1. 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., I need a bigger marketing budget to meet my numbers!) this is a good place to make your case.
2. Situational Analysis. Before getting started on an in-depth analysis, you need to provide details about your products, internal factors, and external trends which will help explain where you’re starting from. Remember that the marketing plan is a tool to help you communicate to others, so this is a good place to step back and set the stage so that anyone in your company who reads the plan will understand it clearly. Be very literal and don’t worry about explaining things you think everyone knows, such as defining the products included in the marketing plan and that big acquisition that occurred 3 months ago (a safe bet you’ll need to include that these days). In this section you will describe broader issues such as the life cycle stage of your products and any history that is relevant such as trends in the industry and current attitudes about your company’s brand.
3. Sales History and Forecast. This is fairly self-explanatory, but sometimes a bit tricky depending on when you are writing your plan. Because you normally need to start your plan well before the year ends, having a full year of sales history is difficult. In my experience, projections are normally used to estimate sales for the current year, and remember that sales fluctuate from month to month (e.g., December is usually lower) so base the remaining months’ sales based on these changes. Sales forecasts for the year that the marketing plan describes may need to be done at the end of the report, as the complete analysis may be needed to make predictions. Consideration of the historical sales growth, the size of the marketing budget in comparison to yearly revenue, and other factors will be important. In addition, my experience has been that ‘top down’ forecasts are sometimes given to marketing and product managers, indicating the revenue growth they must achieve in the coming year. While this is sometimes disheartening, the marketing plan can be used to explain why a higher budget is needed if these growth figures are too ambitious. A general rule of thumb is that the marketing budget should be at least 10% of the annual sales for the products it supports. In practice, I’ve seen the budgets run much lower than this, perhaps because marketing is sometimes under-appreciated in life science companies. However, it’s a good number to shoot for, and a strong marketing plan will provide confidence to the management that you will meet your goals if given the appropriate budget (and be prepared to work hard to reach them if your wishes are granted!).
4. Market Research. One of the objectives of a marketing plan is to ensure that your company continues to be driven by the market. In other words, you need to know about your customers’ needs and about factors that are driving their purchases, and there is no substitute for getting this information straight from them. Market research can be done many ways–you can buy off-the-shelf reports (Price $3-10K), hire a company (broad price range, $5K minimally), or conduct research yourself (price varies greatly). The scale can be large or small, from online surveys of hundreds to phone interviews of 10. Larger and purchased surveys will give you estimates on the size and growth of the market and each company’s share of it, while smaller surveys help you understand your customers more on a personal level (which is very important as we’ve discussed). Another consideration is whether you want the survey to be blind, and whether it should focus on only your customers or more broadly. One of my fantastic mentors Michael Gonzales told me once at the start of a market research project to define very specifically what internal decisions you need to address before you begin, and write each question to definitively provide answers to them. There is no point in posing a question unless it will have an unambiguous effect on a decision that you will make. It is easy to get carried away designing questions related to your company or products, as you’re curious about so many aspects, but keeping your objectives clear helps to focus the effort. Questions should center around the customers’ needs and habits and how they relate to your product development and tactics. What are their daily struggles or ‘pains’ in the broad area of your products? What conferences are they attending this year, and which publications do they read? Perhaps most importantly, you should give customers a chance to give you any feedback they have for you in an open-ended format, as they’ll often have great ideas and opinions and appreciate being heard. Even with a focused effort, you’ll learn a lot about your customers and their needs, and can use the information all year for many different purposes.

   After you’ve completed these tasks, you’re well on your way towards completing your ‘journey’ towards defining your marketing strategy and tactics. The way the pieces fit together will become even more clear after the next post in our series, The Life Science Marketing Plan, Part 3: Components (Second Half). Sign up for updates so you won’t miss anything, and see the whole series here.

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   ]]> http://comprendia.com/2010/03/12/the-life-science-marketing-plan-part-2-components-first-half/feed/ 0 http://comprendia.com/2010/03/02/social-media-for-life-science-workshop/ http://comprendia.com/2010/03/02/social-media-for-life-science-workshop/#comments Tue, 02 Mar 2010 16:05:54 +0000 Mary Canady http://comprendia.com/?p=30937 How can life science and biotechnology companies leverage social media to increase visibility, generate more leads, and ultimately improve sales or the value of the company? Comprendia is the recognized leader in understanding how to develop and implement social media strategies tailored to life science and biotechnology companies. Check out our Biotechnology Marketing 101 Blog for more details. There are myriad online social media resources and agencies, but this workshop is the only resource that will provide you with strategies backed by real examples and designed to help you launch campaigns that will work with your life science customers.

