Social Media for Business Success: Life Sciences January 2011


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Presentation to the Life Science Industry, January 2011

Published in: Business, Technology

Social Media for Business Success: Life Sciences January 2011

  1. 1. Social Media for Business Success: Life Sciences Connecting, Communicating, Informing Dr. Jim Hamill [email_address] Alan Stevenson [email_address] January, 2011
  2. 2. Session Aims and Objectives <ul><li>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 </li></ul><ul><li>Core premise: </li></ul><ul><ul><li>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 </li></ul></ul><ul><ul><li>‘ Social Media Planning Pays’ </li></ul></ul>
  3. 3. Agenda <ul><li>Social Media Overview </li></ul><ul><ul><li>- What is it? How important? Impact on life sciences? </li></ul></ul><ul><li>Potential Business Benefits </li></ul><ul><li>Social Media in Action (Life Sciences) </li></ul><ul><li>Social Media Monitoring Tools </li></ul><ul><li>Moving Forward - “Social Media Planning Pays” </li></ul><ul><li>Questions </li></ul>
  4. 4. The Social Media Revolution <ul><ul><li>What is it? </li></ul></ul><ul><ul><li>How big is it? </li></ul></ul><ul><ul><li>Impact on Life Sciences </li></ul></ul>
  5. 7. What is Social Media? <ul><li>The three main components: </li></ul><ul><ul><li>Applications </li></ul></ul><ul><ul><ul><li>Features and characteristics </li></ul></ul></ul><ul><ul><ul><ul><li>Business impact </li></ul></ul></ul></ul>
  6. 8. Life Sciences 2.0 Web 2.0 Applications Open source Online Applications/ Web Services Social Network Sites Social Content – Social Bookmarking Blogs or Weblogs Wikis Podcasts/ Vodcasts Virtual Realities Mash Ups RSS Feeds Mobile Web; Internet Telephony Twitter Characteristics Communities and Networks Openness Sharing Peering Hosted Services – online applications; the Internet as the platform Interactivity Social Element Mass Collaboration Empowerment Global Business Impact Mindset Business Intelligence Customer Insight and Understanding Customer Interaction Enhanced Customer Experience – Rich Internet Applications Reputation Management Sales and Marketing Product Development and R&D e.g. engage and co-create IT/Software/Applications Operations, Internal Processes and HRM
  7. 9. How Big Is It?
  8. 10. <ul><li>Impact on Life </li></ul><ul><li>Sciences Industry </li></ul>
  9. 11. <ul><li>Things to Remember </li></ul><ul><li>about Social Media </li></ul>
  10. 12. Key Things to Remember <ul><li>It’s social </li></ul><ul><ul><li>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 </li></ul></ul><ul><ul><li>Conversations are taking place relevant to your business </li></ul></ul><ul><li>Power shift </li></ul><ul><ul><li>Social media empowers customers, empowers the network. Recognizing this shift is the cornerstone of future success </li></ul></ul><ul><ul><li>Blogs, social/professional network sites etc have become a prime source of health care/life science information </li></ul></ul><ul><li>Declining effectiveness of traditional approaches  </li></ul><ul><ul><li>Does anyone listen to pharma/life science sales/brand messages anymore? </li></ul></ul>
  11. 13. Source: The Future of Advertising, APA, 17/02/09 as published on Slideshare ( )
  12. 15. Key Things to Remember <ul><li>Pull v push </li></ul><ul><ul><li>Consumers/users decide what information they wish to access </li></ul></ul><ul><li>New ‘mindsets’ are required </li></ul><ul><ul><li>Marketing as a conversation with your customers/network– dialogue not broadcasting </li></ul></ul><ul><ul><li>But this is something that most of us are not very good at doing. We prefer ‘telling’ people </li></ul></ul><ul><li>SM ‘winners’ and ‘losers’ </li></ul><ul><ul><li>‘ 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 </li></ul></ul>
