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Purpose-Based Marketing For Life Sciences and High-Tech Brands

Top tips for avoiding random acts of marketing.

Every marketing activity that a brand takes on should be aligned with its strategic goal. A purpose-driven brand intentionally puts its ‘why’ at the forefront of everything it does in order to avoid random acts of marketing. When the team strays from the strategic goal, the result is wasted opportunities and drained resources.

It’s important to understand your performance in a way that supports the brand’s strategic goal. One trap that organizations can fall into is reporting vanity metrics. These metrics may look good to others, but they aren’t actionable or related to anything you can control or repeat in a meaningful way. And if your company is a startup, these metrics are an especially appealing trap because investors want proof of overwhelming growth. As an example, 10K total registered accounts might seem like an impressive stat to report, but that number will lose value quickly if there are only 100 active monthly users.

How can your team stay aligned with your organization’s strategic goal?

Tip #1: Consider Analytics in Context

Vanity analytics are overly simplistic measurements lacking substance, but any metric can potentially fall into this category. To prevent this, map every marketing activity back to the strategic goal. When a performance indicator is tracked, consider why and be sure the answer clearly identifies how it helps the business reach its strategic goal.

Without context, any metric can be misleading and won’t help you improve in a meaningful way. If millions of followers don’t lead to product sales, that metric is little more than an ego boost.

Tip #2: Think Outside of the Box

Page views are great but not useful if you can’t repeat it to expand on that success. Can you consistently reproduce the same result? Do you have a process in place to identify and break down success? If you can’t control the variables and repeat the process to produce a statistically similar metric, then you can’t improve that process. Sometimes you’ll need to work backwards. What data would give you actionable insight? What marketing activity would provide that information?

Misunderstanding a successful outcome is another major contributor to wasted effort, but this can be mitigated through effective data analysis. This data can be difficult to obtain in a digital infrastructure that enables users to restrict data collection. As a brand, you may need to get creative. This creativity should include the audience as a valued part of your brand’s success, not try to trick them into revealing data that they don’t want to share.

Tip #3: Map it Out

Create a marketing activity hierarchy the way you might design an organizational chart for a new hire. Just as the new hire needs to know who to report to, or how their team falls into the structure of the organization, so too does your marketing team need to understand how their activities contribute to the organization’s goals.

A basic chart might include the overarching strategic goal at the top, with supporting objectives beneath that. Include individual activities under their respective objective.
Remember to ask why that activity is included. Does it contribute to the strategic goal? Once you have concrete objectives, you can measure activities by their performance objectives, which may include sales they generate, leads for future sales, active accounts that generate repeatable sales, etc.

At HexIQ we specialize in purpose-based marketing, where each marketing activity is designed to inform future actions that convert your organization’s strategic objective into reality. Let’s put your marketing strategies to work.

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Resources

Purpose-Based Marketing For Life Sciences and High-Tech Brands

Top tips for avoiding random acts of marketing.

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