BUILDING A WINNING GTM STRATEGY IN LIFE SCIENCES
​
Transcript
Caitlin La Honta (00:05):
Hello everyone and welcome to another episode of the Science of Sales and Marketing. I'm Caitlin La Honta, co-founder of Sirona Marketing, and I'm hosting today's session with my co-founder, Abdul Rastagar. Today we're joined by Malia Lewin, who is an experienced life sciences strategy leader and founding partner at Bluebuck Ventures. Malia, thank you so much for joining us today. I love the origin story of your company's name, Bluebuck Ventures.
​
Abdul Rastagar (00:14):
Hello.
​
Caitlin La Honta (00:27):
Can you kind of explain a bit about the meaning behind this name, the importance of seeing Bluebuck versus Unicorns in today's complex environment, and sort of what you do to service this industry?
​
Malia Lewin (00:37):
Sure. Well, we founded Bluebuck Ventures in September of last year, so we're coming up on our one-year anniversary soon. Jeremy and I, when we thought about the company and commercial strategy, both have our origins at Veeva in the pharma tech space. One of the things we thought about was, you know, Veeva is a unicorn to some degree. But they are a special unicorn in the pharma tech space. What made them extremely successful is the discipline they show from a business model standpoint, being outcomes-focused and really capital responsible.
​
So we wanted to understand what it means for companies from seed stage onward as they try to find success in this space. What are the things they need to understand about operating differently from the aspiring unicorns of earlier startup days? We focus a lot on capital responsibility, being able to run lean, making investments where they matter, leveraging tech (especially AI), and avoiding unnecessary investments.
​
There was a time when sales was the focus. Now, we see a shift toward putting customers first. If you make your customers successful, that will serve your foundational business far more than focusing on revenue alone. I think it's also about having the courage to say "no" when you need to, avoiding distractions like tempting business squirrels that are outside of your ideal customer profile (ICP). There’s so much more to being sustainable in business.
​
Caitlin La Honta (03:28):
How does the concept of a "bluebuck" versus a "unicorn" apply today, and how does that influence what you're advising your clients? We talked about Veeva, which is a great model, but it was a different environment when they were founded. How do you address the fact that unicorns today have to approach things differently than in the past?
​
Malia Lewin (04:11):
Yeah, the idea of being a unicorn has changed. People still want to be like Veeva, but Veeva is a multi-billion-dollar company. Most companies need to start somewhere and grow. We're taking Veeva’s principles and applying them at a level that’s more applicable to early-stage businesses.
​
The big shift is how companies grow. In the past, especially with big unicorns like Uber, the key was hiring fast to show growth. But I think we've learned that growth isn't just about hiring people; it’s about being product-focused, investing in your platform strategy, and proving you have strong product-market fit.
​
Abdul Rastagar (06:29):
When you're advising these companies, do you find it difficult for them to identify an ICP, or do they end up with five different ones?
​
Malia Lewin (06:52):
Absolutely. It's common to have a broad mix of potential customers when you're still in the business development phase. You're validating your hypothesis about who your customers are, and you have flexibility in your business model. But very quickly, you need to focus and start seeing patterns in your customer base that help refine your ICP. It’s also important not to make your ICP too narrow. The market size needs to be large enough to attract investors and sustain your business. Identifying your ICP early helps you scale and target specific markets effectively.
​
Abdul Rastagar (08:20):
It feels like early-stage companies want to jump straight to tactics. They want to know what to do next, whether it’s hiring salespeople or running marketing campaigns. How do you balance this with the fundamentals like defining the ICP and value proposition?
​
Malia Lewin (08:37):
They often skip over the fundamentals, but understanding the ICP and value proposition is key. Tactics are useful, but if you haven’t figured out who your ideal customers are and how to deliver value to them, tactics will only get you so far.
​
Caitlin La Honta (08:49):
It’s about having a repeatable, scalable process. Many early-stage companies think they’ve got five customers, and they’re growing, but if those customers aren’t repeatable or don’t align with the ICP, it’s not real growth.
​
Malia Lewin (09:12):
Exactly. Your ICP should evolve. Early on, you might be doing business development, validating your hypotheses, and customizing deals. But eventually, you need to get clear on who your ICP is and scale from there.
​
Abdul Rastagar (11:24):
Have you ever encountered situations where the founder is overly optimistic, believing that everyone will want their product, even if the market isn’t there? How do you handle that conversation?
​
Malia Lewin (11:31):
It’s about grounding them in reality with data. I use market examples to show them the right path and help them see how their product fits in. If a founder is set on their vision, I try to get them to open up to other perspectives.
​
Caitlin La Honta (14:39):
The notion of competition is tricky too, because what’s considered a competitor isn’t always obvious. It could be other solutions or even internal systems.
​
Malia Lewin (14:55):
Right, and understanding where your product fits is critical for budgeting, especially in AI, where the need isn't always clear for customers.
​
Abdul Rastagar (15:35):
Sales cycles in pharma can be long, and companies often underestimate this. Even if users love the product, adoption and buy-in can take time.
​
Malia Lewin (18:06):
Yes, adoption is a challenge in pharma. Customer success and metrics that show customers are successful are crucial to long-term growth.
​
Caitlin La Honta (19:12):
When it’s time to hire leadership, especially in sales and marketing, how should companies think about prioritizing that? The roles are evolving—sales and marketing are becoming more aligned.
​
Malia Lewin (20:17):
You shouldn’t hire a C-level leader too early. You need people who can build the foundation before scaling. C-level leaders should help with strategic growth, but if the business isn’t ready, hiring too soon can drain resources.