  13. 18. Key Things to Remember <ul><li>New performance measures </li></ul><ul><ul><li>Requires new performance measures </li></ul></ul><ul><ul><ul><li>Quality of your network </li></ul></ul></ul><ul><ul><ul><li>Relationship strength </li></ul></ul></ul><ul><ul><ul><li>Ability to leverage </li></ul></ul></ul><ul><li>Social media monitoring tools (see later) </li></ul><ul><li>Redefines the concept of a web site </li></ul><ul><ul><li>a blog integrated with your other social network sites </li></ul></ul><ul><li>The need for new business/marketing models </li></ul>
  14. 19. Performance Measurement <ul><ul><li>Involvement – network/community numbers/quality, time spent, frequency, geography </li></ul></ul><ul><ul><li>Interaction – actions they take – read, post, comment, reviews, recommendations </li></ul></ul><ul><ul><li>Intimacy – affection or aversion to the brand ; community sentiments, opinions expressed etc </li></ul></ul><ul><ul><li>Influence – advocacy, viral forwards, referrals and recommendations, social bookmarking </li></ul></ul><ul><ul><li>Insight – customer insight </li></ul></ul><ul><ul><li>Impact – business impact </li></ul></ul><ul><ul><li>Social Media Monitoring Tools –Audit, Assess, Impact </li></ul></ul>
  15. 20. Key Things to Remember <ul><li>The need for new life science business/marketing models </li></ul><ul><ul><li>Traditional approach: </li></ul></ul><ul><ul><ul><li>Product development – Differentiate – Market and Promote - Sell </li></ul></ul></ul><ul><ul><li>New model based on: </li></ul></ul><ul><ul><ul><li>Communities, networks, openness, peering, sharing, collaboration, customer empowerment, ‘think and act’ globally </li></ul></ul></ul><ul><ul><ul><li>Engage and energise </li></ul></ul></ul><ul><ul><ul><li>‘ Create the Buzz’ </li></ul></ul></ul>
  16. 21. <ul><li>Potential </li></ul><ul><li>Business Benefits </li></ul>
  17. 22. Business Benefits <ul><li>Used effectively, social media can deliver the following business benefits </li></ul><ul><ul><li>Market/Customer Knowledge & Insight </li></ul></ul><ul><ul><li>Engagement & Reputation Management </li></ul></ul><ul><ul><li>Enhanced Customer Experience and Loyalty </li></ul></ul><ul><ul><li>Sales/Marketing Effectiveness, Efficiency and ROI </li></ul></ul><ul><ul><li>Operations/ Internal Processes (open source and hosted apps) </li></ul></ul><ul><li>But the key words are ‘used effectively’............ </li></ul>
  18. 23. Applications and Business Benefits
  19. 24. <ul><li>Some Examples of Social Media </li></ul><ul><li>in Action (Life Sciences) </li></ul>
  20. 25. Snapshot Examples <ul><li>Social and professional networks </li></ul><ul><li>SME blogging </li></ul><ul><li>Linkedin </li></ul><ul><li>Twitter </li></ul><ul><li>Facebook </li></ul>
  21. 26. Niche 'Health Care' Networks <ul><li>HEALTHCARE AND MEDICAL PROFESSIONALS </li></ul><ul><li>MedicalMingle: - </li></ul><ul><li>MyMedPort: - </li></ul><ul><li>Sermo: - </li></ul><ul><li>Ozmosis: - </li></ul><ul><li>iMedExchange: - </li></ul><ul><li>BioMedExperts: - . </li></ul><ul><li>DoctorsHangout: - </li></ul><ul><li>Ps – this is a 2009 list. Some sites will no longer exist; others will have emerged </li></ul>
  22. 27. Niche 'Health Care' Networks <ul><li>PATIENTS AND HEALTHCARE CONSUMERS </li></ul><ul><li>CarePages: - </li></ul><ul><li>checkMD: - </li></ul><ul><li>PatientsLikeMe: - </li></ul><ul><li>DailyStrength: - </li></ul><ul><li>MyFamilyHealth: - </li></ul><ul><li>ICYou: - </li></ul><ul><li>RevolutionHealth: - </li></ul><ul><li>Enurgi: - </li></ul><ul><li>RealMentalHealth: - </li></ul>
  23. 28.
  24. 29. b
  25. 30. n
  26. 31. SME Blogging
  27. 32. Integrated with other SM channels
  28. 33. Targeted content
  29. 34. <ul><li>Life Sciences </li></ul><ul><li>on Linkedin </li></ul>
  30. 35. 119,547 people.....
  31. 36. 2,468 companies.....
