With considerable budgets and high-end design teams, Big Business marketing teams invest big in the latest marketing tools and techniques to maximise brand and product exposure in order to drive sales.
Contrast that to your average small company. Pharma services business leaders are typically juggling client project work, monitoring finances, fighting “fires”, hiring fee-earning staff and writing proposals. And, until the turnover permits or warrants the need for in-house sales or marketing expertise, such leaders are also Sales Director, and Chief Marketing Officer to boot.
But there are Big Marketing secrets that small pharma service businesses can leverage. In fact, many of the basic principles of marketing are the same for £1M budgets or £1k budgets.
A Value Proposition is, in its raw form, a researched document that maps specific audience groups against specific service benefits with language that is likely to resonate with that group – known as a value proposition matrix.
Whether you’re big or small, it is critical to be clear about whom you are targeting and why these target groups would be interested in your product. Sure, if you’re launching, say, a revolutionary new diabetes treatment, you’ll want to spend a lot of time and money on being really clear about your target audiences: age, gender, lifestyle, concerns, current treatment woes, fears for the future with such a condition, etc. – such information determines the style of advertising, the media channels to utilise, the wording and naming of a product, all in order to touch the nerve ending of the intended customer. But just because you are a small business doesn’t mean you should ignore the process – the benefits of clear focus are the same.
Value propositions can spiral deeper and deeper. For small businesses, it makes pragmatic sense to get a close approximation. Indeed, if you’re running a small organisation, you probably instinctively know whom you are targeting and what resonates with them. But the benefits of the process mean that you can:
Pull your customer facing colleagues into a meeting, fuel them with coffee and Danish pastries, and create a table on a white board, in Word, or, as I do, in Excel.
In its most basic form, that’s a value proposition around which you can build simple, successful campaigns. And the cost – a team breakfast. And you can write that off against tax!