Pharmaceutical Industry Turning to Emerging Market Research Tools to Better Understand Consumer Decision-Making
CHAPEL HILL, N.C. - Nov. 8, 2013 - Rapid advances in technology have given consumers an array of tools for informing their purchasing decisions. Correspondingly, most industry sectors are turning to emerging market research tools – which also rely on new technologies - to better understand consumer decision-making.
In the healthcare sector – pharmaceuticals in particular – this shifting information-gathering landscape is pushing organizations to adjust their approach to consumer market research. Consequently, pharmaceutical companies are building up their comfort level with emerging tools like mobile research, Web-use tracking, social media listening and online patient communities, according to new research from Best Practices, LLC.
"Innovation in the Pharma Industry: Market Research Tools, Technologies and Approaches to Improve Consumer Interactions" is a 126-page report that highlights innovative approaches in the use of qualitative and quantitative tools for market research targeting consumers/patients. The study presents data on two segments: pharmaceutical companies and the total benchmark class.
The only emerging market research tools that the pharma segment said it were "using frequently" mobile research and Web-use tracking, according to the study. Twenty percent of the pharma participants said they were using those tools frequently. At least half of the pharma segment is "sometimes using" mobile research, Web-use tracking, social media listening, and online communities. The pharma segment said it is not using gamification or geotracking.
Key chapters in the study include:
- Innovation in Marketing Research Approaches
- Innovation in Marketing Research Tools
- Using Innovation to Update the Use of Analysis Tools for Key Market Research Activities
- Marketing Research Trend Changes – Qualitative Trends
- Marketing Research Trend Changes – Quantitative Trends
- Emerging Market Research Tools in Pharma Sector
- Communicating with Consumers
- Trends in Consumer Communication
- Evaluating Direct-to-Consumer Marketing
- Lessons Learned and Pitfalls to Avoid
Best Practices, LLC engaged 59 Market Research leaders at 58 companies through a benchmarking survey instrument. In addition, research analysts conducted executive interviews with eight selected respondents to collect qualitative data and insights.
To access the full report or to download a complimentary summary containing insights found in this report, click here.
For more information on other recent primary research studies, contact us at 919.403.0251 or visit our website at http://www.best-in-class.com.