Marketing acquisition funnel for Life Sciences

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[Music] we're gonna see three speakers today who will each talk for around 30 minutes each if you can hold your questions until after they've spoken at the end of each sort of mini session we'll do a Q&A and I'm sure they'll be happy to answer any questions that you may have and sort of without further ado let's let's find out why we're here today so perhaps slightly unexpectedly Al Gore is going to lead us in today some of you may remember 10-15 years ago Al Gore put together a film effectively to try and wake up the world to the realities of climate change all of the data was there staring us in the face but lots of people wanted to effectively ignore the data and it was a time of really trying to remind us all that we needed to pay attention to the data and wake up to our new reality and change our behavior ingly you could argue life science marketing is in a similar place right now so we're going to go from an an inconvenient truth to perhaps five inconvenient truths that we're going to go through today all convenient truths depending on how you look at it truth number one is that how people find and buy products and services today has changed significantly from how things worked in the past so many of you might know this rather famous image of some peter's square at the vatican from when the pope was elected in 2005 everybody's staring forward and paying attention intently fast forward to 2013 and everybody's experienced the same thing through their mobile device and so effectively worldwide and easy internet access especially in the Western world and mobile technology computers in our pockets has really changed the world that we live in everywhere we go everything we do we have access to the world's information at the touch of a button so what does that mean for buying and selling while depending on which source you go to anywhere from fifty seven to ninety percent of the buying journey is now done by the prospect on their own terms it used to be that the the sellers held all the information the buyers had to try and get that information from them imagine the classic example of when you you go to buy a car twenty years ago you'd go in you didn't know how much things should cost you didn't know what the pros and cons of different models were salespeople had all that information now that information is all available online and this puts the buyers in control of the sales conversation and this significantly changes how we need to market to prospects to capture their attention if we look at the traditional tactics that we've always used interruptive cold calling for example is getting less and less effective one percent of cold calls and with the follow-up only twenty-eight percent of cold cold calls ever get past the word hello if you ask nine out of ten b2b decision-makers they ignore cold calls and it takes salespeople on average 18 attempts to reach a b2b prospect what does this tell us this doesn't work anymore it costs a lot of money and it's not delivering the return on investment and even if we move away from sort of direct selling and more into the worlds of marketing what we see is a number of our other tried and tested tactics they're not working as well as they used to either so if we look at open rates and click through rates on outbound sort of cold emails as it were even to highly targeted lists if your open rates when you're doing email blasts are above 20% you're doing well at this point and click through rates drifting down towards three two percent even so email cold emails not even working like it used to and perhaps the most shocking is if you look at banner ad click-through rates people just simply don't click on them anymore look at this this click-through rate on the left here below naught point one percent down to naught point zero five percent at this point if you're relying on banner ads to drive leads you're going to be disappointed that doesn't mean it's not good for brand awareness and other important marketing activities that we would do but not for lead generation so what are people doing instead well this is a market report from bioinformatics done in 2014 so I suspect this is even more pronounced now scientists are using the web to gather information first and foremost when they want to buy a new technology a new product or use a new service in fact that is their their primary tool of choice is to go straight to Google as you might expect for the scientific buyer very detail-oriented they're using long tail searches with a number of keywords they can zero right in on the things that they want and so effectively what we need to start doing is producing quality content that's optimized for search engines if we want to attract these buyers in so the old tactics they don't work anymore and the behavior of buyers and this isn't just b2c this isn't b2b industries outside of the life sciences this is life science buyers and this is how they buy things truth number two is the tracking performance and demonstrate return on investment are more important than they have ever been so a study done by Duke University in 2015 looking at CMOS asked them do they feel under pressure from the board or the marketing a senior marketing team to prove the value of what they're doing and the answer was two-thirds of them very much so and when they asked whether that pressure was sort of growing again the the overwhelming answer was yes they were being expected to demonstrate the value of all of their marketing activities and if we look at a recent report from HubSpot published a couple of weeks ago you can see that when marketers were asked to rank what they felt their biggest challenges were proving the ROI of their activities comes second only to generating traffic and leads and we're seeing this in the live science industry we're seeing that life science marketing teams are now being asked to demonstrate the return on investment of all of the activities that they're doing they're being asked to generate leads they're being asked to show the cost per lead the cost per customer they're expected to do more with less because often this is all at the same time as budgets are being cut so it's a challenging time for life science marketers it's made more challenging by the fact that within this explosion of marketing channels that we exist now an integrated approach to marketing is essential for success and what that means is that modern marketers have got to be multi-skilled they've got to be strong in the areas of strategy and defining their brand messaging and positioning identifying who their buyer personas are and going after