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Integrated Marketing Program Case Study Integrated Marketing Program Case Study Presentation Transcript

  • © 2012 BRUCE PHARR
  • “The business enterprise has two and only two basic functions: marketing and innovation. Marketing and innovation produce results: all the rest are costs.” – Peter Drucker, The Practice of Management CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 2
  • CASE STUDY | SYSTEM TECHNOLOGIES, INC. (SMMX) CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 3 View slide
  • JANUARY 2009 – JUNE 2010In 2009, Symyx initiated an integrated marketing strategy intended to grow revenue andbookings, penetrate new market segments, and increase brand equity for the SymyxElectronic Laboratory Notebook (ELN). The program integrated print advertising, publicrelations, unified digital marketing (website, micro-sites, banner ads, SEO, webinars, emailmarketing, and social media), global telemarketing, and sales enablement. Following are thebenchmarks, goals, and results for the top-level key performance indicators (KPI). PERFORMANCE PARAMETER BENCHMARK GOAL RESULT INCREASEOVERALL REVENUE1 $9.5M NA $18.3M $8.8M 93%OVERALL BOOKINGS1 $11.3M NA $16.8M $5.5M 49%NEW MARKET SEGMENT BOOKINGS2 $0.2M $1.6M $2.5M $2.2M 910%NEW MARKET SEGMENT SALES OPPORTUNITIES2 $1.0M $8.5M $11.8M $10.8M 926%BRAND AWARENESS3 22% 32% 45% 23 PTS 105%BRAND CONFIDENCE3 32% 42% 54% 22 PTS 69%1 Benchmark is 2009 actual, and result is 2010 full-year estimate as of June 30, 2010.2 Benchmark is 2009 actual, goal and result is for the 12-month period from July 1, 2009 to June 30, 2010.3 Benchmark is from a third-party study completed November 2008, and result is from same third-party study completed November 2009. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 4 View slide
  • PRINT ADVERTISINGThe primary goal of the print advertisingcampaign was to build brand equity—specifically awareness and confidence. Thecreative approach appropriated Steve Job’smetaphor of “a bicycle for your mind,” in thatthe Symyx Notebook took you places that weredifficult to reach with a traditional laboratorynotebook, and it got you there much easier andfaster. It also appealed to scientists who, ingeneral, are more likely to camp, hike, andmountain bike than people in other professions.An early indicator of the ads performance wasits number one position in an ad recall study,where it outperformed ads from billion-dollarmultinational corporations in pharmaceuticals,analytical instruments, and life science informatics—including Merck KGaA, Shimadzu, andWaters—and achieved a 69% recall, versus a 43% average recall of the 16 ads studied. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 5
  • MEDIA RELATIONS & THOUGHT LEADERSHIPELNs were initially introduced in the 1990sfor individual, domain specific applications. In2008, Symyx introduced an enterprise ELNthat could be used across multiple domains.The media relations’ strategy was to establishSymyx as a thought leader in the emergingenterprise ELN market, and the goal was toauthor or appear in 12 feature articles in targetpublications reaching lab scientists inchemistry and biology domains. BetweenJanuary and December of 2009, Symyxauthored or appeared prominently in 16feature articles in 12 target publicationsincluding Bio-IT World, BioscienceTechnology, Drug Discovery & Development,Lab Manager, and Scientific Computing. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 6
  • BRAND EQUITY METRICSBrand awareness and confidence directly affectwhether a buyer will consider purchasing yourproduct. Bio-IT World conducted a brand study inlate 2008 to benchmark the Symyx ELN and theleading competitor’s ELN. The study was repeatedin late 2009 to measure the effectiveness of theintegrated Symyx Notebook print advertising andmedia relations’ campaign. It showed that brand awareness andconfidence for Symyx Notebook had increased 23 and 22percentage points, respectively, and that gaps between Symyxand the leading ELN competitor had narrowed significantly. BRAND AWARENESS BRAND CONFIDENCE 2008 2009 IMPROVEMENT! 2008 2009 IMPROVEMENT!SYMYX NOTEBOOK ELN 22%! 45% 23%! 32%! 54%! 22%!LEADING COMPETITOR’S ELN 49%! 63% 14%! 58%! 65%! 7%! SYMYX DEFICIT & IMPROVEMENT 27%! 18% 9%! 26%! 11%! 15%! CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 7
  • SALES ENABLEMENTScientists are a special class of B2B technology customer. They are veryskeptical of advertising claims. On the other hand, they highlyvalue peer recommendations, and they live to publisharticles. Symyx published Molecular Connection, a high-quality biannual journal, to take advantage of this desire. In2009, Molecular Connection included case studies fromscientists, laboratory managers, and information technologyprofessionals at pharmaceutical and biopharmaceutical leadersAstraZeneca, Bristol Myers Squibb, Elan, Eli Lilly, Johnson& Johnson, Pfizer, and Millennium.Case studies are a very effective means of addressing apotential buyer’s question, “How does a product or technology meetmy specific business need?” A survey of Symyx sales personnel at the endof 2009 ranked Molecular Connection as the top sales enablement tool,and specifically cited case studies as key to closing several deals. Anotherhighly rated sales enablement tool was webinars, especially those thatincorporated case study presentations by customers. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 8
