According to Nielsen, 77% of consumers are more likely to buy a product when they hear about it from friends and family. More advocates, more sales. And nothing scales quite like word of mouth. Even if you get just a small percentage to plug your products, the ripple effect can be immeasurable.
Faced with the evidence of social media’s power, the pharmaceutical industry has begun to take steps in this realm. According to a study, 82 per cent of companies surveyed are engaged in at least one social media activity — but they haven’t yet been able to utilize the new media format to its full extent. Despite potential roadblocks, the industry has been making strides to meet these social media challenges. For marketing, in particular, companies find potential in YouTube, Facebook and blogs. However, social networks require a different focus: these platforms must be approached from the perspective of patient education and interaction more than advertising. If utilized correctly, such media can help a company improve its image and thereby gain customer trust and loyalty.
A database collecting online pharma companies’ profiles and accounts.
It’s a work in progress so check back often!
Brands usually gain traction within the consumer marketplace by developing relationships with unbiased third-party experts: nutritionists, physicians, tech guru, designers and bloggers. Each brings expertise and knowledge that can be leveraged to increase the market share.
But developing relationships takes time and a certain amount of finesse. It’s important to identify the right people, and then work to fortify the relationship. Once in place, these partnerships can bring your brand a level of exposure and credibility it just can’t get on its own.
In a recent article Inc. explains the five reasons why brands should consider leveraging third-party influencers.