  32. 37. 803 groups....
  33. 38. 500 plus answers.....
  34. 39. 23 jobs....
  35. 40. <ul><li>Quick Case Example </li></ul><ul><li>Using Linkedin to Build a Quality International Customer Base/ A Quality Network </li></ul>
  36. 41. The Company <ul><li>A new business start-up </li></ul><ul><li>Supplier of hi-tech solutions to the neurotechnology and optogenetic sectors </li></ul><ul><li>Project Task </li></ul><ul><ul><li>Identify most attractive potential customers and a communications plan for engagement </li></ul></ul><ul><li>Who, Where, How? </li></ul>
  37. 42. <ul><li>So how did we use </li></ul><ul><li>this approach? </li></ul>
  38. 43. Quality Customer Growth Programme <ul><li>Start with a ‘Customer Mapping Exercise </li></ul><ul><li>Identified 3 main customer groups </li></ul><ul><ul><li>Individuals in neuroscience </li></ul></ul><ul><ul><li>Neuroscience/optogenetic institutes, firms and clusters </li></ul></ul><ul><ul><li>Individuals in optogenetics </li></ul></ul><ul><li>Used Linkedin for building a customer database..... </li></ul><ul><li>Then position on the Customer Value Matrix </li></ul><ul><li>Communications strategy emerged from this....... </li></ul>
  39. 44. QCGP <ul><li>27,000 neuroscience profiles on Linkedin </li></ul><ul><li>100 neuroscience institutes, firms, clusters </li></ul><ul><li>50 neurotechnology companies </li></ul><ul><li>50 individuals in optogenetics </li></ul><ul><li>Further filtered to identify the Top 50 ‘best sales prospects’ </li></ul><ul><li>Updated last week........ </li></ul>
  40. 45. 39,666 Neuroscience People
  41. 46. 246 Neuroscience Companies
  42. 47. 22 Optogenetics People
  43. 48. Society of Neuroscience 2,889 Members
  44. 49. <ul><li>Twitter </li></ul>
  45. 50. #lifesciences
  46. 51. One person's favourites..... <ul><li>Scientists @mishaangrist , @westr , @genegeek , @nutrigenomics , </li></ul><ul><li>Clinicians @kevinMD , @DrAnasYounes , @jackwestMD @Breastoncology </li></ul><ul><li>Biotechnology Companies @Iontorrent , @completegenomic , @roche_com @wherebiobegins </li></ul><ul><li>DTC genomics companies @23andme , @Navigenics , @pathwaygenomics </li></ul><ul><li>Research institutes @stanford , @cityofhope , @wellcometrust , @aruplabs @genomescience </li></ul>
  47. 52. One person's favourites..... <ul><li>Pharmaceuticals @Astrazeneca , @pfizer_news , @GSKUS , @sanofipasteur </li></ul><ul><li>Journals @naturenews , @genomeresearch , @mybiotechniques , @naturemedicine </li></ul><ul><li>Scientific News @genomeweb_news , @NCIbulletin , @guardianscience </li></ul><ul><li>Scientific Associations @AACR @GeneticsSociety (ASHG) @TheACMG </li></ul><ul><li>Regulators @FDAdeviceInfo , @FDArecalls </li></ul><ul><li> </li></ul>
  48. 53. Facebook – limited potential.....
  49. 54. <ul><li>So what progress has been made by Life Science companies in Scotland? </li></ul>
  50. 55. Progress Made <ul><li>Interest and enthusiasm among Life Science companies is growing rapidly - channels are being set up </li></ul><ul><li>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 </li></ul><ul><li>More attention needs to be paid to organization, people, resource issues critical to on-going SM success </li></ul><ul><li>Social Media Planning Pays </li></ul>
  51. 56. <ul><li>But first – a brief word on Social Media Monitoring Tools </li></ul>
  52. 57. Monitoring the Conversations <ul><li>A very broad range of Social Media Monitoring Tools are available for monitor online conversations relevant to your brand </li></ul><ul><li>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? </li></ul>
  53. 58. Wide Range of SMM Tools <ul><li>No or low cost tools such as Google Alerts, Yahoo Pipes, Social Mention, IceRocket, Blogscope, Blogpulse and ViralHeat </li></ul><ul><li>More expensive and sophisticated tools such as Radian6, Alterian SM2, Sysomos Heartbeat and Infegy SocialRadar </li></ul><ul><li>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 </li></ul>
  54. 59. Monitor and Measure <ul><li>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 </li></ul><ul><li>Performance evaluation should be undertaken at three main levels using the ‘6Is’ approach…. </li></ul><ul><li>  </li></ul>
  55. 60. SM Performance Measurement
  56. 61. <ul><li>Who is talking about “life sciences”, </li></ul><ul><li>where online, what are they saying? </li></ul>
  57. 62.
