This is the third post in our Life Science Marketing Plan series, where we will describe the second half of the components. In the last post, we described the first half of the components, which are the Executive Summary, Situational Analysis, Sales History and Forecast, and Market Research. While this sounds like a weighty list already, it represents only the first half. Here, we describe the second half of the components, which will round out your plan and give you the perspective you need to define your life science marketing strategy and tactics. Competitive Analysis. This is my favorite part of the marketing plan, finding out what the competition is up to! You likely have some ideas, as you should be following them all year, but this is a good time to take a hard look at them. You likely know who your competitors are, but keep an open mind and ear during your market research, do some internet research to see if any newcomers have emerged, and talk to others in your company, especially those who are customer-facing such as sales or customer service. As with other areas we’ve discussed, this exercise can be simple or elaborate, and theRead more →
Archive for the ‘Life Science Marketing Plan’ Category
Each post in our Life Science Marketing Plan series will help you piece together a ‘map’ that is representative of the analyses and learning process that will help you define your marketing strategies and tactics for the year. In the first part of this series, we provided and outline and described why marketing plans are needed for life science companies of all sizes to meet their goals. In this post, we’ll define the first half of the components in detail. Let’s get started! Executive Summary. Even though this part of the marketing plan is at the beginning, it is written at the end. Writing a marketing plan is like a journey, and at the end of it you will have learned a lot and have a clear understanding of the strategies and tactics needed to help you reach your goals. Keep in mind that several people, especially senior management, will read only this part of your marketing plan, so summarize the report here and don’t worry about being a bit redundant. Feel free to reference figures and tables in the report for easy and quick analysis. Also, if there’s a point you’d like to make to senior management (e.g., IRead more →
We talk a lot about social media on this blog, and are of course strong proponents of its utilization for life science and biotech companies. One of the aspects we like about it is that the basics of traditional marketing planning are also the cornerstones of social media planning. For this series of posts, we’ll go back to basics and explore traditional marketing plans–beginning with their ‘raison d’etre’ to the details of developing one. We see marketing plans as a journey in which you learn along the way, and we’ll provide one ‘piece’ of the map in each of these posts, helping you to see the big picture by the end of this series. What is a marketing plan? Marketing plans can be centered around a product, product line, brand, or small company. My experience has been that they are developed early in the fourth quarter preceding the fiscal year they describe. While they can be discussed by a team, normally I’ve seen one person taking the lead in writing the document–of course this is dependent on the scope of the plan. Input can come from anywhere, but the marketing group and the management should own them and have theRead more →
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