There’s more to creating a successful food or beverage product than selling something you love eating or drinking. Consumers are always on the lookout for food and beverage options that are scrumptious but also better quality, healthier, affordable and easily available.

If you’re hoping to move a product from successful with kids in your household to successful with kids in your country, many questions need to be identified, answered, and acted on. This list of questions focused around the five Ps will ensure you gather the information you need to get there.

Better Understand the Product: Nutrition, sensory, packaging

At the heart of a successful food or beverage business is a carefully researched and designed product that meets the key needs of its target audience – yes, even food and beverages products have key needs. By conducting well designed surveys and product/sensory tests via IHUTs or Central Location Tests, you can understand:

• What nutritional, sensory, or emotional needs are your shoppers and consumers trying to meet and what unmet needs need additional development?
• How is the food or beverage used to meet unexpected needs such that new audiences could be targeted? E.g., are slow foods being converted into fast foods, are meat foods being converted into meat-free foods, are solid foods being converted into drinkable foods?
  
• What features, whether sensory, emotional, packaging or otherwise, of the product are unique within the broader, competitive category and how could they serve as your unique selling points?
• How are the package and eating implements “correctly” and “incorrectly” used suggesting needs for redesign or improvements?
• Does the memorability of your food or beverage require improvements in terms of its sensory features, packaging, branding, colors, or logos?
• Should certain product lines be expanded or reduced based on growing or decreasing market needs?

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    Review a product case study:

• Developing a New Nutritional Pasta Product – A survey + desk research case study
• Identifying An Optimal Set of Flavor Variants to Achieve Incremental Reach – Case Study
• Choosing a Set of Flavors to Minimize Substitutions – A food survey + data analytics case study
• Fine Tuning New Personal Care Products with JAR Analysis – A sensory IHUT case study
• Sentiment and Content Analysis of Qualitative Consumer Comments – A food survey + text analysis case study

Better Understand the People: Cooks, bakers, shoppers, eaters, snackers, caregivers, meal planners, meal preppers

Before a new food or beverage product is even launched, it’s important to understand the perceptions of all key stakeholders. From eaters to shoppers and those who will be preparing or recommending the product, it’s imperative that each group understand the benefits and drawbacks of the product to ensure maximum success. Using questionnaires, business intelligence, and secondary research, you can understand a number of key questions:

• Who are your target shoppers and consumers in terms of their demographic, psychographic, family, social, economic, and health characteristics?
• Which stakeholders come into contact with your food or beverage e.g., caregivers, shoppers, cooks, bakers, eaters, snackers, meal planners, meal preppers?
• Which stakeholders will influence your target audience to consider using or buying food and beverages?
• What does each stakeholder group need, want, feel, and prefer, and how do their needs conflict with each other?
• What drives each key stakeholder group to choose, use, buy, and recommend your brand vs competitive brands?
• How does the shopper journey evolve from discovering a need through to shopping, comparing, and buying while also considering nutritional, emotional, financial, and social needs at each stage?
• What personal histories and experiences do people have with the food or beverage product and category including with your brand and competitive brands?

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    Review a stakeholder case study

• Measuring Consumer Preferences for Successful Ready-To-Eat Development | A Sensory Research Case Study
• Identifying Target Audiences of Two New Tea Variants – An IHUT + JAR analysis case study

Better Understand Placement, Industry, and Competitive Market Space

Every food and beverage product exists within a broad ecosystem of competitive brands and companies. By conducting engaging questionnaires or secondary desk research, you can understand a wide range of business problems such as:

• Who are your primary and secondary competitors locally, globally, and virtually?
• What sensory, product, physical, emotional, social, and economic needs is the market failing to address?
• How has the competitive landscape changed over the last year and how might the food and beverage category evolve over the next 3 to 5 years within your region and potential expansion regions?
• Where are the white spaces to develop new food and beverages, or new service locations?
• Can secondary data help you understand how large your existing market is and how large it could be while still remaining profitable?

