Tips for Fast and Cheap Market Research
We all know how valuable voice of customer (VOC) research can be to the marketing professional. Customer input is essential for all aspects of marketing, including product development, communications and strategic planning. The challenge is that we often don't have the budget to execute a full-scale research project. This blog answers the question "What tips can you give me to get voice of customer input quickly and with minimal expense?" Undertaking a "do it yourself" market research program might seem daunting at first, but here are five ways medical device, diagnostic and healthcare marketers can gather market research data without spending a fortune.
1. Field Travel
Getting out of the office and spending time with your end user and customer is one of the most direct ways to gather intelligence. Field travel offers the opportunity to:
- directly observe your products in use,
- see the work environment and processes your customers follow,
- interview all the different buyer personae your sales team work with, and;
- possibly see competitive products in use.
How do you prepare your sales team and motivate them to get you in to see the right customers? Really great sales reps will know the value of having someone from the "head office" visit their accounts. If your team needs a little persuasion, focus them on the value the visits will bring their customers. Explain that the visit represents the company's commitmet to meeting customer needs and to contining to offer the right products and services. In order to accomplish this, the person responsible for the product (you) wants to visit to gather insights.
For good customers, the rep can frame the visit as a compliment to the account that they are recognized by marketing as a knowledgeable user and their input is highly valued. For the unhappy customer, rationale for the visit is that the company recognizes and cares what their customers think. No matter what kind of customer, the keys to success are being prepared to make the most of the time you get. Before the trip make a list of the things you want to observe at each site. Create a form or log you can quickly fill out as you get information. Memorize the key questions you are going to ask, listen carefully and take notes. If you are looking for testimonials or quotes, come prepared with a form that you can fill out on the spot and have them sign if you want permission to use the quote.
2. Conferences and Events
Tips For Successful "Free" Market Research
|
A customer walks into your booth - don't waste the opportunity! Get the most from your investment by being prepared with questions to ask visitors. Customer satisfaction and specific questions about how and when your products are used are appropriate topics to explore in this setting. Again, the key is preparation. Have a set of questions prepared, but be flexible and conversational in your interview style. Most of all, make sure you've got a way to capture the answers! These same techniques work for any semi-social setting, such as customer dinners, receptions or hallway conversations.
More formal market research can also be conducted as part of a conference or trade show. It sometimes pays to check with market research firms that specialize in medical market research, because they may have a planned presence at the events you are attending. If that's the case, you may be able to get a better deal on the cost of recruiting for interviews or floor survey execution, because they are already planning on attending. Don't be afraid to negotiate and work with them to come up with a project that fits your needs and budget.
3. Online Surveys
There are many inexpensive on-line survey tools like Survey Monkey that you can use for market research. The most common ways to recruit participation into this type of survey are with a pop-up from your website or by email. However, you should also consider inviting particpation in a more personal way. For example, sales reps could invite their customers to participate. Some of these tools offer the option to make a charitable donation in return for participation, which can be useful, especially in situations where providing any compensation is difficult due to regulations or company policies.
The key to a good on-line survey is the questions. Open-ended questions asking the participant to type an answer are generally not very effective, because respondents get frustrated if a survey seems long or onerous to complete. Short clear questions with well-differentiated, multiple-choice options, or ranking answers generally work best. This type of survey is best suited for situations where you've got a clear idea of what the potential answers will be, but you want to quantify the response with a larger sample.
4. Sales Surveys
If you can't get out in the field as often as you'd like, you can still get direct customer feedback through your sales team. Arm them with a short survey, no more than 5 questions that they can ask on each sales call. Design the survey in a digital format that they can easily complete and submit by email from their smartphone or tablet. This is a great tool for taking the pulse of your customers on an issue or hot topic in the media, and it helps your sales team have a conversation about industry trends with their accounts.
5. Pick up the Phone
If you've traveled with your sales team, worked your booth at a conference or trade event or attended customer presentations or dinner events, you've met customers. Nurture these relationships because they can be valuable sources of information. Most people are flattered when someone seeks their opinion. Make a habit of asking people if they'd be willing to let you contact them again in the future, and then reach out periodically out to those who are willing. Ask them how they would prefer to be contacted (email or phone) and whenever possible, schedule your calls with them so that you're respectful of their time. Contact them with specific questions about your products, industry trends, or message testing. These relationships can also help you identify candidates for advisory panels, beta testing customers, or researchers. Look for people who are straightforward and as unbiased as possible. When you find someone who will tell you the good and the bad news, you've got yourself a gem!
When to Spend
Sometimes investing in professional market research help makes sense. Specialized market research consultants can help with both the methodologies and logistics to get the information you need:
- to make product design and strategy decisions,
- for new product development (concept testing, prototype testing, and usability studies),
- for positioning and messaging testing, and;
- for detailed feature-benefit and pricing analysis.
The most important piece of advice is to keep adding to your market and customer knowledge. In the medical and healthcare field things are always changing. Understanding new regulations, therapies, technologies, and economic conditions, and how they will impact your customers, makes having ongoing marketing research programs an essential part of your marketing efforts.
If you're interested in keeping up with healthcare marketing trends like this one, subscribe to our blog.
Jacqueline Murray is a Marketing Strategist for DardenLentz, a B2B Marketing and Branding Agency focused on healthcare and technology. Jacqueline heads the firm's Ohio office, established to support the region's bioscience industry. She has held senior positions with global marketing responsibilities for both diagnostic and medical device companies.