Market research, as an industry, may not exist today if it wasn't for a schoolteacher and lots of farm equipment. Charles Coolidge Parlin, a Wisconsin schoolteacher, had no experience in marketing when he was recruited by Curtis Publishing Company.
Parlin, also known as the father and founder of market research, was a pioneer in the field. Parlin engaged in data-gathering and interviewing subjects. He then compiled the results into sober numbers that he could give insight to company executives.
His groundbreaking work for the company was a catalyst to bring new life and replace intuition with logic in the marketing industry.
Market research for the healthcare sector
Consumers can choose whether they want to purchase luxury goods or necessities, and if so, how much. Healthcare is a service or product that must be purchased. Any patient who requires healthcare services will need to purchase it. However, this does not mean they will purchase everything that healthcare service providers sell. It is crucial to understand the dynamics of the Indian healthcare industry, which is expected to grow threefold to US$133.44 billion by 2022.
According to the Insurance Regulatory and Development Authority (IRDA), the Indian healthcare sector could show the same rapid growth as the software industry over the past decade.
Because of increasing cost, intense competition and a greater number of options, the marketplace has become more complex and competitive. Service providers must be strategic to succeed in this market. A healthcare organization's success depends heavily on its ability to gather competitive intelligence, market information, and plan strategically. Healthcare market research is an integral part today of a strategy to succeed.
The right insights can make a brand's message more credible and valuable to its customers. An in-depth market analysis offers many benefits to organizations, including:
· The sector's players need to be able to identify the key factors driving healthcare decisions.
· By engaging with patients during treatment, organizations can help to understand and analyze their experience.
· Compare the strategic advantages and disadvantages of a provider to their competitors
· Giving experts the chance to share their opinions with the public in a more convenient way
· Provide information to the various players in the field about market trends, so that you can create a realistic budget.
· Learn what primary caregivers look for in the caregiving process
· The cultural, structural and environmental influences on health in the target market
· If there's a market for the product or service that a provider is looking to launch
· Understanding the regulations and health policies in different countries is key to understanding them better.
The impact of key industry issues on individual companies
A research group examined whether market forces are present in healthcare. The results revealed that they have a steady impact on the sector. The market share of hospitals that perform better than others is greater and they experience more growth over time. This is a strong evidence that patients are more than passive recipients of medical care. Patients are willing to travel to better-performing hospitals even in emergency situations to receive better care.
Patients with heart attacks were willing to travel an additional 1.8 miles to be treated at a hospital that had a higher risk-adjusted survival ratio (1%) Patients' survival rates are also improved by reallocating patients to hospitals with higher performance.
This improvement in survival rates cannot be explained by just treatment and in-hospital technology.
In the 21st Century, quality, results, and significance are the key words for health care. In a highly regulated field like healthcare, the public has different needs, expectations, perceptions, and decisions. Research has shown that urban customers prefer to purchase products and services from companies that have accurate market research results.
This is because they can access current and accurate information. We are all part in a customer-driven marketplace today, which means that brands require more information than ever to navigate the complex and changing world of choices.
It is crucial to provide the type of information that will allow for a more comprehensive understanding of the industry or business situation.
A healthcare research project may require the opinions of healthcare professionals. However, the organization must be skilled in collecting the right samples. The ability to determine if the selected healthcare professional will give substance to the research is more important than the sample.
Research has undergone a paradigm shift. It is not the same process it was in the past. Technology has advanced rapidly in research.
Tech-integration has reduced redundant methods and improved speed and accuracy. It may be difficult for research organizations that are not familiar with such advances to scale up and assist businesses.