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   Review a market case study 

• Benchmarking Brand Awareness and Competitive Brand Space – A consumer food survey case study
• Tracking Customer Satisfaction Across 8 Countries – A consumer food survey case study
• Creating a Beverage Launch Strategy in a Competitive Market – A beverage desk research case study

Better Understand Promotions, Advertising, and Campaigns

With a great food or beverage innovation and a well understand target audience, a marketing campaign is often required to reach out to a wider audience and introduce the masses to your offering. Using questionnaires or data analytics, a number of key questions can be answered:

• Which online and offline information channels do your consumers and shoppers use to learn about new food and beverages, gather recommendations, or make purchases?
• What types of messaging would be most successful at reaching your target audience and differentiating your product from competitive products?
• What types of ads would be most effective with each of your audience segments when considering likability, meaningfulness, believability and the likelihood to act?
• What types of food and beverage marketing campaigns are more likely to be successful?
• What types of brands, companies, or influencers would your consumers and buyers like to see incorporated in an integrated marketing campaign?
• Which food and beverage concepts are most memorable and would generate the most action from your target audience?

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   Review an advertising case study:

• Evaluating the Effectiveness of a Campaign with Brand and Message Recall – A consumer media survey case study
• Identifying Optimum Price Corridors to Predict Volume Share – An advertising price simulator case study

Create A Fair and Profitable Pricing Strategy

There is more to pricing than picking a number that will generate profit. A price that is too high can reduce recommendations from friends and family. A price that is too low leaves achievable profit on the table. A final price can only be determined by understanding your true profit margin, market pricing, and stakeholder needs. To build the most effective pricing strategy for your new food or beverage, conduct the appropriate surveys, interviews, and secondary research first.

• Based on secondary research, how are competitive products on the market currently priced?
• Using questionnaire data, what type of pricing strategy is most appealing to shoppers?
• What type of pricing strategy would facilitate product recommendations from influential friends and family?
• Which user segment has the least and the greatest revenue potential?
• Based on a Conjoint or MaxDiff questionnaire, which product features drive higher and lower prices?
• What type of pricing strategy is fair and accessible versus out of reach to lower income people vs higher income people?

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   Review a pricing case study

• Optimizing Trade Promotion Spends with a Pricing Simulator – A food business analytics and price simulator case study
• Improving Operational Effectiveness at a CPG Company – A retail B2B survey case study
• Identifying Optimum Price Corridors to Predict Volume Share – An advertising price simulator case study

Conclusion

Creating a successful food or beverage product requires a foundation of well designed and executed research coupled with well actioned research results. Whether you’re tasked with supporting the growth of an innovative cannabis beverage or helping a company understand the different needs of buyers and consumers, our team has years of experience helping researchers, marketers, and brand managers generate great quality food and beverage data and insights. Please email your project specifications to our research experts using Projects at E2Eresearch dot com. We’d love to help you convert your enigmas to enlightenment!

 Learn at upcoming food and beverage industry conferences

• Food and Beverages, London, March 9 to 10, 2022
• International Conference on Food Marketing and Tourism, London, March 11-12, 2022
• Food Marketing Conference, Michigan, March 22 to 23, 2022
• Food 2.0 Conference, Las Vegas, April 11 to 13, 2022
• Beverage Forum, Chicago, April 28 to 29, 2022
• International Conference on Food Marketing and Tourism, Netherlands, May 16-17, 2022
• Food & Drink Trends & Innovations, London, May 18, 2022
• Food and Beverage Packaging, Spain, June 13 to 14
• International Food Marketing Research Symposium, Texas, June 14 to 16, 2022
• The Ecommerce & Digital Marketing Conference for Food & Beverage, Austin, July 25 to 26, 2022
• Food Marketing Institute Annual Business Conference, Chicago, September 11 to 14, 2022

Listen to some great podcasts about food and beverage marketing

• A Fresh Perspective Food News with Jenny Kolzer (Player.fm)
• Beyond the Shelf
• Dennis Knows Food with Luke LaBree (Player.fm)
• Food Biz Wiz with Allie Ball
• Real Food Brands Marketing Podcast with Katie Mleziva (Spotify)
• Restaurant Marketing School with Josh Kopel (Player.fm)
• Restauranttopia with David Ross, Brian Seitz, and Anthony Hamilton
• Secret Sauce – Restaurant Marketing Podcast with James Eling (Spotify)
• The Experiential Table with Cynthia Samanian (Player.fm)
• The Insatiable Appetite
• The Virginia Foodie with Georgiana Dearing (Player.fm)

The secret to successful research may not be a secret but in the hustle and bustle of work, we often forget one or more of them. If that describes your day today, then consider this your quick and friendly reminder!

