What Makes Product Management Different in Life Sciences

S
SVPMASVPMA
Dione K. Bailey, PhD, Director, Product Management
                   Jennifer Turcotte, VP of Marketing

                                     SVPMA Meeting




                                     8/4/2010
}   Product Management is very different across
    Life Sciences and High Tech industries
}   Contrast of Product Management in Life
    Sciences and High Tech
}   Domain Knowledge: Is it more important in
    one industry versus another?
}   Use of Social Media – Is Life Sciences ready?
}   What’s required to successfully transition
    from High Tech to Life Sciences
}   Who is Complete Genomics?
    ◦ Small, start-up company that provides DNA sequencing of human
      genomes
    ◦ Goal is to provide large-scale and affordable complete human
      genome sequencing as a service
    ◦ Enable large-scale research of the genetic mechanisms underlying
      complex diseases and drug response
    ◦ We are a life sciences tools company
}   What we are not?
    ◦ Diagnostics company
    ◦ Medical Devices company
}   Biggest challenges relating to product management
    ◦ Highly competitive market – small number of large and fierce
      competitors
    ◦ Multi-disciplinary technology – bio-chemistry, hardware, software,
      bioinformatics, genetics
    ◦ Domain knowledge is a MUST -- we sell to the Scientist (PhD)
}   Life Sciences Tools
    ◦ No industry analysts but key opinion leaders who are
      renowned, leading scientists who influence customers’ buying
      decisions
    ◦ Selling to scientists requires facts, proof/validation and
      credibility
    ◦ Companies rarely employ complex selling or unique marketing
      tactics
    ◦ Often sell features/functions (‘knobs & whistles’)
    ◦ Marketing grows out of R&D; very small industry (everyone
      knows everyone)
}   High Tech
    ◦ Briefing and influencing industry analysts is critical
    ◦ To sell a solution, sales requires differentiated positioning and
      messaging, competitive intelligence and sales tools
    ◦ Product management and product marketing are well-
      understood and valued (at least more so than in Life Sciences)
}   High Tech:
    ◦ Product Mgmt is often brought in halfway through development to
      steer final product, run alpha/beta and launch product
}   Life Sciences Tools:
    ◦ Often R&D works for many years without any marketing (or
      product mgmt) who is hired prior to initial commercial launch
    ◦ R&D is often multi-disciplinary
    ◦ Often takes longer to transition to a commercial organization than
      high-tech companies
}   What is the right approach?
    ◦ Both industries struggle with the transition from an R&D-driven to
      a Marketing-driven company
}   What is the solution?
    ◦ Bring PM in earlier to help drive the way products are developed,
      marketed and sold by focusing on the problems of the market
      rather than the features of the product
Product Management                                         Product Marketing
4 Ps               Product                                                    Pricing, Place, Promotion
Focus:             Product                                                    Customer
                   Inbound-focused                                            Outbound-focused
Drives:            New product development                                    Positioning, messaging and differentiation of product
Interacts with:    Development/Engineering                                    Sales, prospects and customers
Bridges gaps       Engineering-oriented teams and product marketing (and      Business-oriented teams and product mgmt
between:           business-oriented teams)
Responsible for:   High-level business/product requirements, including the    Positioning product to prospects and customers, managing the
                   detailed requirements and especially the user experience   product launch, providing tools for sales to sell the product, and
                   and defines longer term roadmap                            for supporting marketing programs
Validation:        Validates that product meets the needs of real customers   Validates that positioning of product is understand and value
                   and users                                                  resonates
Duties:            ·   Gather market/customer requirements; develop MRDs      ·   Positioning and outbound messaging
                   ·   Determine business-case feasibility                    ·   Provide collateral, presentations, sales tools
                   ·   Scope and define new products                          ·   Training materials for training the sales force
                   ·   Build product roadmaps                                 ·   Conduct customer feedback (user group, surveys, etc.)
                   ·   Run alpha and beta programs                            ·   Launch new products (or features)

