Social media analytics analyzes social media data to determine patterns or trends in human behavior. It is powered by artificial intelligence, machine learning, and data mining. Data mining is the process of examining large amounts of data to try and discover patterns, trends, and correlations between variables. Data from these sites on social networks are then used to understand changes in audience behavior over time. Here we will discuss why social media analytics is helpful in pharma and how it can help improve drug launches.
1. Understanding Patient Needs
Patients are the central point of any drug marketing strategy. Understanding patient needs will help you develop a better product that fits the market. Social media analytics can provide instant access to your target audience’s feelings, concerns, and pre-launch buzz. You will know the most critical issues for your target audience, their worries and fears about your product, and how they feel about it. This valuable insight will allow you to create a successful strategy for launching your new product.
2. Providing Good Customer Service
With the rise of social media, customers can provide real-time feedback on your product. They can discuss it with others and post their opinion. You can then respond with a well-customized message to the target audience. CRM software can help you manage all the information and responses. Analyses of the phone calls, emails, or social media responses will help you identify where and when customers need your response. CRM will help you identify and track the best customer service team members.
3. Monitoring Patient Sentiment
Before a drug launch, you can organize various focus groups to get feedback from patients who might use your product. However, social media data gives you access to the opinions of those not participating in a focus group. This can provide essential insights into your target audience’s feelings about your product and why they do or don’t want it. Monitoring this ongoing conversation can allow you to improve your marketing strategy and launch plan and respond more effectively to market needs. AI allows companies to examine the contents of natural language for positive, negative, or neutral emotions. These programs can also detect sarcasm and ambiguity to determine if there are any potential threats to your product.
4. Comparing Competing Products
Small pharma companies face a significant challenge in marketing their product. Large companies spend millions on marketing campaigns and have a strong brand presence. Keep an eye out for what your competition is doing. The data will help you see where you are lagging and make some changes before it’s too late. You can see what your competitors are saying about their products, how they are advertising, and what their brand image is. This will allow you to gauge your product’s potential based on the competition. Any potential pitfalls can be identified early and corrected. Tools like Rival IQ can help you see what your competitors are doing and how well they are doing.
5. Timing of the Launch
Time is of the essence. You must launch your product while it’s most relevant to the market. Pharma companies often spend large amounts of money before a launch, only to find that the public doesn’t need the drug then. AI can help you determine if there is demand for a product before it’s launched, saving significant marketing dollars and allowing you to produce and sell more products at once.
How Netbase Quid Can Help You
Netbase Quid is an AI-based social media analytics tool that provides patient insights and marketing intelligence. You get a real-time snapshot of all the relevant data. You can identify essential patterns, determine trends in consumer behavior, monitor your competitors’ campaigns, or even see what customers love about your current product. A drug launch is a complicated project, which can take years and millions to complete. Netbase Quid can help you make those decisions effectively by providing the data and support you need to create the best product launch strategy possible.
Market intelligence is vital for any business. Pharma companies must invest in marketing research to give their product a chance in today’s crowded market. A comprehensive strategy will incorporate all the information gathered by social media analytics.
