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Spending Trends of Today’s Life Science Market Researchers

Meghan Oates-Zalesky

Post By Meghan Oates-Zalesky

August 19, 2016

 

In market research, as in life, there’s what you need and then there’s what you’d love to have. Next in our series profiling today’s life science market researcher we focus on where this group is spending their market research budgets, compared to areas they want to invest in.

In the recent Report, InCrowd surveyed more than 100 life science market researchers to learn more about who they are and the market they serve. The Report shares insight into today’s life science market researcher, their priorities, perceptions, challenges, and, as examined here, their investments.

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Despite the fact that 33% of life science market researchers self-identified as “traditional,” many are willing to experiment with new technologies. They care about finding the best methodology for projects and are willing to invest in new innovations to do so. Not surprisingly, nearly 50% also perceive themselves to be both “resourceful” as well as “tech savvy.” Their investment decisions and desires reflect both of these characterizations.

In terms of what life science market researchers are currently investing in, big data analytics and online communities are at the top, with mobile ethnography and facial analysis representing lowest areas of investment. However, their investments are diversified and testing new innovations seems to be commonplace in the industry.

In terms of what market researchers wish they could invest in if they had the resources, big data analytics still leads, with predictive markets and behavior economic models falling in second and third respectively. Both mobile ethnography and sensor/usage/telemetry were the laggards for aspirational investments. Similar to actual investment, life science market researchers’ desired solutions are fairly widespread as well.

Big data analytics leads for both the top areas of current investment and what research they wish they could invest in if they had the resources. There are two major components of big data analytics: predictive analytics data and social network data. Big data analytics combined with primary market research creates a formidable arsenal of research tools for today’s life science market researcher. So it’s not surprising that big data analytics would top both the investment and desired investment response.

Also important to the spending considerations of today’s life science market researcher are their assessments and criticisms of today’s vendors. Speed and quality are pivotal to success and most assess the value of a vendor on its ability to deliver both, while offering a competitive price.

When asked about the top three things they would change about their providers, life science market researchers said:

  1. Cost
  2. Timeliness
  3. Quality of Research

Knowing these are their three biggest pain points, the many investments researchers are making become easier to understand. They’re willing to test a variety of different solutions to achieve better value, fast results, and higher quality. We’ll be tracking these trends over the year to see which offerings deliver on their promises.

State of Life Sciences Market Research Report, 2016

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