBM's Life Science Marketing Blog
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The Plight of the Distributor
Let's be frank: if you are a laboratory products distributor, you have a ton of competition. With inexpensive digital marketing at anyone's fingertips and drop-shipping increasing in prevalence, it's incredibly easy for almost anyone to start a distribution company with little up-front investment.
The Four Key Types of Content
There are a lot of reasons why content can fail to fulfill its objectives. When content fails, it usually just feels like "stuff" – things that are churned out more for the sake of having content than to serve a specific purpose. The most common reason for failure is lack of a coherent content strategy.
Increasing Customer Affinity
Affinity has a transformational value on brands. Google, Facebook, Apple and Amazon have all moved beyond having a simple transactional relationship with their customers to one that creates intimacy and serves their needs in a more holistic manner.
The End Is Not Nigh (now let’s get serious…)
People love to decry the end of marketing. It's a good attention-getter. While those who shout about the coming of the end of marketing from their soapboxes are usually guilty of lacking realism or using poor logic, they do make us think about the future and that can be a learning experience.
If You Don’t Own Your Channels, You Don’t Own Your Audience
A very telling thing happened in October. YouTube, in preparation to release it's paid subscription service, Red, told its top content creators that "any partner' creator who earns a cut of ad revenue but doesn’t agree to sign its revenue share deal for its new YouTube Red $9.
New Report on Conference Exhibition ROI
BioBM conducted a survey of 61 life science commercial professionals to assess their opinions of conferences, conference spending, revenues derived from conferences, and trends related to conferences. The results are in the newly published "Scientific Conferences Survey Report" now available for free download.
Is Publishing the Holy Grail of Content Marketing?
There's a lot of noise coming from some fairly reputable sources extolling the virtues of publishing as the next generation of content marketing (I'm sure you'll be very familiar with this if you follow the Content Marketing Institute at all).
Why MAPs Are Good Business
I've heard a number of manufacturers say that online sales are "a race to the bottom." That's a bit like hearing a dinosaur tell you that being warm blooded is overrated.
Stop Thinking About Content
Content marketers in the life sciences have reached a critical point. The traditional paradigm of content marketing is becoming ineffective. Content marketers have endeavored to create, publish, share, and then repeat this cycle to the point where there is far too much noise.
The Growth Rate Disparity
Having compiled quite an extensive amount of published life science market size data, we've noticed a lot of very optimistic growth rates.
Remove Steps With Content
While we strongly advocate that many content marketers in the life sciences shift from a content paradigm to a resource paradigm, there are still ample roles for more traditional content to play.
Wide Nets Don’t Win
The fear of loss is stronger than the desire for gain. This is a scientific fact. Here's the first paper that describes it, but there are a lot more which confirm it. It's known as loss aversion, and it makes both us and our customers irrational. Loss aversion is, for instance, why challenger marketing works so well.
Remarketing by the Numbers
We recently cited some newly released findings from the Boston Consulting Group (BCG) stating that "display retargeting from paid search ads can deliver a 40 percent reduction in CPA."
Are Conferences Worth It?
I don't think I need to tell anyone just how readily reachable customers are these days. We have an incredible amount of channels and tools at our disposal to reach a target audience. Advertising opportunities get continually more targeted. Want someone's contact information? You can certainly dig it up.
Avoiding Skepticism
The scientific buying journey is fraught with skepticism. From the buyer's perspective, this is a requirement of a good buying journey.
BioBM Provides a Template for Attribute Analysis
In continuation of its mission to empower life science marketers with valuable resources to aid them in their jobs, BioBM has published an attribute analysis template.
Should You Be A Thought Leader?
Being a "thought leader" has become cliché. That's what most brands and most content marketers aspire to be, however. They want to be visionaries; oracles of their respective fields.
Guide to Win / Loss Analysis
As we discussed last week, there are only two fundamental reasons why someone won't buy from you. Either you are talking to the wrong person, or the prospective customer doesn't trust you. Unfortunately for commercial professionals, the reasons why someone could lack sufficient trust in you to purchase are myriad.
The Two Reasons People Won’t Buy
Marketers and salespeople wrack their brains trying to figure out how to increase conversion – be it to turn eyeballs into leads or to convert opportunities into sales. Fundamentally, there are only two reasons that someone won't buy from you.
Winning the Battle for Attention
The most precious and limited resource that life science marketers and salespeople must fight for is undoubtedly money. Everyone is trying to get a piece of those often set-in-stone lab budgets.
Content as a Sales Tool
A lot of people think about content marketing in terms of inbound marketing and lead generation. You create content and either make it freely available with perhaps CTA at the end.
Content Segmentation
A common strategic issue involves trying to be all things to all people. In general, it doesn't work. You need some degree of specialization in order to effectively create comparative value to your audience.
Differentiation Through Content
All of us life science marketers know that we need to differentiate our products and services. Nothing new there. It's critical to demonstrate a unique value and avoid commoditization. But how often do you think about how well differentiated your content is?
The Power of Print
If the forecast calls for rain, followed by ever-increasing amounts of rain thereafter, what is the end result? Assuming the forecasts are correct, you would have one heck of a flood. That's what the state of content marketing currently is. It's a constantly-increasing deluge.
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