Why Voice of Customer in Healthcare Market Research is Vital
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Written by: The Marketech Group
Voice of customer (VoC) in healthcare is a research method that provides invaluable feedback during product development. VoC allows you to collect valuable data on the customer's needs and expectations, and how you can improve the product. The MarkeTech Group provides some of the most comprehensive VoC data collection, analysis, and research available. Here's how we do it.
Voice of Customer in Healthcare Market Research
Voice of Customer research can be utilized right from the beginning of the development phase in new medical product development. The research answers important questions such as whether the product meets customer needs, whether it fits appropriately within the clinical environment, and whether the product will be salable. The R&D phases in new medical product development can be costly and time-consuming. VoC research can reduce the development window considerably, which saves money on the front end of development.
Understanding the Voice of Customer (VoC) Methodology
The Voice of Customer (VoC) methodology is a structured approach to capturing customer insights that are critical in shaping medical products and services. In healthcare, where the stakes are extraordinarily high, understanding the precise needs and expectations of end users—clinicians, patients, and administrators—can be the difference between the success and failure of a new product.
The methodologies used by The MarkeTech Group today utilize both qualitative and quantitative research to give our customers the most valuable insights possible. We provide our customers with in-depth interviews (IDIs), customer segmentation mapping, survey panels, and tailored research methodologies for the industries we serve. These varied research methods can provide you with the most depth possible while going through the R&D process.
Importance of VoC in Healthcare Industry
VoC methodologies can ultimately improve healthcare services, enhance patient satisfaction, and benefit medical devices and products if done correctly. Both patients and caregivers have proven to be willing to share their experiences with healthcare products, which presents tremendous opportunities for developers. Using the latest technologies to gather these valuable stakeholder insights, The MarkeTech Group can provide its clients with some of the most advanced and in-depth research and insights possible.
Implementing Qualitative Research for Capturing VOC
Qualitative research from The MarkeTech Group can involve in-depth interviews (IDIs), controlled groups for convergence and consensus, and observational field studies for out-of-the-box thinking. Our qualitative research interviewers are experts in marketing methods, moderation techniques, and "domain" or clinical knowledge. This allows you to extract the innermost motivations of the customers and experts being interviewed in an unbiased manner. Qualitative research allows you to collect rich data regarding the customer experience with new product development.
Leveraging Quantitative Data to Augment
VoC Insights
Our quantitative methodologies at The MarkeTech Group provide you with pricing research and a best-of-breed approach to pricing analysis. You will be able to make more accurate profit projections thanks to economic value analysis, price elasticity analysis, and demand/market model analysis. This aids our customers in identifying untapped niches and refining their product positioning. Through customer segmentation mapping and perceptual mapping, our quantitative methodologies will help you identify customer perception and behavior before you have even developed a prototype.
Testing Products with Voice of Customer Feedback
Once you have a working prototype, The MarkeTech Group can offer you the opportunity to get answers to questions immediately from industry stakeholders and healthcare professionals. ChatPRO™ from The MarkeTech Group provides the following elements to our clients to receive VoC feedback:
- 5 to 20 participants
- Real-time chat conversations
- Chat live within five days of project approval
- Professional moderation
- Transcript available within 24 hours
This allows you to obtain direct, objective, and unfiltered customer feedback from screened participants. You can also identify customers' pain points, potential barriers, and uncovered sales roadblocks.
Conducting live phone or face-to-face interviews with healthcare professionals can be extremely challenging. ChatPRO™ from The MarkeTech Group is the solution.
Market Segmentation and Voice of Customer Analysis
Using both the qualitative and quantitative marketing research gathered, The MarkeTech group can then provide market segmentation analysis on your new product development in healthcare. We utilize Cluster analysis, CART/CHAID, and other analytical techniques to segment your potential customers for you. This is part of the quantitative research process and typically follows the qualitative interviews. Market segmentation allows a developer to focus on the customers who are most likely to purchase their product or service. Once this process is complete, you can craft marketing messages that specifically target customers who are most likely to need the product.
You might be wondering, "But what about my potential competitors?" That's where perceptual mapping -- the opposite side of the market segmentation coin -- comes into play. Perceptual mapping unveils the differences between your new product and any competing brands. It allows you to place more emphasis on changing customers' perceptions about your product. Perceptual maps provide a single chart that busy decision-makers can use to take action during the product development process.
Enhance Your Strategy with Marketech Group's VoC Insights
The MarkeTech Group's Voice of Customer in healthcare insights helps developers achieve successful product launches, thanks to our approach that uses both quantitative and qualitative methodologies. We offer tailored research solutions and product testing to the medical industries we serve, which include:
- Medical imaging
- In-vitro diagnostics
- Pharmaceutical and life sciences
- Medical informatics and AI
- Medical devices and diagnostics
As just one example of the type of comprehensive VoC research we can provide, we offer our clients access to ImagePRO™, a longitudinal panel of more than 600 U.S. hospital-based imaging directors and managers. ImagePRO™ offers valuable insights from more than 25 percent of the nation's hospital purchasing power in one location. It allows our clients to accurately predict the success of new products, choose the correct pricing point for the product, and understand brand positioning next to competitors. The MarkeTech Group's level of expertise in the quantitative and qualitative Voice of Customer in healthcare research is unparalleled.
Submit an RFP to The MarkeTech Group today to start the research process on your new healthcare product development!
Contact Us
USA
The MarkeTech Group, LLC
502 Mace Blvd, Suite 15
Davis, CA 95618
Tel: (+1) 530-792-8400
Fax: (+1) 530-792-8447
France
The MarkeTech Group, SARL
3, Rue Emile Péhant
44 000 Nantes - FRANCE
Tel: +33 (0)2 72 01 00 80
Fax: +33 (0)2 40 48 29 40
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