Month: July 2024

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Understanding the Consumer Journey in Pharma

  • July 23, 2024

  • Eyes4Research

The pharmaceutical industry is evolving, and understanding the nuances of the consumer journey is crucial for success. There are multiple touchpoints influencing consumer behavior, and the path from awareness to adherence is complex. 

By comprehensively mapping out this journey, pharma companies can leverage research to tailor their strategies to meet consumer needs more effectively, leading to better health outcomes and increased brand loyalty. 

The Consumer Journey in Pharma

The consumer journey in the pharmaceutical sector typically plays out in several stages: 

  • Awareness: Consumers first become aware of a health issue and start looking for information. This stage is influenced by various factors, including advertising, social media, word-of-mouth, and healthcare professionals. 
  • Consideration: At this stage, consumers evaluate different treatment options. They seek information about the effectiveness, side effects, cost, and availability of various medications. It is at this stage where trust in the brand and recommendations is crucial. 
  • Decision: Consumers make a decision based on their research and consultations. This stage may involve choosing between an over-the-counter (OTC) medication and prescription drugs, considering generic versus brand-name options, and selecting a pharmacy or online retailer. 
  • Acquisition: The consumer obtains the medication through a prescription or an OTC purchase. The ease of access, convenience, and the purchasing experience are key factors at this stage. 
  • Adherence: Ensuring that consumers adhere to their medication regimen is essential for treatment effectiveness. Factors influencing adherence include the medication’s perceived effectiveness, side effects, cost, and the convenience of the dosage regimen.  

What is the Role of Research in Understanding Pharmaceutical Consumer Preferences and Behaviors? 

Understanding consumer preferences and behaviors at each stage in the journey is vital for pharma companies. This knowledge is necessary for developing targeted marketing strategies, improving product offerings, and ultimately enhancing patient outcomes. Here are some key reasons why research is essential: 

  • Tailored Marketing Strategies: By understanding what drives consumers at each stage, pharma companies can activate the insights they have gained from research to create more effective marketing campaigns that resonate with their target audience
  • Product Development: Insights into consumer needs and preferences can guide the development of new products and the improvement of existing ones, ensuring they meet the demands of the market. 
  • Improved Patient Outcomes: Understanding the factors that can lead to strategies to enhance patient compliance will result in better health outcomes. 
  • Competitive Advantage: Comprehensive consumer insights provide a competitive edge, giving pharma companies what they need to differentiate themselves in an increasingly crowded market. 

Why Pharma Companies Should Leverage Custom Online Panels for Deeper Insights

To gain a deeper understanding of consumer preferences and behaviors, custom online panels are an invaluable tool for pharmaceutical companies. These panels, such as the ones designed by Eyes4Research, consist of pre-recruited participants who match the target demographic profile, allowing for highly targeted and efficient data collection. 

Instead of casting the net as wide as possible, and hoping for the best, custom online panels allow pharma companies to precisely target specific consumer segments, leading to more relevant and actionable insights. In addition, panels provide the opportunity to collect real-time feedback, helping pharma companies to stay agile and responsive to market changes and stay on top of what is needed from their product offerings

Online panels are generally more cost-effective than traditional research methods, offering pharma companies significant savings while delivering high-quality data. Finally, engaging with a pre-recruited panel can lead to higher response rates and more detailed insights compared to broader surveys that might not tell the whole story. 

Understanding the consumer journey in the pharmaceutical industry is critical for developing effective strategies and improving patient outcomes. By leveraging research tools like custom online panels, pharma companies can gain valuable insights into consumer preferences and behaviors, from awareness to adherence. 

This knowledge empowers companies to tailor their approaches, enhance their products, and ultimately better serve their consumers. Investing in comprehensive market research is not just an option– it’s a necessity for staying competitive in a dynamic healthcare landscape that is becoming more patient-centric. 

Read more about the healthcare industry and how your company can harness the power of online panels on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights in the healthcare space. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here. 

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Pet Owners’ Embrace of High-End Pet Food and Its Implications for the Pet Care Market

  • July 16, 2024

  • Eyes4Research

In recent years, the pet care market has witnessed a notable shift: pet owners are increasingly gravitating toward upmarket pet food. The commercials feature pet food that is not only stored in the fridge but also often bears more than a passing resemblance to food the pet owners would make for themselves. 

This trend is not a fleeting fad but a significant movement reflecting broader societal changes. As pets are increasingly viewed as genuine members of the family, their care is becoming more personalized and more luxurious. Here, we will take a look into the reasons behind this shift and its implications for the pet care industry. 

What Are The Drivers Behind the Rise of High-End Pet Food?

