If you’ve been in the healthcare and life sciences market research field for a while, you know well the problems of cost overruns and shrinking budgets.
In a recent survey of 100 life sciences market researchers, nearly 40 percent told us that funding projects was one of the top three barriers they face.
Consider the industry-standard “Awareness, Trial and Usage” study, or ATU—inevitably a herculean endeavor, from a time perspective and also an operational and budgetary perspective. As is often the case, the initial project cost estimate is only half the picture after those unforeseen questions are folded in, or new target groups added.
According to one researcher, reduced budgets have made it harder to hire the necessary expertise to ensure only those doctors writing prescriptions for their drug are being targeted.
The latest GRIT 2016 report published by Greenbook found that researchers in full service firms, focus facilities, and corporations are indeed very worried about paying for this high quality vendor and, in lieu, more than 40 percent are concerned about their sample quality getting worse.
In the face of these limitations, real-time market research with experienced partners can become a valuable currency as it shortens the time between asking a question and getting an answer, and makes the process more flexible.
For example, small or shrinking budgets can be invested in “smart sampling” methodologies. In other words, vendors with technology that makes it easy to target respondents—with little to no screener questions—and even easier for respondents to use. It’s the power and prowess of this type of sampling algorithm that will ultimately help you reduce or maintain costs.
When it comes to curtailing cost overruns with a typical ATU, it is best to simply leave the original study alone and instead use real-time market research applications to address unfinished business like asking new or follow-up questions and finding new respondents.
Don’t let a lack of money keep you from doing the high quality market research you want and need. Look for real-time, technology solutions to offset your limitations and meet your goals.
