Three Wise Dames

Marketing in the Life Science Industry

Guest Post Part III: Judging Social Media Success February 21, 2013

Filed under: Debbie,Guest Posts,Social media — Debbie Donovan @ 12:00 pm
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Guest Wise Dame Susan L. Brown for Brown & Associates

elephantWboyWguitarROI for social media and communities is the “elephant in the room.” Everyone wants a definitive answer to how to evaluate return on investment. Also how much investment is enough? What are the resources needed? What kind of social media is effective and why?

“The most socially engaged companies typically enjoyed revenue growth of 18% on average over the last 12 months, while the least socially engaged brands saw revenues fall 6%.”

  • The study also showed that social media reach alone may have a positive impact: BUTTERFLIES enjoyed significantly stronger revenue returns than SELECTIVES or WALLFLOWERS. Why? Because more touch points can present a ripple effect, inducing viral marketing, boosting brand recognition and driving sales volume.
  • SELECTIVES delivered higher gross and net margins, suggesting that deep engagement in a few channels can be a rewarding and effective social media strategy. Focusing on depth over breadth present an opportunity to better understand the customer, react quickly to customer demand, and improve satisfaction – which in turn generates pricing power and drives business success.

Key Take-aways:

  • Engagement via social media IS important — and we CAN quantify it.
  • It pays in both revenue and profits to engage meaningfully in social media. Emphasize quality, not just quantity.
  • To scale engagement, make social media part of everyone’s job.
  • Doing it all may not be for you — but you must do something.
  • Find your sweet spot – it is better to be consistent and participate in fewer channels than to spread yourself too thin.

How Companies Judge Social Media Success

The amount of web site traffic generated is the most popular way that companies in this study measure the success of their social media initiatives, followed by engagement with prospects and brand awareness.

Figure 1: Top Social Media Success Metrics

SuccessMetrics

 The next figure shows the bottom two box (Not at All, Barely) and top two box (Well, Very Well) percentages for respondents using each of the success metrics

Respondents were asked how well they can see the impact of company social media initiatives on the success metrics they use today using the following scale:

1. Not at All – Unable to Measure

2. Barely – May or May Not Have the Data

3. Somewhat – Data is There but You Have to Dig

4. Well – Most of the Data is Easily Accessed

5. Very Well – Part of Standard Reports

Figure 2: Ability to See Impact of Social Media Initiatives on Success Metrics

SocialMediaSuccessMetrics

Don’t Miss:

Part I: 6 Key Steps to Determine Social Media ROI

Part II: Social Media’s Impact on Purchases

(C) 03/2011, updated, 1/2013; all rights reserved. This article may be shared in part or whole with credit given to author and link to Brown & Associates

 

Guest Post Part II: Social Media’s Impact on Purchases February 14, 2013

Filed under: Debbie,Guest Posts,Social media — Debbie Donovan @ 12:00 pm
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elephantWgirlWstickGuest Wise Dame Susan L. Brown for Brown & Associates

ROI for social media and communities is the “elephant in the room.” Everyone wants a definitive answer to how to evaluate return on investment. Also how much investment is enough? What are the resources needed? What kind of social media is effective and why?

How Does Social Impact Brands and Purchase?  Some Use Statistics

Performics is a Publicis-owned company that focuses on digital marketing optimization including assessments of how consumers talk about brands on the social web. It conducted an online survey of U.S. consumers who access at least one social network regularly and determined what kind of impact social networking has on the purchase process. 34% of social networkers had taken action on an ad they had seen on a social networking site by doing a further search on the product, while 30% had learned about a new product while on a social networking site. One quarter of respondents were making product recommendations while social networking.

Use of Social Networking in the Purchase Process:

I have discussed products/services/brands on social networking sites after seeing an ad elsewhere: 20%

I have recommended a product/service/brand to my friends via a social networking site: 25%

I have gone directly to an online retailer or ecommerce site after learning about a product/ service/brand via a social networking site: 25%

I am receptive to invitations to events, special offers or promotions from advertisers communicated to me through social networking sites 27%

I have learned about a new product, service and/ or brand from a social networking site: 30%

I have used a search engine to find information on a product/service/brand after seeing an advertisement on a social networking site: 34%

Source: Performics, 2009; The Impact of Social Media Methodology: Online survey of 3,011 who access at least one social network regularly

Another landmark study conducted by the Altimeter Group and Wet Paint has found that the most valuable brands in the world are experiencing a direct correlation between top financial performance and deep social engagement. The relationship is apparent and significant: socially engaged companies are in fact more financially successful.