  • OVERALL SYMYX NOTEBOOK REVENUE & BOOKINGSThe Symyx enterprise sales team sold directly to top 20 (over $1 billion in annual revenue)pharmaceutical and biotech companies. The complex sales cycle averaged 12 to 18 monthsand produced 7-figure deals. Marketing’s contribution to bookings in early 2009 wasprimarily through sales enablement. In July 2009 marketing launched a new program thatpenetrated new markets segments and directly generated opportunities that led to bookings. OVERALL SALES PERFORMANCE – 2009 & 2010! $18.3! REVENUE! $9.6! 2010! $16.8! 2009!BOOKINGS! $11.3! $0.0! $2.0! $4.0! $6.0! $8.0! $10.0! $12.0! $14.0! $16.0! $18.0! $20.0! Millions (US)! CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 9
  • NEW MARKET SEGMENT PENETRATION & BOOKINGSIn July 2009, marketing launched a unified digital marketing program targeting 6-figuredeals with the 1,080 pharmaceutical and biotech companies beneath the top 20 (under $1billion in annual revenue). Between July 1, 2009 and June 30, 2010, $2.5M of newbookings was generated (versus a projected target of $1.6M), and $11.8M of new salesopportunities was added to the pipeline (versus a projected target of $8.5M). MARKETING DEMAND GENERATION SYSTEM PERFORMANCE – JULY 1, 2009 THRU JUNE 30, 2010! $11.8!OPPORTUNITIES! $8.5! ACTUAL! $2.5! TARGET! BOOKINGS! $1.6! $0.0! $2.0! $4.0! $6.0! $8.0! $10.0! $12.0! $14.0! Millions (US)! CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 10
  • A UNIFIED DIGITAL MARKETING PROGRAMBetween January and June of 2009, Symyx marketing developed a business case for a unifieddigital marketing operation, and gained approval from stakeholders. This combined theexisting website and CRM (salesforce.com) with improved SEO and a new marketingautomation (Eloqua) tool which served as a hub for newly launched email advertising,micro-sites, banner ads, webinars, and social media.The unified digital marketing operation engaged global prospects from the new, targetmarket segment (smaller pharmaceutical and biotech companies), nurtured and tracked themthrough the early stages of the buying cycle (awareness and discovery), qualified themthrough global local-language telemarketing, and delivered well-qualified, late-stage prospectsto sales. As a result, the enterprise sales team was able to close the smaller, 6-figure dealswithin 3 months, on average.A detailed description of the Unified Digital Marketing Operation can be viewed athttp://marketingmuses.typepad.com/marketingmuses/2012/05/a-unified-digital-marketing-operation.html.The following pages diagram and describe the overall unified digital marketing operation,the workflow to generate, nurture & qualify prospects, the social media structure &strategy, and an ROI comparison. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 11
  • A UNIFIED DIGITAL MARKETING OPERATION AWARENESS DISCOVERY VALIDATION SEARCH, QUALIFICATION PROPOSAL, KNOWLEDGE NURTURING CONFIRMATION NEGOTIATION SHARING & & MONITORING & PRESALE & CLOSE DIALOG MARKETING ASSETS ANALYTICS & REPORTING CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 12
  • WORKFLOW TO GENERATE, NURTURE & QUALIFY PROSPECTSMarketing automation servesas a hub to 1) send outboundemails with an offer to targetprospects, 2) that click-through to the micro-site inresponse, 3) where theycomplete a Web form toaccess the offer. Thereafter,4) prospects are tracked asthey return to accessadditional assets and arenurtured through the earlystages of the buying cycle(awareness and discovery).Global local-languagetelemarketing 5) follows upperiodically to providehuman contact and furtherqualify prospects. Whenprospects are qualified asapproaching the purchasephase of the buying cycle,6) sales representatives accessdetailed prospect profiles witha list of all their activitiesthroughout the buying cycle. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 13
  • SOCIAL MEDIA STRUCTURE & STRATEGYIn Q2009, we audited our social media environment, and found that scientists, our targetmarket, used Facebook personally, but professionally they used LinkedIn, where ELNcommunities already existed. Scientists followed blogs and viewed relevant videos and slideware from YouTube and SlideShare. Guided by the findings and best practices, weintegrated the following social media structure into our unified digital marketing strategy. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 14
  • RETURN ON INVESTMENTComparing results from a unified digital marketing program between July 2009 and June2010 with demand generation in 2008 (tradeshows and outbound sales calls) shows that: • Cost of demand generation programs was 20% lower • Total dollar return of bookings and opportunities increased by a factor of 10 • Percentage return of bookings and opportunities increased by a factor of 15 MARKETING PROGRAM COST AND RETURN JAN – DEC 2008 JUL 2009 – JUN 2010COST OF DEMAND GENERATION PROGRAM TRADITIONAL EVENTS AND CONTRACT OUTBOUND SALES CALLS $2.0M NEW B2B MARKETING SYSTEM $1.6MVALUE CREATED FROM DEMAND GENERATION PROGRAM SALES OPPORTUNITIES (SQL) $1.0M $11.8M BOOKINGS $0.2M $2.5MRETURN ON INVESTMENT SALES OPPORTUNITIES (SQL) 50% 738% BOOKINGS 10% 156% CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 15
  • ABOUT THE AUTHORBruce Pharr lives in the San Francisco Bay Area with his wife andson. He umpires little league baseball games, hikes in the SantaCruz Mountains, eats good food, drinks good wine, reads, andindulges a passion for the arts.As a marketing executive, he has a track record of increasing enterprise value bydeveloping and executing successful product and marketing strategies, and bymanaging technological and organizational change. As Vice President of Marketingat Symyx Technologies, he led development and execution of the programdescribed herein. He has held lead marketing positions at several private and publiccorporations, and he founded and led a technology marketing consulting firm, forover a decade, with clients ranging from startups to Fortune 500 corporations.Bruce records ideas, experiences, and reviews on his blog, MarketingMuses. CASE STUDY: SYMYX INTEGRATED MARKETING PROGRAM | 16