Life Sciences companies routinely incorporate the results of primary market research into their strategic marketing processes often with the intention of ensuring that go to market strategies are accurately aligned with the intended audience thus minimizing market related risks. Unfortunately, some companies unwittingly end up building their marketing strategies on biased data.
Decisions based on biased data increases market related risks such as; the introduction of products and/or line-extensions that are unlikely to be embraced, ineffective positioning, overstated expectations, and subsequent, inaccurate forecasting. These are just a few of the potential issues that can arise when biased data influences marketing strategies.
The most significant bias occurs when respondents are queried directly by a company from whom they routinely purchase products, and/or with whose sales representatives they routinely interact. The issue is a common market research dilemma which manifests itself in the respondent’s willingness to say or do the “right thing,” or in effect, “please” the company with whom they know well.
For all primary market research endeavors, it is critical to remove as much bias from the data as possible. Utilizing an impartial third party to conduct the research, and “blinding” respondents to the company for whom the research is being conducted, are two of the surest methods of removing respondent bias which otherwise may potentially skew the data on which vital decisions will ultimately be based.
Since 2002, 3S Consulting Group has provided clients with validated, unbiased, market backed data solutions to support market entry and growth strategy objectives. Please contact us today to learn how 3S can help to ensure your strategic marketing decisions are based on unbiased data.