InCrowd Study Shows Tension Between Individual Embrace of Technological Transformation and Institutional Barriers to Faster Market Research
BOSTON, MA (June 7, 2017) —When it comes to market research, speed has not always been a top consideration. But according to a study of market researchers by InCrowd, pioneer of real-time market intelligence to the life science and healthcare industries, many are embracing nimble technologies as they try and grapple with the barriers to receiving quick, high-quality data.
The 2017 Life Science Market Research—State of the Market Report took the pulse of 84 pharmaceutical and life science market research executives regarding emerging research approaches, investments, desired innovations, and challenges. A key takeaway from the report finds there is a strong inclination for new ways of conducting tracking studies, while optimizing limited resources.
“The study results show market researchers understand the criticality of new technology and the importance it plays in keeping up with a competitive market,” said Janet Kosloff, CEO and Co-Founder of InCrowd, “We are working to show researchers that there really is a way to remove barriers on multiple levels and efficiently track your KPIs to stay ahead of market changes.”
The report shows:
- At the top of researchers’ wish lists are automated, qualitative research and text analytics, with 40% saying they wish they could invest in these technologies, and 12% saying they are currently investing in it.
- Automated tracking studies was another area of strong interest, with 31% saying they wish they could invest in tracking automation, and 15% saying they already are.
- Traditional tracking studies saw a drop between those already investing (44%) to those wishing they could (17%), with 68% saying they do not regularly conduct ATUs (awareness, trial, and usage), or other tracking studies.
- Market researchers are investing and experimenting in new forms of research; 60% are already using online communities, and 63% are investing in big data analytics.
Top barriers to success:
- Lack of resources (57%)
- Corporate culture and red tape (46%)
- Inability to understand the market (14%)
- Government regulations (9%)
The 2017 Report on Life Sciences Market Research Industry shows that market researchers are embracing change, and looking for automated, efficient, and faster methods of keeping up with competitive markets—all amidst the back drop of an industry that is operating with smaller budgets and is averse to change.
For a copy of the full report, or if you would like more information on quick, high-quality market research solutions, please contact us.