These are a few anonymised studies that demonstrate the power of effective marketing.
Simple market research survey confirmed pricing strategy
A small company was developing a unique new tool for drug discovery. Initial market research had confirmed that there would be a significant global market for the product, and that companies would expect to pay prices similar to that of specialised kits already in the market. Drug discovery technology changes very rapidly, however, so a pre-launch survey was conducted, to ensure that the price range for the products would still be acceptable. A simple, short on-line survey was designed that asked questions about annual usage and acceptable prices, as well as rating the most important features they would expect from the product. The survey was sent to a representative mix of companies and academic institutions in Europe and the US, and a response rate of over 20% was achieved (anything over 5% is considered to be a good response). These results confirmed that the pricing strategy was correct, and also provided valuable information on the features that were most important to end users.
Making the most of partnering events
A newly established company planned to attend a partnering event in North America. As costs of attending were high, careful planning was required to get the most out of the event. Pre-conference preparation included: preparation of a detailed company profile for the partnering website; extensive searches of the profiles of all other delegates and carefully worded meeting invitations to potential partners. This detailed preparation resulted in a full programme of one-to-one meetings during the event, as well as some informal meeting invitations, leading to several new business opportunities.
Generating new sales leads through e-newsletters
A biotechnology services company had been sending out printed quarterly newsletters for several years. Each newsletter had a further information form where recipients could request further information or items related to the services highlighted in the newsletter. Customers liked the mix of industry and product news, but the quarterly frequency meant that new services could not be publicised quickly. A short monthly newsletter was designed, which featured one or two services and highlighted current industry events and news. A form was included in the enewsletter so that recipients could easily request further information. The additional news format resulted in a significant increase (up to 150%, depending on the articles) in the number of enquiries each month.
Communicating the right information
A pharmaceutical company developed an improved new formulation of an existing product, designed to be more acceptable to the patient. The new formulation had improved bioavailability, so the amount of active ingredient was reduced. Marketing literature was produced that focussed on the benefits to the patient of the smaller tablets. The sales force, however, were having difficulty in convincing their customers that the new formulation did not impact on the efficacy of the product. After listening to the sales team, who explained the concerns of their customers, a new fact sheet was produced that provided more technical information on the new formulation. This information satisfied the needs of the customers for more technical information and gave sales people more confidence in the product, resulting in increased sales.