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April 2018

the need for #bigpharma to change business model or become obsolete

Today social media is one of the most powerful marketing tools a business has at its’ disposal. Not originally designed with business in mind, but today many are using it for marketing and business. This post is based on some tweets I came across during the 2018 #ePharma summit March 21,22,23 in NYC.

 

 

 

Why is it so hard for #bigpharma to change its business model?

  • Still living in silos – no sharing among departments
  • Marketing is isolated from sales and all are isolated from the executive floor
  • New companies have social media in their DNA
  • Easier to fit social media into a new company building from the ground up
  • Harder to fit social media into an already long traditional established business culture

 

How can social media help #bigpharma change its business model?

  • It helps in breaking down the silos
  • With social media companies are directly communicating with customers and among departments and colleagues
  • Traditional walls are broken down
  • Brings changes to structural staff
  • Business is more focused on targeting your audience
  • People turn to social media to communicate – organizations need to respond
  • Social media trends change rapidly – need to stay on top of things

 

How can #bigpharma make the transition?

  • Design a social media strategy
  • Design a social business strategy
  • Understand how social media can shape your business
  • People do not trust advertising anymore – move from ads to organic content – which is more authentic
  • Connections – it is all about connecting and being engaged rather than advertising
  • Work hard on earned media

 

What is needed for #bigpharma to make the change?

  • Build a good content marketing department and strategy
  • Build a good customer service department
  • Listen to your customers
  • Move from ads to mastering content marketing
  • On social media, your business is never closed
  • Social media replies need to be instantaneous

 

Can #bigpharma survive without social media?

  • No, it is the destiny of the digital age

#bigpharma caught in the midst of cyberbullying

On March 29, 2018, we witnessed another round of online cyberbullying. This time #bigpharma was caught in the whirlwind. What is cyberbullying? “Cyberbullying frequently used interchangeably with cyberstalking and cyberharassment and refer to adult behavior. Whereas cyberbullying is associated with underage harassment”

 

It all starts with this tweet, Laura Ingraham (Fox News) tweets

David Hogg (Parkland shooter survivor) responds with this tweet

Immediately followed by this tweet

First companies to respond within a few hours on Twitter to the boycott are

  • Nutrish
  • Tripadvisor
  • Wayfair

By the end of the day the following companies had responded to boycott by pulling their ads:

  • Hulu
  • Expedia
  • Nestle
  • Johnson and Johnson
  • Joseph A Bank
  • Stitch Fix
  • Jenny Craig (Friday, March 30, 2018)

People keep track of the companies responding

In the meantime from across the pond the following Tweets were going out:

and in here in the States

@BayerUS responds March 31, 2018, at 5:30 pm

Lessons learned for #bigpharma from this case study:

  • Your stated values need to match your actions online
  • People are watching and keeping track of your actions  – so don’t think it will go away
  • Be mindful of the conversations taking place online
    • turn off your scheduled tweets
    • alert employees on social media what is taking place
  • #Bigpharma companies that were not originally on the list also responded
  • Quick response (hours versus days) matters and is for every company, including #bigpharma

a #bigpharma content marketing team

 

What does pharma need to have in place for a great content marketing team? It is proven today that high-quality content engages your audience and builds authentic relationships. It helps to build trust and a connection with your audience. Great content is the future of #bigpharma business.

Ask yourself before putting a content marketing team in place, what do you want your content to accomplish?

  • Is it to grow your audience?
  • Is it to improve your brand trust?
  • Is it to build authentic relationships?
  • Is it to increase engagement?

Benefits of having in place a content marketing team?

  • Content will be created on a scheduled basis and not haphazardly
  • Content creation and management is not a side project but is part of your brand strategy
  • Keep content interesting and engaging
  • Allows for customers to interact with people in the team – people like to interact with people on social platforms

Basic roles you should have in a content marketing team?

  • A leader – aka chief content officer
  • A strategist
  • An editor – aka managing editor
  • An analytics expert – SEO
  • Content producers – copywriters, videographers, graphic designers
  • Social media strategist – has the ability to determine which content & tactics work best on which social media platform
  • And of course in the #bigpharma world always medical, regulatory and legal

Breaking down the silos and essential beyond the core content marketing team?

  • Include digital innovation in overall company strategy/priorities
  • CEO – who understands the importance of content marketing and shows passion and commitment
  • The entire company – sales, management, market research, clinical development, business development, legal, regulatory, finance and medical

Global content marketing team versus local content marketing team?

  • Keep in mind the internet and social media platforms expose people to content from around the world
  • How many languages are you creating content in?
  • Should you create stories and content with a global appeal or a local appeal?
  • Never forget cultural sensitivity and allow local content marketing teams to a voice content development

why people do not trust #bigpharma brand or marketing

People today do not like advertising and do not trust a brand or marketing message. Marketers spend hours pouring over data only in the end coming up with company content that is not engaging. What can #bigpharma marketing do to change that?

Reasons why people do not trust your brand?

  • It is inauthentic
  • Content that is created is not engaging
  • Brand content is flat and is not inspiring
  • Still using traditional advertising

What is the present state of #bigpharma marketing?

  • Advertising is still a big investment
  • Broadcasting news about your organization is still a priority
  • Marketing message comes across as *selling*
  • Spending hours analyzing data and instead of trusting and listening to consumers and their honest truth

What is different in marketing today?

  • Marketing is becoming more social
  • People want to hear from people
  • Consumers are brutally honest
  • Influencers can and are creating authentic and engaging content

What needs to change in #bigpharma marketing?

  • Need to be more open to ideas that have never been tried
  • Trust what others are saying about you
  • Don’t tell others how great you are – people will just not believe you
  • Be transparent – answer your negative reviews
  • Invest in content strategy
  • Work with influencers
  • Be engaging on social media platforms

What organizational changes need to take place in #bigpharma?

  • Organize internally for the digital age
  • Avoid functional silos & build more cross-functional teams with a flow of communication and processes
  • Redefine operating models to handle challenges of a digital age
  • Digital needs to become core across all functions