As a marketing professional you will agree with me that market research is critical to developing a successful marketing plan. Sound marketing intelligence is not just for large corporations with huge marketing budgets; today, thanks to a wide range of online resources, market research is easily accessible to all marketing/brand managers and doesn’t require a huge budget.

Every marketing/brand manager must know their market, and market research does not have to be time-consuming and costly. What you do need, though, is a fast and accurate flow of information to devise winning marketing strategies.

Any marketing/brand manager considering the launch of a new product must first assess market demand and have a clear understanding of factors that influence prescription drivers. A successful marketing plan is critical to the success of any healthcare business.

Published data, like subscriptions to AIOCD and IQVIA, can be cost-effective for large companies, and data can always be collected on brands, therapies, and the competition, but none of this may provide insights specific to your brand. Traditional research agencies can secure first-hand data from your customers, KOL, and prospects, but this can be time-consuming and expensive.

pharma-pro.in delivers sound healthcare marketing intelligence, regardless of your budget. We create innovative insights solutions that improve outcomes for businesses and patients alike.

Read on to find out how you can access the insights and data you need without breaking your budget.

Primary Research

Qualitative and quantitative primary market research methods have different objectives, yet both can provide valuable insights when planning marketing strategies.

Qualitative Research involves acquiring in-depth information about your prospects and customers’ perceptions, likes and dislikes, etc.

Quantitative Research is expressed in graphs and numbers, and delivers statistics and data obtained from a large sample.

While secondary research is typically more cost-effective than primary research, the healthcare data you require can still be secured in cost-effective ways.

Surveys and Online Research

Surveys and online research are the two main cost-effective tools for conducting fast and accurate healthcare research.

You probably already have databases you can easily access. Do you have a database for an e-newsletter, a conference attendee database, or CRM list? Using a survey tool like SurveyGizmo or SurveyMonkey to ask your audience specific questions is affordable and the results can provide insights.

Online market research can be conducted by your own company or by an external firm. In order, to avoid bias and have an objective view, client usually opt for external. Agencies for critical projects. Respondents can be selected worldwide, making it a cost-friendly method of research.

Quantitative research can be undertaken via web-based experiments and online questionnaires; while qualitative research can be conducted via online focus groups, in-depth interviews, and participant observation where behaviours are observed by a researcher. Perhaps the most popular online research tools are online polls and questionnaires.

Other methods of securing accurate healthcare data include –

Audit Your Staff

You may be surprised at just how much information your customer service representatives and sales staff have on your customers and prospects.

Media and Social Media

Both are excellent for obtaining helpful data when working with a small budget. Check out trade publication surveys; they may allow you to include some of your questions in a planned survey. With the right audience, social media can be invaluable for securing projectable data. Ask your staff to share your audit on their own social media channels.

In-Person or Virtual Focus Groups

Focus groups are excellent for getting feedback on solutions, services, or products. With the right moderator, participants will love interacting and offering opinions and thoughts.

Observing Your Staff and Customers

Gather data by sitting in on sales calls or customer service calls, or simply observe the interaction between employees and customers.

Don’t let your budget limit the opportunities you already have to create strategic marketing plans and campaigns. Use your creativity and the resources already at your disposal to gain valuable insights.

Secondary Research

Although time-consuming, secondary research data can easily be obtained via online searches. Just remember that the information you access is also available to your competitors, and online information can often be dated. Consider the following:

Your Competitors: To effectively position your brand and products, it’s critical to know who your competitors are, their strengths and weaknesses, and their positioning in the market.

Media: News coverage provided by quality media sources can provide clear insights into industry trends and competitors.

Industry Reports: In-depth industry reports on trends, competition, and current and projected industry growth are written by analysts in most industries.

Trade Associations: These typically have easy-to-access newsletters or publications.

Access Your Company's Data: You probably have more data than you realise! Consider your sales, results from previous marketing campaigns, CME event data, customer service reports, brand studies, and sales conversion rates.

Pharma-pro clients receive early and accurate information, allowing them to plan marketing strategies and beat their competitors. To know more visit pharma-pro.in