NetbaseQuid is a consumer and market intelligence platform. It has empowered clients and partners to understand their audiences in the digital space and build better products. Over the past few years, It has developed an innovative approach to drug research through a sophisticated data analytics methodology. It has enhanced drug launch by creating important insights and using this information to create better products.
1. Monitoring Patient Sentiment
Access to patient sentiment in real-time is a tremendous asset for drug developers. Pharma companies can use opinions and other qualitative data to determine whether the target population is taking their medicine as prescribed. While there are no current regulations requiring social media to monitor patient sentiment, it is a good idea for companies to monitor their competition and “watch what consumers say about your products and services” (Nanex). This platform lets customers see news and content on a macro and micro level.
2. Tracking Marketing Performance
Though much of the marketing and advertising is done individually, there are still several metric points that companies need to monitor as a whole. Consumer-driven media can capture content and location data with one click. NetBaseQuid platform can provide companies with historical data, customer demographics, and even real-time product purchases.
3. Understanding Consumer Needs
Much like the previous point, a large part of drug development is getting information from interested consumers. NetBaseQuid provides pharmaceutical companies access to all relevant information in real-time. This data can be mined for valuable insights about consumer needs and preferences and any concerns about the drug being developed.
4. Monitor Competitor Marketing Efforts
Drug launch is an overall task that requires constant monitoring. Many competitive companies use social media to their advantage to recruit patients and doctors through social channels. Online communities serve as a way for people who have common diseases to connect with other patients. Competitors can use social media to their advantage. This platform allows pharmaceutical companies to monitor competitors’ marketing activities, identify trends in consumer sentiment, and analyze competitor content to interpret what they are saying. This information can generate new products, services, and offers.
5. Optimization of Testing
Numerous factors impact a drug’s ability to be effective on effectiveness. Knowing the market and its customers are crucial in preventing adverse outcomes while developing new medications. The platform can provide pharmaceutical companies with specific information on patient demographics and any concerns that may exist. It should inform drug companies of recent developments regarding the drug. Companies can use this data to understand their customers’ needs better and customize their marketing efforts to address them.
6. Determining Marketing Goals
Marketing is more than just advertising to consumers; it is about creating a relationship with them. This relationship can be used to promote products and services that are of value to the consumer. Using the platform, pharmaceutical companies can see how consumers react to promotional and marketing materials and determine which medium has the highest ability to drive sales.
Companies should focus on product development rather than customer service and public relations. This is why the NetBaseQuid platform was designed to provide pharmaceutical companies with a detailed view of customer sentiment and demographics. This helps pharmaceutical companies decide whether a product or service is likely to appeal to consumers and therefore be effective, as well as identify other opportunities that can benefit from marketing. Quid has enabled companies to overcome the limitations of traditional marketing strategies by providing a comprehensive view of their customers’ attitudes, behaviors, and purchasing decisions.
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