Report: Investment in social media analytics software and services growing rapidly
IDC Health Insights released a new IDC MarketScape report which helps end users evaluate the top nine leading social media analytics software and service vendors that currently address the pharmaceutical industry.
The comprehensive study, “IDC MarketScape: Worldwide Pharmaceutical Social Media Analytics 2012 Vendor Assessment,” shows the increasing interest in these software applications and profiles the following vendors: Brandwatch, Cognizant, Genpact Social and Digital Transformation Services, Indegene, ListenLogic, Meltwater, Radian6, Semantelli and Visible Technologies.
The IDC Health Insights research found that while spending on outbound social media marketing is lagging, investment in social media analytics software and services is growing rapidly and expected to increase significantly for the next several years. Pharmaceutical companies are seeking new ways to measure brand perception, keep tabs on end-consumer sentiment around products and therapeutic categories, and gain insight into competing brand strategy, pricing, promotions and other relevant competitive information. As such, companies are looking for vendors with industry-specific expertise, strong customer references, and proven experience delivering measured value to pharmaceutical organizations.
"The pharmaceutical industry has been slow to embrace social media marketing, largely due to the lack of guidance currently available from the FDA. Uncertainty around proper procedure, coupled with potential liability related to tracking adverse events reported in social media settings, is keeping pharmas from utilizing this marketing channel as much as desired," said Eric Newmark, program director, IDC Health Insights. "Despite those challenges we have received an increasing number of client inquiries on social media analytics as pharmaceutical companies realize the potential impact social media channels can have on brand perception and marketing execution."
IDC MarketScape criteria selection, weightings and vendor scores represent well-researched IDC judgment about the market and specific vendors.