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CASE STUDY
© 2015 BRUCE PHARR | SCIENCE&TECHNOLOGYMARKETING
www.brucepharr.com
Penetrate New Markets and
Drive Growth wi...
AN INTEGRATED MARKETING PROGRAM | 2	
  
	
  
“The business enterprise has two and only two
basic functions: marketing and ...
AN INTEGRATED MARKETING PROGRAM | 3	
  
CASE STUDY | SYMYX TECHNOLOGIES, INC. (SMMX)
AN INTEGRATED MARKETING PROGRAM | 4	
  
JANUARY 2009 – JUNE 2010
In 2009, Symyx initiated an integrated marketing strategy...
AN INTEGRATED MARKETING PROGRAM | 5	
  
PRINT ADVERTISING
The primary goal of the print advertising
campaign was to build ...
AN INTEGRATED MARKETING PROGRAM | 6	
  
MEDIA RELATIONS & THOUGHT LEADERSHIP
ELNs were initially introduced in the 1990s f...
AN INTEGRATED MARKETING PROGRAM | 7	
  
BRAND EQUITY METRICS
Brand awareness and confidence directly affect
whether a buye...
AN INTEGRATED MARKETING PROGRAM | 8	
  
SALES ENABLEMENT
Scientists are a special class of B2B technology customer. They a...
AN INTEGRATED MARKETING PROGRAM | 9	
  
OVERALL SYMYX NOTEBOOK REVENUE & BOOKINGS
The Symyx enterprise sales team sold dir...
AN INTEGRATED MARKETING PROGRAM |10	
  
NEW MARKET SEGMENT PENETRATION & BOOKINGS
In July 2009, marketing launched a unifi...
AN INTEGRATED MARKETING PROGRAM |11	
  
A UNIFIED DIGITAL MARKETING PROGRAM
Between January and June of 2009, Symyx market...
AN INTEGRATED MARKETING PROGRAM |12	
  
A UNIFIED DIGITAL MARKETING OPERATION
NURTURING
& MONITORING
QUALIFICATION
CONFIRM...
AN INTEGRATED MARKETING PROGRAM |13	
  
WORKFLOW TO GENERATE, NURTURE & QUALIFY PROSPECTS	
  	
  
	
  
Nurture
Cycle
	
  
...
AN INTEGRATED MARKETING PROGRAM |14	
  
SOCIAL MEDIA STRUCTURE & STRATEGY
In Q2 2009, we audited our social media environm...
AN INTEGRATED MARKETING PROGRAM |15	
  
RETURN ON INVESTMENT
Comparing results from a unified digital marketing program be...
AN INTEGRATED MARKETING PROGRAM |16	
  
ABOUT BRUCE PHARR
I live in the San Francisco Bay Area with my wife and son. I hik...
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Integrated GTM Strategy Case Study

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The case study describes how Symyx Technologies developed and executed an integrated go-to-market (GTM) strategy that grew revenue and bookings, penetrated new market segments, and increased brand equity for the Symyx Electronic Laboratory Notebook (ELN).

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Integrated GTM Strategy Case Study

