Professional market research in healthcare is indispensable for a healthcare organization which wants to provide excellent experience to patients and retain a competitive position in the sector.
Market research helps in establishing the right product fit, actual needs and pain points of customers, unmet needs and opportunities, and identifying profitable as well as sustainable business propositions.
How often do patients avail specific services? How much they are willing to pay for specific set of services? Market research intends to have objective collection and analysis of information from real patients so that decisions can be taken to achieve business objectives.
Many times, market research is seen as expensive and unnecessary. However, the insights and information from market research can not only avoid cost but also increase returns in the longer run. The information gathered from market research helps in strategic business decisions at each stage and finally helps in establishing a differentiated positioning with respect to competition.
Market research is an on-going activity and should be conducted at regular intervals, as per business requirements. Staying up to date in understanding trends and consumer behavior helps organizations to achieve and maintain a competitive differentiation.