The Importance of Market Research in the Healthcare Industry
One way to understand a particular consumer market is by studying and evaluating the current marketing techniques of a similar business or organization. Marketing research in healthcare primarily comes from two sources; the primary source is collected feedback from patients and of the secondary source is gained from research and data gathered already existing in the marketplace. Like many industries healthcare is a rapidly involved marketplace sue them marketing research is a continued process.
Like any other industry marketing research will help in the strategic planning toward quality healthcare and will provide metrics by which to drive planning direction. “Various issues like cost analysis, infrastructure, healthcare equipment, health insurance market and hospital services are covered in market research activities. ” (“Demand for Market Research in Healthcare”, 2012). Without marketing research the health care industry would have trouble determining what new project proposals to move forward with and what is becoming outdated.
The marketing research is an important strategizing tool to assist with the rising cost of healthcare by focusing their efforts financially by making decisions based on the best market.
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Scorecards are given out to patient once they have left the Virginia Mason healthcare facility. The scorecards are a survey of generalized questions asking the patient to rate their experiences at a recent appointment. This primary source of data that is collected is used to determine the patients’ satisfaction with the level of service the patient receive. This piece of iagnostic functional marketing research is valuable data to the specific healthcare facility the patient last visited because it is specific to his or her experience and location where he or she was a patient at. The data collected can be used to analyze what products or services need reevaluating and possible improvements. The descriptive function of marketing research would be to look at past trends of procedures that are performed within the hospital. This is how the hospital will determine what procedures they do best and what procedures they would like to increase.
Managing marketing research will take the information gathered from the descriptive functions and diagnostic functions and use this information and research in a predictive function strategy. The predictive function in marketing research is how the healthcare organization can look at new opportunities and opportunities for improvement based on the predictions from the descriptive and diagnostic research. For most people receiving healthcare is an ongoing need throughout one’s life.
Therefore, important function of managing marketing research in healthcare knows how to keep repeat patients for all their other healthcare needs. Building a long-term loyalty with patients means more to a healthcare facility that just their repeat service but also the referrals and word of mouth of a patient satisfied with the quality and level of health care the patent received. Keeping the quality of healthcare at a high professional level is also important to minimize the dissatisfaction of a patient because negative feedback can be very damaging to the reputation of a healthcare facility.
Like technology healthcare has many advancements and changes that happen quickly. It is important where the marketing research to keep up with the technology advancements in this constantly changing and improving industry. The marketing research can help managers make some predictions based on trends from past technology advancements. It can be difficult and very costly to keep up with all the new technologies so the research should help management to develop an understanding of what will be most cost-effective technology that will help with the patient’s needs.
Marketing research is important in the healthcare industry because the research will help to focus the direction of a healthcare facility and where the healthcare facility should focus based on their target market and patient needs. Focusing the direction and finances will help to eliminate financial waste on projects that will not meet the needs of their patients. References Demand for Market research in Healthcare. (2012). Retrieved from http://globalhealthcarenetwork. com/page/demand-for-market-research-in-healthcare John Wiley & Sons, Inc. (2007). Marketing Research. Retrieved from John Wiley & Sons, Inc, MKT 441 website.