Digital Media Monitoring: Brand promotion and stakeholder opinions are going digital; are you tuned in?
Harminder Bhatia, Associate Vice President and Shrey Kumar, Global BD Manager
Digital Media Monitoring
Now more than ever, we are seeing the need for digital media monitoring (DMM). Competitors are more than likely talking about their brand, and often your brand, online on social media platforms, blogs, review sites and anywhere else they “get together” to share opinions and ideas. In addition to competitors, the right stakeholders (including healthcare providers (HCPs) and patients) and influencers need to be identified, as well as the virtual events and forums where people express their views. At Prescient, we believe being proactive with monitoring your competition, identifying key shareholders and staying ahead of the market is crucial. We provide bespoke DMM services to support your assets and brands and fulfill your needs:
Share-of-Voice and Market Trend Analysis
Analyze spikes due to an event. Report emerging trends to help keep you ahead of the competition. Provide early warning alerts about changing market dynamics to allow your business to respond quickly. Analyze themes and geographical densities of key topics and mentions of brands.
Digital Media Channel and Sentiment Analysis
Probe public posts mentioning your brand on Facebook, Twitter and Instagram to reveal sentiments and key topics; each mention is rich with demographic data to inform you of the potential and existing customer base. Identify and quantify these posts to help you understand your customers.
Key Stakeholder Analysis
Locate and monitor key stakeholders (e.g., analysts, associations, communities, journalists, HCPs, KOLs and patients who are active on social media) to ensure you have a strategic view of their needs, among any other issues.
Key Influencer Analysis
Monitor the online actions of the most influential individuals relevant to your brand’s market space to help give you an edge over the competition when approaching them. These social media influencers have established a great deal of trust among their followers, so understanding their outlook is important, especially prior to approaching them.
Key Event Analysis
Keep track of key events and initiatives intended to raise patients’ and HCPs’ awareness and educate them. Analyze spikes in online discussions while these events are in progress to provide an understanding of the “halo effect” of data presentations and promotional activities at key events and conferences.
Prescient has outlined its approach and methodology when planning for your success with DMM:
Define the Business Question:
For robust DMM, it is important to understand your business objective and define the parameters for which you need DMM (e.g., the event, disease area, competitors, data sources, geography, specific age groups or genders of patients, defined timelines, etc.).
Build Data Queries and Probes:
Once we have defined the parameters, a query is built that considers all filters of the business objectives; this is a complex coding to increase the true positives and decrease any false negatives (noise).
Start Data Mining:
We run the query in various digital sources and collect information that is difficult to analyze manually. We then use a DMM platform that applies various processes, such as natural language processing, deep learning and machine learning, to precisely extract the data matching the query.
Segment and Analyze Data:
The data extracted are segmented into the following analysis buckets:
• Share-of-voice and market trend analysis
• Digital media channel and sentiment analysis
• Key stakeholder analysis
• Key influencer analysis
• Key event analysis
Intervene Manually and Generate Insights:
We conduct each analysis mentioned in Step 4 to identify any false positives and/or false negatives, and ensure any mention of or comment on your brand is not missed, before wrapping the data into insights and implications for you.
Need of the Hour
Prescient conducts in-depth analyses to generate insights and implications for our clients’ products. Generating insights is always the most important part of building a story and an accurate picture of the market.
How Prescient Can Help
Protect your brand
Stay on top of any emerging crisis by receiving real-time alerts and using live data to keep the entire organization in the know.
Track brand health in real time
Remain confident in your brand perception by monitoring sentiments, understanding customer opinions and tracking fluctuations in brand health.
Benchmark your performance
Monitor share of voice and benchmark key metrics against your competitors to inform strategies, uncover opportunities and detect risks.
Know what your customers think
Drive a consumer-first culture by monitoring the customer journey and distributing insights directly to your organization.
Create authentic content
Ensure original, personalized content reaches your target audience, and connect with them on topics they find relevant.
Optimize your influencer strategy
Increase audience engagement by identifying and tracking top influencers and micro-influencers for your consumer base.