Three Lessons Learned from Market Research in the Health Care Industry

By: James Roberts, Psyma Team Lead

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With every new research project we launch and complete, the overall experience and resulting data provide ample fuel to complete a post-mortem where we are able to collect, organize, analyze, and extract our own insights into industries as a whole.

As our company moves into new verticals and continues growing within our existing industries (e.g., automotive, health care, etc.), we are continually being introspective and searching for underlying lessons and themes that can help us and our clients continue succeeding in our work.

After much thought and research into the health care industry, here are three, very high-level and overarching lessons we’ve learned about the industry and product marketing.

1. Mediocre won’t do it.

There are many companies out there striving to make a name for their company or brand and the digital space is becoming diluted. Therefore, to stand out and get noticed, the competition is on and the cream will always rise to the top.

The companies who are falling flat are those that:

  • Don’t have a pulse on what their customers want. They are flying blind and don’t have insights and data to back up their plan of action.
  • Aren’t listening. They are only being driven by what they think, not necessary by what they know or what their audience is openly saying. They really aren’t listening in a way that could drive corporate change.
  • Aren’t doing the research. They fundamentally aren’t covering ground because they aren’t putting in the time and effort to properly research and gain insights.

All of these pitfalls can easily be avoided.

2.Social chatter makes a difference.

And speaking of listening, have you tapped into the social sphere to listen to what others have to say? Because if you haven’t you’re missing out. The social chatter is loud. People are talking 24/7 – and not as many are really listening. Brands who are taking social chatter into account are gaining additional insight into their target audiences’ true sentiments that are being aired out on social – often without a filter (no pun intended).

3. Education is key.

A common misconception is that customers “know.” They know what you’re saying, they know what you’re intending, and they know what to do. In reality, they often know a lot less than you think. Instead of assuming that you know what they know, find out what the real landscape looks like. Market research will help you tap into that information, which will help you discover what’s really happening and what they know, don’t know, and need to know. This all comes down to education that is informative, useful, and on target. Master that and you’ll be winning. 
While these three lessons just scrape the surface of what we’ve learned, they are considerations to keep in mind when planning and strategically planning product roll-outs, new market penetration, or any other business objectives in the health care field.

Psyma Group AG

Rueckersdorf/Nuremberg Germany
Phone: +49 (0)911 99574-0
E-Mail: info@psyma.com