The Value of Trending Studies in your Scientific Product’s Lifecycle
The value of trending studies in market research cannot be understated. Like monitoring traffic at a given intersection over a period of time to determine the need for a traffic light, a long-view approach must be taken when considering brand health, customer satisfaction, and communication effectiveness—just a few of the numerous measurements that can be taken over a scientific product’s lifecycle.
In life science tools markets, the technical specifications of many products are converging, and manufacturers are relying on their brand perception and improved customer experiences to differentiate their company from the many other competitors selling similar products.
Critical to the success of these improvement programs is the ability of a manufacturer to measure the affect that these improvements have on brand and customer engagement metrics, demonstrating ROI and effectiveness. The most common ways of measuring these are by tracking customer net promoter scores, initiating win-loss studies and monitoring brand perceptions on an ongoing basis.
Brand tracking and customer loyalty studies are performed regularly to monitor a brand’s awareness and health, and when compared to competitor brand health metrics over time can be a powerful tool for demonstrating how well your brand is resonating with your potential customers.
Win-loss programs are unique tools a manufacturer can employ to explore the reasons why potential customers decided to purchase from them (or from their competitors). In these studies, customers and non-customers who considered purchasing are surveyed and their perception of the vendor and the purchase process is analyzed from both perspectives.
Understanding the reasons why certain customers consider and purchase from you, and why some customers decide to purchase from your competitors can make the difference between a successful sales and marketing campaign and one that doesn’t pan out.
When these studies are performed over time, operational changes, training and marketing efforts can be monitored for their effectiveness.
And we can help. At BioInformatics LLC, we assist lab suppliers of every kind keep tabs on their products on a quarterly or semi-annual basis. Even better is that by repeating these kinds of studies, lab suppliers can rein in cost by cutting survey development and programming time. Interested in exploring what our custom research services can do for you over the long term? Drop us a line anytime.