C-Suite: Market Research

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Taren Grom, Editor

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C-Suite: Market Research

The role of researcher will become more critical than ever because the ability to develop actionable insights will require true expertise. Mike Kelly CEO Kantar Health Americas The evolving pharmaceutical marketing model has resulted in more marketing channels and an increasing number of healthcare decision makers. This creates a significant challenge in market research because it means more insights are needed at the same time resources directed toward primary research are shrinking. However, this same dynamic represents a significant opportunity for the market researcher who can capitalize on their existing skill set and adapt to the changing environment. The need for analysis and synthesis of evidence to drive swift decisions is on a meteoric rise in our industry, and who better to drive that change than a market researcher? This new opportunity will require better utilization of existing insight from past research or from the emergence of Big Data. It will also require much more open collaboration across functions with other insight-driven groups, such as HEOR and market access. The value of market research, broadly defined, is growing in importance in our industry, but the new challenges require us to incorporate new ideas into the traditional methodologies. Jeff Kozloff CEO Verilogue Opportunities abound for marketing research professionals in the current healthcare environment. The role of the patient at the epicenter of healthcare has never been more profound. Consumers are demanding a more personalized experience related to their healthcare. Science is delivering, but marketing lags. The classical needs of traditional recall-based marketing research are being replaced by evidence-based programs that derive customer needs and deliver individualized experiences grounded in behavioral science. Tomorrow’s market researcher is someone who bridges strategy, big data, and empirical science. Rather than having deep expertise in any one area, the manufacturing-side marketing research professional will rely on innovative agencies for empirical insight into the numerous factors, human and digital, that influence patient and family members along their illness journey. According to PMRG, the healthcare market research community is well aware that organizations need strong commercial insights to make well-reasoned business decisions. All market researchers share the goal of excelling at developing insights that have impact, but they face a number of challenges. Beginning now and accelerating in the years to come, researchers will be presented with vast amounts of data, more technology-enabled research methodologies, and an unprecedented array of tools. Brian Fletcher, VP of consulting services at Insights in Marketing, identified several major trends to watch for in a recent article published in the Marketing Research Association’s newsletter. (Editor’s Note: to read the entire article, please go to marketingresearch.org/alert­-magazine­-third-­­quarter-2013-a-moving-target-marketing-research-trends-to-watch.) » Psychological profiling isn’t just for the FBI anymore. Understanding the psychology behind decisions will increase in importance. All marketers understand that the path to product or service success starts and ends with the consumer. We also know that it is much easier to fit our products and services into consumers’ daily lives than it is to make our products shape or change consumer behavior. » The need for speed. The battle between doing it right versus doing it right now continues to intensify. Short-term thinking is running rampant in companies as senior executives, managers, and analysts are being asked to do things faster and on a tighter budget. As a result, researchers are challenged to uncover game-changing insights without the time or budgets to support such efforts. The fear of being left behind and the need for quick decisions is trumping long-term business strategy and systematic approaches. » More versus meaningful. Bigger isn’t always better when it comes to talking to consumers. While Big Data is becoming bigger, there is a tool commonly used that, while still prevalent, is actually shrinking in respondent size: focus groups. » Having it all with hybrid research. Hybrid research has and will continue to expand in both adoption and meaning. » Keeping it simple and actionable. The need to inspire action will continue to result in the increased importance of research deliverables.

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