Market Research - an overview

In healthcare and pharmaceuticals, market research plays an essential role in guiding product development, marketing strategies, and patient engagement initiatives. This sector is heavily regulated, and the stakes are high due to the potential impact on patient health and well-being. Market research in this context ensures that pharmaceutical companies, healthcare providers, and other stakeholders make informed decisions that can lead to better patient outcomes as well as the successful launch of new treatments and therapies.

1. Product Development: Before a new drug or medical device is launched, market research helps identify unmet medical needs, determine patient needs and preferences, and assess the competitive landscape. Market researchers may survey doctors, patients, and other healthcare professionals to gather insights on their treatment preferences, pain points with existing therapies and treatments, and openness to new therapies. This information is used to help pharmaceutical companies shape future strategy and development pipelines. Early stage research is critical in assessing the potential for new treatments, and KOL’s in therapy areas are critical in helping the research teams build an understanding of where the potential for new treatments lie up to ten years before these treatments come to market.
2. Regulatory and Reimbursement Strategy: Market research can also support regulatory approval processes by demonstrating the need for a new treatment, thereby increasing the chances of a successful submission to regulatory bodies like the FDA (Food and Drug Administration) or EMA (European Medicines Agency). Additionally, healthcare market research provides data that payers use to decide which products they will reimburse.
3. Patient Engagement: In recent years, the importance of patient-centricity in healthcare has grown. Market research informs companies about patient behaviors, preferences, and motivations, helping to tailor patient engagement strategies and putting the patient at the heart of strategic decision making. Whether it's designing better patient communication tools, identifying barriers to treatment adherence, or improving the patient journey, market research provides valuable insights into the lives and journeys of patients.
4. Market Segmentation: In pharmaceuticals, market segmentation is used to identify different groups of patients based on factors like demographics, disease severity, and treatment response. This allows pharmaceutical companies to target specific segments with tailored marketing messages and treatment solutions. Segmentation also plays a role in understanding the different mindset and behaviours of prescribing clinicians providing pharmaceutical companies with invaluable data on how to develop their go to market and sales strategies
5. Competitive Intelligence: Pharmaceutical companies must stay ahead of competitors, especially as patents expire and generics flood the market. Competitive intelligence, gathered through market research, helps companies understand competitor strategies, pipeline products, and market positioning.

Read more about how Bryter supports the healthcare and pharmaceutical industry with key insights to drive the next generation of treatment

The consumer technology industry is one of the most fast moving and rapidly evolving sectors, driven by advancements in hardware, software, and user experiences. Market research in this field helps tech companies stay competitive and innovate by keeping a finger on the pulse of consumer needs, technological trends, and market opportunities.

1. Product Development and Innovation: Consumer technology companies rely heavily on market research to develop and refine their products. Whether launching a new smartphone, wearable device, or smart home product, companies need insights into consumer preferences and pain points. Market research helps tech firms understand which features resonate with users and what improvements are needed.

Get access to key reports and insights on smart technology, the connected home and the wearables market at the Bryter blog

2. User Experience (UX) Research: UX research is a subcategory of market research focused on how users interact with a product or service. Tech companies conduct usability tests, surveys, and interviews to gather feedback on product interfaces, applications, functionality, and overall user satisfaction. The insights gathered help improve product design and enhance the user experience.

3. Consumer Segmentation and Personalization: Market research in consumer technology often includes segmentation studies that divide the market into distinct groups based on behaviors, needs, and attitudes. These segments can then be targeted with personalized marketing messages and product offerings.

4. Trend Tracking and Adoption Rates: Technology evolves quickly, and consumer adoption rates vary significantly between early adopters and the general population. Market research helps companies track the adoption of new technologies like 5G, AI-powered devices, and augmented reality. Understanding how different segments of the population adopt new tech enables companies to optimize product launches and marketing strategies.

5. Brand Perception and Competitive Analysis: Consumer technology brands need to keep a close watch on their competitors and understand how they are perceived in the marketplace. Market research provides data on brand awareness, consumer loyalty, and brand positioning, helping companies adjust their strategies accordingly.

 

Read more about how Bryter supports the consumer technology industry with insights for a rapidly evolving world

The video gaming industry has seen exponential growth, fuelled by the rise of mobile gaming, esports, and immersive experiences like virtual reality (VR) and augmented reality (AR). Market research plays a crucial role in helping gaming companies understand player behaviors, preferences, and trends.

