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social currency

#bigpharma going live

Social media platforms are adding live streaming to their feeds in the hope of attracting more people and to generate revenue. How can #bigpharma use live social media streaming?

Why live social media streaming?

  • Many people are online today
  • Videos have the top spot for social media content
  • Videos on social platforms are more accessible than watching tv ads

How is live video streaming different from video marketing?

  • Streaming is live and video marketing is pre-recorded
  • Live is unedited
  • Live video is in the moment
  • Live is very interactive – it is about real people conversing and engaging
  • Live streaming is easy to produce and videos don’t have to be well produced or perfect

The key features of live social media streaming?

  • Accessibility – anyone can produce
  • Anytime anywhere – can watch on any device
  • Urgency – it’s happening now so it feels more urgent
  • Priority – social media platforms will prioritize live streaming
  • Stands out – attracts more user attention
  • Audience building – can reach a broader audience
  • Higher engagement rate – higher than image engagement

Benefits for #bigpharma to stream live on social media platforms?

  • A way to educate and reach a broader audience
  • A way to engage and interact with audiences
  • A way to maintain a social media presence
  • Has more of a human element – greater than texts or images
  • Creates a more intimate and authentic experience
  • Live video can be play-backed later
  • User-friendly

Fears for #bigpharma to use live streaming?

  • The fear of new forms of media
  • Using live instead of recorded video
  • Potential comments during the event or interactive session (which is the same risk as in any live event)

how can #bigpharma set themselves apart on social media

Everyone is competing for an audience and share of voice on social media platforms. So how can #bigpharma set themselves apart on social media? Broadcasting messages and touting products don’t always work with social media. There is a need to let go of the old and look for opportunities in the new wave of engagement.

Develop a unique voice

  • Every company has a unique culture, therefore, make your message your own
  • Stop broadcasting messages and be creative with your content
  • Get your employees on board – they speak the voice of your company

Your audience is your social currency

  • Speak in a way that your audience can connect with you
  • Pay attention to the language they use
  • Make sure your social media posts fit the voice of your audience
  • Involve your audience, ask them for input

Be authentic

  • Honesty is the number one trait people want to see online
  • People trust people
  • Be informative and helpful
  • Be witty & funny
  • Be relevant

Select the right social networks

  • Know where your audience is
  • Know how the audience use their social channels

Engage, engage, engage

pharma and “social currency”

 

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”?

 

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”