In life sciences marketing, finding the right agency partner can feel like a journey through Goldilocks and the Three Bears—some options might seem too big, others too small, and then there’s the one that is just right. Let’s explore how life sciences companies can apply the Goldilocks principle to identify the agency that fits perfectly with their needs. And, what can we learn from Goldi’s journey?
Global Network Agencies: The ‘Too Big’
Much like the ‘too big’ bed in Goldilocks, global network agencies offer vast resources and extensive capabilities. They stretch far and wide, providing a comprehensive suite of services that can cover every possible marketing need across the globe. For life sciences companies looking for reach and depth, these agencies offer the ‘one-stop-shop’ experience with the promise of attractive pricing due to their scale. However, the sheer size of these agencies can sometimes lead to a lack of personal touch—senior execs might pitch the business, but delivery is often handed off to less experienced junior teams, which might not sit ‘just right’ for those seeking a more tailored approach.
Private Equity-Backed Agencies: The ‘Too Structured’
Private equity-backed agencies, on the other hand, can be likened to Goldilocks’s ‘too structured’ choice. These agencies operate under the strategic direction of their investors, emphasizing operational efficiency and financial performance. They are efficient and well-oiled machines, offering valuable strategic counsel from seasoned investors and a streamlined approach that might appeal to companies focused on bottom-line results. Yet, the emphasis on financial returns and preparation for a lucrative exit can sometimes lead to a prioritization of profits over bespoke innovative solutions, which might feel too constrained for companies that value creative freedom and flexibility.
Privately Held Independent Agencies: The ‘Just Right’
Then, there’s the ‘just right’ option—privately-held independent agencies. Unbound by corporate oversight or investor demands, these agencies offer the flexibility and personalized attention that can be crucial for life sciences companies navigating a complex and rapidly changing industry. They’re nimble, making quick decisions and adapting to new trends without the red tape that often slows down their larger counterparts. With experienced professionals often more hands-on with projects, these agencies provide the expertise and dedicated focus that can drive truly innovative solutions tailored to specific challenges. For companies that value a partnership where the agency leadership is visibly involved and committed to their success, independent agencies can provide the perfect fit—just like Goldilocks’s favorite chair, not too big, not too structured, but just right.
Choosing Your ‘Just Right’
Choosing the ‘Just Right’ agency is critical in translating cutting-edge life sciences products into successful market stories. What we can learn from Goldi is that she tried things out…took a test drive per se…before committing. Try to start small with a potential agency partner, ask them what they do best and start there. If the fit isn’t right, you’ll know quickly. What we often do is default to working with the same trusted partners we’ve always relied on, we know that they fit, but to learn and grow we need to be exposed to new ways of thinking. Take a few test drives! Like Goldilocks, it’s about testing the options until you find the perfect match that makes your company feel at home, supported, and poised for success.
#EmbraceTheEvolution,
Chris Mycek
Vice President, Enterprise Solutions
