social and consumer listening tools: your customers are talking are you listening?

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Webinar Series. Social and Consumer Listening Tools: Your Customers Are Talking… Are You Listening? June 25 th 2014. About Your Presenters. Jonathan McEuen Technology Incubation Lead. Benjamin Rymzo Managing Director. Relevant experience: - PowerPoint PPT Presentation

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PowerPoint Presentation

Social and Consumer Listening Tools: Your Customers Are Talking Are You Listening?

June 25th 2014

Webinar Series 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.About Your Presenters2Benjamin RymzoManaging DirectorJonathan McEuenTechnology Incubation LeadRelevant experience:Developed new Huron social listening technology (launched 2Q 2014Implemented multiple analytics and software solutions in the life science industry:Social analytics (sentiment, positioning, network dynamics)Predictive models in marketing speaker seriesInfluence mapping and KOL quantificationBrought two health IT / analytics products to market, focusing on rapid customer engagement, expert mappingEducationMBA, The Wharton SchoolPhD, University of PennsylvaniaBS, Massachusetts Institute of TechnologyRelevant experience:Led development of customized bibliometric analytics tool to identify emerging molecular pathwaysRefined social listening analytics to map and quantify industry conference participant sentiment, identify and quantify relative interest by conference topic, drug, and company (co-author of paper on subject)Led multi-attribute, multi-geography clinical KOL influence mapping analytics covering 5000+ global HCP influencers across multiple TAs

EducationMBA, Stern School of Business, New York UniversityBA, Cornell University 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Todays ObjectivesDefine Social Listening

Provide Select Strengths And Limitations Of Social Listening Approach

Outline Current State of Social Tactics In Life SciencesDiscuss typical business questions supported by Social ListeningHighlight regulatory environment, current state of activity

How To Develop A Social Listening CapabilityDescribe how social listening technology actually worksProvide a framework for designing social listening campaigns

Share Sample Data Outputs / Use Cases3 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.What Is Social Listening?4Technically: A set of technology tools that to track internet dialogue taking place on social media networks (i.e. Facebook, Twitter, Patient forums, blogs, etc.)

Analytically: Models and algorithms that reveal the interests and values of individuals and groups discussing a specific issue onlineStrategically: A capability to rapidly identify emerging trends in different groups and customer segments 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.What Questions Should (Or Shouldnt) Be Supported With Social Listening Tools5Who is discussing my product/TA/MOA? How is this changing over time?Who is most influential in the community?How positively do consumers view my product vs competitors, now and over time?What current hurdles do patients face in treatment?What products got the most buzz at a conference? Why?Which product characteristics are patients talking about? Which drive the most positive / negative sentiment ?What are the most effective community outreach tactics in a therapeutic area?What is the full spectrum of provider opinions on a topic?What percent of patients think about a specific topic, in a particular way?Where geographically are patients facing the greatest hurdles?Strong FitSignificant Limitations (Representative Examples) 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Combining Social Listening With Traditional Tools For A More Comprehensive Perspective6AcademicLiteratureQuantitativeMarketResearchKOLInsightsFinancialDataVendorDataMarketProxiesTraditional BusinessInsight 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Combining Social Listening With Traditional Tools For A More Comprehensive Perspective7MediaSentimentAcademicLiteratureQuantitativeMarketResearchSearchTrendsKOLInsightsConsumerSentimentFinancialDataVendorDataMarketProxiesUser Influence,SharingOnlineTrafficDataCustomer & ConsumerEngagementTraditional BusinessInsightRapid Social Feedback(Twitter) 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Combining Social Listening With Traditional Tools For A More Comprehensive Perspective8MediaSentimentAcademicLiteratureQuantitativeMarketResearchRapid Social Feedback(Twitter)SearchTrendsKOLInsightsConsumerSentimentFinancialDataVendorDataMarketProxies360PERSPECTIVEUser Influence,SharingOnlineTrafficDataCustomer & ConsumerEngagement 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Social Listening Provides Unique Insights To Complement Existing Capabilities, ResourcesGranular data, highly structuredHigh cost of acquisition Resource-intensive curationChannel-specialized, many gapsStruggles to provide immediate customer, end-user insightBroad data, raw & unstructuredLow acquisition costResource intensive analysisCross-channels insightProvides rapid feedback from broad population9Traditional Business Insight ToolsSocial Listening And Analytics 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Oversight Is Evolving To Cover Online Activity, With Little Emphasis On Listening

