A major strength of a brand today is measured by its’ “social currency”. There is a massive amount of information that consumers are willing to share. “Social currency” is all about consumers wanting to share brand information with others by engaging in conversations with brands, advocating for brands, and becoming part of communities. What does pharma’s “social currency” look like?
What do we mean by “social currency”?
- we can think of social currency as a modern day version of word of mouth
- “social currency” is when your product is shareable and is being talked about
- “social currency” is when consumers connect with the brand or with others about a brand and they share information, share pictures, leave a comment
Why do people share and therefore create “social currency”?
- people like to share their thoughts, ideas, opinions, information and even brands
- people feel good and they find sharing rewarding
- humans are intrinsically inclined to sharing
Why does pharma need “social currency”?
- we live in an age of social consumers – technologies, platforms, and networks are a part of our everyday life
- it is an investment that in return creates value, you need to pay attention to this value
What is pharma doing that could threaten to lose its’ “social currency”?
- keeping a distance from engagement
- sharing too much promotional – like material
- see themselves as exclusives (“we are different”) and are not strategizing enough to interact with all their clients on a daily basis
- pharma companies have to break away from their long-standing history that they need not be involved in social media platforms
What key factors are critical for pharma to maintain its’ “social currency”?
- need to understand how consumers engage with brands in the digital and social universe
- brands need to work harder than ever to earn the attention of their consumers.
- the consumer needs to be put at the forefront from beginning to end of any digital transformation
- create valuable content that consumers/healthcare professionals are willing to share
- educating and empowering – help you earn more “social currency”