   In this 4 hour hands-on workshop we’ll answer these questions, giving real examples and materials to help you jump start social media campaigns for your company:

   • Which applications and themes work with scientists or biotech professionals?
   • How do I integrate social media with existing marketing strategies and tactics?
   • What is the return on investment (ROI) for social media, and how do I maximize it?
   • How do I get buy-in from the management and motivate my team to participate?

   We’ll have wifi so you can bring your computer, ask lots of questions, and head back to the office ready to get started.

   Who Should Attend: Business Development and Marketing professionals who provide products or services in a non-regulated environment and are interested in using social media to increase sales, leads, or visibility. Examples: companies who sell research-only products or services to scientists or small to mid-size biotechnology companies that need more visibility. Contact us if you have questions.

   As a Participant You Will Receive:

   1. Printed workshop materials
   2. A highly interactive presentation session from Mary Canady, customized to your needs and using real examples from life science and biotechnology
   3. Worksheets designed to help you get social media launched at your company
   4. Hands-on, online training and feedback from Comprendia during the session
   5. Free follow-on session with Comprendia
   1. Review of workshop ‘homework’
   2. Guidance for next steps

   This is our first in a series of quarterly Social Media for Life Science and Biotechnology Workshops. Sign up for updates to our blog and you’ll be the first to hear. We’re also considering ‘virtual’ workshops or roadshows–let us know if you’re interested.

Social Media for Life Science and Biotechnology Workshop, Part 1: Get Started With Industry-Specific Strategies and Tools
Date: Tuesday, March 30th, 2010
Time: 1-5 p.m. PT
Place: Tango Del Rey, San Diego, 3567 Del Rey Street, San Diego 92109
Cost: $350

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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 the research to back up the marketing plan’s claims. They can take the form of a text document with figures (e.g., Microsoft Word) and usually include a summary presentation (e.g., Microsoft PowerPoint). In theory, they should be considered living documents which can be modified by the owners (in practice this often proves too difficult for the busy marketing professional).

What are the components? Of course you can find marketing plan templates online, and you can certainly customize them to fit your needs. Here are what we consider to be the basics:

1. Executive Summary
2. Situational Analysis
3. Sales History & Forecast
4. Market Research
5. Competitive Analysis
6. Strategy
1. Messaging & Positioning
2. Overall Plan
7. Tactical Plan
1. Events (Conferences, Ad planning, Product Launches)
2. Budget

You’ll often hear the components referred to more generally as strategic and tactical marketing. Overall strategy is determined by the careful analysis of components 2-5 above, and it guides the tactical plan. We’ll go through each of these in detail in subsequent posts.

Why do I need a marketing plan? We all understand that having a plan makes everything work better, but I’ve worked in smaller companies in which it has been very difficult to justify taking time off to write a formal document. Let me give you a few examples for why it is so important, and why it will actually make your work easier.

Consistency. Working through a marketing plan will help you to see your path clearly for your product or product line and to quickly communicate it to others. For example, let’s say your objective is to be the leading provider of fast, high performance protein chromatography, and your target customers work mostly in pharma companies. This is all part of defining your positioning in the market, and will guide all of your marketing materials and actions. Every time you or your colleagues communicate with a customer, write a marketing piece, etc. you’ll be guided by this principle. This will result in a consistent message which will improve your brand perception.

Better product development. Successful companies are driven by the market. In a smaller biotech or life science company, the products (at least initially) are by nature driven by the market, because the company was likely founded based on strong need. However, as companies grow, there is a tendency for scientific companies to produce what they ‘can’ rather than what they ’should.’ Developing a yearly marketing plan is a great way to get a reality check and to define your product line’s direction and be ready to give solid reasons to back your decisions. Additionally, having a document that can be forwarded to the R&D team is a powerful way to help everyone brainstorm about product development.

