The days are gone when life sciences marketers could rely on just one or two marketing channels to connect with customers. It used to be enough to have a website and perhaps exhibit at your favorite trade show. In 2020 this is no longer the case, for two primary reasons:
1. In this digital age, scientists and researchers have access to an unprecedented number of information sources to support their buying journey. This is especially true during the time of COVID-19, when in-person events have been cancelled and scientists are spending more time searching from their computers. From product directories to email, webinars to videos, and much more, your customers rely on multiple digital channels throughout all four phases of their buying journey: recognition/awareness, exploration, evaluation, and final decision.
2. The internet has leveled the playing field among vendors. Today you face new competitors on a global scale, requiring you to build and maintain a strong presence across multiple channels to ensure that your brand and products are visible and recognized by potential customers.
Do you have a multichannel marketing plan in place?
The Benefits of Multichannel Marketing
Research studies reinforce the importance of having a multichannel marketing plan. As reported by the marketing consultancy Pedowitz Group:
- Aberdeen found that companies with extremely strong omni-channel [multichannel] customer engagement see a 9.5% year-over-year increase in annual revenue, compared to 3.4% for weak omni-channel companies. Similarly, strong omni-channel companies see a 7.5% year-over-year decrease in cost per contact, compared to a 0.2% year-over-year decrease for weak companies.
- Gartner Research reported that campaigns integrating 4 or more digital channels will outperform single- or dual-channel campaigns by 300%.
These findings are supported by specific research in the life sciences sector. “Dynamics of the Buying Journey: Trends in Adopting R&D Products & Systems,” by Martin Akel & Associates, found that for those vendors who present their information using multiple media channels:
- 89% of their audience is more likely to be educated about their products.
- 80% are more likely to have enhanced impressions about the vendor.
- 72% have greater confidence in working with that vendor.
- 83% are more likely to include that vendor on a list of vendors to be evaluated.
It’s this last point that delivers an especially powerful payoff. All the marketing we do—all the time, money, expertise, and resources we invest—almost all of it comes down to giving ourselves a chance to win business. And you can’t win business if you’re not on the list of vendors to be considered.
When a vendor takes advantage of multiple media channels available on Biocompare.com, more than 73% of survey respondents said it helps them “remain aware of the company as an alternative vendor.” Nearly 65% said this helps form lasting impressions about key features and benefits. Awareness, lasting impressions, earning a spot on the short list—multichannel marketing can enhance your brand.
What Channels and Media Do Your Audience Use?
We make the case that multichannel marketing is essential to your success. It’s the most effective and efficient way to get information to your audience and to be remembered throughout their buying journey. But what channels should you be investing in?
The simple answer is to create a consistent and persistent presence on those channels your audience shows preference for during their buying journey, and to distribute content to your audience in multiple ways.
The Martin Akel research study asked Biocompare users which of the following information sources they used to move through the product identification/evaluation/selection process. The top five results were:
- Product comparisons (used by 97.1%)
- Searches in the product directory (94.7%)
- Product reviews offering peers’ opinions of specific R&D tools (89%)
- Product application notes for specific R&D tools (82.6%)
- Articles about technologies/products (82.3%)
These were the top five. All of the 13 ways listed to access information on Biocompare were used at some point by the majority of users, including e-newsletters, webinars, videos and news about products. On average, visitors interact with five different types of media on Biocompare.com.
Sixty-one percent agreed multitouch, integrated campaigns help position the vendor’s product and services in the buyer’s mind, versus the vendor’s competitors, and 66% said they would contact the vendor with a multitouch campaign at the start of their product/service evaluation.
The research firm Outsell refers to this phenomenon as the “cross-media multiplier effect” and found that “cross-media campaigns perform much better for advertisers than single media campaigns.” They also point out that advertisers are no longer interested in narrow, singular tactics and are increasingly demanding integrated solutions.
The Content Marketing Institute describes the concept of content amplification, defined as a multichannel approach to distributing and promoting content, with the goal of increasing your brand’s reach while encouraging your audience to move seamlessly through your sales funnel. Content amplification should be a goal for every marketer.
Get on the Multichannel Track
It’s more important than ever to fully embrace multichannel marketing. The best approach might be to find a media partner that can help you present your information in multiple ways to your target audience. For assistance planning your integrated marketing campaign to reach Biocompare’s audience of highly qualified, highly engaged researchers and scientists, contact sales@biocompare.com.