For pharma and healthcare companies there are important times during your product’s life-cycle when external factors can cause massive changes to your brands market share. One of those times is when competitors launch rival products into your market space.
This can be a challenging time for brand and product managers as they wait to see if healthcare professionals (HCPs) will change their preference to the new drug or product and what the impact will be on their market share. Decision Resource Group found that when Biogen launched Tecfidera in March 2013 it was the third-to-market prescribed oral therapy for relapsing forms of MS, but before the end of the year it had overtaken Novartis and Sanofi to become No.1 in the US.
Imagine if you were able to listen into HCP conversations to find out what was being said about your competitors brand prior to and during their launch phase?
With HCP social media market research you are able to get an early indication as to what physicians really think about your competition so you are aware of what to expect when they launch their product/drug. You can understand how HCPs perceive your competitors strengths and weakness, see how doctors view the new drug/product in comparison to your brand and know which doctors are advocates of your brand versus your competitor. You can also see what tactics your competitors are using to reach out and engage with HCPs in your therapy area and how they are working.
These real time insights help you to rapidly respond with a strategy that will ensure your brand retains as much market share as possible. You can think about ways to re-engage HCPs that appear to be favouring your competitor’s brand, plan messaging that will reinforce your brand’s strengths and re-position your product in a way that will be connect with your stakeholders and retain their support.
If your brand has competitors or new comparative products launching into your space in the next few months then a social media market research study might be something worth considering.