Key Findings of the Study:

1) Depth of engagement can be measured.
As the number of channels increase, overall engagement increases at a faster rate. Engagement differs by industry.

2) Brands participating in the social space fall into one of four engagement profiles.

SelMavWallButterMAVENS – These brands are engaged in seven or more channels and have an above-average engagement score. Mavens not only have a robust strategy and dedicated teams focused on social media, but also make it a core part of their go-to-market strategy.

BUTTERFLIES – These brands are engaged in seven or more channels but have lower than average engagement scores. Butterflies have initiatives in many different channels, but tend to spread themselves too thin, investing in a few channels while letting others languish.

SELECTIVES – These brands are engaged in six or fewer channels and have higher than average engagement scores. Selectives have a very strong presence in just a few channels where they focus on engaging customers deeply when and where it matters most.

WALLFLOWERS – These brands are engaged in six or fewer channels and have below-average engagement scores. They are still trying to figure out social media by testing just a few channels. They are also cautious about the risks, uncertain about the benefits, and therefore engage only lightly in the channels where they are present.

3) Financial performance correlates with engagement

  • The findings revealed that there is a financial correlation showing companies that are both deeply and widely engaged in social media, or MAVENS, surpass their peers in terms of both revenue and profit performance by a significant difference.

Next–Part III: Judging Social Media Success

Don’t miss–Part I: 6 Key Steps to Determine Social Media ROI

(C) 03/2011, updated, 1/2013; all rights reserved. This article may be shared in part or whole with credit given to author and link to Brown & Associates

 

Guest Post Part I: 6 Key Steps to Determine Social Media ROI February 7, 2013

Filed under: Debbie,Guest Posts,Social media — Debbie Donovan @ 12:00 pm
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Guest Wise Dame Susan L. Brown for Brown & Associates

elelphantWgirlWbananasROI for social media and communities is the “elephant in the room.” Everyone wants a definitive answer to how to evaluate return on investment. Also how much investment is enough? What are the resources needed? What kind of social media is effective and why?

Addressing these questions is the first step to defining Social Media ROI.

Context is everything

The first issue to realize is that while social media and networking communities are new vehicles, however, they must be evaluated in context of each company’s business model, objectives, market and customers. Without this context there is no objective way to determine the value of social media and communities in a business situation.

What are these vehicles and why are they different? Mainly because the value of social media is interactive and immediate feedback as well as “user generated content,” a marketing-speak way of saying the content includes a dialogue with participants, instead of the advertising model where copywriters create text and readers are passive recipients.

Success in online marketing hinges on effective budget allocation and marketing mix decision making. Practitioners and executives must be able to identify the marketing campaigns and assets that help drive the business’ top and bottom lines, and invest in and optimize them accordingly. This of course requires access to comprehensive, granular, and accurate web analytics data with which marketers can measure campaign performance and understand the complex website and social media behaviors of prospects and customers. Performance measurements should not occur solely within the confines of individual channels and campaigns. The best online marketers measure performance and ROI in a comprehensive view that comprises all online channels, be they social media, paid and natural search, email marketing, banner or display ads as well as lead generation webinars, opt-in advertising campaigns, website content, coupons, contests, blogs, videos, etc.

Social Media Benefits and Risks


Benefits


Risks

  • Distribution is cost effective with potential wide global reach
  • Reduced customer acquisition costs
  • Increased website traffic potential
  • Direct sales opportunities
  • Immediate feedback gives ability to respond to issues or complaints in a timely manner
  • Capability of viral marketing—to build a brand through building “fans”
  • Communities can create unique customer engagement and retention and selling opportunities
  • Lack of message  “control”—companies fear potential legal risk and liability for unauthorized statements
  • Social media requires ongoing updates and responses to participants’ issues; resources need to be assigned and costs more than originally estimated
  • Monitored vs. Open Forums; decisions regarding the type of communities need to be addressed; and what guidelines to be developed