1. Game Development: Market research is used extensively in the pre-launch phase to determine what types of games players want, how they engage with content, and what gameplay mechanics and features are most appealing. Researchers might survey gamers to assess preferences for multiplayer versus single-player games, or how players interact with microtransactions. Game concepts are tested to gauge initial interest and to support the greenlighting process, with additional research carried out at key stages of a game’s development to help guide the dev teams and provide direction on how to optimise different aspects of a game’s design.
2. Player Segmentation: The gaming community is incredibly diverse, ranging from casual mobile gamers to hardcore PC and console players. Market research helps gaming companies segment players based on various criteria like platform preferences, game genres, player motivations, and in-game spending habits. This segmentation enables game developers to create more targeted marketing campaigns and improve in-game experiences. Read more about this on the Bryter blog post The Importance of Understanding Your Target Gaming Audience in the Gaming Market
3. UX Research: Similar to consumer technology, UX research in gaming focuses on improving user interfaces and gameplay experiences. Playtesting is a common research method where players are observed while interacting with a game, and their feedback is used to improve design and functionality. Read more about playtesting on the Bryter blog post Playtest everything
4. Monetization Strategies: Many games today follow a free-to-play model, relying on in-game purchases for revenue. Market research helps companies understand which monetization strategies work best, such as microtransactions, subscription models, or ads. By analyzing player behavior, companies can optimize pricing, offer in-game items that players are willing to purchase, and create a balanced in-game economy.
5. Esports and Streaming: The rise of esports and game streaming platforms like Twitch has created a new arena for market research. Gaming companies use research to track viewer engagement, identify emerging trends, and understand the demographics of esports audiences. This data is critical for sponsorship deals, marketing strategies, and game development. Get access to key insights related to esports and streaming in our downloadable report from Bryter’s annual female gamers survey, looking at esports and streaming

 

Read more about how Bryter supports the gaming industry with Insights for the next generation of games and gamers

Market research methodologies are broadly divided into two categories: qualitative and quantitative. Each serves a different purpose and provides unique insights, often complementing each other in research studies.

Quantitative Research

Quantitative research focuses on collecting numerical data that can be analyzed using statistical techniques. It is often used to quantify behaviors, attitudes, and preferences and is ideal for identifying patterns, testing hypotheses, and making predictions. Key quantitative methodologies include:

1. Online Surveys: One of the most common tools in quantitative research, online surveys collect data from respondents via structured questionnaires. They are ideal for gathering large amounts of data quickly and cost-effectively. Questions can range from demographic information to opinions about specific products or services.
2. Advanced Analytics: In addition to basic surveys, market research employs advanced analytics to extract deeper insights from data. Some of the most popular techniques include:
   • Segmentation: Segmentation divides the market into distinct groups based on shared characteristics, such as demographics, behaviors, or attitudes. This allows businesses to target their products and marketing efforts to specific groups.
   • Conjoint Analysis: Conjoint analysis is used to determine the value that consumers place on different product features. It helps companies optimize product offerings by understanding which features are most important to their target audience.
   • MaxDiff (Maximum Difference Scaling): MaxDiff is a method used to rank preferences among multiple options. Respondents are asked to choose the most and least preferred items from a list, allowing researchers to identify the relative importance of different attributes or features.

Learn more about to do more with data in the Bryter Labs section of our website where we explain how advanced analytics can help you get more from your data

 

Qualitative Research

Qualitative research is used to explore in-depth insights into customer attitudes, behaviors, and motivations. Unlike quantitative research, it focuses on understanding the "why" behind consumer behavior. Key qualitative methodologies include:

1. Focus Groups: Focus groups involve a small group of participants discussing a product, service, or concept under the guidance of a moderator. These sessions either held in person or online provide rich, qualitative insights into consumer attitudes, perceptions, and emotions. Focus groups are particularly useful for exploring new product concepts, messaging, and customer reactions.
2. Semiotics: Semiotics is the study of signs, symbols, and their meanings within a cultural context. In market research, semiotic analysis helps companies understand how consumers interpret brand messages, logos, and packaging. By analyzing cultural codes and symbols, semiotics can uncover deep insights into how brands are perceived in different markets. You can read more about how the application of semiotics in market research in our semiotics article
3. Ethnography: Ethnography involves observing consumers in their natural environments to understand their behaviors and interactions with products. This methodology provides a holistic view of the customer experience, capturing real-life insights that may not be revealed in traditional research settings. Ethnographic studies are often used in consumer product research to gain a deeper understanding of how products are used in everyday life or to give a window in the lives of consumers or patients. You can read a case study on the application of digital ethnography in a study of the lives of pet owners in megacities here

Market research is a critical tool for businesses across industries, providing actionable insights that drive strategic decisions. Whether it's guiding product development in healthcare, shaping user experiences in consumer technology, optimizing gameplay in video gaming, or refining sales strategies in B2B markets, market research enables companies to stay competitive and responsive to consumer needs. The combination of qualitative and quantitative methodologies offers a comprehensive approach to understanding markets, ensuring that businesses can make informed, data-driven decisions.

Get in touch with the Bryter team to find out how market research can help you develop compelling products, services and propositions through a deeper understanding of your audiences and their motivations