CHAPEL HILL, N.C., April 24, 2015 /PRNewswire/ -- New technologies and online platforms have dramatically increased the ability of consumers to educate themselves about products and companies. Likewise, these same technologies have expanded the tools and techniques available to market researchers seeking insights into consumer behavior.
Given the changing consumer marketplace, it's imperative that organizations adjust their consumer marketing playbook and research approaches to better identify market opportunities, niches and growth fronts.
To address this sprawling issue, Best Practices, LLC conducted a research project to probe innovative approaches for consumer marketing research and marketing communications across different industry sectors. The study delivers evidence-based benchmarks on what consumer marketing communication and research approaches are proving most impactful for understanding and engaging consumers.
The study, Innovation in the Pharma Industry: Market Research Tools, Technologies, and Approaches to Improve Consumer Interactions, presents data on two segments: pharmaceutical companies and the Total Benchmark Class.
One of the many findings from the study: Online qualitative research is an emerging tool that removes the geographical and scheduling barriers associated with focus groups. The tool's rapid technological advances have made it much easier to quickly capture consumer insights. Despite online qual's rising stock, Market Research leaders still believe F2F has a place in qualitative research.
"Concept testing is an unbelievably natural place for online qual. I can show a product concept, a package design for a cough drop medication, and participants are going to click on the part that interests them, click on part they like, or don't like. And then they can provide really rich commentary about it through a pop-up box…so I can understand the 'why' behind the click," said a Chief Innovation Officer who participated in the study.
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
- Secondary Research on Future Trends in Market Research
Best Practices, LLC engaged 59 Market Research leaders at 58 companies - including 18 pharma 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/rr1348.htm.
For related research, visit our Best Practices, LLC Web site at 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.
SOURCE Best Practices, LLC