#1 Don’t sell: solve problems.

As researchers, our job isn’t to sell questionnaire design, scripting, data analysis, report writing, and dashboards. Those may in fact be the specific services we offer but our real job is help our partners discover practical solutions to their business problems – Why isn’t this SKU selling, what new product do consumers want, who are my customers, how can I upsell to a target audience, how can I complete more projects when half my team is on holidays, how can I help a client when I don’t have all the services they need?

Our job is to thoroughly understand the business and research problems, and then translate them into appropriate solutions. Whether it’s concept studies, customer segmentation, journey mapping, market forecasting, or providing professional services, if we can’t translate a need into a custom solution, we’ve not done our job.

#2 Know your audience

A lot of market research starts by truly understanding a specific audience. Who are they – what are their hobbies, where do they live, where do they work, what does their family look like? It’s really easy to calculate a median age and the percentage of customers who are female but the last few years have taught us a lot about intersectionality – it’s not just “women,” it’s “disabled Black women.” In the research world, we understand this as customer segments or personas.

After conducting a well-designed survey, focus group, personal interviews, social listening, or analytics, you’ll have the necessary data to run a reliable segmentation and identify 3 to 5 distinct target groups of people within your ideal audience. For example, a couple of common ones are Primary Grocery Shoppers and Moms of Infants.

Once the data has spoken, you can then build a unique buyer persona, a fictional character, for each target group to clearly outline each one’s unique characteristics. This will make developing a set of products, prices, messaging, and marketing that genuinely resonates with each one much easier.

#3 Map your marketing

Researchers spend a lot of time mapping journeys – shopper journeys, patient journeys, student journeys, employee journeys. Building products that people want to use and buy means understanding the wants, needs, and challenges customers experience at every stage of the journey. You might discover that the most problematic stage, in fact, is not the most problematic stage.

Build a plan to understand every stage of the journey from end to end. As eloquently shared by Biz Davis from Abacus Agency, you need to understand whether your brand is lacking in awareness, interest, consideration, purchase, or advocacy, and whether consumers want to be entertained, inspired, educated, convinced, or delighted.

#4 Think like you search

If you’ve written a questionnaire before, you know how important this tip is. Sure, you could write a questionnaire as if you were Charles Dickens showing off his stunning, grammatically correct 200-word sentences with multiple, embedded clauses.

Or.

You could search on TikTok and Twitter and find out how people really talk. Use phrases regular people use. Use words everyone understands even if there’s a technically more precise word. Write questions and answers the same way people search and you’ll end up with a questionnaire that people want to answer!

#5 Promote your content

In the marketing world, this means thinking about native ads, social sharing, and cross-channel marketing. But for researchers, it means sharing your research across the company – from researcher to brand manager to innovation team to development team to marketer.

When everyone in the company is familiar with the results of your research, they can each do their part to amplify the outcome of the insight.

#6 Tell a great story

How do you get colleagues to share your research? Easy! Well, it’s not that easy. Storytelling is a necessary skill that will carry your research results throughout the company. Let people know what is exciting about the insights, how they could be used to reach consumers in unexpected ways, how they could personally benefit from understanding the results.

And sure, though the bulk of the research will be educational, informative, and standard, be sure to incorporate just a small bit of fun along the way.

#7 Become an authority

Don’t rest on the laurels of the research you did last year. That’s old news now. The theory may be correct but times and technology have changed. Follow up last year’s study with one that builds on what you’ve learned from your colleagues, seen among your competitors, and witnessed in related industries.

Show your colleagues what your brand could become if everyone worked together to leverage new, innovative research methods, techniques, and skills. Become the expert at your company who constantly pushes everyone forward towards building a better product and a better company. Get that seat at the table.

#8 Start small to grow big

You could build and execute a 5-year research plan.

Or, you could start small with a single project that gives you a solid overview of one product or target audience. Inhale it, memorize it, internalize it.

