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Innovative Companies Deserve Innovative Marketing
Innovative Companies Deserve Innovative Marketing

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Looking to increase survey participation? Even a small incentive can go a long way.

In a recent blog post, Gallup shared some results from a web-based study it performed in conjunction with a large US university, fielded among the university’s alumni. 10,000 alumni were assigned to a group that received no incentive; 1,000 were assigned to a group that was promised a $5 gift card after completing the survey (post-paid incentive); and another 1,000 were assigned to a group that received a $5 gift card in the survey invitation (pre-paid incentive).

Note that the reward was only $5.

The response rates were as follows:
1: No incentive - 13%
2: Post-paid incentive - 20%
3: Prepaid incentive - 19%

Even a small, $5 incentive increased their survey participation rates by about 50%.

http://news.gallup.com/opinion/methodology/224216/best-incentives-web-surveys.aspx

For some more thoughts on the use and effects of incentives in surveys, check out this presentation, "The Use and Effects of Incentives in Surveys" which was presented to the National Science Foundation: https://iriss.stanford.edu/sites/default/files/singer_slides.pdf

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We know of a company that decided to host their own marketing videos, one of which they embedded right on their homepage. Over the course of the 64 second video, it stopped to buffer 7 times.

This, and many other reasons why you should never host videos on your own server: http://biobm.com/SHYV
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The average product launch has a lot in common with a firework show. A lot of effort goes into it and it’s relatively expensive. It makes a big splash and does a fairly good job of getting a lot of attention. Also like a firework show, after the big launch effort is over, the audience goes about their lives as if it never happened. People won’t think about it much after it’s over, and within a few weeks it’s lost to history.

That is not a satisfactory outcome for a product launch, but it is the outcome for most launch efforts. A lot of this is due to planning and strategy – marketers plan big splashes and track their “success” with vanity metrics so it looks like goals were met. That’s not how things should be done. A product launch shouldn’t just create a splash. It should start a movement. The goal shouldn’t be to get “x” number of people’s attention. That’s fleeting and far removed from the things that matter. The goal should be to change the way that your target scientists think; to change their opinions on how they should do things.

That begs the question… What do we need to change in order to move from this paradigm of creating big, splashy launches to creating ones that have a more profound impact – ones that start movements?

Find the answer here: http://biobm.com/3KL
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The Beneficiaries of Attribution: Search & Social

Research from from AdRoll and Econsultancy found that search marketing and social media marketing were the most likely to increase rather than decrease as a result of attribution data.

More from MarketingCharts: http://www.marketingcharts.com/customer-centric/analytics-automated-and-martech-80552

Are Your Customers Telling Their Stories?

A lot of life science companies tell the stores of their customers but do so very ineffectively. Case studies are a great example. We commonly use case studies to tell the success stories of our customers and provide validation of our product. They work – case studies are great in many ways – but they’re not the best way to tell a story.

The problem? You – that is, your brand – is telling the story.

A research team from the MIT Sloan School of Management found that exposure to consumer-based storytelling increases purchasing consideration by 32% (caveat: in the short term; the study did not look at long-term results) and that these stories increase both trust and the connection that customers perceive to have with the brand. In all of these cases, however, the perceived authorship makes a big difference. The study found that “consumer-authored stories and stories jointly authored by consumers and companies had similar levels of impact — and both had more impact than stories authored by companies alone.”

Stop telling your customers’ stories for them; empower them to tell those stories themselves, then take those stories and ensure they get the appropriate exposure. Then your stories will really influence purchasing decisions.

More on this topic from MIT Sloan Management Review: http://sloanreview.mit.edu/article/the-power-of-consumer-stories-in-digital-marketing/

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How to win the battle for your audience's attention, in three steps: http://biobm.com/WBA
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The Key to Business Model Diversification

Innovation is no longer about simply continuing to evolve your product and service offering. The leading companies are finding new ways to create and monetize value through new business models. Figuring how when and how to undertake a diversification in business models is no simple task, however. A research team at City University of London’s Cass Business School has proposed a framework based on answering three questions:

• What should you consider when thinking about business model diversification?
• In deciding to add a new business model to your portfolio, how can you assess and optimize its value?
• How should you modify your business model portfolio over time?

In brief, they argue that business model diversification should be primarily about synergies. Sharing resources between business models. Business models that build on the value each other create. Achieving economies of scope. Increasing capacity utilization. Synergies are what drive performance in business model diversification.

More about business model diversification can be found in their article in the MIT Sloan Management Review: http://sloanreview.mit.edu/article/building-a-winning-business-model-portfolio/

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When it comes to marketing, permission is important. Communications of all sorts sent with permission are successful at a far greater rate than those which are not.

... But the idea of permission (and interruption) is changing. Here's how this will affect your marketing: http://biobm.com/NPBM
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30 second poll: Are LinkedIn Groups Still Useful? https://lnkd.in/dkvmQpm

Please provide your input! We'll be publicly sharing the results.
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Well that was brave...

Was doing some distributor research for a client and came upon a Korean company called Life Science Laboratories, Inc. Perhaps their logo looks a little too familiar.

File this under: things we would not recommend attempting.
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