Healthcare Market Research
We should handle the delicate constitution of human health with only the best of what’s out there. If all medical personnel have to undergo extensive and rigorous training before practice, then the health-related products and services are not exempted from the same level of quality control. We can’t settle for the bare minimum when dealing with the intricacies of the human body. We need healthcare industry market research.
Market research allows careful scrutiny of the products and services that we introduce into the market. When we have a concrete and informed plan on how to better serve our customers, we can provide the best healthcare products and service that meets their needs, are priced at the right amount and will build patronage and brand identity. The industry doesn’t see healthcare market research as a priority. And this is shown in the quality of health and healthcare services that the people are getting. It’s time to change this.
Importance of Market Research
Healthcare is about caring for people’s health. And when you care for something, you have to learn about them. You can only give the best if you know what the best is. It isn’t a one-size-fits-all scenario. We have to ask for client feedback and suggestion to see if we are on the right track. People can choose not to buy a Louis Vuitton bag, Louboutin shoes, or the next iPhone. However, they can’t avoid spending on their health. Health-related spending contributed about 17.9 percent to the United States GDP in 2017. There is still expected growth in health-related expenses. When the products and services come with hefty price tags, you have to see to it that the value is justified. In an industry about people, customer satisfaction is a prerequisite.
Market Research Methods
Health care is a broad domain involving different fields, from pharmaceutical, medical, personal care, to wellness market. Because of such variety, we have no single approach that applies to all. The end goal of these methods is understanding the consumer’s needs and the gaps in the industry that your company can fill.
Surveys
This research method is cost-effective in gaining a surface understanding of the market. You can mass-produce questionnaires for people to answer in your facility. You can also make a digital version of the market research questionnaire and have a broader distribution of data. Surveys are a quick tool in collecting research information about, for example, customer satisfaction about a drug.
In-depth Interviews
As the name suggests, this method allows for an extensive gathering and analysis of data. The one-on-one interviews can take anywhere around a few minutes to more than an hour each. The researcher can interview the participant in person, through video calls, and phone calls.
Ethnographic Research
This healthcare market research method is qualitative. To gather a lot of valuable data, the researcher has to observe the research subject in a natural setting. The intimate immersion into the environment and behavior of the participant yields qualitative data that we can’t collect from controlled laboratory experiments.
Focus Groups
Market studies using focus groups benefit from the brainstorming approach of this method. Several people gather and talk about a topic in the research. The researchers can then note what issues would be brought up about a product or service, on the order of importance relevant to the consumer’s point of view.
4+ Healthcare Market Research Examples
Knowing your market and what it needs gives you an edge against the competition. Because you can answer the need better, and you understand what the customers want, people would gravitate towards your brand. Let’s look at the following examples of healthcare market research and examine how they are done.
1. Sample Healthcare Market Research Example
2. Basic Healthcare Market Research Example
3. Formal Healthcare Market Research Example
4. Standard Healthcare Market Research Example
5. Healthcare Business Market Research Example
How To Get Started
When you are proposing to conduct market research regarding a healthcare product or service, you need to plan your research steps. Consider the following:
1. Define your Goal
First, you have to justify your intention to conduct market research. You have to have a clear idea of what you want to know. The research goal will steer your research in the right direction. Identify which part of the market will play a role in your study. Ensure that what you want to know fits with the design of your market research.
2. Choose the Right Method
There are different research methods and derivatives of those methods in answering your healthcare research question. When you have defined what it is that you want to answer, you have to choose the appropriate methodology. Will you arrive at a better finding when you rely on patients’ memory recall than your observations and journal notes?
3. Is the Problem New?
Before you start your market research, you are bound to look into related literature that might hold the answer to your problem. Maybe similar research has been done, and launching a study would just be needlessly costly. You have to read studies and healthcare market research reports about the matter. This might even lead you to uncover something new for the field.
4. Ask For Help
Market research can be complicated. And if it’s not done right, you would have wasted time and resources. If your company is conservative in its endeavors, you can take baby steps in market research. You can consult with a market research company to help you with a problem. These companies have experienced market research analysts who can provide you with answers and solutions based on data.
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