How can you conduct effective medical sales market research on a budget?

1 Identify your research goals

Before you dive into data collection, you need to have a clear idea of what you want to achieve with your market research. What are the key questions you want to answer? Who are your target customers and segments? What are the gaps and opportunities in the market? How will you use the research results to inform your sales strategy and tactics? Having specific and measurable research goals will help you focus your efforts and resources on the most relevant and useful information.

2 Use secondary sources

Secondary sources are data and information that have been collected and published by others, such as industry reports, journals, websites, blogs, podcasts, newsletters, social media, and online databases. They can provide you with valuable insights into the market size, growth, trends, challenges, regulations, and best practices. You can access many secondary sources for free or at a low cost, such as Google Scholar, PubMed, Statista, IBISWorld, and Trade Map. However, you need to evaluate the credibility, accuracy, timeliness, and relevance of the sources you use, and avoid relying on outdated or biased information.

4 Analyze and interpret the data

Once you have collected enough data from secondary and primary sources, you need to analyze and interpret it to draw meaningful conclusions and recommendations. You can use various methods and tools to analyze the data, such as descriptive statistics, inferential statistics, correlation analysis, regression analysis, cluster analysis, or SWOT analysis. You can also use software and applications, such as Excel, SPSS, R, Tableau, or Power BI, to visualize and communicate the data in charts, graphs, dashboards, or reports. You need to be objective, critical, and creative when analyzing and interpreting the data, and avoid confirmation bias, overgeneralization, or oversimplification.

5 Update and refine your research

Market research is not a one-time activity, but an ongoing process that requires regular updates and refinements. The medical sales market is dynamic and constantly changing, due to factors such as technological innovations, customer expectations, competitive pressures, regulatory changes, and global events. You need to monitor and track the changes in the market, and adjust your research goals, methods, and sources accordingly. You also need to review and evaluate the impact and effectiveness of your research, and seek feedback and suggestions from your stakeholders, such as your customers, colleagues, managers, or partners.

6 Apply your research findings

The ultimate purpose of market research is to help you make better decisions and actions for your medical sales business. You need to apply your research findings to your sales strategy and tactics, such as defining your value proposition, positioning your products or services, segmenting your customers, targeting your prospects, crafting your sales pitch, overcoming objections, negotiating prices, closing deals, and retaining customers. You also need to measure and track your sales performance and outcomes, such as sales volume, revenue, profit, market share, customer satisfaction, retention, and loyalty, and compare them with your research goals and expectations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?