  • Humanization of Pets More than just a pet, modern pet owners see their pets as integral parts of their family. This humanization trend has led to a demand for pet food that mirrors the quality and variety of human food. Consumers seek organic, non-GMO, and sustainably spruced ingredients, mirroring their own dietary preferences. 
  • Health and Wellness Concerns Just as humans are becoming more health-conscious, so too are pet owners when it comes to their furry companions. There is a growing awareness of the impact of diet on pet health, driving demand for high-quality, nutrient-rich pet food that promises to enhance pets’ well-being and longevity. Many pet owners are turning to veterinarians for information on how to best support their pets’ mental health, as well. 
  • Premiumization The premiumization trend, where consumers opt for higher-quality, often more expensive products, is evident in the pet food market. This shift is partly driven by higher disposable incomes and the willingness to spend more on products perceived as superior. 
  • Brand Trust and Transparency Brands that are transparent about their ingredient sourcing and manufacturing processes are gaining consumer trust. Pet owners are more informed and discerning, opting for brands that align with their values, such as sustainability and ethical treatment of animals. 

The Potential for Market Growth and Other Opportunities for Brands

The embrace of high-end pet food has significant implications for the pet care market. Here are some key areas of impact and opportunity to take note of: 

  • Market Expansion: The global pet food market is projected to grow significantly in the coming years. In 2021, the market size was valued at $87.08B and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2022 to 2023. It’s the premium pet food segment that is driving this growth. 
  • Innovation and Differentiation: To capture the growing demand for high-end pet food, companies are investing in innovative product development. This includes the introduction of exotic protein sources (such as venison), functional ingredients (probiotics, omega-3 fatty acids), and personalized nutrition plans tailored to individual pets’ needs. 
  • E-commerce Boom: The convenience of online shopping has fueled the growth of high-end pet food sales. E-commerce platforms offer a wide range of premium options, easy access to product information, and customer reviews, all of which help pet owners make informed purchasing decisions. Subscription services providing regular deliveries of high-quality pet food are also gaining traction. 
  • Sustainability Focus: As environmental awareness rises, pet owners are seeking sustainable pet food options. Brands that prioritize eco-friendly packaging, sustainable ingredient sourcing, and ethical production practices are likely to attract a loyal and lasting customer base.  

The rise of premium pet food is reshaping the pet care market as customers who can afford to do so are extending their search for higher-quality products for other aspects of their lives to their pets. It’s a shift that presents significant growth opportunities for brands that prioritize the elements that are most important to pet owners– innovation, transparency, and sustainability. 

Eyes4Research has everything you need to collect high-quality insights from pet owners and our Veterinarian panels. Our panels are made up of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.

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The World of General Contractors: Insights and Challenges For Research

  • July 9, 2024

  • Eyes4Research

The construction industry is a dynamic and multifaceted space, and at its core lies the crucial role of general contractors. They are the linchpins of construction projects, overseeing everything from initial planning to the final touches. Understanding their perspectives and experiences is essential for stakeholders across the construction landscape. 

However, conducting market research with general contractors presents unique challenges. Here, we will delve into the intricacies of the world of general contractors, and explore the hurdles in conducting research with this vital audience. 

What is the Role of General Contractors? 

General contractors are pivotal in orchestrating construction projects, whether residential, commercial, or industrial. Their responsibilities include: 

  • Project Management: Coordinating and overseeing all aspects of construction projects ensuring timely completion within budget. 
  • Subcontractor Coordination: Hiring and managing subcontractors, including plumbers, electricians, and carpenters, to execute specific tasks. 
  • Budgeting and Cost Control: Estimating project costs, negotiating contracts, and ensuring financial efficiency. 
  • Regulatory Compliance: Enursing adherence to building codes, safety regulations, and zoning laws. 
  • Problem-Solving: Addressing unexpected issues that arise during construction, such as delays, material shortages, or design changes. 

Given their multifaceted roles of general contractors, they possess a wealth of knowledge and experience that is invaluable for market research. But leveraging this deep reservoir of insight is easier said than done. 

Challenges in Conducting Research with General Contractors

  1. Time Constraints: General contractors operate on tight schedules, balancing multiple projects simultaneously. Their day-to-day responsibilities leave little room for participation in traditional research methods like long surveys or focus groups.  
  2. Accessibility: General contractors are often on-site, making them hard to reach through conventional communication channels. They may not have the time or even the inclination to respond to emails or phone calls, especially if the relevance of the research is not immediately clear to them. 
  3. Diverse Work Environments: The work environment for general contractors varies wildly by the day. They could be in an office one day and on a construction site the next. This variability complicates scheduling and is not conducive to consistent communication. 
  4. Skepticism: General contractors are pragmatic professionals who may be skeptical of market research initiatives, especially if they don’t see direct benefits in participating. They may question the value of the time spent on such activities. 
  5. Highly Specialized Knowledge: The construction industry is highly specialized, and general contractors possess deep expertise in their specific areas. Crafting research questions that resonate with their experience and yield valuable insights requires a nuanced understanding of the field. 

A Solid Research Solution: Custom Online Panels

Custom online panels, such as the ones designed and managed by Eyes4Research, offer a promising solution to the challenges of conducting research with general contractors. By designing a dedicated and tailored panel of general contractors, researchers can engage with this hard-to-nail-down group more effectively. Here’s how: 

  • Convenience and Flexibility: Online panels allow general contractors to participate at their convenience. They can provide input from their office, home, or even on-site, using any device with internet access. 
  • Targeted Recruitment: Custom panels can be carefully curated to include general contractors with specific expertise, ensuring that the insights gained are relevant and actionable. In addition, recruitment can be tailored to include a diverse range of contractors, from residential builders to commercial project managers. 
  • Engagement and Incentives: Online panels offer opportunities for ongoing engagement. Participants can be incentivized through various means, such as monetary rewards, exclusive industry reports, or access to professional development resources. 
  • Efficient Data Collection: Digital platforms streamline data collection and analysis. Surveys, polls, and interactive activities can be designed to capture detailed insights without overwhelming participants.  
  • Building Trust: Establishing a dedicated panel helps general contractors feel valued when they see the tangible impact of their time and input. 

