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Most Effective Ways Healthcare Businesses Can Do Market Research
Health market research is an essential step in your healthcare strategy if you seek to provide the ideal level of care for your patients. Especially after the start of the pandemic, it has become even more important than ever.
Additionally, market research will help health care professionals better understand the behavior patterns and needs of their patients. Moreover, when you offer these types of services, you can expand your patient network and increase overall retention rates by personalizing services for them.
Well, don’t go anywhere because, in this article, we will discuss the most effective ways to conduct healthcare market research!
Let’s dive right in!
The most effective ways to conduct healthcare market research
Establish online focus groups
Focus groups are an excellent way to start sourcing high-quality data in the best way possible.
You may ask how?
Well, especially after the beginning of the COVID-19 pandemic, meeting people online has become mandatory in some cases. Additionally, there are many benefits to it, because you aren’t only saving money but also don’t have to risk yourself and your team catching a disease or the corona virus.
This approach removes geographical limitations and eliminates the need to waste money on traveling and venue costs. As a result, it’s easy to communicate and eliminates excessive time consumption and unnecessary expenses.
Removing geographical boundaries won’t only spread recruitment across the entire country; it’ll eliminate the limitation of only conducting medical services in your local area. Overall, it has much more potential to give you a larger representative sample.
Healthcare surveys for healthcare market research aren’t effective without any responses. You’ll also have to learn more about your audience and evaluate their feedback to improve your services. Here are a few tips you can do to create the right online surveys effectively:
- Choose a target population: Choose one that matches your goals, and in case the target population is difficult to reach, you can try using software to help you find the proper survey takers that meet your criteria.
- Keep questions simple: don’t over complicate your questions and make your survey easier to complete. Nobody likes long and complex surveys. In fact, according to a study, your abandonment rate for conducting surveys will go down the shorter it is.
- Pay attention to the survey length: time is precious for everyone, but even more for healthcare professionals. You have to ensure your survey isn’t long, considering that you know this. Try to aim for surveys that are anywhere from 5 to 15 minutes.
- Offer survey incentives: These incentives include gift cards, cash rewards, discounts, and coupons.
Medical focus groups
Despite having many benefits behind it, you must gather all participants in a room together. Hence, this isn’t possible during a pandemic, so the advantages of live face-to-face research are inevitable. In addition, all researchers hold essential meetings and debates, but gathering them in one room can be pretty challenging to do.
Moreover, organizations have a panel of thousands of healthcare professionals that can find unique respondents concerning your focus groups. Furthermore, they can help you with the reports and summarize your research, all-in-one.
Fill in service delivery gaps
By nature, healthcare solutions can be pretty complex and challenging and typically rely on a service delivery model. For example, companies supplying medical testing equipment to laboratories will have a bunch of specialists who won’t do anything except provide exceptional training and make sure that the equipment is working and being used properly.
Moreover, market research assists these businesses in assessing any service delivery gaps, or in short, seeking if there is space for making improvements that can give a better outcome and create stronger relationships. So, for example, the company that is supplying medical testing equipment may find new ways of improving their services through market research, or maybe the hospitals that are evaluating patient quality may have issues with data management and capturing it. Thus, they will try to find new ways to strengthen engagement rates for the future.
In-depth interviews are an excellent way of discovering your patients individually and what you can do for them. These types of interviews can be conducted either in person or by phone. In-depth interviews will usually last anywhere from 20 minutes to one hour. But, of course, it isn’t something that can be rushed since you need some time to learn more about your patients.
The time frame is perfect for allowing healthcare researchers to get in-detail information for feedback because healthcare can be a sensitive topic in general. Generally speaking, personal interviews make it easier for everyone to gather information without having any privacy concerns. The number of one-on-one patients you interview will depend on how many patients you have. After all, it’s up to you to see how many patients you have.
Ethnographic research for healthcare
Ethnography is a field of study that uses interviews and observation to study how people interact with technology and use products and services. Moreover, it allows researchers to record a client’s behavior in order to get additional feedback. This can either be performed with software or in person. Additionally, this is a real-time observational method as it’s shown to be more reliable.
You can also add a customer journey map to this technique to see how patients will interact with the healthcare provider’s website and how they’ll locate services through word of mouth or phone referrals.
Use secondary healthcare market research cases
Instead of only using primary healthcare market research, you can consider using secondary sources in the healthcare industry as well:
- Market research reports: an excellent source of information that you can use in the healthcare research section and an ideal place for getting started.
- Industry and consumer report: An excellent start for researching target markets and providing reliable healthcare reports.
- Websites of healthcare providers: usually involved with your competitors and are an excellent standpoint for conducting market research. While researching these sites, you can find presentations specially made by investors, annual reports, and much more.
Why is healthcare market research necessary?
Everything we mentioned in this article is practical if you know how to put them into action. Therefore, healthcare market research needs to be above all for those in the health industry and create a new path for improving care. Hence, this is what the healthcare industry stands for.
Moreover, the best thing that healthcare providers need to succeed in this industry is to have a target market to understand the type of research they will conduct clearly.
Furthermore, proper research is a golden path to building effective relationships with your clients, an excellent reputation, great reviews, and attracting even more patients as you develop. As you start to learn more about your patients, you’ll begin to increase your care quality and build more trust between each other. Thus, this is what makes you stand out from your competitors.
What does healthcare market research help you evaluate?
Not only can you identify the needs and wants of your clients, but doing the proper research helps you evaluate healthcare access. Healthcare access allows you to go through the benefits and barriers to healthcare groups with low incomes or senior citizens, for example. In addition, you can target a rural population or inner cities to achieve the best results possible.
Additionally, healthcare market research helps you improve business operations, making business processes more efficient and further allowing you to find out where you need to make tweaks and make improvements.
Wrapping it up
That’s all in this article. These were our most effective tips on how you use healthcare market research to increase your business’s efficiency and ensure you carry out the proper measures for coming to the aid of your patients. The healthcare industry requires intensive care, and those who find new and effective ways to treat their patients will be winners.
You need to sit down and find out who your patients are. The pandemic changed many things, especially the way we work, and has distanced us because of distance restrictions. Healthcare providers need always to find new ways to serve their patients and what better than conducting interviews and surveys to see what they want from you and how to serve them.
Put these steps into practice and you’ll see that your healthcare business will be heading towards a new start and will understand its target audience easier!