  58. 63.
  59. 64.
  60. 65.
  61. 66. <ul><li>Some Advice for </li></ul><ul><li>Moving Forward </li></ul>
  62. 67. Moving Forward <ul><li>The key strategic, management and organizational challenges involved in planning, implementing and managing successful social media strategies for sustained business growth </li></ul><ul><li>‘ Social Media Planning Pays’……. SM success requires sound planning and the application of professional project management procedures …. but not ‘paralysis by analysis’ </li></ul><ul><li>Ensure that your SM Strategy is fully aligned behind and supportive of your core business goals and objectives </li></ul>
  63. 68. <ul><li>Social Media </li></ul><ul><li>Development Cycle </li></ul>
  64. 69. SM Development Cycle
  65. 70. <ul><li>Each Step is being covered in detail on our blog at </li></ul><ul><li> </li></ul>
  66. 71. Five Key Areas <ul><li>External Analysis: Evaluate Your Social Media Landscape </li></ul><ul><li>Internal Analysis: Evaluate Your ‘Readiness to Engage’ </li></ul><ul><li>Develop Your Social Media Strategy and Action Plans for ‘Getting There’ </li></ul><ul><li>Evaluate Your Social Media Performance and ROI </li></ul><ul><li>Organization, People and Resource Issues </li></ul>
  67. 72. ‘ Be Customer Led’ <ul><li>Three key questions: </li></ul><ul><li>Who are our customers, who do we wish to engage with? </li></ul><ul><li>Where do we find them ‘hanging out’ on social media? </li></ul><ul><li>How can we best engage and energise them? </li></ul>
  68. 73.
  69. 74. <ul><li>Develop Your Social Media Strategy and Action Plans for ‘Getting There’ </li></ul>
  70. 75. Use a Simplified Balanced Scorecard <ul><li>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 </li></ul><ul><li>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 </li></ul>
  71. 76. Social Media Balanced Scorecard <ul><li>Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation </li></ul><ul><li>The steps involved can be captured in a Social Media Strategy Map </li></ul><ul><li>Five key questions to address…… </li></ul>
  72. 77. Social Media Balanced Scorecard <ul><li>What is the overall social media vision for your organization? </li></ul><ul><li>What are the key objectives and targets to be achieved? </li></ul><ul><li>Who are your customers? </li></ul><ul><li>Key Actions and Initiatives </li></ul><ul><li>Organisation, Resource and People Issues </li></ul>
  73. 78. Social Media Strategy Map
  74. 79. <ul><li>Organization, Resource and People Issues </li></ul>
  75. 80. Organization, Resource and People <ul><li>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 </li></ul>
  76. 81. Conclusion <ul><li>Use social media to build strong relationships with your customers, partners, staff, regulators etc; engage with and energise your network to become ‘brand advocates’ </li></ul><ul><li>Social media has become too important to ignore </li></ul><ul><li>But ‘plan the work and work the plan’ </li></ul>
  77. 82. Bob Dylan <ul><li>Come gather 'round people </li></ul><ul><li>Wherever you roam </li></ul><ul><li>And don’t criticise </li></ul><ul><li>What you can't understand </li></ul><ul><li>Your sons and your daughters </li></ul><ul><li>Are beyond your command </li></ul><ul><li>Your old road is </li></ul><ul><li>Rapidly agin‘ </li></ul><ul><li>Then you better start swimmin’ </li></ul><ul><li>Or you'll sink like a stone </li></ul><ul><li>For the times they are a-changin’ </li></ul>
  78. 83. <ul><li>Continue the discussion at </li></ul><ul><li> </li></ul>
  79. 84. <ul><li>Thank You </li></ul><ul><li>Questions </li></ul>