Researching the market for your product or service involves gathering information on consumers’ needs and wants. This includes understanding how much people value your product or service, whether they’re willing to pay for it, and where they prefer to buy it. There is a broad range of market research tools available today, however, the challenging part is deciphering between which tools are imperative to your business to achieve continued success.
Several companies require tools that address coverage, reimbursement, pricing, data needs, and competitive positioning. On the other hand, other companies require perspectives on the factors that drive market size along with a clear definition of the product and its adoption. To ease the tough decisions surrounding which market research tool is best suited to your business, we have provided insights into 3 market research tools specifically designed for medical device companies.
A survey is a type of market research tool that asks questions directly to respondents. You can use surveys to gather data on consumer preferences, attitudes, behaviors, and opinions. However, there are some limitations with surveys. They tend to be expensive, time consuming, and difficult to implement. iData has overcome this limitation by providing extensive medical market surveys at a competitive price point. These medical market surveys provide invaluable customer insights to help develop your organization’s strategy for continued success. Any request for statistically significant data on specific products or services can be handled by iDatas’ survey team, whether it is to gauge user purchasing habits, or to measure marketing penetration.
Before conducting the physician and end-user surveys, questions are carefully designed and tested to ensure they:
- Are understandable and avoid unnecessary jargon
- Yield the required information based on the clients specifications
- Encourage the full engagement and cooperation of respondents
- Elicit specific and relevant information
- Protect against known industry biases
Following the completion of the initial survey phase, the collected information is synthesized into a detailed and comprehensive analysis, providing key insights with means to track relevant and important trends.
Procedure Tracker Market Research Tool
Procedure tracker is a type of market research tool that identifies potential high-value clients and sales opportunities. It determines where, how often and by whom the activity or procedures are performed. Specifically, procedure tracker enables you to,
- Target and prioritize regions and accounts based on procedure volumes
- Gain tactical edge by understanding facility-level procedures and diagnosis volumes
- Generate leads ranked by medical procedure volumes
- Project sales and quotas based on market potential by hospital/ASC
- Measure your company’s performance by hospital/ASC through procedure analytics
Procedure Tracker is a volume-tracking tool that measures surgical and diagnostic procedures in hospitals, ambulatory surgical centres (ASCs), office-based labs (OBLs) and private clinics through more than 70,000 ICD, CTP, and DRG codes, and more than 100 million procedures. The true picture of the market landscape is built and made accessible through customized dashboards for easy interaction. We invite you to schedule a demo with iData Research to see Procedure Tracker in action, whether you intend to launch your products globally and want to explore opportunities through performed procedures.
MedSKU Market Research Tool
MedSKU is another type of market research tool that delivers brand and SKU-level consulting services to revolutionize your medical device pricing and market strategy by analyzing competitor sales data on a quarterly or annual basis. iDatas’ Brand and SKU-level consulting service is tailored to your exact needs, so you do not have to sift through unnecessary or misleading datasets or pay for information you do not need. Companies utilize the MedSKU market research tool to,
- Identify high-performing product groups to aid in product development
- Employ MedSKU data in demand forecasting models for existing products and in inventory planning for products under development
- Create competitive analysis briefings for your sales team in preparation for upcoming product launches
- Generate monthly and quarterly reports to update your sales team on the shifting competitive landscape
- Implement monthly and quarterly reports to measure the success of marketing campaigns and recent product launches
- Use pricing data to negotiate more profitable distribution and licensing agreements
After accumulating purchase order data and sales information from over 1700 reporting hospitals and ambulatory surgical centres (ASCs) and combining it with rigorous primary research, MedSKU provides a cross-verified report that is highly accurate and reliable.
Which Market Research Tool is Best Suited for you?
Researching the market for your product or service involves gathering information on consumers’ needs and wants. Understanding your product or service’s value, how much people are willing to pay, and where they prefer to buy it is crucial to your success. With insights into 3 of the top market research tools specifically for the medical device industry, you should now be able to decide on the most effective path forward. To learn more about any or all of the tools above, reach out to one of our team members to receive a personalized tour of our dashboards.