Market Research is a technique employed to obtain and collate information, leveraging the understandings of the market, in order to improve and tailor products and offerings as per market requirements. This process helps to design effective marketing strategies by targeting better quality leads in turn optimizes conversion rates.
Based on my experience in servicing clients worldwide in the field of Healthcare and Biopharmaceuticals, I hope to share some of my key insights from my market research journey in hopes that it is of some use to you.
- Cultivate a futuristic view
- Being proactive rather than reactive
- The source matters
- Paying attention to detail
- Addressing the unanswered questions
Cultivate a futuristic view
As an end user or a vendor, it is indeed a good thing if your company is doing well for now, in spite of the current pandemic. However, it is paramount that companies look ahead. Planning for the future is not only about sustaining your lead but is also about anticipating the shifts in the industry. Having a futuristic view involves knowing about key developments, new and existing competition, innovations in the pipeline etc. Given the high volatility across markets, we may see a new world order when it comes to doing business, in what I would like to call as the “After-Covid Period” or ACP and no longer “AD” (Anno Domini).
Expanding a business requires a lot of research aimed at futuristic solutions and planning. I have understood that good companies strongly believe in this and have dedicated human resources and capital to stay focused and ready for the future. You should definitely do the same.
Being proactive rather than reactive
I have come to know that a fair number of companies have formulated the thought process that market research data is a “nice to have” and not a “must have”. In my humble opinion, this approach is that with a relatively short-sighted view on business, one that is focused more on immediate conversions and lead generation rather than looking at business in a more holistic manner. Indeed, given the pressures attached to converting leads, we tend to get myopic. That being said, the far-reaching implications of such an approach will be detrimental, as seen more often than not.
For example, effective market research can help identify if a new technology adoption by a client is a one-off occurrence or is a trend that will soon become the norm in the industry. This will better prepare businesses.
I believe it is imperative to keep up with trends to anticipate opportunities in businesses. In addition, the existing solution identifying processes can accommodate these trends within the guidelines of BAU (Business As Usual). A proactive approach not only insulates businesses from risks, but also ensure they are ever-ready to embrace new opportunities.
The source matters
A powerful market research report thrives on an effective amalgamation of quantitative and qualitative data. The report must be well sourced, and the analysts must be well acquainted with finding relevant data, be it from whitepapers, government publications, or even company reports. While secondary research does add a lot of value, primary research is what helps in studying the effectiveness of the items in focus.
Powerful research must involve all the below sources to better inform the end user:
- Surveys and Opinion Polls – A market research firms typically have strong networks of end-users in order to obtain a high-quality set of information via primary analysis. To facilitate primary analysis, a survey is a simple, yet powerful way to collect anecdotal evidence.
- Phone interviews or in-depth reviews are vital, especially when involving KOLs (Key opinion leaders who head technical or R&D teams). This will help compile a very detailed observation of companies and unravel the market sentiments better.
- Vendor Feedback – Apart from the end-users, collecting feedback from solution providers themselves goes a long way in correcting and smoothening the sharp edges of the requirements. At Imapac, we collate feedback from vendors, analyze their market of interest along with critical parameters that clients need an emphasis on, regions of interests and so on
- Social Media Listening – The “ACP” or the After Covid period has seen our conferences moving to a virtual format. With everything going remote placed, our analysis shows a new pattern emerging where in which in KOLs are now more responsive via emails/LinkedIn. We now try to analyze their interests based on their social media behavior which may help us tailor their needs in a better way; like previously mentioned – more proactive than reactive!
Paying attention to detail
Market Research reports offer more when there is more depth to the information provided. As an analyst, it is very important to be inquisitive and connect the dots while drafting an analysis complimented with the right insights and pattern analysis.
Addressing the unanswered questions
It is not just about having all the answers, but also about identify the unanswered questions. Apart from presenting the facts and statistics, it is also nice to present some of the key-challenges or gaps that the industry is looking to solve. Companies always like to look at potential opportunities and possible innovations.
So that sums up my observations from my experience with working with IMAPAC’s market research report division. I hope that these pointers prove useful for you if you are considering market research for your company or are in the midst of it. I do strongly believe that it is a useful tool in guiding your company’s business decisions.
Before I leave you, I would like to share the reports I worked on with my team, specifically for the biopharmaceutical industry. Do give the sample reports a browse!
Hamsa Varsha is a healthcare professional possessing a Bachelors in Medical Electronics & Engineering, and having over 4 years of experience playing different roles in the Life Sciences sector across Regulatory and Business investments.
At IMAPAC, she is currently a Consultant (Market Analysis & Strategic Partnerships), tracking the dynamic bioprocessing industry. Prior to IMAPAC, she has gained experience working as an Analyst, at Tracxn Technologies (a startup research platform), she tracked novel and innovative start-ups, analyzed feasibility reports, reviewed clinical trials and regulatory documents, tracked and recorded funding activity.
Hamsa played the role of a strategic consultant for Healthcare/ Life Sciences corporate companies, VC and PE firms, supporting their decisions for investment via her customized market reports. She has also gathered experience in the RA/QA field, working for a regulatory consulting firm, Elexes Medical Consulting. She was part of projects that required extensive research and documentation for regulatory submissions. Submitted documents for CE Mark, and 510(k) US FDA for Class II Medical Devices. She was the project owner of a successful 510(k) submission for a radiation treatment planning system, which received market clearance in 2016