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