Listen to Anecdotes But Act on Data (Show Notes)
In this episode of the ‘Talk Life Science Marketing Analysis’ podcast, I interview Liza Rivera, Vice President of Global Marketing at Fujifilm Diosynth Biotechnologies.
We start the conversation exploring Liza’s role at Fujifilm, and the services the company offers for the biotechnology industry.
We explore the importance of reporting within the company and how it works. A major focus is on analyzing marketing success. The company is naturally data driven, so they focus on having clearly defined metrics to review success. Marketing is an area where the company is significantly investing, so having insight into the return on that investment is critical.
Conferences and the website are critical channels for Fujifilm, so we discuss the company’s approach to measuring their impact, including key metrics. Liza stresses the importance of balancing the level of data reported up the chain. Only tell the senior people what they really need to know. For example, look at why something happened and then what actions should be taken.
The marketing team aims to be proactive rather than reactive in marketing decision making, adjusting goals and actions based on data. Critically, objectives and marketing plans are living things. Fujifilm evaluates impact during the campaign and makes adjustments live. We explore how they do this on a practical level.
The conversation led on to the development of the data-led marketing function as distinct from sales. The importance of having a close relationship between the two departments. Is there a misconception on what marketing does? Absolutely. Data has helped re-frame the image. By focusing on baselines and measuring against metrics, the team can qualitatively evaluate – and report on – success.
We review what metrics are monitored within the company. Web visits, returning qualified leads. MQLs and SQLs. Liza expands on the need for industry-wide data on benchmarks, to make it easier to evaluate success.
We discuss the rise in martech, and the fact that technology for technology’s sake is pointless. Before jumping on board with a new system, it is critical to evaluate the need and ensure you have resources in place to deliver. People are at the heart of marketing. They develop it. They consume it, and no matter how helpful a piece of martech is, it can never replace that.
Finally we explore Liza’s biggest marketing failures and successes, because it is in learning from others that the magic happens.