social media for business success: life sciences january 2011

ENERGISE2-0.COM

Social Media for Business Success: Life Sciences

Connecting, Communicating, Informing

Dr. Jim Hamill jim.hamill@energise2-0.com

Alan Stevensonalan.stevenson@energise2-0.com

January, 2011

ENERGISE2-0.COM

Session Aims and Objectives

• A brief overview of social media, impact on the life sciences industry, business opportunities and threats for Scottish life science companies, key issues in the development and implementation of an effective social media strategy

• Core premise:– the question is no longer ‘should we become involved’;

but rather how can we best leverage the full potential of social media for our organisation

‘Social Media Planning Pays’

ENERGISE2-0.COM

Agenda

1. Social Media Overview- What is it? How important? Impact on life sciences?

2. Potential Business Benefits

3. Social Media in Action (Life Sciences)

4. Social Media Monitoring Tools

5. Moving Forward - “Social Media Planning Pays”

6. Questions

ENERGISE2-0.COM

The Social Media Revolution

– What is it?– How big is it?– Impact on Life Sciences

ENERGISE2-0.COM

ENERGISE2-0.COM

ENERGISE2-0.COM

What is Social Media?

The three main components:

ApplicationsFeatures and characteristics

Business impact

Life Sciences 2.0

Web 2.0 Applications

Open sourceOnline Applications/ Web ServicesSocial Network SitesSocial Content – Social BookmarkingBlogs or WeblogsWikisPodcasts/ VodcastsVirtual RealitiesMash UpsRSS FeedsMobile Web; Internet TelephonyTwitterCharacteristics

Communities and NetworksOpennessSharingPeeringHosted Services – online applications; the Internet as the platformInteractivitySocial ElementMass CollaborationEmpowermentGlobal

Business Impact

MindsetBusiness IntelligenceCustomer Insight and UnderstandingCustomer InteractionEnhanced Customer Experience –

Rich Internet ApplicationsReputation ManagementSales and Marketing Product Development and R&D e.g.

engage and co-createIT/Software/ApplicationsOperations, Internal Processes and

HRM

ENERGISE2-0.COM

How Big Is It?

ENERGISE2-0.COM

Impact on Life Sciences Industry

ENERGISE2-0.COM

Things to Rememberabout Social Media

ENERGISE2-0.COM

Key Things to Remember

• It’s social– A key feature is online democracy – with content being provided by the

network for the network – represents a fundamental and revolutionary change in online behaviour, expectations and the online customer experience. The end of the ‘read only’ internet

– Conversations are taking place relevant to your business• Power shift

– Social media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success

– Blogs, social/professional network sites etc have become a prime source of health care/life science information

• Declining effectiveness of traditional approaches – Does anyone listen to pharma/life science sales/brand messages

anymore?

ENERGISE2-0.COMSource: The Future of Advertising, APA, 17/02/09 as published on Slideshare (www.slideshare.com)

ENERGISE2-0.COM

ENERGISE2-0.COM

Key Things to Remember

• Pull v push– Consumers/users decide what information they wish to access

• New ‘mindsets’ are required– Marketing as a conversation with your customers/network–

dialogue not broadcasting– But this is something that most of us are not very good at doing.

We prefer ‘telling’ people• SM ‘winners’ and ‘losers’

– ‘Winners’ will be those organisations who fully utilise the interactive power of Web 2.0 technology for engaging with and energising customer and network relationships

ENERGISE2-0.COM

ENERGISE2-0.COM

ENERGISE2-0.COM

Key Things to Remember

• New performance measures– Requires new performance measures

• Quality of your network• Relationship strength• Ability to leverage

• Social media monitoring tools (see later)

• Redefines the concept of a web site– a blog integrated with your other social network sites

• The need for new business/marketing models

ENERGISE2-0.COM

Performance Measurement

Involvement – network/community numbers/quality, time spent, frequency, geography

Interaction – actions they take – read, post, comment, reviews, recommendations

Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc

Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking

Insight – customer insight Impact – business impact

Social Media Monitoring Tools –Audit, Assess, Impact

ENERGISE2-0.COM

Key Things to Remember

The need for new life science business/marketing models

– Traditional approach:• Product development – Differentiate – Market and Promote -

Sell

– New model based on: • Communities, networks, openness, peering, sharing,

collaboration, customer empowerment, ‘think and act’ globally

• Engage and energise• ‘Create the Buzz’

ENERGISE2-0.COM

Potential Business Benefits

ENERGISE2-0.COM

Business Benefits

• Used effectively, social media can deliver the following business benefits– Market/Customer Knowledge & Insight– Engagement & Reputation Management– Enhanced Customer Experience and Loyalty– Sales/Marketing Effectiveness, Efficiency and ROI– Operations/ Internal Processes (open source and hosted

apps)

• But the key words are ‘used effectively’............