​
Caitlin La Honta (25:02):
When you’re defining marketing, it's about ensuring it’s more than just lead gen. Marketing brings a long-term perspective, building brand equity and setting a strategic direction.
​
Malia Lewin (25:36):
Exactly. Marketing isn’t just about driving short-term sales—it’s about building a foundation for the company’s future growth and success.
​
Abdul Rastagar (29:43):
Patience is key with thought leadership. It takes time to build trust, and many companies struggle with seeing the ROI quickly.
​
Malia Lewin (30:00):
It's critical to have a strategy and be patient. The results from thought leadership will come, but it takes time.
​
Caitlin La Honta (35:02):
It’s a balancing act between short-term wins and long-term strategy. Marketing teams need to serve multiple stakeholders—investors, customers, and the CEO—and meet their various needs.
​
Malia Lewin (36:10):
Yes, and balancing those priorities can be challenging. It’s not just about making immediate sales but creating a long-term strategy that aligns with all parties.
​
Abdul Rastagar (36:19):
Have you encountered founders with "happy ears," who are so convinced of their vision that they ignore the market's feedback?
​
Malia Lewin (37:57):
Yes, I use data to counteract that. I bring real-world examples of successful companies to show how to navigate the market and scale effectively.
​
Caitlin La Honta (40:02):
Having real customers is key. It's easy to get caught up in positive signals from prospects, but we need to ensure those prospects are willing to buy.
​
Malia Lewin (40:34):
A win-loss analysis is essential. It helps you understand why deals are lost and gather real insights from prospects, not just from your sales pipeline.
​
Abdul Rastagar (41:19):
Third-party analysis is the best way to gather unbiased feedback. It’s worth the investment because you get a clearer picture of the market.
​
Malia Lewin (42:35):
Investors love win-loss analysis. It provides meaningful insights into market trends, competitors, and customer pain points.
​
Caitlin La Honta (45:22):
Before we wrap, any last advice for go-to-market leaders?
​
Malia Lewin (45:08):
It’s about uniting the vision for the business with the commercial strategy. You need to hire people who can bridge the gap between operational needs and investor expectations.
​
Caitlin La Honta (45:49):
We’ll definitely need a part two! There’s so much to explore around messaging and how marketing aligns with investors.
​
Malia Lewin (45:54):
I’d love to. Thanks again for having me today.
​
Abdul Rastagar (46:09):
And we only mentioned AI once!
​
Caitlin La Honta (46:09):
Yes, definitely a win!
​
Malia Lewin (46:15):
Absolutely!
​
Q: What does "Bluebuck" mean in the context of life sciences startups?
A: Bluebuck Ventures focuses on being capital-responsible, outcomes-focused, and operating lean. The term contrasts with "unicorn" startups, emphasizing sustainable growth and managing investments carefully, rather than chasing rapid revenue growth.
​
Q: What are the key differences between a "bluebuck" and a "unicorn" in today's market?
A: A "bluebuck" focuses on building strong product-market fit and growing strategically with lean operations. Unlike past unicorns that prioritized rapid scaling, bluebucks emphasize customer success and capital responsibility over just growth metrics.
​
Q: How can companies identify their Ideal Customer Profile (ICP)?
A: Founders should first validate their hypotheses and remain flexible in their business models. Once they have a few customers that fit their initial profile, they can refine their ICP. It's important not to narrow it too much or expand it too broadly, ensuring the market is large enough to sustain growth.
​
Q: What challenges do startups face when defining their ICP?
A: Startups often struggle to focus and may have too many potential customer profiles. It’s crucial to not spread too thin. Instead, founders should focus on repeatable sales processes and refine the ICP as they learn more about their customers.
​
Q: When is the right time to hire C-level leadership?
A: C-level leaders should be hired when the company is ready for strategic growth. If the business is still building its foundation, it’s better to hire VP-level leaders focused on execution rather than strategy. Hiring C-level executives too early can drain resources without delivering value.
​
Q: How should companies approach marketing early on?
A: Marketing should not be limited to lead generation or short-term tactics. It plays a crucial role in brand building, long-term strategy, and creating a foundation for future growth. Marketing helps guide the company’s direction and ensures alignment with customer needs.
​
Q: What role does thought leadership play in a startup’s success?
A: Thought leadership helps build trust and market presence, opening doors that sales teams cannot reach. It's essential for differentiation in competitive industries. While thought leadership requires patience, it's a long-term investment that establishes the brand’s credibility.
​
Q: How do you balance short-term wins with long-term strategy in marketing?
A: Balancing short-term goals (like MQLs and immediate sales) with long-term brand-building objectives is essential. Sales enablement provides quick wins, while long-term brand strategies establish lasting customer relationships and ensure future success.
​
Q: How can founders ensure their vision aligns with market reality?
A: Founders should rely on data-driven insights, including win-loss analyses, to understand if their product resonates with the market. Identifying the correct ICP and ensuring the product solves a real, scalable problem for customers is crucial.
​
Q: What is the value of a win-loss analysis?
A: A win-loss analysis provides insights into why deals were won or lost, helping businesses understand customer pain points, competitive advantages, and the effectiveness of their sales process. Conducting these analyses through third parties offers honest, actionable feedback.
​
Q: How do you deal with founders who are overly optimistic about their product's market fit?
A: It's important to provide data-backed examples and real-world evidence of both success and failure. Help open the founder’s perspective by showing cautionary tales and offering a clear path forward based on market research and competitors' experiences.
​
Q: What’s the best way to work with investors on go-to-market strategies?
A: It’s essential to bridge the gap between the strategic vision for the business and the operational day-to-day activities investors care about. Companies need leaders who can communicate effectively with both internal stakeholders and investors, aligning everyone on the long-term vision while managing short-term expectations.