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Social Media Analytics
Social Media Analytics is a relatively novel and cost-effective research-based technique that can cater to a variety of competitive intelligence and market research needs of an industry. Herein, numerous discourses available from various online web-portals are assessed to gather meaningful information and derive strong actionable insights which can potentially facilitate the effective management of a brand/service of any business.
Listening and in-depth analysis of real-time conversations can help the Healthcare and Pharmaceuticals companies to extract valuable perceptions of patients and caregivers about their brand.
Value Edge offers insight rich output in this space through a systematic analytical methodology combined understanding of both business and science. Our Centre of Excellence for social media analytics has people with variety of experience and have background in marketing, competitive intelligence and market research.
Value Edge Offers insights that include:
- Mapping of real-world patients’ emotions
- Description of various aspects of patient journeys through disease, diagnosis, and treatment
- Unmet needs of patients and caregivers
- Product related positive and negative sentiments
- Safety profiles and adverse event monitoring
- Efficacy profiles and patient outlooks
- Economic concerns and insurance related issues
- Drivers and barriers of adoption
- Pattern of drug use
- Reasons for switching drugs
- Emerging trends within patient community
- Highlight and signal potential concerns for a brand
The practice is much faster and more cost-effective than full-fledged patient research studies.
The Challenge
A Europe based specialty bio-pharmaceutical company had a blockbuster drug in market. They wanted to know if a recent change in the regulatory labeling of a competitor drug has made an impact on the way patients perceive the two brands (client’s brand and competitor drug). The client also wanted to understand the drivers and barriers around switches to the competitor drug.
Our Deliverable
Value Edge did a comprehensive search to identify all relevant patient and caregiver conversations from various online communities. This was followed by data collection, organization, and its categorization with respect to different topics. Relevant information was carefully extracted and utilized to run various types of analysis pertaining to share of buzz, time trend, switching concerns, unmet patient needs, efficacy/safety/cost profiles and the attributes of brand adoption. A clear and concise deliverable was produced that was able to answer the Key Intelligence Questions related to the project objectives.
A high level graphic showcasing our methodology is shown below.
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