Time savings. Your colleague comes to you with a great conference at Cold Spring Harbor which he says is PERFECT for your company to attend. Your answer? Thank him, but point to the marketing plan and indicate that your target market won’t be in attendance, so it doesn’t make sense. Quick decision, no feelings hurt (hopefully), and you’ve pointed him in the right direction as to what conferences he should be looking for.

More bang for your buck. The strength of a good marketing plan is in the power to see how tactics can work together to be more powerful than they are individually. The tactical plan normally takes the form of a spreadsheet or table which list the months of the year and every major planned event, such as product launches and conferences. These can also be cross-referenced with editorial calendars (see our 2010 planning guide). Example? Let’s say your big product is launching in August, but you see that a relevant conference and editorial piece are available in July. By planning ahead, you may be able to work with R&D for an earlier launch, and come out with a bang in month of July with news about your product at the conference and in the editorial.

A marketing plan is a journey in which you step back and look at things more broadly, and spend the year prepared, making smarter decisions and being less reactionary. Of course, a marketing plan can be written any part of the year–there’s no time like the present. Next in our series will be The Elements of a Life Science Marketing Plan. Sign up for updates so you won’t miss anything, and see the whole series here.

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Seth Godin is a true thought leader in social media–he understood it years or maybe even a decade before many. Three of his books have literally changed the way I think about marketing and even the course of progress in many areas. Here is a short review of the books, and they’re all good and short reads, I suggest you pick them all up (each is linked to its Amazon page, and I swear I’m getting no kickbacks!).

Permission Marketing. This book was published in 1999 and truly shows that Godin was ahead of the curve, defining new media marketing strategies and tactics before the term ’social media’ was even recognized. I call this the ‘newsletter book’ because it espouses getting permission to market to customers and uses newsletters as a prime example. In short, create marketing materials such as newsletters which provide value to your customers outside of your products, and they will give you permission to market to them. Need an example from life science? We worked with San Diego-based specialty chemicals and services provider BioBlocks to help them create a newsletter featuring the research behind their products–see an example here. As a result, they’ve increased their reach and actually gotten many compliments on their newsletter, no doubt improving the BioBlocks brand perception. In this book, Seth introduced us to the concept and benefits of engaging our customers rather than broadcasting to them using traditional marketing strategies such as print advertisements.

Meatball Sundae. In this book published in 2007, Godin expertly continues along the path he began with Permission Marketing and explains the new media world to us. He begins with the description of the impact of mass media in the 50’s and 60’s, where television allowed marketers for the first time to reach a broad audience quickly with messages about their product. He contrasts that with media today, where consumers have so many choices–for example, it is no longer a big ‘coup’ to get an article in Time Magazine, as it reaches a much smaller demographic. He points out the many media choices consumers have these days (e.g., cable, internet, youtube, blogs), and the dearth of time and attention they have. Concomitant with this is the continuing loss of the impact of entities which he calls ‘gatekeepers,’ which control the information the public receives (e.g., the editor at Time Magazine). With less control of information flow, there is a more level playing field for companies and individuals who want to get the word out via their own website, blog, YouTube channel, etc. The book describes how to succeed in this ‘new media world,’ and gives plenty of examples. If you have time only to read one of the three books in this post, choose this one. Relevance for biotech and life science? Small companies such as our client Assay Depot can reach more through tools such as blogs. The drug discovery 2.0 blog we developed with them is now the second result in Google searches for ‘drug discovery blog.’

Tribes. This 2008 book is what I consider to be the last piece of Godin’s social media trifecta, a natural progression from the two earlier books. In it, he describes the consequences of shifting media on a personal level–the full title of the book is ‘Tribes. We Need You to Lead Us.’ He describes that the internet has provided unlimited ways for groups of people to connect and affect change. No longer constrained by gatekeepers, a passionate leader can start a movement, finding others who share interests and who often have a natural affinity for the tribe they create together. He gives Barack Obama’s campaign as an example, where supporters were connected and engaged to help him win the presidential election in 2008. Can companies start tribes? Sure they can, look at Apple. Even before the internet, they created a group of loyal fans centered around their products. If you doubt that they are true fanatics, check out the movie MacHeads on Hulu. Tie in to life science companies? Many brands have special meaning to their customers, and they can be considered fans of them. The assurance of a cabinet stocked with Sigma chemicals. The trust placed in their antibody provider for reagents that will work the first time. The pervasive blue Qiagen boxes that appear in almost every shot of a lab shown on TV. As we’ve pointed out with our list of life science companies using social media, they’ve got a long way to go, but they also have a solid foundation to build upon. We think the possibilities for forming life science and biotech tribes is enormous, and have had much luck with the San Diego Biotechnology Network.

