It’s getting more difficult to engage with customers and patients today. Privacy concerns and user preferences can be challenging to navigate, while constant changes with platforms like Google and Facebook, coupled with the chaos that is Twitter, and your brand and marketing teams can be stretched a bit thin.
However, with these challenges come very real opportunities for Life Sciences and Healthcare companies to engage and drive meaningful and valuable experiences for customers and patients.
In this blog post, we’ll define what Share of Experience (SOE) is, why SOE is important and why you should measure it, and how you can leverage Virtual Reality and the Metaverse to improve Share of Experience.
What is Share of Experience?
Share of Experience is a metric that measures how much interaction a customer has with a brand or product. This metric can be used to improve customer engagement and loyalty, and drive more sales through interactions that occur outside the traditional digital channels.
How Do You Define and Calculate SoE?
There are a few ways to calculate share of experience, but the most common way is to divide the total number of interactions by the number of unique visitors.
Why is Share of Experience Important?
First, customer engagement is one of the most important factors in driving sales. When customers are engaged with your brand or product, they’re more likely to buy it. Additionally, when customers feel connected to your brand or product, they’re more likely to recommend it to their friends and followers. This can lead to a large increase in your brand’s visibility and reach.
Second, customer loyalty is also extremely important in the life sciences and healthcare industries. Loyal customers are more likely to return to your product or service, and they’re also more likely to refer you to their friends and family members.
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How Can Virtual Reality and the Metaverse Help?
Virtual Reality (VR) and the Metaverse provide a unique way to improve Share of Experience. By immersing customers into different experiences, you can engage them in ways that are more personal, engaging and valuable than anything you could do with traditional digital media.
An example of using VR in Healthcare is a new cutting edge company, Heru. Heru leverages VR and AI to enable Ophthalmologists to conduct eye tests practically anywhere. This is important because patients often have to travel long distances for medical appointments, and VR allows doctors to test patients remotely.
By using VR, Heru-enabled practitioners can reduce the number of medical consultations required by patients, and increase the quality of those consultations. This can lead to increased patient satisfaction and loyalty.
Alternatively, you could use the Metaverse to create a shared virtual world for customers and patients to collaborate on projects. This could be used for training or product testing, or even for marketing campaigns. By engaging customers in a shared virtual world, you can create an environment that is more engaging and valuable than anything you could do with just digitalmedia.
Measurement is Key
One of the most important things that companies can do to improve Share of Experience is to measure it. By measuring the metrics that are important to Share of Experience, you can optimize your strategies for engagement and drive more customer value.
For example, you could measure how often a customer interacts with a brand or product outside of digital media channels.
What metrics are important to measure with share of experience?
The first metric is how often a customer engages with your brand or product outside of digital media channels. This could be through traditional media such as print and television, or even in real life.
The second metric is how satisfied the customer is with the interaction. This could be measured through surveys or interviews, and would provide valuable insights into how you can improve customer engagement.
The third metric is how likely the customer is to recommend your brand or product to their friends.
Should You Focus on Measuring Share of Experience?
Much of the market data is point to a downturn, and when that happens, marketers are looked to to deliver more with less. In this case, it makes sense to increase your ability to retain customers and build WoM referrals through development of value-added virtual and metaverse experiences. One way to do that is to focus on Share of Experience and track the data/performance of your efforts.
Yes, businesses need to measure share of experience to improve their customer engagement and loyalty. By measuring the important metrics, you can optimize your strategies for engagement and drive increased customer value.