ENERGISE2-0.COM

Applications and Business Benefits

ENERGISE2-0.COM

Some Examples of Social Media in Action (Life Sciences)

ENERGISE2-0.COM

Snapshot Examples

• Social and professional networks• SME blogging• Linkedin• Twitter• Facebook

ENERGISE2-0.COM

Niche 'Health Care' Networks

HEALTHCARE AND MEDICAL PROFESSIONALS

MedicalMingle: - MedicalMingle.com MyMedPort: - MyMedPort.comSermo: - Sermo.comOzmosis: - Ozmosis.comiMedExchange: - iMedExchange.comBioMedExperts: - BioMedExperts.com.DoctorsHangout: - DoctorsHangout.com

Ps – this is a 2009 list. Some sites will no longer exist; others will have emerged

ENERGISE2-0.COM

Niche 'Health Care' Networks

PATIENTS AND HEALTHCARE CONSUMERS

CarePages: - CarePages.comcheckMD: - checkMD.comPatientsLikeMe: - PatientsLikeMe.com DailyStrength: - DailyStrength.comMyFamilyHealth: - MyFamilyHealth.comICYou: - ICYou.comRevolutionHealth: - RevolutionHealth.comEnurgi: - Enurgi.comRealMentalHealth: - RealMentalHealth.com

ENERGISE2-0.COM

biospace.com

ENERGISE2-0.COM

biomedexperts.com

ENERGISE2-0.COM

nexxusscotland.com

ENERGISE2-0.COM

SME Blogging

ENERGISE2-0.COM

Integrated with other SM channels

ENERGISE2-0.COM

Targeted content

ENERGISE2-0.COM

Life Sciences on Linkedin

ENERGISE2-0.COM

119,547 people.....

ENERGISE2-0.COM

2,468 companies.....

ENERGISE2-0.COM

803 groups....

ENERGISE2-0.COM

500 plus answers.....

ENERGISE2-0.COM

23 jobs....

ENERGISE2-0.COM

Quick Case Example

Using Linkedin to Build a Quality International Customer Base/ A Quality

Network

ENERGISE2-0.COM

The Company

• A new business start-up

• Supplier of hi-tech solutions to the neurotechnology and optogenetic sectors

• Project Task– Identify most attractive potential customers and a

communications plan for engagement

• Who, Where, How?

ENERGISE2-0.COM

So how did we use this approach?

ENERGISE2-0.COM

Quality Customer Growth Programme

• Start with a ‘Customer Mapping Exercise

• Identified 3 main customer groups– Individuals in neuroscience– Neuroscience/optogenetic institutes, firms and clusters– Individuals in optogenetics

• Used Linkedin for building a customer database.....• Then position on the Customer Value Matrix• Communications strategy emerged from this.......

ENERGISE2-0.COM

QCGP

• 27,000 neuroscience profiles on Linkedin• 100 neuroscience institutes, firms, clusters• 50 neurotechnology companies• 50 individuals in optogenetics

• Further filtered to identify the Top 50 ‘best sales prospects’• Updated last week........

ENERGISE2-0.COM

39,666 Neuroscience People

ENERGISE2-0.COM

246 Neuroscience Companies

ENERGISE2-0.COM

22 Optogenetics People

ENERGISE2-0.COM

Society of Neuroscience 2,889 Members

ENERGISE2-0.COM

Twitter

ENERGISE2-0.COM

#lifesciences

ENERGISE2-0.COM

One person's favourites.....

• Scientists @mishaangrist, @westr, @genegeek, @nutrigenomics,

• Clinicians @kevinMD, @DrAnasYounes, @jackwestMD @Breastoncology

• Biotechnology Companies @Iontorrent, @completegenomic, @roche_com @wherebiobegins

• DTC genomics companies @23andme, @Navigenics, @pathwaygenomics

• Research institutes @stanford, @cityofhope, @wellcometrust, @aruplabs @genomescience

ENERGISE2-0.COM

One person's favourites.....

• Pharmaceuticals @Astrazeneca, @pfizer_news, @GSKUS, @sanofipasteur

• Journals @naturenews, @genomeresearch, @mybiotechniques, @naturemedicine

• Scientific News @genomeweb_news, @NCIbulletin, @guardianscience

• Scientific Associations @AACR @GeneticsSociety (ASHG) @TheACMG

• Regulators @FDAdeviceInfo, @FDArecalls

http://divabiotech.wordpress.com/2010/12/20/why-life-sciences-companies-must-embrace-social-media-now/

ENERGISE2-0.COM

Facebook – limited potential.....

ENERGISE2-0.COM

So what progress has been made by Life Science companies in Scotland?

ENERGISE2-0.COM

Progress Made

• Interest and enthusiasm among Life Science companies is growing rapidly - channels are being set up

• But there is a need for a more ‘strategic’ approach - clear social media vision and strategy, agreed objectives, KPIs, targets, ROI and on-going performance measurement

• More attention needs to be paid to organization, people, resource issues critical to on-going SM success

Social Media Planning Pays

ENERGISE2-0.COM

But first – a brief word on Social Media Monitoring Tools

ENERGISE2-0.COM

Monitoring the Conversations

• A very broad range of Social Media Monitoring Tools are available for monitor online conversations relevant to your brand

• Key questions: - who is taking about your sector/brand? where are the conversations taking place? what are the sentiments being expressed? what actionable insights can be derived?