Then build the five-year plan. Because at this point, you’ve seen all the strengths and weaknesses among a specific product, how your colleagues work together, how your company systems work, and what’s happening in your industry. You have perspective now.

Now you get it. Now you can think really big.

My inspiration for this post?

I watched a webinar given by Biz Davis from Abacus Agency in Toronto in which he shared a bunch of his secrets for building an effective marketing strategy. The webinar will be posted on their website very soon so do go have a peek.

While watching, all I could think was how relevant his secrets were, in particular, for market and consumer researchers. The headers are his words, and I riffed on the ideas to bring you the research tips.

Are you ready to plan a great market or consumer research project from End to End? Email your project specifications to our research experts using Projects at E2Eresearch dot com.

Learn more from our other blog posts

• From Digital Fingerprinting to Data Validation: Techniques to Facilitate the Collection of High Quality Market Research Data
• Everything You Need to Know about Conducting Effective Secondary Research
• 8 Engaging Question Types to Improve Participants’ Survey Taking Experience

Research Objective

• The client had limited information about consumer price responsiveness and the extent of competitor price fluctuations. They needed to predict:
  • Gain/loss in volume share based on price movements in the category.
  • Optimized prices to achieve targeted volume share in the event of competitor price actions.

Scope & Methodology

• The project included building a predictive model to understand interactions among client’s and competitors’ price elasticity. It identified price gaps/thresholds which could result in significant share changes.
• Further, we created a simulator to help identify optimum price bands to operate in given the competitors’ price changes.

Value Delivered

• We proactively identified the maximum price threshold to respond to a List Price Increase
• The tool was extensively used to identify best price strategies in the dynamically changing market.
• The client was able to maintain an optimum price differential against fluctuating competitor pricing.

Check out other related case studies

• Increasing Customer Acceptance For Controversial Pet Food Format – A survey case study
• Improving Sales by Understanding Pain Points of Sales Reps – A home appliance survey case study
• Evaluating the Effectiveness of a Campaign with Brand and Message Recall – A consumer media survey case study

Researchers love conjoint analysis. It’s a handy statistical technique that uses survey data to understand which product features consumers value more and less, and which features they might be willing to pay more or less for.

It allows you understand how tweaks to combinations of features could increase desirability and, consequently, purchase price and purchase rate. Essentially, it asks, “Would you buy this product configuration if you saw it on the store shelf right now?”

Technically, there are numerous ways to present conjoint questions but all of them invite participants to compare two or more things. For example:

• Would you rather buy this in red or yellow?
• Would you rather pay $5 for a small one or $4 for a large one?
• Would you rather buy this one or the competitive brand?
• Would you rather buy this one or keep the one you already own?

The comparisons can get extremely complicated as you strive to create scenarios that mirror the complicated options of real life, in-store choices. This is because no two products are have the exact same features. There are always multiple tiny or major things different amongst them including brand, price, color, shape, size, functionality, etc.

As you see in the example conjoint question below, participants are being asked to select from among 5 different entertainment bundles, each with a different price and selection of options. Even though this question is nicely laid out, perhaps even nicer than what you might see in a store, it’s not a simple choice!

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Quick Conjoint Dictionary

First, let’s cover some quick terminology commonly used with the conjoint method so that the tips we will offer make sense.

• Attribute: A characteristic of a product or service, e.g., size, shape, color, flavor, magnitude, volume, price.
• Level: A specific measure of the attribute, e.g., red, orange, yellow, green, blue, and violet are levels of the attribute color.
• Concept: An assembly of attributes and levels that reflect one product, e.g., a large bag of strawberry flavored, red, round candy for $4.99.
• Set: A collection of concepts presented to a research participant to compare and choose from.
• Simulator: An interactive, quantitative tool that uses the conjoint survey data to help you review consumer preferences and predict increases or decreases in market share based on potential product features and prices.

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Conjoint Analysis Tips and Tricks

3 to 5: Across all attributes, levels, concepts, and sets, 3 to 5 is a good rule of thumb. With so many possible combinations of attributes, levels, and sets, the ask we’re making of participants could get overwhelmingly complicated and create a lot of cognitive fatigue. That’s why we suggest aiming for no more than 3 to 5 attributes, 3 to 5 levels per attribute, 3 to 5 concepts per set, and 3 to 5 sets. By ensuring that participants enjoy the process and can take the time to review each concept carefully, we can generate much better data quality.

