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Published in the April/May 2019 issue of Quirk's Marketing Research Review
Fair Market Value (FMV) is a challenging issue, complicating the research process and can be felt at every level of our industry. As the demand for insights increases, the pressure to control clinician compensation has also increased. This has led to a fragile push and pull; with increased demand and declining response rates, market research and sample partners are often forced to undertake complex recruits with declining or highly variable incentives. What is the impact to the insights we gather? What is the impact to our industry overall? What can we do as an industry to protect our most valuable asset, and ensure the integrity of our data and insights? What is fair market value? Read the full post to learn more!
Presentation Presented at Quirks Chicago, April 2, 2019
Market research often takes a hedonic approach to understanding and predicting consumer behavior: the more people like something, the more likely they are to purchase it. Research methods that follow this assumption are simple: to predict the likelihood of purchase, measure how much they like it. Some market research recognizes that real-world barriers exist so incorporate questions to discover these. Despite the appeal of such a simple approach, it does not capture the complexities of the attitude-behavior link that best predict specific behaviors.
In the healthcare industry, we’re privileged to work alongside some of the brightest and most driven individuals in the world. The top voices in a medical field function as a trusted source of information to their peers as well as to those bringing new medical interventions to market.
When it comes to capturing honest, representative information from respondents about their attitudes, their behaviors, and their feelings, even the smallest of things can risk skewing the results.
Research among patients is vital to closing the information asymmetry between drug producers and end users. For many diseases, finding patients willing to share their experiences is no issue at all. However, conducting research among rare disease patients is a unique challenge due to, you guessed it, the rarity of their disease.
During our 2017 webinar “Research for Small Markets and Samples” I made the point that small market business objectives addressed via central tendency measures are less helpful – I would like to revisit and challenge this.