6 Key Steps to Determine Social Media ROI

  1. What are your purposes and objectives?
    • To introduce new products and services?
    • To provide customer support and/or reduce call center expenses?
    • To generate leads?
    • To create customer, partner, patient communities as a vehicle for engagement and retention?
    • To create internal communities or collaboration portals for employee retention, engagement and to add to innovation?
    • To use communities to increase revenue through coupons, contests, direct sales?
    • Can you use social media to sell directly?
  1. What elements of social media would be most important and yield greatest benefits and ROI for your business?
    • Blogs
    • Customer, Partner, Patient, Internal Communities
    • Facebook page(s)
    • Twitter campaigns
    • Online ads
    • YouTube Channel
  1. Budgeting and Resources?
    • Determine % of Budget for Social Media (Consider 2-5 % of marketing budget to start)
    • Content creation; at least one dedicated FTE per blog, or vehicle; or outsource?
    • Participant response: at least one dedicated FTE per blog or vehicle; or outsource?
  1. Creating On-Going Content; What Content aggregation, lead management or listening tools to use?
    • Ping.fm
    • Seesmic.com
    • Hootsuite
    • Social Mention
    • Marketo
    • Meltwater
    • Radian6
    • TweetDeck
    • Eloqua
    • Silverpop
    • Others?
  1. What to measure?
    • Website click through, Page views, downloads, etc.
    • Community/Fan page followers; membership, referrals, etc.
    • Social media activity; Community, Facebook, Twitter retweets/ activity/responses, engagement
    • Online ad follow through (leads, conversion to sales, etc.)
    • Lead results (qualified leads, scoring, contacts, registrations, etc.)
    • Customer or user conversion
  2. What analytic/measurement tools to use?

Next–Part II: Social Media’s Impact on Purchases

Don’t Miss–Part III: Judging Social Media Success

(C) 03/2011, updated, 1/2013; all rights reserved. This article may be shared in part or whole with credit given to author and link to Brown & Associates

 

Blessings to my Healthcare Social Media Gurus September 26, 2012

Filed under: Debbie,DTC,marketing,Programs,Social media,strategy — Debbie Donovan @ 2:15 pm
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[I’ve updated this post from July 2010 because in the past 2-1/2 years a few things have changed.]

I am frequently asked to explain how “social media” works for health care companies and providers. After I answer specific questions and cite examples, the next question I get is a variation of, “How did you figure all this stuff out?”

The answer is pretty simple. Early in my self-guided study I stumbled upon what I can only describe as gurus. They provide a steady stream of examples of creative execution, critical insights on legal and regulatory issues and infinite enthusiasm for this communication revolution.

The big news is that gurus Ed and Lee have gotten together to make sure that Ed’s Hospital social media list has a new home at the Center for Social Media at the Mayo Clinic and title: Health Care Social Media List . It’s a critical resource for anyone selling products or programs to hospital administration.

I’ve learned that the best karma I can give is a shout out to those whose activity I can’t miss:

Namaste!

(C) 2012 eGold Solutions all rights reserved.

 

Dosie Awards at Digital Pharma West July 11, 2011

Deb was a judge for 2011 Dosie Awards

In June, I spent a fair amount of time clicking on over 500 examples of social media in healthcare–companies, patients, industry observers–as a judge in Dose of Digital‘s 2nd Annual Dosie Awards. The winners were announced at Digital Pharma West (you can read who won here).

Here are my key takeaways from a judge and conference attendee perspective:

  • Listening: It’s about the patient–it always has been–and it’s easier then ever to discover what they are thinking and feeling. Understanding the patient journey and mapping the “listenings” from social media channels to their critical decision points is a path to successful implementation.
  • Start Small: Yes, relative to device and diagnostics, Pharma have larger overall budgets; however, the case study learnings are transferable without breaking the marketing budget. This is possible because digital implementations are scalable.
  • Purposeful cleverness is sticky: The Dosie Award Winners (presentation download) that captured the judges and popular votes were clever with a purpose and that lead to stickiness. As a judge, I would click on each site and give it 10 seconds to grab me. I noted the handful that kept me engaged beyond that point. When I cast my votes in the first round, it was easy to remember which ones stuck with me. As the winners were announced, I could envision something about each experience.

Bonus for me: At the conference, I had a chance to meet Jonathan Richman in person. He’s just as practical and passionate about social media in person as he is in the blog, on email and over the phone.

(C) 2011 eGold Solutions; all rights reserved.

 

Marketing From on High July 6, 2011

Domenico Ghirlandaio – The Visitation 1491

Recently, I had a very special experience. My best friend was ordained as a priest in the Episcopal Church. The ordination was lovely and stirring. The offerings of support and affirmation of worthiness were abundantly proffered on her behalf by the many whose lives she has touched, mine especially.

 We have many conversations about the parallels in our respective career paths. We come from the same humble and rewarding beginnings – nursing. Her path took her to the spiritual side of wellness while I’ve followed the therapeutic path. The director of our nursing program drilled into our psyche that each patient must be cared for wholly. This tenet stuck with us, a foundation we spring from as we pursue our particular sliver of wellness expertise. And, it comes in handy to have complementary expertise to reach for, when needed.

 Although the nature of the work we do is different there are two things that are the same. There is a person who needs care and to provide care we must connect with the personConnecting with the person is the very definition of marketing.