  1. 1.   CASE STUDY © 2015 BRUCE PHARR | SCIENCE&TECHNOLOGYMARKETING www.brucepharr.com Penetrate New Markets and Drive Growth with an Integrated Go-to-Market Strategy
  2. 2. AN INTEGRATED MARKETING PROGRAM | 2     “The business enterprise has two and only two basic functions: marketing and innovation. Marketing is the distinguishing, unique function of the business.” Peter Drucker, The Practice of Management
  3. 3. AN INTEGRATED MARKETING PROGRAM | 3   CASE STUDY | SYMYX TECHNOLOGIES, INC. (SMMX)
  4. 4. AN INTEGRATED MARKETING PROGRAM | 4   JANUARY 2009 – JUNE 2010 In 2009, Symyx initiated an integrated marketing strategy intended to grow revenue and bookings, penetrate new market segments, and increase brand equity for the Symyx Electronic Laboratory Notebook (ELN). The program integrated print advertising, public relations, unified digital marketing (website, micro-sites, banner ads, SEO, webinars, email marketing, and social media), global telemarketing, and sales enablement. Following are the benchmarks, goals, and results for the top-level key performance indicators (KPI). PERFORMANCE PARAMETER BENCHMARK GOAL RESULT INCREASE OVERALL REVENUE 1 $9.5M NA $18.3M $8.8M 93% OVERALL BOOKINGS 1 $11.3M NA $16.8M $5.5M 49% NEW MARKET SEGMENT BOOKINGS 2 $0.2M $1.6M $2.5M $2.3M 1,150% NEW MARKET SEGMENT SALES OPPORTUNITIES 2 $1.0M $8.5M $11.8M $10.8M 1,080% BRAND AWARENESS 3 22% 32% 45% 23 PTS 105% BRAND CONFIDENCE 3 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.
  5. 5. AN INTEGRATED MARKETING PROGRAM | 5   PRINT ADVERTISING The primary goal of the print advertising campaign was to build brand equity—specifically awareness and confidence. The creative approach appropriated Steve Job’s metaphor of “a bicycle for your mind,” in that the Symyx Notebook took you places that were difficult to reach with a traditional laboratory notebook, and it got you there much easier and faster. It also appealed to scientists who, in general, are more likely to camp, hike, and mountain bike than people in other professions. An early indicator of the ads performance was its number one position in an ad recall study, where it outperformed ads from billion-dollar multinational corporations in pharmaceuticals, analytical instruments, and life science informatics—including Merck KGaA, Shimadzu, and Waters—and achieved a 69% recall, versus a 43% average recall of the 16 ads studied.
  6. 6. AN INTEGRATED MARKETING PROGRAM | 6   MEDIA RELATIONS & THOUGHT LEADERSHIP ELNs were initially introduced in the 1990s for individual, domain specific applications. In 2008, Symyx introduced an enterprise ELN that could be used across multiple domains. The media relations’ strategy was to establish Symyx as a thought leader in the emerging enterprise ELN market, and the goal was to author or appear in 12 feature articles in target publications reaching lab scientists in chemistry and biology domains. Between January and December of 2009, Symyx authored or appeared prominently in 16 feature articles in 12 target publications including Bio-IT World, Bioscience Technology, Drug Discovery & Development, Lab Manager, and Scientific Computing.
  7. 7. AN INTEGRATED MARKETING PROGRAM | 7   BRAND EQUITY METRICS Brand awareness and confidence directly affect whether a buyer will consider purchasing your product. Bio-IT World conducted a brand study in late 2008 to benchmark the Symyx ELN and the leading competitor’s ELN. The study was repeated in late 2009 to measure the effectiveness of the integrated Symyx Notebook print advertising and media relations’ campaign. It showed that brand awareness and confidence for Symyx Notebook had increased 23 and 22 percentage points, respectively, and that gaps between Symyx and 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%  
  8. 8. AN INTEGRATED MARKETING PROGRAM | 8   SALES ENABLEMENT Scientists are a special class of B2B technology customer. They are very skeptical of advertising claims. On the other hand, they highly value peer recommendations, and they live to publish articles. Symyx published Molecular Connection, a high-quality biannual journal, to take advantage of this desire. In 2009, Molecular Connection included case studies from scientists, laboratory managers, and information technology professionals at pharmaceutical and biopharmaceutical leaders AstraZeneca, Bristol Myers Squibb, Elan, Eli Lilly, Johnson & Johnson, Pfizer, and Millennium. Case studies are a very effective means of addressing a potential buyer’s question, “How does a product or technology meet my specific business need?” A survey of Symyx sales personnel at the end of 2009 ranked Molecular Connection as the top sales enablement tool, and specifically cited case studies as key to closing several deals. Another highly rated sales enablement tool was webinars, especially those that incorporated case study presentations by customers.
  9. 9. AN INTEGRATED MARKETING PROGRAM | 9   OVERALL SYMYX NOTEBOOK REVENUE & BOOKINGS The 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 months and produced 7-figure deals. Marketing’s contribution to bookings in early 2009 was primarily through sales enablement. In July 2009 marketing launched a new program that penetrated new markets segments and directly generated opportunities that led to bookings. $11.3 $9.6 $16.8 $18.3 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 BOOKINGS REVENUE Millions (US) OVERALL SALES PERFORMANCE – 2009 & 2010 2010 2009
