When you ask most people what pops into their heads when they think of the Healthcare Industry, it involves flashbacks of buying medicine for their vertigo. They may also think of the time they needed to have an MRI or surgery, and the doctor’s appointment was postponed several weeks. It is another world with bustling hospitals, massive equipment, and the smell of rubbing alcohol.
People don’t usually think about how a healthcare company operates and sustains itself. The critical thing to understand is that it is a company. Therefore, it applies the same principles as an agency or dealer to keep its business alive.
What Do Health and Business Have In Common?
Try to think about your local advertising agency. How do you think they can keep track of the public’s thinking? How do they know what the people need from them?
That’s right. Businesses need to do research.
The same holds for healthcare companies. A healthcare industry market research can help you know what your patients need. For example, a Pharmaceutical company will understand the popularity of a particular medicine among its customers. Therefore, it will know which brand to stock-up.
The research method can be qualitative or quantitative.
- Qualitative research is used to understand concepts through words. Data is usually collected through interviews and focus groups.
- Quantitative research, on the other hand, is used to test or confirm theories through numbers and graphs. Experiments, as well as surveys, are used to collect data.
Both of these research methods are important for a healthcare company to understand its contributions to society better.
Market Research Methods to Improve Your Healthcare Company
There are so many factors that can affect the components of health care, and technology is only one significant factor. That is why thehealthcare industry market research is essential. You will be up to speed on how your company and its products affect your patients.
So, what methods should your company use when conducting market research?
- Focus Groups
This method uses qualitative research for developing a new product or service as well as for advertising. It is a discussion held by a small group of patients, doctors, pharmacists, or anyone related to the medical field.
- Ethnographic Observations
It uses quantitative research to see how a disease affects the lifestyle of the patient. This type of observation often takes time and uses video to record the patient. Ethnographic Observations can also be used to develop new services and products based on the data gathered.
- In-depth Interviews
This one involves qualitative research, and it is best for sensitive and confidential studies. It usually lasts for an hour, and it can be conducted in the healthcare facility.
- Micro Surveys
This is another method of qualitative research. As the name suggests, it is a short survey with 2 to 5 questions. You can even do this type of study with an app, so it is best for people who are always in a hurry.
Healthcare, like all industries, relies on its clients, which in this case are patients. Research is essential to understand and develop the relationship between the professionals and those receiving the products. The best way to ensure your healthcare company’s success is to adjust it to the patient’s needs. Conducting market research does this perfectly.