Enhancing Reputation Through Analytics

Meredith Owen (L) & Sherry Pudloski co-authored this article.

In today’s rapidly evolving healthcare landscape, biopharmaceutical companies are under constant scrutiny and must adapt to ever-changing expectations from diverse stakeholders, ranging from regulators, healthcare professionals, investors, payers and policymakers to the general public. A company’s reputation is intricately linked to its success, impacting everything from valuation to partnerships and the ability to attract top talent. As a result, reputational analysis has become an essential tool to inform strategic planning for biopharma companies. At the heart of effective reputational analysis lies the power of ongoing analytics—a transformative tool that provides insights to enable companies to build and defend their public image proactively.

The stakes are high

For biopharma companies, reputation is a valuable but fragile asset. It can be influenced by many factors, including drug efficacy, safety records, regulatory compliance, corporate social responsibility and public perception. A single negative event, such as a product recall or a lawsuit, can have a cascading effect, eroding trust and diminishing market value. Conversely, a strong reputation can enhance a company’s ability to navigate regulatory hurdles with greater ease, launch new therapeutics successfully and negotiate favorable terms with partners.

Real Chemistry has been studying healthcare audiences for decades and has developed a deep understanding of what they expect from the biopharma industry. Our research and long-term experience in healthcare have confirmed that audience nuances matter in measuring reputation. We have found that innovation continues to drive reputation overall, but “drivers” do vary among stakeholders.

To understand and distill a prioritized list of reputation drivers among healthcare stakeholders, we conducted a survey of 500 healthcare professionals across 25 specialties and a nationally representative sample of 1,000 healthcare-engaged adult consumers, and we interviewed representatives from business, industry and media. We leverage the findings in our reputation framework, including scoring and weighting of data in our framework.

Offering a strategic advantage through analytics

Analytics provides biopharma companies with a strategic advantage by offering deep insights into how they are perceived across different stakeholder groups. By leveraging big data and advanced analytical tools, companies can monitor public sentiment, identify emerging trends and respond to reputational threats in real time. Among the key solutions used to measure and shape reputation are the following:

Sentiment analysis. One of the most potent applications of analytics in reputational analysis is sentiment analysis. By examining social media platforms, news articles and online forums, biopharma companies can gauge public sentiment regarding their therapies, leadership and policies. That information enables companies to address concerns proactively and tailor their communication strategies to align with public expectations.

Panoramic listening. Video, image and audio content is now the dominant format on the digital channels where audiences spend their time versus text-based formats. Panoramic Listening leverages a diversity of data sources and AI to see vast amounts of reputationally relevant data points, fueling more powerful insights.

Predictive analytics. This tool uses historical data and statistical algorithms to forecast future events. In the context of reputational analysis, Predictive Analytics can help biopharma companies anticipate potential issues and reputational risks before they escalate. For example, predictive models can identify patterns that precede regulatory scrutiny or public backlash, allowing companies to implement corrective measures in advance.

Competitive benchmarking. Analytics also allows biopharma companies to benchmark their reputational standing against competitors. By analyzing key performance indicators, such as media coverage, social media engagement and stakeholder feedback, companies can gain insights into their relative position in the industry. This benchmarking can inform strategic decisions, such as rebranding efforts or corporate social responsibility initiatives, to enhance competitive advantage.

Making analytics a key part of reputation measurement

We recognize that healthcare is unique and demands a custom, audience-centric reputation framework. That’s why we created a product called RepAction, which evaluates the reputation drivers that matter most to specific audiences.

We do this by tapping into online signals, combined with insights from curated healthcare audience panels and real-world data, to measure reputation and develop data-driven strategies and programs for building reputational value. By correlating reputational changes to changes in brand use and brand share, RepAction connects the dots between reputation drivers and sales. By bringing together intelligence, expertise and action, we enable our biopharma clients to effectively build and influence their reputation.

How companies are successfully using analytics to inform action

Real Chemistry has a dedicated analytics team comprised of more than 200 reputation specialists focused only on healthcare. These experienced professionals are steeped in measurement and primary market research. This team has helped several biopharma companies successfully harness analytics to inform their corporate reputation strategy and safeguard and enhance their reputation.

For instance, for a leading pharma company, we used sentiment analysis to detect negative sentiment surrounding the launch of a new medicine. By identifying the root cause of the negative sentiment—concerns about side effects—the company was able to address those issues by generating additional clinical data and targeting communication to key stakeholders, restoring public confidence.

For a pharma company that wanted to establish leadership in women’s health, we used research-driven analysis, including share-of-voice, positive sentiment and strong search intent, to identify a gap in corporate ownership of women’s health and an opportunity for the company to stand out with the right voice and positioning. Our results led to the creation of a campaign that successfully positioned the company as a leader in the sector, enhancing its market presence, recruitment efforts and investor interest.

For another pharma company, we used a data-rich framework to help it evolve its reputation, bolster its competitive relevance among peers, maintain a leading voice during the peak of the COVID-19 pandemic and continue to show consistent positive trends. We also curated an innovation influencer list to identify key opportunities for outreach, pitching and content co-creation for notable industry events.

For a biotech company, we utilized predictive analytics to help it anticipate regulatory challenges related to a novel therapy. By proactively engaging with regulators and addressing potential concerns, the company navigated the approval process smoothly, avoiding delays and maintaining its reputation as an industry innovator.

As another example, for an oncology-focused biopharma company, we conducted an in-depth analysis of audience conversations to pinpoint key drivers and terminology associated with innovation in access. We used this lexical assessment to uncover voices for thought leaders, redefining the company story from oncology leader to advancing innovation across all the company’s work from science to access. Utilizing the leadership team as ambassadors of the company’s mission to transform lives, we integrated these insights across all communications, from ESG initiatives to innovative product offerings, effectively employing the terms and themes revealed by our research.

The future of reputational analysis in biopharma

As the regulatory, social and political environment in which biopharma companies operate is ever-changing, reputational analysis must be “always on.” This is a marked difference from the way the industry has operated for many years. Companies need to be hyperaware of the landscape to be informed and stay ahead of the curve, enabling them to navigate the complexities of the environment with precision and foresight.

In conclusion, the integration of analytics into reputational analysis helps address the speed of change. By leveraging data-driven insights, companies can protect and enhance their reputation in real-time to drive sustained growth and success. Those who harness the power of analytics in reputational analysis will be well-positioned to lead.

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Sherry Pudloski is Group President of Corporate Affairs at Real Chemistry. Meredith Owen is Practice Leader of Integrated Intelligence at Real Chemistry.