  10. 10. AN INTEGRATED MARKETING PROGRAM |10   NEW MARKET SEGMENT PENETRATION & BOOKINGS In July 2009, marketing launched a unified digital marketing program targeting 6-figure deals with the 1,080 pharmaceutical and biotech companies beneath the top 20 (under $1 billion in annual revenue). Between July 1, 2009 and June 30, 2010, $2.5M of new bookings was generated (versus a projected target of $1.6M), and $11.8M of new sales opportunities was added to the pipeline (versus a projected target of $8.5M). $1.6 $8.5 $2.5 $11.8 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 BOOKINGS OPPORTUNITIES Millions (US) MARKETING DEMAND GENERATION SYSTEM PERFORMANCE – JULY 1, 2009 THRU JUNE 30, 2010 ACTUAL TARGET
  11. 11. AN INTEGRATED MARKETING PROGRAM |11   A UNIFIED DIGITAL MARKETING PROGRAM Between January and June of 2009, Symyx marketing developed a business case for a unified digital marketing operation, and gained approval from stakeholders. This combined the existing website and CRM (salesforce.com) with improved SEO and a new marketing automation tool (Eloqua) 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, target market segment (smaller pharmaceutical and biotech companies), nurtured and tracked them through the early stages of the buying cycle (awareness and discovery), qualified them through global local-language telemarketing, and delivered well-qualified, late-stage prospects to sales. As a result, the enterprise sales team was able to close the smaller, 6-figure deals within 3 months, on average. 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.
  12. 12. AN INTEGRATED MARKETING PROGRAM |12   A UNIFIED DIGITAL MARKETING OPERATION NURTURING & MONITORING QUALIFICATION CONFIRMATION & PRESALE PROPOSAL, NEGOTIATION & CLOSE MARKETING ASSETS ANALYTICS & REPORTING AWARENESS DISCOVERY VALIDATION SEARCH, KNOWLEDGE SHARING & DIALOG
  13. 13. AN INTEGRATED MARKETING PROGRAM |13   WORKFLOW TO GENERATE, NURTURE & QUALIFY PROSPECTS       Nurture Cycle         Profile Prospect Track Behavior Score Quality Deliver to Sales 2 3 4 5   6 1   Micro-site Web Form White Papers & Case Studies Webinars Global Local-Language Telemarketing Profile & Activities Outbound Email Marketing automation serves as a hub to 1) send outbound emails with an offer to target prospects, 2) that click-through to the micro-site in response, 3) where they complete a Web form to access the offer. Thereafter, 4) prospects are tracked as they return to access additional assets and are nurtured through the early stages of the buying cycle (awareness and discovery). Global local-language telemarketing 5) follows up periodically to provide human contact and further qualify prospects. When prospects are qualified as approaching the purchase phase of the buying cycle, 6) sales representatives access detailed prospect profiles with a list of all their activities throughout the buying cycle.  
  14. 14. AN INTEGRATED MARKETING PROGRAM |14   SOCIAL MEDIA STRUCTURE & STRATEGY In Q2 2009, we audited our social media environment, and found that scientists, our target market, used Facebook personally, but professionally they used LinkedIn, where ELN communities already existed. Scientists followed blogs and viewed relevant videos and slide ware from YouTube and SlideShare. Guided by the findings and best practices, we integrated the following social media structure into our unified digital marketing strategy.
  15. 15. AN INTEGRATED MARKETING PROGRAM |15   RETURN ON INVESTMENT Comparing results from a unified digital marketing program between July 2009 and June 2010 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 2010 COST OF DEMAND GENERATION PROGRAM TRADITIONAL EVENTS AND CONTRACT OUTBOUND SALES CALLS $2.0M NEW B2B MARKETING SYSTEM $1.6M VALUE CREATED FROM DEMAND GENERATION PROGRAM SALES OPPORTUNITIES (SQL) $1.0M $11.8M BOOKINGS $0.2M $2.5M RETURN ON INVESTMENT SALES OPPORTUNITIES (SQL) 50% 738% BOOKINGS 10% 156%
  16. 16. AN INTEGRATED MARKETING PROGRAM |16   ABOUT BRUCE PHARR I live in the San Francisco Bay Area with my wife and son. I hike in the Santa Cruz Mountains, eat good food, drink good wine, root for the SF Giants, and indulge a passion for the arts. I serve as a strategic advisor, senior consultant, and contract corporate executive with innovative science and technology companies in life sciences, healthcare, energy storage, instrumentation, and semiconductors. I have a track record of helping companies create competitive advantage, grow revenue and market share, and increase enterprise value. And I’ve contributed to several successful M&A events. I am a subject matter expert in basic, translational, and clinical research systems. I have led or contributed to the development of market and product requirements for biomedical, genomic, and NGS products, written thought-leader white papers, case studies, and articles for leading online and print publications, and developed and delivered presentations at major biomedical conferences. I led development and execution of the integrated go-to-market strategy described in this case study as VP, Marketing at Symyx Technologies. The program helped position Symyx Notebook as a leading enterprise electronic laboratory notebook (ELN) for life sciences, and it was instrumental in increasing enterprise value 140% (from a low of $2.39 per share in March 2009 to $5.75 per share in April 2010) and achieving a successful merger with Accelrys in July 2010.

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