Benefits of adoption of social media for pharma
Social media can enhance business productivity and profitability by providing great tools for businesses to do virtual market research on their customers, competitors and industry. Social media is in fact a precursor to or, in some cases, even a replacement of primary research, if tapped right. Listening to social media chatter allows a company to track volume, type, quality of chatter, messages, across social media channels and pay attention to consumer/stakeholders’ speak. This enables companies to learn about stakeholder perceptions and identify customer needs, segments, understand the opportunity landscape, identify key influencers, and emerging trends. This learning equips companies with knowledge to engage with influential channels/stakeholders in social media for higher salience, enhanced learning, gaining consumer mindshare, averting threats, managing crises, encashing opportunities in new segments and markets. Mentioned below are some of the benefits that pharma companies can reap by tracking and participating in social media conversations:
- They can listen to what their consumers/competitors/industry experts are saying about them online
- They can have one-to-one communication with their consumers and can gather feedback about their current/new products literally from the “horse’s mouth”
- They can use social media channels as an extension to their traditional public relations channels and strategies. Social media channels produce and distribute exclusive content, which extends the voice of a company’s brand and provides platforms to build communities for the company’s/product’s brand enthusiasts
- They can exploit social media channels for word-of-mouth buzz about their company/products and also pursue ongoing dialogue with stakeholders
- They can be tuned into consumer speak at all times and quickly avert a crisis if they see trouble brewing
Coming up next in this series – applications of social media for pharma
by Neelesh Sali
