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Friday, 21 September 2018 09:40

Market Research: Supporting new product development choices

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Good quality market intelligence helps to reduce the risks associated with developing new or improved products by helping businesses to understand their potential customers, the competitive environment and market dynamics such as typical routes to market.

At Accelerate, we believe firmly in generating actionable market intelligence to support business decision making. We regularly conduct projects utilising a mixture of primary (field) and secondary (desk) research as this provides a rich view of a market scenario.

Both types of market research have their relative merits and drawbacks.

Primary research generates new data directly from sources such as key opinion leaders and experts. As specialists in early stage medical device market assessments, we routinely conduct a variety of clinician and senior healthcare management depth interviews. The benefit of primary research is that it is ideal for gathering qualitative information such as opinions and thoughts about new products and buying processes.

Secondary research identifies data that has already been created. Whether a source such as an industry report or published government data; secondary research provides quantitative data. A downside to using secondary research is that the information that exists may not fully meet your information needs, or not be in a format that is useful. However, it may reveal spending trends, potential market size etc. 

Without a doubt, using primary research to fill information voids is the most efficient use of research time and ultimately frames the context of secondary data.

When completing projects to assess product development options where clients simply want to know whether to pursue development of product A, B, C or D, we will conduct secondary research first to identify potential user numbers, existing technologies, competitors, relevant patient numbers etc. When collated, this information may indicate attractive market segments and product options which are later revised in lieu of primary feedback that investigates the nuances of market “needs” and to what extent they are being met.

Read on to learn more about Accelerate Associates and our bespoke market research services.

Last modified on Friday, 21 September 2018 09:57

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MRS
Chartered Marketeer
MediLink
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Founded in 2007, Accelerate Associates is a specialist business-to-business marketing agency providing marketing and market research for science and medical technologies... More...

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