Market Research For The Healthcare Industry

Market Research For The Healthcare Industry

3 big reasons

It is extensively perceived that market research is a critical, tactical investment in industries such as retail, hospitality, consumer goods, technology, entertainment and so on. However, there’s one industry where market research is perhaps even more imperative, because the end goal is not solely to make sales and profits. The industry endeavors to help people and save lives:

Here are 3 big reasons the healthcare industry needs market research, and why it should be perceived as a mission-critical priority:

Standing out from competition

A few years ago, the healthcare industry was dominated by fewer corporations and conglomerates, who were supported by many other smaller, niche providers. Even today, there are many such massive corporations operating with multinational footprints. However, thanks to the influx of capital funding from investors and disruptive technology, the healthcare marketplace is witnessing much more convergence and competition. For customers or other buyers of healthcare solutions from hospitals, laboratories, etc., this comes as a welcome development, leading to more choice and affordable pricing. On the other hand, for businesses functioning in the healthcare sector, this means that they are at the risk of losing to competition and falling off the proverbial map. Here’s where the advantages of market research are huge: Market research is a clever, deliberate and proven tactic against this risk. It helps businesses understand demand, stand out of competition and ensure actionable outreach plans.

Value-driven insights

Even leading healthcare companies that have accomplished steady growth and new customer acquisition rates cannot afford to bask in glory and rest – consumers today are more demanding than ever –if they don’t find what they want from one vendor, they are sure to look elsewhere. Market research enables healthcare businesses to identify practical and profitable methods to improve products and services, as well as launch new market offerings. This not only helps engage with new customers, but also keeps existing customers on the roster.

Fix service delivery issues

Healthcare solutions are bound to be intricate and sophisticated, and naturally depend on a service delivery model vs. a simpler transactional approach. For instance, companies that enable hospitals to keep track of patient care and satisfaction, have several consumer touchpoints with multiple staff members. Or take companies that provide medical testing equipment to laboratories – they have staff specialists who only provide training and education, and ensure that the solutions or equipment are used appropriately to deliver the best results. Market research helps such companies analyze and pinpoint any gaps in the service delivery model. It also helps identify opportunities to improve and build stronger relationships and better results. For instance, a company that provides medical testing equipment can use market research to identify consumers who prefer to offer online training, which can be viable and cost-effective as compared to in-person training. Companies that help hospitals analyze patient quality may understand that the staff have difficulties in data capturing and management. They can come up with stronger, effective solutions that solve this problem.