5 Things to Consider When Conducting Medical Market Research in the Healthcare Industry • THINK Global Research

Medical market research in healthcare is something that needs to be carried out with care and consideration because there are numerous factors that can influence the outcome. Since your business is one of a kind in the healthcare industry with nothing else exactly like it, you are best positioned to determine the factors that matter most to your business. However, this does not mean that you cannot learn from the experiences of your predecessors, just that you need to be careful when putting those lessons to use.


You know that both expertise and experience matters in your line of business, so it stands to reason that medical market research provides the best results when carried out by a market research company that specializes in the healthcare industry. This is important because you cannot succeed in the healthcare industry without fair and accurate market research to inform your decisions and only a market research company in healthcare with extensive experience in your industry can provide this. However, it is important to remember that one market research company is not the same as the next, meaning that a well-run selection process can increase your chances of getting the medical market research that you need.


How to choose the right company for medical market research in healthcare


Here are 5 of the most important factors in choosing the right market research company for your healthcare business:


1. Healthcare market research experience: choose a specialist medical market research company

With market research, as with other things, specialists are better than generalists in a head-to-head contest. In other words, if you want the best market research for the healthcare industry, you need a market research company with previous experience in it. For the most part, this is because market research experience in one industry is not necessarily transferable to the next. In fact, it can even prove detrimental in some cases when market research companies make poor assumptions for clients of one industry based on the facts of another industry. However, it also helps that market research companies with previous experience in the healthcare industry will have a better understanding of your needs, thus making it that much easier to work with them.

Fortunately, this is a simple problem with a simple solution. While you are preparing to make a choice, take the time to check the client list of each market research company under consideration. The more clients that belong to the healthcare industry on their list, the more relevant that market research company’s expertise and experience becomes.


2. Research capabilities: A wide range methods that have been tried and tested for medical market research in healthcare projects

Even the most skilled and reliable market research company is useless unless it can conduct market research using the techniques and technologies that its clients need. For example, a market research company that specializes in quantitative methods can produce wonderful results if you need to send out some surveys, but will stumble and fall if you need something more qualitative. Simply put, you should choose market research companies with a wide range of capabilities to make sure that they can provide exactly the kind of market research that you need.

On a semi-related note, having a market research company with a wide range of capabilities is also useful in that they provide their clients with more options. You may be pleasantly surprised by the full extent of what your market research company has to offer instead of settling for just the techniques and technologies that you know and trust.


3. Usable medical market research results

Sometimes, what you need is not just a market research company but a marketing consultant and market research company rolled up into one. If you have the strategic planning skills to make use of market research, you should choose a market research company that specializes in nothing but collecting and compiling information into a more usable format. In contrast, if you need suggestions that your business could use to continue expanding in your part of the healthcare industry, you should choose a market research company that can provide strategic recommendations as well.

Confirming the existence of such capabilities is as simple as asking market research companies for some of their sample reports and then reading through them to make sure that their contents make sense.


4. Cost: You definitely get what you pay for in regard to market research in healthcare

Cost is a complicated consideration with no simple solution. On the one hand, spending too much on your market research company makes no sense if it starts interfering with your ability to put the results to use. On the other hand, you get exactly what you pay for. Yes, you could save by choosing a less expensive market research company to do market research in healthcare in general, but if that same market research company survives on low prices by cutting important methods and measures, your business is the one that is going to suffer in the long run because of bad information.

On a related note, you need to make sure to choose a market research company that can live up to its promises when it comes to both its budget and its schedule. This is particularly true because timeliness has a powerful effect on the usefulness of market research.


5. Location: A local specialist medical market research firm is key

You should choose a local medical market research company to conduct market research in healthcare. First, this is because local market research companies tend to have a better understanding of the local business environment, which empowers them to produce higher quality market research in a more timely manner. Second, choosing a local market research company makes it that much easier for you to communicate with them. They understand your language.

After all, face-to-face meetings are the best method for ensuring that no meaning is lost in the communication process, not least because misunderstandings can be cleared up on the spot. Likewise, finding time to speak with your market research company on a regular basis is much more practical when you are based in the same city. Imagine the challenges of communicating efficiently and effectively with your market research company when face-to-face meetings are only possible following an hour-long flight or worse.


In conclusion, entrusting a market research company with your market research produces better results while being less resource-intensive than carrying it out on your own. However, this does not mean that you can afford to slack off when it comes to choosing a market research company, since you need to carefully consider the factors that matter most to your business if you want to benefit greatly from your market research efforts.