them with appropriate tactics they need to be strong in analytics so that they can use the data that they're gathering from modern intelligence tools to optimize their marketing programs they need to be up skilled in modern new marketing methods like inbound marketing that we're going to speak about today and that combines multiple elements like social media marketing email marketing PR content generation across multiple formats search engine optimization and all of this wrapped up in impactful creative professional-looking materials that are on brand and on message as you can imagine it's pretty hard for the modern marketer to embody all of these skills and so actually in order to be able to do this we're seeing the formation of multidisciplinary teams that can combine all this expertise or in our case outsourcing to an expert agency that can also bring some of these skills to your marketing team but it's not all doom and gloom it's actually quite an exciting time and the reason is improving technology is giving us new data-driven insights into our marketing activities and it's helping to improve efficiency so even though we're expected to do more with less we now are starting to develop the tools that we need in order to be able to do that one example is marketing automation by which you might set up a lead nurturing program for a new prospect that comes in at the top of the sales funnel coaching them through your sales process without having to do it manually which saves time resource money but also companies are leveraging these tools in clever ways for example using things like lead scoring to make sure that only the hottest leads are automatically sent through to the sales team so again it's a saving time and it's allowing salespeople to focus on the hot leads that they're most likely to close rather than and to do lots of outbound lead generation or cold calling of their own and actually focusing on lead scoring for just a second lead scoring the way that it's done is evolving very quickly and at this point actually software tools are available that allow you to look at your sales and marketing funnel and really figure out who are the hot prospects based on data not gut feel for who we think is a good leading isn't but actually looking back at which leads have converted into customers which channels did they come from what content did they interact with what type of sales process did we go through we can use all that information to inform us as to who the best leads are to sell to and all obviously link to that is more sophisticated attribution reporting you can see on the left here that the typical customer journey is now even more complicated than it has been in the past with multiple touch points that are hard to track but software is catching up it's allowing us to really see which touch points we have with a customer and which of those were the most important for pushing them through to sale truth number five is even in the face of all these challenges you can get better results but you are gonna need to move quickly we know that inbound gets results because the early adopters that jumped jumped in and five ten years ago and started using this approach we're generating return on investment very quickly and even in 2017 when they were asked and this is from again from the HubSpot survey that that polled CMOS across the world and also other marketing and sales professionals where'd you get your most your highest return on investment is from inbound practices where'd you get your best quality leads it's from inbound practices so we know that inbound works and actually even if we take a look at the life science sector which to be honest sometimes slower to adopt these new marketing and sales tactics we're starting to see it more in the life science industry and one of our special isms abaya strategies PR swish you'd imagine we're signed up to all the subscription lists for all the possible trade media publications this is a handful of emailers that we I pulled out over just the last week or two and you can see companies moving away from buy my product and instead towards content-rich promotions designed to attract more leads by targeting them much earlier in the sales process much earlier in their buying journey so companies are getting in on this and they are starting to do it and so the early adoption phase has gone that means the opportunity is diminishing now is the time to get in on this and make sure that you are the respected niche provider in your market and actually if you look at how companies that piloted inbound over the last five plus years where they're moving they're beyond lead generation at this point inbound marketing is fantastic for raising awareness and generating leads and they know that when they were asked what their biggest challenge is going to be in the future it was not lead generation their biggest challenge was how do we convert these leads into customers so the people who are piloting this they don't worry about lead gen anymore they've got it sorted but what we all care about is getting customers and getting revenue and so ultimately the next big challenge is going to be how we effectively nurture these leads into customers so I've mentioned a number of challenges today we love challenges because whatever's challenging for us in this room is also challenging for everybody else and if it's challenging for everybody else but that we have the knowledge and we have you know the bravery almost to really give these new marketing methods ago that challenge becomes an opportunity because this allows us to out-compete our competitors who don't know about this and we're not taking steps to to evolve their marketing practices so in the current landscape how do we get ahead that's the most important question so what we've done today is we've amassed three expert speakers on this topic we're going to give us some insights into what we can do to get ahead of the market first of all we're gonna hear from Chris Rooney at HubSpot about the the what why and how of inbound marketing the real nuts and bolts of what inbound marketing is and and why it can be effective for your business and team then we're going to hear from crave who's an inbound expert at Baia strata who's going to take us through how to run the perfect inbound campaign how to set yourself up for success and then finally we're going to him from here from Jim Regan actually who is an expert in inbound himself part of really a pioneer of inbound in the life science sector and it's going to show us a case study of how actuate which is a CRO have leveraged inbound to get really quite incredible results so without further ado I'll hand you over to Chris