Meaningful Levels: Choose attribute levels carefully. Do you really want to test 3 shades of blue or 3 flavors or apple? No. While you could choose price levels of $30, $32, and $34, they aren’t meaningfully different and wouldn’t create a lot of indecision on the store shelf. They wouldn’t create variation within your data. Try to include edge cases – options that are as far apart as you can make them while still being within the realm of possibility.

Be frugal with combinations: You already know there are combinations of attributes and levels you would never offer in-store so don’t waste people’s time and cognitive load testing them. Think carefully about which combinations of attributes and levels you would never offer together and exclude them from the test. For example, don’t waste your budget testing the least expensive price and the most expensive feature. Similarly, don’t test the value of adding an extra battery for a version of the product that doesn’t run on batteries.

Minimum number of shows: When testing a level, use it in at least 3 concepts for an individual person. Think of it in terms of a ruler – for quantitative metrics (e.g., price, length, volume, weight), you need to see whether the difference between Level 1 and Level 2 is perceived the same as the difference between Level 2 and Level 3.

Include competitors: The real market includes competitors, often many. People don’t shop for single brands in isolation and neither should they answer your conjoint questions in isolation. Include at least one key competitor in your test, and preferably at least two. Further, if your brand is relatively unknown, you may wish to incorporate a competitor that is also relatively unknown.

Include an opt-out: Sometimes when you’re shopping, you discover they don’t have what you’re looking for and you leave the store empty handed. Generating realistic data means we must do the same in our simulated shopping trip – let people select “None of these” and leave without choosing anything. Otherwise, people may be “tricked” into selecting options they would never choose in real life.

Easy to read: Remember that conjoint is trying to simulate decisions that would normally happen in-store. Part of the in-store experience is in-store messaging. You’ll rarely see long sentences and paragraphs in the store so avoid them in your conjoint questions too. Use words and phrases that are as close as possible to what someone might see at the store.

Use imagery: We already know that a conjoint task can be cognitively demanding. That’s why imagery helps. Not only does it help people to visualize the product on the shelf amongst it’s competitive brands, it also helps to create a more visually appealing task (mmmmm cookies!). If you can’t provide an image of your product, find other ways to incorporate visuals in the questionnaire.

Plan for a hold-back sample: When product development work is extremely sensitive or is associated with life and death decisions, e.g., medical or pharmaceutical research, don’t let your budget determine the validity and rigor of your work. Spend the money to get the sample size you truly need to test each attribute and level with the appropriate rigor. And, build time into the fieldwork and data analysis schedule to permit preliminary analyses and test the model. You might need to tweak attributes, levels, or sets prior to running the full set of fieldwork.

Don’t let the statistics think for you: You wouldn’t create an entire marketing strategy based on gender differences just because a statistically significant t-test said 14% of women liked something and only 13% of men liked it. It’s not a meaningful difference. The same thing goes for a conjoint study. Review the model yourself, carefully, regardless of how “statistically significant” it is. Think about the various options suggested by the data. The simulator might reveal that there is a set of attributes and levels that would take over the market but that doesn’t mean you must produce that combination. The human brain is mightier than the spreadsheet!

If you’re curious to learn about the different types of conjoint that are available, this video from Sawtooth Software, presented by Aaron Hill, shares details about a few types of conjoint. E2E Research is pleased to offer all of these types to our clients.

What’s Next?

Are you ready to find out what configuration of your products and services consumers would be most keen to purchase? We’d be happy to help you work though the most suitable combinations of attributes and levels and build a conjoint study that meets your unique needs.

Please email your project specifications to our research experts using Projects at E2Eresearch dot com.

