Businesses ask this question all the time, “How can my business survive in this new technological age?” The answer lies in understanding their ‘own’ and ‘their competitors’ customers. A highly effective way of doing this is to leverage the power and pervasiveness of social media and to utilize the information available from these sources to bring the collective voice of customers and competitor’s customers to a business. How social media has changed the art of marketing is there for everyone to see. Today, each business in every industry understands the importance of social media in developing business strategies or brand campaigns. When a person goes on the internet and talks about a brand or a company through Facebook/Twitter or blogs, that information gets stored on the web and is freely available. The topics people are discussing and the sentiment for each of the discussed topics can be monitored and analyzed. Is it positive, negative, or neutral? It may seem to be an overwhelming task to aggregate and quantify the data in a meaningful way. But with the availability of current tools and technology, it can be aggregated and quantified and when put to good use, the resulting insights are very beneficial to an organization.
Leveraging Social Media for Patient Insights in the Pharmaceutical Industry