Still skeptical, or don’t feel like you have time to read these books? We’d love to give you a social media primer, and we’ll also include an analysis of your company–sign up for a free consultation. We strive to be the ‘tribe leaders’ of social media for biotech and life sciences, we certainly meet the ‘passionate’ qualification and would love to speak with you.

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I’ve heard buzz for several different flavors of social networks (or more broadly, applications) for life scientists, and I’ve been curious as to which of them, if any, are gaining traction. I made a list of the ones that seem most popular and did a ‘quick and dirty’ calculation of the number of unique visitors to these sites. The results show that some sites are indeed gaining traction, and that they provide value based on primary and secondary scientific content, both traditional and online, to their visitors.

I measured the traffic from each social application using Compete.com data from September to December of 2009. The data from this site may be inaccurate, and traffic to some sites may be low because they are newer, or the number of visitors may be calculated differently. I excluded scienceblogs.com because they are known to be very popular already, and they cover more than just life science (which several of the others do, below, but I just wanted to get an idea.) I also did tag searches on Delicious to find which sites researchers are bookmarking, to be as inclusive as possible. Sites I have excluded in the graph likely had little traffic or did not meet my criteria (e.g., NextBio has good traffic, but isn’t a social application). Also missing are social applications which are not web-based, such as Mendeley. Please be sure to comment below if I missed any that you feel fit the criteria.

I tracked whether the sites required a login to obtain what I considered to be a reasonably ‘browsable’ amount of information. Most sites feature some sort of login, but offer information through, for example, forum browsing without requiring a login (e.g. network.nature.com), while others have virtually no information available until you log in (e.g. researchgate.net). I thought this might make a difference in the traffic, but it turned out not to have as much of an effect as I initially thought. I also recorded what I thought to be the key features of the site. Note that many of the sites offer more features than I’ve listed, but my quick overview deemed the other features to be secondary (for example, scientistsolutions.com offers a social network and blogs, but I think mostly it is used for the forums).

Summary of Scientific Social Media Traffic (click to see larger)

As I mentioned, this is a quick analysis, and I invite others to copy the data and add to it (here’s the Google Spreadsheet), but a clear trend emerged from this short study. The top site, biomedexperts.com, which has an estimated 128,000 visitors per month, utilizes scientific publications to connect and segment scientists based on interests or regions. The second most popular site, citeulike.org, is a social bookmarking site with about 100,000 visitors per month who use it to search for, store, and browse related peer-reviewed publications. What’s interesting is that these sites are based on completely different formats, but they both rely on scientific publications.

Is it surprising that scientific publications are the ‘glue’ that is connecting and attracting scientists? Not really–when I think back to my days in the 90’s as a bench scientist, PubMed and my many folders of papers were what helped me to connect with other scientists and learn who the thought leaders of my field were. In a sense, PubMed was scientists’ first ’social network.’

Also, it is not surprising that scientists seemingly need to find immediate and differentiating value in order to sign up for a social web application, as evidenced by the clear leaders. Scientists can easily socialize with colleagues on Facebook, so this utility is superfluous for applications designed just for them.

Biomedexperts.com is powered by Collexis, a company that was founded in the 90’s based on a European research project centered around creating a network of health experts. The company presumably has impressive software and databases which provided an instant remedy to the ‘network effect‘ suffered by most social networks. They simply utilized the ‘network’ that already existed, buried in years of life science publications. Brilliant. In addition, the interface for Biomedexperts.com is excellent, which likely leads to quicker adoption. Some of the other applications offer similar functionality (e.g., SciLink) with less intuitive interfaces or higher barriers to entry (e.g., having to add publications manually).