Learn more from our case studies

• Optimizing Trade Promotion Spends with a Pricing Simulator
• Ensuring Optimal Inventory with SKU Level Demand Forecasting – A consumer products forecasting analytics case study 
• Identifying Optimal Set of Flavor Variants for Incremental Reach – A Survey, MaxDiff, TURF analysis case study 
• Understanding Relative Importance of Healthcare Imaging Features for New Product Development – A survey + MaxDiff case study

Learn more from our other blog posts

• 8 Engaging Question Types to Improve Participants’ Survey Taking Experience
• Trackers Suck. Here’s how to fix them.
• 8 Reasons to Invest in a Hybrid DIY Market Research Team

Market research is the foundation of any successful business. Within the healthcare industry, it helps us to better understand perceived strengths and weaknesses of medical devices and pharmaceuticals, gain a better understanding of key stakeholder wants and needs, gain a better understanding of the industry and competitive market space, gain a better understanding of advertising campaigns and promotions, and create fair and profitable pricing strategies. Let’s address each of these areas individually.

(Of course, feel free to skip to the end for a list of healthcare/pharma conferences and podcasts!)

Better Understand the Product Strengths and Weaknesses

At the heart of a successful business is a carefully researched and designed product or service that meets the key needs of its target audience. By conducting well designed surveys and product/sensory tests via IHUTs or Central Location Tests, you can understand:

• What needs does your product meet and what unmet needs need additional development?
• What features of the product are unique within the broader, competitive category and can serve as your unique selling points?
• How is the product correctly and incorrectly used suggesting needs for training or redesign?
• How is your product used in unanticipated ways such that new needs or audiences could be addressed?
• Does the memorability of your product require improvements in terms of its features, branding, colors, or logos?
• Should certain product lines be expanded or reduced based on growing or decreasing market needs?

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    Review a product case study:

• Understanding the Relative Importance of Healthcare Imaging Features for New Product Development – Survey + MaxDiff

Better Understand the People: Patients, Caregivers, Physicians, Healthcare Workers, Payers

While a quality product or service is being build, it’s important to understand the perceptions of all key stakeholders. From users to buyers and those who will be recommending the product, it’s imperative that each group understand the strengths and weaknesses of the product in order to ensure maximum success. Using questionnaires, business intelligence, and secondary research, there are a number of key questions you will need to understand about your key stakeholders:

• Who is your target audience in terms of their demographic, psychographic, family, social, economic, and health characteristics?
• How does the patient journey evolve from the onset of symptoms through to diagnosis, treatment, management, and recovery while understanding medical, emotional, financial, and social needs and situations?
• What personal experiences do patients have within the category including adverse events from your brand and competitive brands?
• Which stakeholders come into contact with your treatments, medical devices, or healthcare facilities e.g., buyers, administrators, payers, technicians, clinicians, patients, families?
• What does each stakeholder group need, want, feel, and prefer?
• What drives each key stakeholder group to choose, use, buy, and recommend your brand vs competitive brands, e.g., clinicians, patients, payers, buyers, sellers
• Which stakeholders will influence your target audience to consider using or buying treatments, medical devices, or facilities?

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    Review a stakeholder case study

• Mapping a Patient Funnel to Mitigate Treatment Barriers – Cancer patient surveys
• Tracking Physician Perceptions of Diabetes Pharmaceutical Representatives – Physician surveys
• Understanding Patient Preferences to Inform Differentiation Strategy – Medical device patient surveys
• Face-to-Face On-Site Medical Leader Interviews – A B2B interview case study

Better Understand the Placement, Industry, and Competitive Market Space

Every product or service exists within a broad ecosystem of competitive brands and companies. By conducting questionnaires or secondary desk research, you can understand a wide range of business problems such as:

• Who are your primary and secondary competitors locally, globally, and virtually?
• What product, physical, emotional, social, and economic needs is the market needs failing to address?
• How has the competitive landscape changed over the last year and how might it forecast into the next 3 to 5 years within your country and potential expansion countries?
• Where are the white spaces to develop new products, extend services, or open new locations?
• Can secondary data help us understand how large our existing market is and how large it could be while remaining profitable?

