Social media has become a mainstream marketing channel and it is competing for budgets just like the other channels within organizations. It is critical to have in place social media metrics that will measure ROI to secure senior management buy-in and a budget for social media strategies.
question 1: what is social media ROI?
HootSuite defines social media ROI as follows:
- for pharma, this could be more complex and set challenges since ROI comes from doctors writing prescriptions
- a nonfinancial outcome for pharma would look more like company reputation which in turn leads to more prescriptions by a doctor
question 2: why is measuring ROI important?
- it provides information to your social media strategy and value to overall business objectives
- helps you to understand where to center your resources and avoid wasting resources in the wrong place
- it is critical to know what content works and what does not work on social media
- helps with compliance and provides insight from patients
- pharma needs to understand and measure consumer perception and trust
— Lauren🇺🇸 (@Amcboxer1) April 1, 2017
question 3: what social media ROI metrics or goals should pharma be measuring or setting?
- as for any social media ROI, it is critical to first define the objectives for your social media efforts
- for pharma, it can mean identifying metrics that complement your existing business
- some metrics to include are:
- generating traffic to your website to learn about your products and your research
- engagement and open to dialogue
- content relevant to your stakeholders (doctors, patients, consumers)
- company awareness on social media that includes traditional likes, followers, and retweets
- revenue generated or correlated to pharma business
question 4: what does ROI look like for pharma on social media?
- measuring corporate reputation and giving back to the community
- measuring engagement and consumption of educational content
- measuring engagement with the CEO
- follow the 80% / 20% rule:
- 80% of your content should provide valuable information, resources or solve a problem
- 20% of your content should be about your brand
- measuring customer service success (something out of the ordinary for pharma)
question 5: should candid and unprompted conversations online be part of the ROI?
- to be included as part of your social media ROI:
- social media allows for real-time connections and conversations & generates qualitative and quantitative data that becomes information for your social media strategy
- the perfect tool for engagement on social media (consumers, patients, healthcare professionals, patient communities) are tweet chats
- CEO engagement is an excellent way to measure real-time conversation with people
We need to continue to balance access & affordability w investment in innovation. Drug companies nix pleas to hold.. https://t.co/nw0ooZwiDR
— Brent Saunders (@brentlsaunders) April 12, 2017