The construction industry is competitive and is rapidly evolving. Staying ahead of the curve requires deep actionable insights. General contractors hold the keys to this knowledge, but traditional research methods often fall short of capturing their expertise. Custom online panels present an innovative and effective solution to bridge the gap between researchers and the expertise of general contractors. 

By utilizing custom online panels, businesses can overcome the challenges of researching general contractors and gain a competitive edge with precise actionable insights tailored to their needs. 

Read more about the construction industry on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from general contractors. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.

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Understanding Consumer Banking Preferences & Trends

  • July 5, 2024

  • Eyes4Research

Consumer banking preferences have evolved in recent years, driven by technological advancements, changing behaviors, and increasing competition among financial institutions. Understanding these preferences is crucial for banks and financial service providers to tailor their offerings and remain competitive. 

How Consumers Bank Today

Digital technology is at the forefront of what drives how consumers bank and continues to lead consumer banking trends. Mobile banking, driven by the of smartphones for banking tasks has skyrocketed. Consumers use mobile apps to check balances, transfer funds, deposit checks and pay bills. In addition, online banking, via desktops and laptops remains popular for more complex tasks such as managing investments and applying for loans.

There’s no doubt that technology has made it possible for consumers to bank on the go. But despite the rapid rise of digital banking, many consumers still value the personal interaction and services provided in physical branches, especially for transactions like mortgage applications and financial advice. 

ATMs continue to be an essential part of banking for cash withdrawals, deposits, and other transactions. The convenience and widespread availability of ATMs support their ongoing use. Telephone banking offers an alternative for those who may not be comfortable with digital channels or require assistance outside regular branch hours. 

Types of Banking Options Available to Consumers

Based on their needs and the level of personalized service they want to receive, consumers have a variety of banks and accounts to choose from: 

  • Retail Banks: These types of banks offer a range of personal banking services including savings and checking accounts, loans, and credit cards. 
  • Credit Unions: Credit unions are member-owned institutions that often provide more favorable rates and personalized service. 
  • Online Banks: Online banks operate without physical branches, often offering higher interest rates on deposits and lower fees due to their reduced overhead costs. 
  • Neobanks: These are digital-only banks that provide innovative banking solutions, and are often focused on user experience and financial technology integration. 

Banking Preferences of Small Business Owners

Small business owners have distinct banking needs that differ from individual consumers. These entrepreneurs often seek banking services that offer flexibility, scalability, and personalized support to accommodate the unique financial demands of their businesses. From managing cash flow and securing lines of credit to handling payroll and processing payments, small business owners require tailored solutions that can adapt to their evolving needs. 

They also value strong relationships with their bankers, who can provide expert advice and facilitate growth opportunities. Here is a quick snapshot of the primary banking preferences of small business owners: 

  • Business Checking and Savings Accounts: Designed for daily business transactions, checking accounts for small businesses offers features like multiple signers and higher transaction limits. Business savings accounts are used to set aside funds for future business needs, often with higher interest rates than personal savings accounts. 
  • Loan and Credit Options: Small business owners often require access to various credit options, including business credit cards lines of credit, and term loans, to manage cash flow and finance growth. 
  • Merchant Services: Many small businesses rely on banks for merchant services, such as credit card processing and point-of-sale systems. 
  • Cash Management Services: Advanced cash management services help small businesses manage their finances more effectively, providing tools for payroll, invoicing, and expense tracking. 

How Financial Institutions Can Leverage Custom Online Panels for Banking Research

For financial institutions seeking to better understand consumer and small business banking habits, custom online panels can be a game-changer. Here’s how: 

  • Targeted Insights: Online panels can be tailored to include specific demographics, allowing for targeted insights into the preferences and behaviors of different consumer segments and small business owners. 
  • Real-Time Feedback: Financial institutions can collect real-time feedback on new products, services, and digital features, enabling rapid adjustments and improvements, 
  • Trend Analysis: By conducting longitudinal studies with online panels, banks can track changes in consumer behavior over time, identifying emerging trends and adapting their strategies accordingly. 
  • Cost-Effective Research: Online panels are a cost-effective alternative to traditional market research methods, providing high-quality data at a fraction of the cost. 

Understanding consumer banking preferences is essential for financial institutions to remain competitive in a rapidly changing market. By analyzing how consumer bank, the types of banks and accounts they use, and the specific needs of small business owners, banks can tailor their offerings to meet evolving demands. 

In addition, leveraging custom online panels for research can provide invaluable insights, enabling financial institutions to stay ahead of trends and continuously improve their services. 

Read more about market research and consumer behavior on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.

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