                   }    Successful companies clearly define the distinct roles of product
                        manager and product marketing
                        ◦ Work together to maximize sales revenue, market share and profits
}   Typically separate product marketing and product
    management roles (even in small companies)
}   Work as a team with a clear delineation in roles
}   Highly competitive, rapidly evolving market requires
    nimble product development and highly differentiated
    products with a strong value proposition -> Need
    strong dedicated product management
}   Why separate roles?
    ◦ PM is a strategic role but be overwhelmed with tactical
      activities; important to keep PM focused on strategic product
      direction
    ◦ One person is unlikely to have the bandwidth to do both jobs
      well
    ◦ Need another role to manage communication to customers,
      sales support, marketing programs support, industry analyst
      relations, etc.
}   PM is often responsible for both product
    management and product marketing
    ◦ Yet, it’s hard to find one person who can do both roles
      well
    ◦ Each role is critical and requires different skills/talents
}   Due to the technical nature of the buyer
    (scientist), typically the role requires someone
    with more scientific background than
    marketing training
    ◦ Marketing training comes from on-the-job training
      which can lead to a very similar approach taken for most
      problems (no thinking outside of the box)
}   Critical in a Life Science company
    ◦ Understand the customer’s problem that your product
      needs to solve (‘been in their shoes’)
    ◦ Requirements are often technically focused and detailed
      (requires molecular biology, genetics background and
      understanding)
    ◦ Technical product features differentiate it from
      competitors (not a solution sell)
    ◦ Most buyers don’t buy one solution from one vendor
}   Often requires PhD
    ◦ Con: Makes it difficult to transition into a Life Science
      product manager role from other industries
    ◦ Pro: Many researchers/R&D within Life Science
      transition from a technical/development role into a
      marketing role
}   Domain knowledge is a secondary requirement
    behind Product Mgmt/customer-facing
    experience
    ◦ Ariba hired purchasing managers from F100 companies
      to help guide product mgmt only to find they couldn’t
      translate their job into requirements -> needed a
      product manager
}   Often important to have business-to-business
    or business-to-consumer product mgmt
    experience
    ◦ Do you know how to market/sell to consumers versus
      businesses?
}   Also critical is business acumen
}   Bloggers are emerging as a key media audience
}   Many Life Science tools companies believe they don’t
    need to participate in social media marketing because
    their products or services are not consumer facing
}   High Tech companies often are immersed in the
    Internet so social media like blogging, Facebook or
    Twitter are integrated with other marketing programs
    and are second nature
}   Customers, decision makers, influencers and
    investors are participating online (blogs, videos,
    podcasts, news articles)
}   Need to actively listen to what is being discussed
    online
}   Career changes are a natural progression
}   What is motivating the change? Really
    understand why you want a change.
}   Research new careers, and key companies
}   Transferrable skills
}   Networking
}   Find a mentor
}   Training and education – gain experience
}   Be flexible – With location, role and salary
}   Making the transition from R&D to marketing
    ◦ Know your strengths
    ◦ Talk to your Product manager peers about their position
}   Expect on the job training
    ◦ Find a good mentor
    ◦ Take marketing classes
    ◦ Some companies will help pay for MBA or other training
      programs
}   Be patient
    ◦ Take the time to learn the basics and grow into the role
    ◦ Don’t be afraid to ask you marketing peers for advice
      and help
}   Is there an ideal split between product mgmt and marketing?
    ◦ No, but you must define the role or roles to ensure the best
      success
}   Don’t be afraid to look to other industries for guidance, best
    practices
    ◦ Social media, industry analysts, etc.
}   Product mgmt and marketing in any size company is critical
    ◦ Successful products come from the companies that know the
      market and its problems
}   Transitioning industries
    ◦ Set a goal and map out a plan with steps and milestones
    ◦ Playing to your strengths and passions provides satisfaction
    ◦ Try to determine how the role you are in now will get you to your
      next goal
    ◦ Leverage your network immediately and look for peers who have
      made a similar move
What Makes Product Management Different in Life Sciences
1 von 15

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What Makes Product Management Different in Life Sciences

