Target Research Essays

Target Research Essays Target Research Essay Target Research Essay Individual Research Proposal Introduction In this day and age, we cannot deny that technology is a key aspect of our daily lives and has definitely made our lives more efficient and convenient in several aspects. 61 million individuals are using mobile phones for health related topics, 29 million patients exchange emails with physicians, and 9 million consumers use health communities online (Nicole Lucille). However, many pharmacies are currently not exploiting technology to benefit their companies to their fullest potential. It Is thus essential that technology Is embraced to allow pharmacies to gain a better understanding of their customers and their needs. After doing research in the technology area, I have found several methods in which pharmacies are adapting to improve their businesses. These include creating phone applications, the use of social media, utilizing and analyzing their patients data and the use of cloud storage. Through our past meetings, I understand our group does not want to move in the direction of Improving Targets phone applications due to the technicalities involved. In view of our short time span to work on Targets case, as well as our familiarity with social media platforms, I propose that we look into the use of social media and the collection and analysis of patients data. Social Media The power of social media is evident in the statistics and the results it produces. In the recent years of marketing, 93% of marketers use social media for their business (Peelers), reflecting a major shift In direction In how companies advertise and publicize. 7% of Americans say that Backbone has a greater Impact on their archiving behavior (Bell) and 80% of Backbone users prefer to connect with brands on Backbone (Peelers). 57% of marketers have acquired customers via their blobs and 52% of consumers say blobs impacted their purchasing decisions (BOB Informatics). In addition, only 11% of Americans trust the Pharmacy Industry (Lucille) which reflects a lot on the relationships that have been created between the industry and its customers. These statistics ar e Important for companies as It shows consumers spending most of their time on social media platforms. Thus, It Is evident that the roll is becoming more social and it is time for more pharmaceutical industries to jump in and get in line with this trend. Target currently has a social media platform but it does not seem to be utilizing it to its maximum potential and moreover, does not bring in the pharmaceutical aspect of its business into it. At the Ephraim Connect conference In 2012, it was identified that for industries to use social media effectively, It needs to be customer centric, consistently used and engaging for the consumers (Hammond). This Is something that pharmacies need to take note of when implementing the use of social media in their businesses. One successful company that has used social media effectively is Sansei Diabetes US. They experimented ways in engaging their patients by setting up a Discuss Diabetes Blob and free online education sessions for their patients (Pectoral). This allowed the company to improve and focus on the health and wellbeing of the patients that they served, engaging with also created Risk, Inc. , which allows patients to access news that is important to them at their convenience (Nasty). Austereness uses Twitter to host chats about attains prescription programs as well, which allows the company to receive feedback on their prescriptions, reaching out to more patients in an effective manner (Pectoral). These companies use the various social media platforms to connect on a deeper level with their patients, creating a closer customer relationship and thus greater value in their services. Data collection The use of technology allows companies to collect data in real time. Imagine going beyond Just a simple app, but one that monitors a persons health and gives a patient radical warnings when their health is taking a down turn. Anne O Ordain, Global Managing Director of Accentuates Life Sciences industry group, mentions that technologies can help bring products to market more quickly by allowing patients to provide real-time data right from their own homes (Accentuate). In addition, the extensive use of technology could allow one to gain greater insight on customers. Through the analysis of their medical records, financial, genetic and patient reported data, companies can provide a greater overall value to patients at lowest costs (Accentuate). The Problem Currently, Target seems to be failing miserably in the technological aspect of its company and is at present, not monopolizing technology to its advantage. Its cartwheel app was invented to provide discounts and various benefits to customers but instead has generated negative reviews from the public. The difficulty in finding it and navigating around the app to access the various functions that are available is frustrating for customers Geoff Bagel). In addition, having downloaded Targets main app myself, I realized that the pharmacy tab in their app, leads the user back to Targets official website, which defeats the purpose of the app all together. Looking at their current use of social media platforms such as Backbone, communication is only one way, from Target to consumers. No personal relations are created between Target and its customers through the use of the papas and social media platforms, which is vital should target wish to maximize its customer retention rate. The conclusion I draw from my research is that Target customers want something simple that provides value. Proposal I believe, to provide the greatest value and convenience to customers, Targets hermetically business can use social media platforms and an in-depth analysis of their patients data to improve customer relations, which in turn will improve revenues. The use of social media in advertising in the pharmaceutical industry is tightly regulated by the government (Anna Washerwomen) and this is probably deterring Target from expanding into this area. In depth analysis of customers data could result in having to deal with privacy issues as well. Is it worth it then, for Target to enter into this arena? Definitely. Companies such as Brayer U. S (Washerwomen) have overcome these obstacles by being more conscientious and investing greater time and energy to monitor such platforms, ensuring that they are used well within the these obstacles and monopolizing Targets use of technology to strengthen the relationships of the company and its customers. Reaching out to one person through social media is equivalent to reaching out to the hundreds in that persons social circle, resulting in an exponential increase in awareness of Targets efforts. In addition, by using in-depth data analysis, Target can cater its various products more accurately to meet their individual consumers needs. Conclusion Customer relations are vital to any business and in this tech save. y age of ours, there is no better way to create that connection then through the use of technology. In addition, technology will provide much needed convenience, efficiency and tools, if used properly, that are able to better allow Target to provide for its customers. Sooner or later, Target will have to use such tools to better market its products and by not doing so, Target might find itself lagging behind in the industry. Why start later when we can start now?