Pharma Marketing Insights From the Larta Institute Panel Discussion

If you've ever seen the Eat This, Not That series of books, you'll know that the author focuses on the behavioral changes that can help you lose weight.  Branding is no different. Early-stage biomed companies don't have to "eat" the same as the more established ones.

This week, I had the pleasure of being part of a panel discussion hosted by the Larta Institute and the National Institutes of Health (NIH).  If you're not familiar with the Larta Institute, they are a non-profit, professional services firm that helps turn government-funded innovations into commercial enterprises. The Larta Institute works with clients that range of U.S. governmental agencies to regional agencies around the world.

The panel targeted early-stage biomed companies to help them with marketing and branding as part of Larta's commercialization training workshop. Joining me on the panel was Ravi Sawhney, CEO of RKS Design and Scott Fox, author of Internet Riches and e-Riches 2.0. 

Like many start-ups, early-stage biomed companies are challenged with how to efficiently allocate marketing budgets and to choose the most effective strategic path with regard to corporate and product branding. 

You'll often hear marketers recommend multi-day branding sessions and significant investments in the look and feel of the corporate brand.  But this should not be the hard rule for early-stage companies.  There is too much to lose by not thinking differently here.

Early-stage companies should consider investing against the grain, focusing initial branding investments on the systems that will enable them to make better decisions tomorrow.

Here are four things early-stage biomed companies should consider:

1. Start measuring enagement now

It's true.  Data drives better decision making.  Invest early in the ability to capture and interpret marketing analytics. These insights will help you learn more about your customers and how they interact with your message and your products.  

Brand impact: Marketing analytics provides you with a distinct understanding of what your customers want and what channels they prefer to receive it.

Marketing impact: The more value you provide customers and prospects, the more loyalty they will have to your brand.

Even if you don't have the bandwidth of resources to act on all these insights, collect them now. The historical insights will be invaluable when you are ready to act.

2. Dig deeper with personas

Early-stage companies are often in a hurry to get to market.  While they may invest time in defining the target customer personas, marketers often don't go deep enough. 

For example: assume you were bring to market a new cardiac device that was appropriate for certain situations. 

By just defining marketing personas as cardiologists, you may be casting a net too wide.  Instead include the details about a physician's practice that make them more likely to treat that specific condition. 

Brand benefit: Physicians will appreciate your deep understanding of the nuances of their practice, and it will be more likely that you're seen as the expert in that space.

Marketing benefit: By refining these personas, you'll eliminate sales and marketing waste by only targeting those physicians most likely to adopt your product.

3. Mobile is already here.  Adopt it.

Many early-stage companies still look at mobile as something that's "around the corner." It's here today, and it can make a huge impact on your business.

Mobile presentation and selling tools lead to more efficient detailing from your reps.  Developed properly, they eliminate the calls spent fumbling through folders to find a chart or supporting data.  Now with only a few taps, you can quickly get to the materials that make the most impact. 

Add analytics to your mobile tools, and you'll indentify the selling best practices that make your best reps...well, the best.  Then take this information, and replicate how they approach sales calls. Now you'll have the opportunity to raise the overall performance of your sales team.

Brand impact: Your customers will appreciate your respect for their time and tailored message.

Marketing impact: You'll have a clear view of how your sales team utilizes the tools you've provided.  With this data, it's easy to invest more in what works and end-of-life what doesn't.

4. Tap Into Competitve Personalities

Physicians are competive people.  They've been competing since undergrad.  Combine that with the fact that everyone likes playing games and a unique marketing opportunity presents itself.

Educational games drive message recall.  Using educational games that test product or disease, diagnosis and treatment knowledge can be a great way to drive home your marketing message.

Why?

Repeat play.  Using public scoreboards or leaderboards, we've seen physicians play games ten or more times to see their name in lights. Considering that each new game attempt exposes the player to your message, message recall will be higher.

Add to this analytics that measures game performance, and your sales reps will know exactly what to focus on during the next visit. 

Brand impact: Your physician will appreciate time spent on value-add discussions rather than information he or she is already familiar with.

Marketing impact: You'll ensure your most important messages are driven home to customers and prospects.

What other early-stage tactics have you seen successful with biomed companies?