I also find it very encouraging that researchblogging.org is in third place, as it is a ‘blogger-powered’ resource which does not rely solely on traditional peer-reviewed content. It does cover more than just life science, but the numbers are impressive, with 91,000 visits per month. To me, this signals that both the acceptance and desire to publish online scientific content is increasing. Most of the posts here represent reviews of literature published traditionally, or conference summaries, but likely more primary research will appear, if the popularity of the open access Public Library of Science (PLOS) is any indication.

It will be interesting to see how the NIH’s $15M project to connect researchers will overcome the network effect and attract scientists to participate. Cameron Neylon has published his criteria for social software for scientists, it is a very thoughtful list on the ’stickiness’ and utility of such applications. He also plans to evaluate the top sites, which will be of interest vis a vis these results on the popularity of the sites. Popular doesn’t always mean better, but the first law of marketing is ‘it’s better to be first than it is to be better,’ which means that the sites getting the most visitors now will likely be the leaders for some time.

What also interests me is the world beyond scientific publications. Biotech professionals could benefit greatly from being able to search for and license technologies seamlessly. We’re thinking along these lines for connecting scientists in San Diego Biotechnology Network, stay tuned.

These results are also of interest to those of you trying to reach scientists, or creating a resource for them. Purchases of banner Ads, etc. on these sites are obviously more impactful on the larger sites. Supporting sites with less traffic is certainly OK, but consider their potential for ’stickiness’ before committing to a long contract. This study surprised me in that hype definitely did not translate to web traffic. Compete.com is a good tool, in general, for planning online advertising placements.

Note: Apologies to those who are digging out on the East coast after another round of Snowmageddon, for the image. At least it’s something you can relate to!

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At least four times this week I’ve been asked by someone for help and I’ve politely declined. It’s true that I have a large network and knowledge that comes from years of experience in the industry, and do help people quite a bit. However, I see many people who don’t realize how much they can achieve on their own these days, and think that in some cases it’s better in the long run to show them how and why they should take more initiative. Here’s a short list of the benefits of ‘helping yourself,’ with examples of the many ways we are all more empowered now.

Notoriety. Often people ask ‘can you post this news on your LinkedIn group,’ not realizing that they can post it themselves. What’s the benefit for them to post it? If the news is interesting and relevant to the group, they’ll get some ‘good karma’ from group members for pointing out something useful, and expand their reach. Regardless of your motives, being more well known is a benefit (with the exception of those in the witness protecion program ;).

Opportunity. Together with Notoriety, much opportunity comes when you help yourself. Take the example of posting items to LinkedIn groups–let’s say you post an article about stem cells. You’re automatically letting people know that you’re interested in stem cells. Perhaps someone in the field will look at your profile and offer to connect. The possibilities for receiving highly relevant opportunities are endless when you help yourself in this way.

Knowledge. I am often asked to meet people who want me to tell them what I know about San Diego Biotech. Yes, I do ‘get around’ and may have knowledge, some anecdotal, that others don’t, but I am a function of what I read and do. We set up the San Diego Biotechnology Network website with news and information that helps anyone come up to speed quickly. In fact, I know of three reports that just came out over the past few weeks about California Biotech. Other resources are Xconomy, RSS feeds, Twitter… You may say that you don’t understand these new tools, I would argue that they will become as important as radio, TV, and the internet, so buck up and learn them ;) Today, you really have the opportunity to become an expert in a wide variety of fields, for free.

Control. Sometimes people want to post irrelevant items to the LinkedIn groups I manage. Because they are irrelevant, members get irritated and feel as though they’re being spammed, and I have to delete the posting and potentially remove the member. When this happens, I tell the person that it is much more effective to start their own interest group, something we covered more generally earlier. By starting a group, rather than always trying to find one that fits, you have much more control. The topic needs to be chosen carefully, but we all have valuable offerings for others. (Note: this may seem to conflict with what I said in the ‘Opportunity’ section–however, I always tell people if they question whether a posting is appropriate, they can always ask me.)

Almost on cue, Amy Winehouse’s ‘Help Yourself‘ started playing in the background as I wrote this post…corroborating an earlier post. I hope that these examples inspire you to think about more ways you can help yourself and ultimately achieve more of your goals. Also, if I tell you to ‘help yourself,’ that you’ll understand why.

