This Q&A is an excerpt from our May 25, 2016 webinar: Overcoming Pharma & Healthcare Data Challenges for Competitive Advantage: Lessons from Other Industries, presented by Gary Palgon, Liaison VP of Healthcare and Life Sciences Solutions
Question [Webinar participant]: So with consumer sentiment—as we get more and better feedback—are we able to refine our product or marketing messages to arrive at a better outcome?
Answer [Gary Palgon]: This goes back to the first example [in webinar]. Absolutely, the answer is “yes.” This is happening all the time. From a retail store standpoint, the way the retail stores have addressed a lot of this is through loyalty. What they’re doing is, they sign you up for a loyalty system so now they can get some insight into what you’re doing. Some stores even monitor where you are in the store and what’s happening. They’ve engaged you as a consumer outside of the store to know what you’re looking at, [how you’re] shopping on the website, and are able to pare it in. Apply that to Amazon, they’re seeing what you’re buying—and what you’re not—and I would wager to say that they’re tailoring what you’re seeing at any given point to be able to do that. We have to do exactly the same in the pharma world. It’s utilizing, for instance, Twitter to read and understand the sentiment. But then respond. Answer and respond to what the complaint is, or what the feedback is, and be able to get that back into the hands of researchers to improve the product. And in the case of hospitals, believe it or not, we are moving into a world where hospitals are competing against one another in a geographic area for the consumers’ or patients’ business and many hospitals have begun to look at this to ask: “How do I build a relationship with these potential patients so that when they need me I’m the hospital of choice?” or “How do I let these potential prospects throughout the United States or globally know that we are the best hospital for cancer X or we are the best hospital for joint replacement Y?” And so that’s the marketing going on and, again, by utilizing sentiment you absolutely can do that.
(To view the entire webinar, access our on-demand recording. For a list of upcoming webinars, view our events page.)