AllOut Seminar: Ready, Set, Research!
AllOut Marketing Guru, Cheryl Schwanke, recently presented the very informative seminar, "Ready, Set, Research!" for Medical Alley. Her presentation demystified market research in the healthcare sector and provided helpful "how-to's" for successful research projects for all markets. The following questions came out of that session. This month's Marketing Tip stems from questions asked at the presentation.
- Start with Secondary Sources – Go to a Business Library (in the Minneapolis-St. Paul area, the James Hill library is a great resource) and begin searching published sources with a list of "key words". Start with broad phrases describing the market you are researching, using terms like "medical" and "biomedical" for the healthcare sector. Then, begin limiting your search by geographical area. Use more narrow terms to refine your search as you find desired information.
- Search the appropriate software/guides – Ask a reference librarian what software to use for your search. Also search printed guides, like Predicast, Standard & Poor's, SIC listings, Thomas Register, Statistical Abstract of the U.S. and Guide to American Directories.
- Surf the Internet – Start with general search engines like Yahoo and Google and then move on to more specific ones like Medline and National Institute of Health (NIH) publications listings.
- Buy a Report – Contact resources that sell reports on market segments, like Frost & Sullivan, IMS Health (formerly IMS Global), HIS Health Group (formerly Medical Data International, Inc.), Theta Reports, The Freedonia Group, Inc., FIND/SVP and Financial Times. You can usually read an abstract before purchasing the report.
- Create your own Primary Research – Primary research is first-hand qualitative and quantitative research. Use surveys, telemarketing, focus groups, opinion leaders, customer interviews or consumer interviews to gather the data you want. Develop your own survey for targeted companies that are your healthcare prospects and call them for their input. This call serves two purposes - as a sales call and as a way to gather important marketing information.
How can I research our market opportunity in a particular geographical area?
Many tools are readily available for researching market opportunity. Here are some simple steps for a successful search:
Follow these tips to get started on your search for marketing numbers. The more information gathered, the more effective your next marketing campaign will be! For more information on developing a marketing research project, contact us.
— Posted 08/29/2002