  • 1. Dione K. Bailey, PhD, Director, Product Management Jennifer Turcotte, VP of Marketing SVPMA Meeting 8/4/2010
  • 2. } Product Management is very different across Life Sciences and High Tech industries } Contrast of Product Management in Life Sciences and High Tech } Domain Knowledge: Is it more important in one industry versus another? } Use of Social Media – Is Life Sciences ready? } What’s required to successfully transition from High Tech to Life Sciences
  • 3. } Who is Complete Genomics? ◦ Small, start-up company that provides DNA sequencing of human genomes ◦ Goal is to provide large-scale and affordable complete human genome sequencing as a service ◦ Enable large-scale research of the genetic mechanisms underlying complex diseases and drug response ◦ We are a life sciences tools company } What we are not? ◦ Diagnostics company ◦ Medical Devices company } Biggest challenges relating to product management ◦ Highly competitive market – small number of large and fierce competitors ◦ Multi-disciplinary technology – bio-chemistry, hardware, software, bioinformatics, genetics ◦ Domain knowledge is a MUST -- we sell to the Scientist (PhD)
  • 4. } Life Sciences Tools ◦ No industry analysts but key opinion leaders who are renowned, leading scientists who influence customers’ buying decisions ◦ Selling to scientists requires facts, proof/validation and credibility ◦ Companies rarely employ complex selling or unique marketing tactics ◦ Often sell features/functions (‘knobs & whistles’) ◦ Marketing grows out of R&D; very small industry (everyone knows everyone) } High Tech ◦ Briefing and influencing industry analysts is critical ◦ To sell a solution, sales requires differentiated positioning and messaging, competitive intelligence and sales tools ◦ Product management and product marketing are well- understood and valued (at least more so than in Life Sciences)
  • 5. } High Tech: ◦ Product Mgmt is often brought in halfway through development to steer final product, run alpha/beta and launch product } Life Sciences Tools: ◦ Often R&D works for many years without any marketing (or product mgmt) who is hired prior to initial commercial launch ◦ R&D is often multi-disciplinary ◦ Often takes longer to transition to a commercial organization than high-tech companies } What is the right approach? ◦ Both industries struggle with the transition from an R&D-driven to a Marketing-driven company } What is the solution? ◦ Bring PM in earlier to help drive the way products are developed, marketed and sold by focusing on the problems of the market rather than the features of the product
  • 6. Product Management Product Marketing 4 Ps Product Pricing, Place, Promotion Focus: Product Customer Inbound-focused Outbound-focused Drives: New product development Positioning, messaging and differentiation of product Interacts with: Development/Engineering Sales, prospects and customers Bridges gaps Engineering-oriented teams and product marketing (and Business-oriented teams and product mgmt between: business-oriented teams) Responsible for: High-level business/product requirements, including the Positioning product to prospects and customers, managing the detailed requirements and especially the user experience product launch, providing tools for sales to sell the product, and and defines longer term roadmap for supporting marketing programs Validation: Validates that product meets the needs of real customers Validates that positioning of product is understand and value and users resonates Duties: · Gather market/customer requirements; develop MRDs · Positioning and outbound messaging · Determine business-case feasibility · Provide collateral, presentations, sales tools · Scope and define new products · Training materials for training the sales force · Build product roadmaps · Conduct customer feedback (user group, surveys, etc.) · Run alpha and beta programs · Launch new products (or features) } Successful companies clearly define the distinct roles of product manager and product marketing ◦ Work together to maximize sales revenue, market share and profits
  • 7. } Typically separate product marketing and product management roles (even in small companies) } Work as a team with a clear delineation in roles } Highly competitive, rapidly evolving market requires nimble product development and highly differentiated products with a strong value proposition -> Need strong dedicated product management } Why separate roles? ◦ PM is a strategic role but be overwhelmed with tactical activities; important to keep PM focused on strategic product direction ◦ One person is unlikely to have the bandwidth to do both jobs well ◦ Need another role to manage communication to customers, sales support, marketing programs support, industry analyst relations, etc.
  • 8. } PM is often responsible for both product management and product marketing ◦ Yet, it’s hard to find one person who can do both roles well ◦ Each role is critical and requires different skills/talents } Due to the technical nature of the buyer (scientist), typically the role requires someone with more scientific background than marketing training ◦ Marketing training comes from on-the-job training which can lead to a very similar approach taken for most problems (no thinking outside of the box)
  • 9. } Critical in a Life Science company ◦ Understand the customer’s problem that your product needs to solve (‘been in their shoes’) ◦ Requirements are often technically focused and detailed (requires molecular biology, genetics background and understanding) ◦ Technical product features differentiate it from competitors (not a solution sell) ◦ Most buyers don’t buy one solution from one vendor } Often requires PhD ◦ Con: Makes it difficult to transition into a Life Science product manager role from other industries ◦ Pro: Many researchers/R&D within Life Science transition from a technical/development role into a marketing role
  • 10. } Domain knowledge is a secondary requirement behind Product Mgmt/customer-facing experience ◦ Ariba hired purchasing managers from F100 companies to help guide product mgmt only to find they couldn’t translate their job into requirements -> needed a product manager } Often important to have business-to-business or business-to-consumer product mgmt experience ◦ Do you know how to market/sell to consumers versus businesses? } Also critical is business acumen
  • 11. } Bloggers are emerging as a key media audience } Many Life Science tools companies believe they don’t need to participate in social media marketing because their products or services are not consumer facing } High Tech companies often are immersed in the Internet so social media like blogging, Facebook or Twitter are integrated with other marketing programs and are second nature } Customers, decision makers, influencers and investors are participating online (blogs, videos, podcasts, news articles) } Need to actively listen to what is being discussed online
  • 12. } Career changes are a natural progression } What is motivating the change? Really understand why you want a change. } Research new careers, and key companies } Transferrable skills } Networking } Find a mentor } Training and education – gain experience } Be flexible – With location, role and salary
  • 13. } Making the transition from R&D to marketing ◦ Know your strengths ◦ Talk to your Product manager peers about their position } Expect on the job training ◦ Find a good mentor ◦ Take marketing classes ◦ Some companies will help pay for MBA or other training programs } Be patient ◦ Take the time to learn the basics and grow into the role ◦ Don’t be afraid to ask you marketing peers for advice and help
  • 14. } Is there an ideal split between product mgmt and marketing? ◦ No, but you must define the role or roles to ensure the best success } Don’t be afraid to look to other industries for guidance, best practices ◦ Social media, industry analysts, etc. } Product mgmt and marketing in any size company is critical ◦ Successful products come from the companies that know the market and its problems } Transitioning industries ◦ Set a goal and map out a plan with steps and milestones ◦ Playing to your strengths and passions provides satisfaction ◦ Try to determine how the role you are in now will get you to your next goal ◦ Leverage your network immediately and look for peers who have made a similar move