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digital disruption

social media is transforming how we get our news is #bigpharma adapting

The media landscape is changing very rapidly.  According to Pew Research Center: “as of August 2017, two-thirds 67% (up from 62% in 2016) of Americans report that they get at least some of their news on social media”. So this means that news is spreading faster and people are consuming news digitally each day. How does this change impact #bigpharma?

 

 

 

How is social media disrupting the traditional news channels?

  • Social media is the place to find breaking news
  • Social media is where people turn to first to get news
  • People now search for what is *trending* on social media
  • We have a president that likes to communicate via Twitter
  • Social media has greater reach

Why are people turning to social media platforms for news first?

  • Easy access to news
  • Can access from any device
  • Easier to engage on social media platforms
  • Easier to start a conversation on social media platforms
  • Easier to express opinions on social media platforms
  • Citizens are becoming journalists -that is citizens are becoming active players in collecting and reporting news

So what does this mean for #bigpharma?

  • News cycle is now 24/7
  • Need to be monitoring and responding within 24 hrs. on social media platforms
  • Less traditional channels (social media platforms) will need more investing (financial and headcount)
  • Need to be listening and communicating via new channels

How can #bigpharma manage the 24/7 news cycle?

  • Have social media monitoring team in place
  • Establish roles and responsibilities – including the C-Suite
  • Make sure to have a crisis communication plan in place
  • Be ready to respond the minute you find yourself in the news – it is unacceptable to be silent
  • Plan as much as you can to be ahead of the news cycle
  • Stay in control of the message

Should #bigpharma be investing more in social media platforms and getting news across than traditional advertising?

  • yes

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

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