Introduction to Medical B2B market research

In 2021, Bain and Company reported that healthcare in private equity saw a record number of deals in 2021, with a total disclosed value of $151 billion. The report also claimed that healthcare returns remained strong throughout the year, with valuations reaching record highs.  As the sector continues to show promising returns in 2023, healthcare providers are looking for new ways to improve patient care and enhance their experience. These five trends will have a large impact on how medical B2B marketing companies engage with their customers.

Medical B2B market research is growing. Pharmaceutical and medical industries have more at stake than nearly any other industry, so it makes sense that they would be looking to improve their processes and make better-informed decisions. But what does this mean for you? If you're involved in providing market research services or working with a market research provider, it means understanding how your clients are using data and what kinds of information they need to help them make decisions. Here are five trends that will affect your work:

1. Medical B2B market research is expanding beyond quant research

In the past, market research was strictly quantitative. Most survey tools were designed to gather quantitative data and insights. For instance,  how many people use your product, or how much they spend on it. However, just as digital technology is disrupting business models across industries, so too is it disrupting market research methods. Today’s leading companies in the medical device industry are using qualitative research techniques alongside traditional surveys to gain a deeper understanding of their customer's needs and desires. Qualitative research can help you understand what your clients are thinking and feeling. It helps you understand the why behind their behaviours and gives you an edge over competitors who haven’t yet moved beyond pure quant-focused research methods.

Qualitative research is a broad category of methods used to gather information about people’s attitudes and behaviours. It often involves one-on-one interviews or focus groups, but can also include other types of data collection. Some examples include diary studies (where participants keep track of their daily activities), online surveys, in-depth interviews with experts, and much more.

2. Customers expect more from their Medical B2B market research provider

The second trend in Medical B2B market research is that customers expect more from their market research provider. Customers want more than just data; they want to understand their customers better, know what to do with the data and how to improve their products or services based on this understanding. They also want to know how to improve their marketing strategies by using information gained from B2B market research.

3. Medical companies are turning to multiple providers for market research

In addition to a large number of B2B providers, medical companies are turning to multiple providers for market research. Why? The cost and time associated with research are high, so it's important for medical companies to work with a variety of vendors in order to get the most comprehensive data possible. This approach also allows firms to minimise their risk (for instance, if one vendor's results fall short, they can utilise another vendor). 

How do you stay competitive in this market? Providing your clients with access to multiple sources will set you apart from other providers. In addition, it will give them the peace of mind they need when choosing an outsourced provider of market research.

4. Medical companies are using a wide variety of methodologies

Medical companies are using a wide variety of methodologies to understand their customers. So, how do you decide which approach is right for your business? Here's what you need to know:

• Use qualitative and quantitative research. It's important to use both qualitative (in-depth interviews and focus groups) and quantitative (surveys) research to capture the full spectrum of customer experiences with your products or services.
• Try ethnography or content marketing. Ethnography is an observation-based methodology that allows you to observe people in their natural environments; this allows you to get deeper insights about those people than any other method can provide, including why they buy from you rather than your competitors. Content marketing uses existing assets such as blogs, videos, ebooks, white papers, etc., as well as new assets like social media which lets you gain insights into your consumers so that you can respond appropriately via targeted messages or product updates. For B2B brands, LinkedIn says that 80% of leads generate from the platform. 

5. Healthcare B2B buying decisions are complex

Healthcare buyers are more informed than ever before and have increased expectations for the research they need to make decisions. Moreover, they are looking for more than just data; they want the information, insights, and context that will help them make those decisions.

They also want a partner who can help them make those decisions by providing not only the information but also insight into how it fits into their business. Healthcare buyers want to know about the people behind the data—their experience with the industry and knowledge about it.  And finally, buyers are interested in knowing about other companies in the landscape—what they believe in and why they do what they do.

This is important because it shows that you are not just a data company but rather an organisation with a mission, values, and people who believe in what they do. In other words, your customers want you to be more than just another vendor—they want an ally who will help them make better decisions.

How is the field of Medical B2B market research evolving? 

Medical B2B market research is growing, and customers expect more from their market research providers. However, as the number of available data increases, new challenges arise for medical companies that want to stay connected with their clients and pay attention to what they care about. For instance, a report compiled by Hubspot suggests that video is the number one content marketing tool for B2B brands in 2022. 

• Customers are using a wide variety of methodologies; therefore it's important to focus on strategic marketing solutions rather than just focusing on the quantity aspect. 
• Respondents use a mix of online surveys, webinars and one-on-one meetings. This indicates that it’s important for medical professionals to be aware of each methodology’s benefits and pitfalls so they can decide which type will work best for their organisation.
• B2B medical companies are turning to multiple providers for market research. Hence, it's important for providers to identify and showcase their USP. 
• Medical B2B market research is unique and has its own set of challenges. Healthcare and pharmaceutical companies must not only increase brand awareness but convince B2B customers of the value of using their products. Therefore, medical b2b market strategies often require expert insights. For instance, how do you convince doctors or experienced healthcare professionals to use a new tool? Medical B2B market research forms the stepping-stone for this purpose.

Conclusion

Healthcare is a very complex industry, with many stakeholders and decision-makers involved. No one understands your customers better than you do. But to stay on top of the competition and keep your clients happy, it’s important to stay connected with their needs and concerns. Market research provides valuable insight into consumer attitudes about different products and services. These insights can then be used to make better decisions about what will sell well in the future.

As your company tries to juggle industry events, content marketing, and lead generation, it can be difficult to devote time to medical b2b market research. It can be difficult to know when to turn to a partner to conduct market research. Since the industry is constantly evolving, turning to a data collection panel to leverage their strengths and specialised knowledge is an excellent opportunity. We hope this article has given you some new ideas for improving your own market research efforts. If you have any questions, please feel free to reach out to sales@grape-data.com. We'd be happy to help.