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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.
In an ever-evolving landscape, manufacturers are developing “new” products and solutions across many therapeutic areas. The key to market acceptance is differentiation, and as cost pressures increase, the receptivity towards new formulations or other line extensions with limited clinical and economic benefit is waning. To ensure your product hits home with your customers, consider understanding their needs and how your product may fill that gap.
Published by Quirk's Media on October 10th, 2018
Understanding the competitive dynamics of your market, as well as your customers’ satisfaction and loyalty, are critically important - not just for gauging your current performance, but also for understanding how to improve your performance and identify early warning signs of an issue. A measurement and tracking system must be put in place to do this effectively. Once you’ve figured out what to ask, who to sample, and how to sample them, there is one more question to answer: when (and how often) should you utilize your measurement and tracking system?
Published in Quirk's Marketing Research Review October 2018 (pages 50-53)
When conducting segmentation market research, we tend to generalize the experience to one with a focus on understanding prototypes of individuals within the marketplace. This generalization is useful because companies are often concerned with developing a marketing mix that can apply to groups of individuals to encourage sales-force optimization. However, depending on the strategic applications of the research, this kind of approach may not always be appropriate. For instance, when thinking about multi-faceted purchasing chains, a segmentation model centered on individuals is decidedly less useful. One alternative to the standard individual-based approach is an account-based segmentation model where the objective focus is to discover heterogeneous groups of accounts in the market.
Market research is a valuable tool to guide the strategic planning of a new product launch, supporting marketing, sales, and leadership efforts at your organization. Although market research activities are typically for internal use only, conducting studies for public release can help prime the market for your new product. Here's what you should consider when designing a study for public release!