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Yes, I have a very large social media soap box, which I climb upon often to preach. One of the reasons I’m so passionate about talking about it is that it has many benefits that we reap daily. Also, unless you participate in it, it is difficult to understand why it is so powerful. Blogging is one activity that has clear benefits for a business, and we’ve outlined some of the most important ones below.

Opportunity. Comprendia realized this benefit almost immediately after setting up our blog in June 2008. I was invited to blog for the Biotechnology Industry Organization (BIO) at the meeting soon afterward, and was also asked in 2009. From these great opportunities for exposure, to regularly receiving complimentary conference admittance, to having a good reason to talk to everyone from prospective clients to famous scientists, we’ve reaped many rewards from our blog.

Website SEO (Search Engine Optimization). I recently talked to someone at a biotech company who was puzzled by the fact that content on their blog was ranked higher in web searches than the their website pages. Why does this happen? Search engines love blogs and tend towards ranking their posts higher than other content. Now, while getting traffic to your website is only part of the equation, continually creating fresh content for your blog and monitoring what posts gain the most traffic help you to understand your customers better.

Education. What’s new in your field, and what are your customers (and competitors) up to? Blogging is a great way to pull your head out of the daily grind and think about these topics, which are obviously very important for your business. We learn a lot not only in researching for our posts, but also in the feedback we receive after we post, and in participating in the blogging community for our field.

Enjoyment. I’ll admit it, I’m addicted to blogging. It allows me to express myself, begin interesting discussions, and learn what is important to others. The scientist in me likes the possibility of analyzing the information, the marketer in me likes finding the ‘perfect’ image for each post. Am I part of a strange new ‘blogging breed?’ No, if you’ve been following this blog, you know that I’m a strong believer that we’ve been moving towards social media naturally for many years. Some have postulated that traits that make people good bloggers are nothing new.

In summary? Try it, you’ll not only like it, but you and your business will benefit from it. You may even be able to add a few items to this list. Also, software such as WordPress makes it easier than ever, check out our guide to get started.

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We recently did speed networking at a San Diego Biotechnology Network (SDBN) event , and many of the scientists were pleased with the number of connections they made, and asked when we would do it again. This made me stop and think about the importance of face to face (f2f) interactions, and why they are more important than ever these days. The fact that we can connect online now in more ways than ever is powerful, but it makes face to face interactions and events more important in many ways, and we’ve outlined a few below.

The Personal Touch. At all of our SDBN events, I make a point of verbally inviting everyone I meet to connect with me on LinkedIn. Yes, this benefits me, but it also helps younger scientists feel less shy about reaching out to me online. Seeing that I’m a real person, who wants to help them, is important, and is much more successful than inviting someone I’ve never met via email. The fact that we all get so many electronic messages a day has made us understandably suspicious. Think about it, probably 99.99% of human interaction, over history, has been f2f, and we’re ‘wired’ for it (ironic pun intended ;).

Serendipity. As noted recently by Xconomy’s Luke Timmerman, attending biotech events sets you up for ‘concentrated serendipity,’ since running into highly relevant professionals, whether you know them or not, is very likely. Even though travel budgets are tight, and so much can be done online (the recent ScienceOnline2010 conference even had a presence on Second Life), make an effort to go to conferences and networking events. Being in San Diego, we’ve learned the benefits of attending most of the local conferences even if they aren’t exactly in our area.

Word of Mouth. You likely know I’m a big Twitter fan, and often go to ‘Tweetups,’ or informal get-togethers with people I interact with online. These meetings are great because you get to know people IRL (in real life), which is often much different than through the internet. What I’m always struck with, however, is how almost every time I get some advice that I follow almost immediately. For example, at the last Tweetup, I learned about Google Maps for the BlackBerry (completely awesome, you should be using it–I’ll tell you in person next time I see you ;). Now, we all get all sorts of advice from friends through email, etc. during the day, but hearing it verbally really trumps most electronic forms of communication. Whatever message you’re looking to get across, there is nothing more powerful than word of mouth, it is thought to be thousands of times more effective than other methods.