ENERGISE2-0.COM

Wide Range of SMM Tools

• No or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeat

• More expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar

• Use of these tools to evaluate your SOCIAL MEDIA LANDSCAPE is the foundation for a successful social media strategy. Also used for social media performance measurement – the ‘6Is’ approach

ENERGISE2-0.COM

Monitor and Measure

• To ensure that your SM strategy delivers a return on investment, it is important to monitor and evaluate on-going performance benchmarked against agreed objectives, KPIs and targets

• Performance evaluation should be undertaken at three main levels using the ‘6Is’ approach….

ENERGISE2-0.COM

SM Performance Measurement

60

ENERGISE2-0.COM

Who is talking about “life sciences”,where online, what are they saying?

ENERGISE2-0.COM

www.socialmention.com

ENERGISE2-0.COM

www.socialmention.com

ENERGISE2-0.COM

www.socialmention.com

ENERGISE2-0.COM

www.socialmention.com

ENERGISE2-0.COM

Some Advice for Moving Forward

ENERGISE2-0.COM

Moving Forward

• The key strategic, management and organizational challenges involved in planning, implementing and managing successful social media strategies for sustained business growth

• ‘Social Media Planning Pays’……. SM success requires sound planning and the application of professional project management procedures …. but not ‘paralysis by analysis’

• Ensure that your SM Strategy is fully aligned behind and supportive of your core business goals and objectives

ENERGISE2-0.COM

Social Media Development Cycle

ENERGISE2-0.COM

SM Development Cycle

ENERGISE2-0.COM

Each Step is being covered in detail on our blog at www.energise2-0.com

ENERGISE2-0.COM

Five Key Areas

• External Analysis: Evaluate Your Social Media Landscape• Internal Analysis: Evaluate Your ‘Readiness to Engage’• Develop Your Social Media Strategy and Action Plans for

‘Getting There’• Evaluate Your Social Media Performance and ROI• Organization, People and Resource Issues

ENERGISE2-0.COM

‘Be Customer Led’

Three key questions:

• Who are our customers, who do we wish to engage with?

• Where do we find them ‘hanging out’ on social media?

• How can we best engage and energise them?

ENERGISE2-0.COM

www.mashable.com

ENERGISE2-0.COM

Develop Your Social Media Strategy and Action Plans for ‘Getting There’

ENERGISE2-0.COM

Use a Simplified Balanced Scorecard

• Will ensure that the social media actions and initiatives you take are fully aligned with and supportive of your overall business goals and objectives; that KPIs are agreed for monitoring and evaluating social media performance, business impact and ROI; and all key success factors are considered, especially the organization, people and resource aspects critical to successful strategy implementation

• A Scorecard approach can also be very useful for internal and external communications – a simple framework to present social media goals, objectives, key actions and initiatives to colleagues, partners and other stakeholders

ENERGISE2-0.COM

Social Media Balanced Scorecard

• Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation

• The steps involved can be captured in a Social Media Strategy Map

• Five key questions to address……

ENERGISE2-0.COM

Social Media Balanced Scorecard

• What is the overall social media vision for your organization?

• What are the key objectives and targets to be achieved?

• Who are your customers?

• Key Actions and Initiatives

• Organisation, Resource and People Issues

ENERGISE2-0.COM

Social Media Strategy Map

Brief statement of your overall 2.0/Social Media Vision and Mission Strategic Objectives Customer Perspective Internal Management Perspective Organisation Perspective

Strategic Objectives KPIs / Targets

KPIs / Targets KPIs / Targets

KPIs / Targets

Customer Group 1

Customer Group 2

Customer Group 3

Customer Group 4

2.0/Social Media Initiative 1 - Objectives - KPIs - Targets - Actions

2.0/Social Media Initiative 2 - Objectives - KPIs - Targets - Actions

2.0/Social Media Initiative 3 - Objectives - KPIs - Targets - Actions

2.0/Social Media Initiative 4 - Objectives - KPIs - Targets - Actions

Organisation People Resource

ENERGISE2-0.COM

Organization, Resource and People Issues

ENERGISE2-0.COM

Organization, Resource and People

• Organisation, resource and people issues sit at the bottom of your SM Balanced Scorecard NOT because they are the least important issues to address. In fact, the exact opposite is true

ENERGISE2-0.COM

Conclusion

• Use social media to build strong relationships with your customers, partners, staff, regulators etc; engage with and energise your network to become ‘brand advocates’

• Social media has become too important to ignore

• But ‘plan the work and work the plan’

ENERGISE2-0.COM

Bob Dylan

Come gather 'round peopleWherever you roamAnd don’t criticise

What you can't understandYour sons and your daughters

Are beyond your commandYour old road is

Rapidly agin‘Then you better start swimmin’

Or you'll sink like a stoneFor the times they are a-changin’

ENERGISE2-0.COM

Continue the discussion at www.energise2-0.com

ENERGISE2-0.COM

Thank You

Questions