Pharmaceutical Industry Turning to Emerging Market Research Tools to Better Understand Consumer Decision-Making

News provided by

Best Practices, LLC

Nov 08, 2013, 11:38 ET

CHAPEL HILL, N.C., Nov. 8, 2013 /PRNewswire/ -- 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 was "using frequently" were 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 learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1246.htm.

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/.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.

SOURCE Best Practices, LLC

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