5 marketing learnings from other industries – February
Sitting within the pharma and biotech industry, marketing can be pretty specific and usually very focused around building new relationships and performance marketing (aimed at generating new business leads).
Often, we make the mistake of looking at marketing in a one dimensional way, but we can learn a lot from other industries. At ramarketing, we follow trends, new developments and ideas from other sectors on a daily basis.
So, we’ve summarised our top learnings from the past two weeks; initiatives that we have seen and taken learnings from.
Insight will drive future marketing
The TV space has seen success in reviewing customer behaviour and making decisions based on those insights, with Netflix being the easiest example to visualise. Procter & Gamble’s brand chief said recently that advertising’s future will be “digital, programmatic data-driven and automatic.” The trade desk also saw spending on its platforms rise by 34% year-on-year. What does that mean for life sciences? Since the global pandemic, we’ve seen an increase in companies paying attention to insight (as events died a death). Both from a customer insight perspective but also from a performance marketing point of view. For the first time, pharma is really paying attention to what insight is telling them and making business decisions based on those insights.
Podcast popularity will only increase
IHeartMedia agreed to buy Triton Digital for $230 million from E.W. Scripps in February. Consumer markets are using podcast more than ever to compliment users being able to access content in a convenient format. We promise we’re not being biased (even though we’re really proud of Raman’s podcast Molecule to Market). But, podcasts can be incredible for life sciences. Not only does it provide the right format for showcasing leaders in the industry, but it also allows a different format for sharing more traditional technical content. We’d highly recommend our clients look at podcasts as a tool in the marketing mix. Even if it’s just researching the right podcast channels for their leaders to participate in.
Clubhouse as the new mar-tech app
Clubhouse combines elements of chat apps, conference calls and podcasts. Whilst it’s definitely been created to compliment consumer markets, it’s a marketing technology that’s worth watching. Traditionally in life sciences, certain social media tools aren’t leveraged (WhatsApp as a good example). But, in emerging markets for instance, it’s fascinating how these tools are used. Even in life sciences. The takeaway? Don’t discard upcoming social media platforms, as they may easily turn into the new normal.
Knowing your buyer always wins
According to Marketing Dive, Jameson Irish Whiskey will pay 1,000 people $50 to take off St. Patrick’s Day on March 17. Why? Because they know their audience. They know that people who are invested in their brand will love this marketing initiative. It uses a relevant day and makes it playful. Whilst we aren’t encouraging life sciences to do anything on this scale, it’s important to understand your audience and be personable where possible. From using video techniques to soften the sales process and making the customer experience more charming, there’s always ways to get to know your buyers in a more meaningful way.
Brand collaboration is powerful
In February, we saw Weetabix host a powerful (and ridiculous) campaign on social media that partnered with Heinz. For those not in the UK, that’s cereal and beans together in one meal. The cereal brand doesn’t actually want consumers to start putting beans with their cereal in the morning. What this campaign did though, was spark debate. They had a phenomenal response from consumers and hundreds of brands got involved. What’s the moral of this consumer story? Brand collaboration is powerful. We know it’s tricky in life sciences (with confidentiality and all). But, we encourage clients to explore ways to partner with companies and showcase those partnerships where possible.
So, there you have it. Five initiatives we’ve liked this week that have made us stop and think about how we can apply them to our own sector. We’ll keep you posted next month as the marketing landscape continues to evolve.