Globally, the healthcare industry, like all others, is in the midst of digital disruption. Forward-looking players are maximizing the opportunities digital technologies present, while the laggards are grappling with upturned business models and unprecedented changes. Those healthcare institutions, pharmaceutical companies, and medical contributors that are ahead on the digital curve have a powerful weapon in their arsenal – social data analytics. No, it is not just another technology and analytics project. It is a means to generate immediate & superior ROI by reimaging business models, streamlining operations, and improving service delivery.
How social data monitoring works?
Through real-time social listening, companies can gain insight into what is being said about their brand, company, product, service, or industry on the Internet. These data-driven insights when put into action translate into superior business outcomes. Here’s how.
Five use cases of social monitoring in healthcare industry
#1 Over-the-counter (OTC) conversation analysis: Customers often talk online – on social media platforms, dedicated groups, and forums about which drugs they take for various common ailments. Pharmaceutical companies can tap into what conversations people are having about their brand, whether they rate it as easily available across pharmacies or not, are they switching to competitor’s drugs & why? What do customers rate best about their product – fast action, easy availability, look and feel, marketing, or something else? How likely are they to recommend it to others? Based on these insights, companies will know whether to fine-tune their supply chain, product, pricing or marketing strategies and act accordingly.
#2 Treatment and side effects’ discussions: There are dedicated social media groups, support hubs, and forums for most of the chronic and widespread diseases such as Diabetes, heart ailments, mental illnesses, addiction, trauma inflicted injuries, etc. Here, people discuss side effects as well as positive actions of various drugs, treatment methodologies, alternative therapies such as acupuncture, physiotherapy, and more. For a hospital/ drug maker/therapist or healthcare practitioner, valuable insights derived from monitoring these social media discussions can go a long way in helping them deliver a superior patient experience.
#3 New product launch or new market penetration: Let’s illustrate this point with an example. Have people been lamenting of lack of a good hospital in their area? Does lack of good diagnostic machines in hospitals/diagnostic centres in their vicinity make them travel far to avail better services? For a chain of hospitals or diagnostic centres, mining these local social media conversations can be powerful – they would know where to open up their next branch, what equipments to install there, and how to market the newly opened service/center the right way in order to maximize profitability.
#4 Identify new audience and key influencers: Tap into social media conversations and leverage analytics to identify key opinion leaders (KOLs) and influencers who patients trust for unbiased advice. Hospitals, individual practitioners, and pharmaceutical companies can also identify satisfied patients who are willing to share their stories/good experiences with others and use the same to develop targeted marketing campaigns.
#5 Improve clinical trials’ efficacy: Understand patient experiences and expectations from clinical trials. Know if and what they are discussing about competitor trials – are they given compensation for the same, how much, and more such factors.
Dynamic profiling delves into proactive social media listening, monitoring & management as we leverage social media analytics and insights to filter out the noise and provide answers to precise business challenges. Contact us to know how we can help elevate your healthcare business through digital transformation.