4 ways how social listening can benefit the biotech sector.
The biotech industry is one of the most dynamic and fast-paced sectors in the world. A biotech professional knows how crucial it is to stay current with the latest trends and innovations. But with so much information out there, it can be challenging to filter out the noise and get to the insights that matter. That’s where social listening comes in. In this blog post, we’ll explore how social listening can benefit the biotech sector.
Social listening is the practice of monitoring and analyzing social media conversations about a particular topic, brand, or industry. Keeping track of keywords, hashtags, and other relevant terms can help gain valuable insight into what customers are saying about a brand.
Social listening can help understand what your customers are saying about a company’s products and services. According to a survey by PwC, 41% of customers use social media to provide feedback about products and services. By monitoring these conversations, you can identify pain points and areas where you can improve. You can also use social listening to identify unmet customer needs, which can help you develop new products and services to meet those needs.
Social listening can also help you stay up-to-date on the latest industry trends and news. According to a report by Sprout Social, 77% of customers are more likely to buy from a brand that shares the same values as them. By monitoring conversations on social media, it is easy to identify emerging trends and topics that are relevant to a business. This can help you make more informed decisions about your marketing and business strategies.
Social listening can also help identify key influencers in the biotech sector. According to a report by Influencer Marketing Hub, businesses earn $6.50 for every $1 spent on influencer marketing. By monitoring conversations about a brand and industry, it is possible to identify people who are talking about your products and services and who have a large following. Engaging with these influencers will help in brand promotion.
Social listening can also help keep an eye on your competitors. According to a report by Hootsuite, 60% of businesses use social media to spy on their competitors. By monitoring conversations about competitors on social media, it is possible to identify their strengths and weaknesses, as well as opportunities for the business. Stay ahead of competition by monitoring it.
Let us consider the example of Roche, a swiss biotech company that was able to grow its CAGR by implementing social listening.
Roche has used social listening to monitor competitors and track industry trends. By monitoring social media conversations, Roche was able to identify emerging trends in personalized medicine, which helped them develop new products and services in that space. They were also able to keep an eye on their competitors and adjust their marketing and business strategies accordingly. According to a study by Grand View Research, Roche’s revenue from personalized medicine is expected to grow at a CAGR of 9.5% from 2020 to 2027, indicating the success of its social listening efforts.
Define Objectives:
Before starting to incorporate social listening into marketing and business strategies, objectives must be defined. This will help focus the efforts and ensure collect and analyse of the right data. evalmyBRAND can help them identify new product opportunities, monitor customer sentiment, track competitor activity, or identify key influencers in your industry.
Choose the Right Tools:
There are many social listening tools available, and it’s important to choose the one that’s right for the company. evalmyBRAND is easy to use, and provides data reports with accuracy.
Monitor Relevant Keywords:
To get the most out of social listening it is important to monitor relevant keywords related to your industry, products, and competitors. evalmyBRAND can assist in identifying trends, sentiments, and opportunities that might have otherwise been missed.
Engage with Your Audience:
Social listening is not just about collecting data, it’s also about engaging with your audience. Use the insights you gain from evalmyBRAND social listening to respond to customer questions and concerns, build relationships with key influencers, and engage in conversations with your target audience. This will help in building a stronger brand and improve customer satisfaction.
Analyze and Act on Your Findings:
Finally, it’s important to analyze and act on the insights you gain from social listening. Use the data you collect to inform your marketing and business strategies, adjust your messaging, and identify new opportunities. evalmyBRAND helps in setting up regular reporting and analysis to ensure that you are continuously improving your social listening efforts
In conclusion, social listening is a powerful tool that can benefit the biotech sector in many ways. By monitoring social media conversations, biotech companies can gain valuable insights into customer needs, industry trends, key influencers, and competitors. As Peter Drucker once said, “What gets measured gets managed.” Social listening allows you to measure and manage your online presence in a way that can drive business forward. If you’re not already using social listening, now is the time to start!
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