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   Review a market case study

• Building a Strategic Business Plan Grounded in Industry Data – Pharma data analytics
• Stretching Brand Equity into White Spaces Using Data Fusion – Pharma data analytics

Better Understand Promotions, Advertising, and Campaigns

With a great product or service built and the target audience well understood, a marketing campaign is normally required to reach out to the target audience and introduce them to your offering. Using questionnaires or data analytics, a number of key questions can be answered:

• Which online and offline information channels do your users and buyers use to learn about new products, gather recommendations, or make purchases?
• What types of messaging would be most successful at reaching your target audience and differentiating your brand from competitors?
• What types of ads would be most effective with each of your audience segments when considering likability, meaningfulness, believability and the likelihood to act?
• What types of healthcare marketing campaigns are more likely to be successful?
• What types of brands, companies, or influencers would your users and buyers like to be incorporated in an integrated marketing campaign?
• Which concepts are most memorable and would generate the most action from your target audience?

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   Review an advertising case study:

• Evaluating the Effectiveness of a Campaign with Brand and Message Recall – Consumer media survey

Create A Fair and Profitable Pricing Strategy

There is more to pricing than picking a number that will generate profit. A price that is too high can reduce physician recommendations and insurance coverage. A price that is too low leaves achievable profit on the table. A final price can only be determined by understanding your true profit margin, market pricing, and stakeholder needs. To build the most effective pricing strategy for your medical device, pharmaceutical product, or service, conduct the appropriate surveys, interviews, and secondary research first.

• Based on secondary research, how are competitive products on the market currently priced?
• Using questionnaire data, what type of pricing strategy is most appealing to healthcare administrators and payers?
• What type of pricing strategy would facilitate product recommendations from clinicians and physicians?
• Which user segment has the least and the greatest revenue potential?
• Based on a Conjoint or MaxDiff questionnaire, which product features drive higher and lower prices?
• Which set of product features would drive the most profit?
• What type of pricing strategy is fair for and accessible versus out of reach to patients?

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   Review a pricing case study

• Optimizing Trade Promotion Spends With A Pricing Simulator
• Identifying Optimum Price Corridors to Predict Volume Share – Advertising price simulator
• Optimizing Treatment Pricing Strategies For Multiple Patient Segments – Pharmaceutical survey analytics

Conclusion

Building a successful medical, pharmaceutical, or healthcare product or service requires a foundation of well designed and executed research coupled with well analyzed and actioned results. Whether you’re tasked with supporting the growth of an innovative new brand or helping a company understand their buyers and their business, our team has more than ten years of experience helping researchers, marketers, and brand managers generate great quality healthcare data and insights for the questions outlined above. Please feel free to email your project specifications to our research experts using Projects at E2Eresearch dot com. We’d love to help!

Learn at upcoming healthcare industry conferences

• Future of Pharma Marketing Summit 2022: January 25 to 26, 2022
• Pharma Multi-Channel Excellence: January 26, 2022
• Joe Public Retreat: Nashville, February 7 to 9, 2022
• Annual PMRC Conference 2022: Newark, February 9 to 10, 2022
• Medicare Marketing Sales Summit (MMSS): Las Vegas, February 16 to 18, 2022
• Pharma CI: Zurich, March 24 to 25, 2022
• Annual PMRG/Intellus Summit: April
• DTC National: Boston, April 20 to 21, 2022
• Society for Healthcare Strategy and Market Development (SHSMD): Maryland, May 4 to 6, 2022
• Pharma Marketing Summit: Boston, May 12 to 13, 2022
• Annual PMRC Conference: Bay Area, Summer, 2022
• Annual EphMRA Conference 2022: June 21 to 23, 2022
• Annual PMRC Conference: Europe, Fall, 2022
• Pharma CI: Newark, September 21 to 22, 2022
• OTC National: October

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Listen to some great podcasts about healthcare marketing

• The Medical Marketing Podcast on Google Podcasts
• MM+M Podcast: Medical Marketing and Media Podcast on Spotify
• Healthcare Insight for Marketers True North Custom on Apple Podcasts
• Patient Convert Podcast: Healthcare Marketing on Apple Podcasts
• Healthcare Rap on Acast Podcasts
• Insight Marketing Group Podcast
• Syneos Health Podcast on PlayerFM
• RX Digital Marketing Podcast on PlayerFM
• The Pharma Marketing Podcast on PlayerFM
• Pharmacy Marketing Simplified
• Pharma Marketing 411 on Apple Podcasts