FDA has released interim, partial guidance covering promotional social media activity, with focus on conversation from industry to customersLess Emphasis On Tools That Listen To Organic ConversationsMust document restricted sites with screen-capturesCovers owned/funded sites and non-funded, but supported sitesSelect CIAs may require additional monitoringIndependent user-generated content not included in reportingUncertainty regarding responsibility of companies to report/act on AEs observed in public forumReportable events must include the following 4 features:Identifiable patient, identifiable reporter (including contact information), specific AE, specific brand or moleculeResearch suggests as few as 0.1 - 0.2% of all social messages mention all 4 required categories defining a reportable AE by FDA guidanceNote this document not to be construed as legal recommendations10 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Life Science Industry Must Come To Terms With Increased Social Activity Among Patients

Social channels are increasingly observed by regulators

Online discussion of clinical trials is common, which can affect reporting and create erroneous signals in reporting

Additionally, online influencers can drive media coverage and tone, even if not experienced treaters/clinical experts

Without comprehensive monitoring, life science companies cannot identify these effects and confounds

However, < 20% of Pharma companies have complete social media tactics for the largest online channels (Facebook, Twitter, Google) Forbes, 1/2014

11 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.How To Develop A Social Listening Assessment12 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.How Does Social Listening Actually WorkReal-Time SocialUser BlogsDiscussion ForumsSearch TrendsUser BlogsBlogger (Google)TumblrWordpressMany moreDiscussion ForumsInspireRedditQuoraDailyStrengthMedHelpMany moreSearch TrendsGoogleBingYahooReal-Time SocialTwitterFacebook13 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Real-Time SocialUser BlogsDiscussion ForumsSearch TrendsHow Does Social Listening Actually WorkIntegrated, Normalized Project DatabaseCustomizedSearch RulesCustomized AnalyticsNormalizationAcross Channels14 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Real-Time SocialUser BlogsDiscussion ForumsSearch TrendsHow Does Social Listening Actually WorkIntegrated, Normalized Project DatabaseEcosystemMapKey Trends,Themes, RiskSentimentAnalysisROI TrackingCustomized Analytics15 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Social Listening Capabilities: Defining Commonly Used Analyses16EcosystemMapKey Trends,Themes, RiskSentimentAnalysisROI TrackingSegment conversation by user type, calculates interactivity and concentration of communityQuantify influence to prioritize stakeholdersTrack themes in online community including risk, safety, news, productrelated discussionsGenerally available for client and competing productsMonitor positivity/negativity related to terms and topics, and which features are most/least popularTarget outreach, competitive positioningMonitor uptake of DTC, data releases, pressSegment-specific, suitable for discrete or long-term analysisTop influencers by segment User resonanceCommunity concentrationLeader/followerKey topics by segmentFlag terms, risk conceptsLinked topicsPolarizationOverall sentimentKey positive/negative themesContent ViralityContent CLVImpressions, reachFeatures AnalyzedCommon Outputs 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Case Studies And Applications17 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Confidential.Case Study: Revealing Product Conversation Volume and Most Discussed Side EffectsWho Is Talking About Our Drug?Question: Who is discussing our drug? Our competitors?Analysis: Test on 3 competing compounds, using single social channelSample Outputs: Patients actively contribute to conversationSignals of patient self-medication and side effects emerge for specific products even within short time framePotential Actions: Evaluate grant allocation, marketing tactics/plan to address early signalsConsider further monitoring of potential AEs, evaluate potential reporting actionTermSeen InCannabis/WeedCondition X, Condition YItchingDrug X Stomach PainDrug X HeadacheDrug A What Complaints/Issues Do Patients Discuss?18Source: Huron Analysis (3/2014) 2014 Huron Consulting Group. All Rights Reserved. Proprietary and Co