In today’s world we are regularly pummeled with information, brands, and messages. See the very cleverly demonstrated example by an arts group ‘Studio Smack’ [cool name] in their video report. Lots and lots of noise – visual and auditory, all designed to capture and keep our attention. So much so, we are becoming blind and deaf to much of it. This presents obvious challenges to the marketer who wants to connect with the person who needs that which we offer.

A priest and hospital chaplain – her former manager, delivered a homily of her work. The consistent thread throughout the history of her work is her ministerial style. Whenever considering how to reach the ever-so-slightly-out-of-reach individual, she sought input by inviting her manager to walk and talk with her. This ‘walk and talk’ method, out of the office, away from the walls, distant from a sanctuary has become her trademark.

To reach the individual in need, she goes to them. She does not wait for them to come to her. She goes to where they are.  She doesn’t require they come to a defined and assigned place. From her time within the sanctuary at the altar she knows that there are few inside, many more are not. And from her work in the field she knows that those outside of the traditional space are no less in need or of wanting. To connect with the person and provide service, she must be where they are, when they are there. She has identified how to market her services. She knows that what she has to offer can benefit many however, it is the one-on-one relationship that is most impactful. And her most effective marketing is word-of-mouth from those she has served. She has more than mastered the ‘P- Place’ in the marketing mix.

My work in life sciences involves specialized and sophisticated technologies. The value of the technologies can only be realized when applied to the person in need of the particular care the technologies provide. It is a long way from development labs to patient care. To get to the right patient at the right time in the right place is my favorite challenge.

Successful contact with the right patient requires mastering the right marketing mix. I invite you to read examples of highly effective marketing in the postings by my blog partners.

Should you find yourself faced with business challenges reflected in their postings I encourage you to connect with them – Debbie Donovan and Barbara Kowalski.

My best friend – the newly ordained Reverend and I do different work. She cares for the soul and spirit; I care for body and mind. However, we both use marketing to promote our type of care. And I am reminded by observing her trademark style that to reach the masses, I must connect with the individual – a highly specialized method of marketing.

(C) 2011 pH Consulting; all rights reserved.

 

Physician Google Thyself: Updates March ’11 March 30, 2011

Almost a year ago, I published the series Physician Google Thyself (with overview video) and as one might expect, many things have changed. The conclusion and reports out of SXSW provides an opportunity add some newly discovered resources that I think will help physicians leverage digital channels to manage their reputations and grow their practices.

By following Ed Bennett, I became aware of Dr. Kolmes–both were panelists at the recently concluded SXSW (South by Southwest). She exemplifies my truth about HCPs owning their their reputations. Two important discoveries that support Part IV:

  1. Dr. Kolmes is well regarded for her social media policies and other electronic recommendations for health care providers. I am excited to provide a link to these not-to-be-missed resources and they are FREE for HCP’s to use.
  2. Dr. Kolmes also uses a FREE secure email service called HushMail.com. For all the physicians that are (and should be) concerned about maintaining HIPAA privacy this is a brilliant option. Do not miss the section on email in the above mentioned social media policy that Dr. Kolmes provides to patients–it’s used for appointment logistics only and that’s OK! My philosophy is to tell everyone exactly how you will behave; if you set expectations you avoid offending someone or some other bad situation.

As an additional resource for Part IV, I’ve been investigating Reputation.com (formerly Reputation Defender). Their methods seem sound and the price seems reasonable. If you find yourself in a situation where negative information abounds, it might be a good first step to reigning in the chaos.

Reporting from that same SXSW panel session was Susan Spaight of Jigsaw who’s post titled Healthcare and Social Media: boundaries without barriers includes this suggestion:

Dana Lewis shared a great suggestion for approaching physicians to encourage them to participate in social media. Don’t just go to them and say “We want you to do social media.” Show them why first by having the physician Google himself or herself, and explain how social media can change search engine results. Of course, there are other reasons to participate in social media, but this may help the proverbial light bulb go on.”

It’s always nice to be in sync with others. I too have seen the light bulb go on and burn brightly when physicians Google themselves. Part II contains my recommendations for search engine terms to use beyond your name.

Contact me if you want a FREE copy of a spreadsheet to help you keep track of all your listings and profiles. I’ve complied over four dozen general sites that contain HCP listings to get you started.

It’s been fun revisiting this topic and especially great to provide even more resources. If you know any resources you’d like to share, please comment. The Three Wise Dames appreciate the sharing of wisdom.

(C) 2011 eGold Solutions; all rights reserved.

 

 
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