Chemistry. At Comprendia we love skype and GotoMeeting, they allow us to present information to anyone, anywhere, and they do offer some of the elements of f2f interactions. During a recent GotoMeeting session, however, I told a joke and I have no idea how it went over, as I couldn’t hear laughing. If you know me, you know I like to use humor as an ice breaker. If you’re not f2f, however, the ice may never be ‘broken’ and it is hard to tell whether you’ve got good chemistry. Now, it’s not always paramount for a client-vendor relationship to have good chemistry, but if you’re going to partner with a company, it is very important. Being f2f is the best way to determine whether you understand each other and will be able to work together in the long term.

My point? Get out there and meet each other! Through our experience with the SDBN, we frequently see the wonderful benefits of f2f interactions. Everyone from more senior professionals, who might not have extensive online networks, to those who are more junior and may live in the ‘IM’ world too much, can benefit from more f2f interactions.

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We often get asked by our life science and biotech clients how to calculate return on investment (ROI) for social media activities. Sometimes we are surprised, because the equation is the same as for any marketing activity, and the metrics are often easier to measure than with traditional tactics. We’ve realized, however, that the question is broader than this, and that life science companies want to see the connection between social media activities and their bottom line. We’ll address both concepts in this blog post, and would like to know your thoughts as well.

Like many other ideas that are perceived as being new, social media can indeed be viewed as a new marketing tool, but we arrived at it as a natural progression, and life science companies are a great example. Thus, some of the guidelines we’ve outlined below will be familiar to you, some will be new, and we hope it helps you understand the process of determining ROI for social media in the life sciences.

Establish a baseline. As with traditional marketing, you need to know where you’re starting in order to make sure your marketing is helping you to reach your goals. Several of the metrics are things you’re already tracking, such as sales, growth, web traffic, and conversion. However, you’ll also need to consider more ‘external’ metrics such as mentions on public forums and the ‘buzz’ you create leading up to a product launch. At this stage, do your best to find the information that exists about your company, products, and brand, and realize that it will be an iterative process as you’ll learn more as you go. Thankfully, the cycle times will be much shorter than with traditional metrics, as both the feedback and the tools to measure them are more facile with social media.

Have clear goals. We think this gets at the true ‘heart’ of the ‘ROI for Social Media’ question. Like traditional marketing, you must define your objectives and develop a plan to meet them, with strategies and tactics. What’s new is that you’ll move away from ‘broadcast’ type marketing and into engagement or relationship marketing. Strategies and tactics will differ, because you’ll need to consider things like customer psychographics more carefully and differently, and some of your goals may appear less tangible. For example, one of your goals may be ‘to engage customers more.’ How do you sell this to the management? It will likely correlate with increased revenue, and is no more less tangible than traditional goals such as increasing the number of leads. Some have the perception that social media is random (e.g., people talking about celebrities on Twitter), and can’t possibly lead to a good ROI. If done properly, it definitely can, and having a good plan will lead the way. We’ve provided an outline of our Social Media Charter™ which will help you get started.

Implement and measure. Like traditional marketing, your plan will be a living document which will guide your activities, so follow it and track your results. Besides the traditional, mostly internal ways to measure, there are many ways to measure external metrics, and you’ll soon discover that you’ll be getting more timely, relevant information than ever before. As with traditional marketing, use the equation: ROI = [(Payback-Investment)/Investment] *100. See the table below for some examples. With social media, you’ll find that engaging your customers more may mean that part of the payback comes back differently, such as efficiencies in customer service. For example, if you implement an online forum to answer customer questions, instead of relying solely on phone and email, less time may be needed as the information will be more readily available (think of it as FAQs on steroids). This information accessibility is especially important for life science companies, with highly technical products and customers with questions who often can’t wait. We’re not suggesting you get rid of customer service, rather get them involved–social media will help you to serve customers better and learn more about their needs at the same time.

Examples of Expense and Payback for Calculating Social Media ROI

Rinse and repeat. The beauty of this process is that you will receive information quickly that can be fed back into not only your marketing campaigns, but into improving your products and serving your customers better. You’ll see that your reach is greatly increased and that you’ll receive more qualified leads, which is especially important for smaller companies. These benefits are all part of integrating social media into your overall plan, and we think that once you start seeing the benefits, the ‘ROI for social media’ calculation will be a no-brainer.

However, if you are still questioning ROI for social media in life sciences and biotech, you may want to see more examples and learn more about how it can be relevant to your particular business. We offer free consultations to help get you started. Also, feel free to leave a comment below so we can discuss and answer our ‘FAQs’ (we practice what we preach ;).

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We’re really big WordPress fans here. It’s free, it’s powerful, and it’s popular, meaning that it is constantly improving. Like any free software, however, it doesn’t come with any formal support or guarantees, so keep that in mind when considering things like security and backups. We recommend using the fully featured version of WordPress that is self-hosted, because there is much more control and flexibility, but you can also set up a blog at wordpress.com if you don’t have the capabilities (note that you won’t be able to add all of the plugins below). We covered the basics of WordPress in an earlier post, and provided some resources to learn.

Below is our list of plugins that we automatically install or activate for our own blogs or our clients. They are all available in the full installation, and the newest versions (2.8+) allow you to search for and add them easily via the ‘Plugins->Add New’ feature on the left menu of the Admin panel. Check them out and contact us if you need more help:

1. Google XML Sitemaps. An important part of your blog is to make sure it has good search engine optimization (SEO). Google appreciates ‘help’ from you in knowing when there is new content on your blog, and this plugin will generate a sitemap and send it to Google periodically. This will help your SEO, so we highly recommend installing and configuring it.
2. All in One SEO Pack. This pack makes sure that your blog content is optimized for SEO. It needs to be configured, as well, and is by no means automatic, read the documentation and do as you are directed to improve your SEO–this may mean adding content to each blog post, but it’s worth it.
3. Redirection. This plugin is handy if you want to make ‘friendly’ or memorable URLs for blog posts that you’d like to promote. For example, for our monthly events with the San Diego Biotechnology Network, we make the URL ‘http://sdbn.org/december’ for the December event, etc. This makes it not only easy for our members, but for me in promoting it on Twitter, etc. If you foresee needing this capability, add this plugin.
4. Akismet. This plugin comes installed as default, and it helps enormously to weed out spam. However, there’s a confusing ‘activation’ that you need to do for this plugin. You need to get an account on wordpress.com to get a key to activate it. If you have a self-hosted blog, you’ll likely not need this account for other purposes, so it’s a bit confusing, but activation of the plugin is worth it, as otherwise your email will soon be flooded with either obscene or vague, flattering comments meant only to promote the person who posted it.
5. WP-DB-Backup. It is very important that you make frequent backups of your blog, and this plugin will do that for you. A few caveats–make sure that you set it up and that the backups are stored outside of your ISP. Also, take the time to do an extra check. Make sure that you know how to restore your blog from these backups, and document a procedure for doing so. If your blog is hacked, or goes down, the last thing you want is to have to figure out how to restore it while you’re stressed out that it’s down. It’s also possible that this backup plugin is not best for your system–if not, check around for others.
6. TweetMeme Button. In order to get your blog more exposure, you want to make it as easy as possible for people to share your content. The TweetMeme button allows people on Twitter to share your posts using the button on the top left of every post (including this one). More sharing means more readers, which is always good, and as we covered in a previous post, making things as easy as possible helps as well.
7. Sociable. Along this same vein, the Sociable plugin allows people to bookmark or share your content in a variety of ways. Configure it with the services you think your readers use, and the options will appear at the bottom of each post (including this one). There are even options for creating PDFs and printer-friendly versions of your blog posts, which can help your posts to have more ’spreadability.’
8. WordPress Related Posts. You want your readers to stay on your blog and read as much of your content as possible, right? Showing them related posts helps you with this. It’s pretty self-explanatory, check below for an example.
9. Twitter for WordPress. WordPress sites are by default dynamic, changing often, and this is essential for your website to be more ‘web 2.0′ and compete with other sites. A great way to show your readers that you’re active is to display your Twitter feed in your sidebar, as we do here.

That’s our list of essential plugins, and of course we use others depending on the situation, and we encourage you to browse the WordPress Plugins page for more ideas–they show popular plugins, which can help. Also, look at other blogs and pay attention to what ‘attracts’ you as a reader–chances are those features are a good bet on your blog as well.

Which plugins have you found to be ‘essential’? We’d love to hear, leave them below! The great thing about WordPress is sharing ideas and having all benefit from the collective knowledge.

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