Measuring the importance and appeal of your product’s attributes about prescription is critical to the success of any new product launch. Understanding what prescribers value most about a product can help guide decisions on marketing strategies, resource allocation, and product development.
In real life, when choosing between several products, clients seek the best compromise. They choose a product that according to them best meets their needs. They thus emphasize certain criteria referred to as attributes that they believe to be more important compared to others that are less important to them.
The Trade-Off model enables to the measurement of purchase behavior but also explains decisions. In-depth awareness of decision processes will enable to influence of clients’ purchase decisions.
In Healthcare Market Research, we emphasize this Trade-Off method in quantitative studies with prescribers and non-prescribers of your product. Your product is broken down into characteristics or variables, each one of which can take on various modalities. The analysis will determine:
- The relative importance of the various variables in the prescription process,
- The appeal and usefulness of each of the variable’s modalities.
We will explore the secret to measuring the importance and appeal of your product’s attributes about prescription.
Understanding the market:
The first step in measuring the importance and appeal of your product’s attributes about prescription is to understand the market. This means researching the needs and preferences of prescribers, as well as their behavior and decision-making processes. Conducting market research can involve surveys, focus groups, and interviews with prescribers to gain insights into their needs and preferences.
One of the most important things to understand about the market is the level of demand for the product’s attributes. This can be estimated by looking at the current market size and growth trends, as well as the level of competition in the market. Understanding the demand for the product’s attributes is essential to determine their importance and appeal to prescribers.
Identifying the key attributes:
Once you have a good understanding of the market, the next step is to identify the key attributes of your product. This involves understanding the features and benefits of the product, as well as how it compares to competing products in the market.
To identify the key attributes, you can conduct product testing and research, as well as analyze customer feedback and reviews. By understanding the key attributes of your product, you can better understand how they are valued by prescribers and how they can be positioned in the market.
Assessing the competition:
Another important factor in measuring the importance and appeal of your product’s attributes concerning prescription is assessing the competition. This involves analyzing the strengths and weaknesses of competing products, as well as understanding how your product’s attributes compare to them.
To assess the competition, you can use a variety of methods, such as conducting competitor analysis, analyzing industry trends, and researching customer feedback and reviews. By understanding the competition, you can better position your product’s attributes in the market and develop marketing strategies that will be more effective.
Measuring importance and appeal of your product’s attributes:
Once you have identified the key attributes of your product and understand the competition, the next step is to measure the importance and appeal of these attributes to prescribers. This can be done using a variety of methods, such as surveys, focus groups, and interviews.
One important factor to consider when measuring the importance and appeal of your product’s attributes is being evaluated. For example, some attributes may be more important to prescribers in certain medical specialties or for certain patient populations. Understanding the context in which the attributes are being evaluated can help improve the accuracy of your measurements.
Another important factor is to consider the emotional appeal of the attributes. Some attributes may appeal to prescribers on an emotional level, such as by providing a sense of security or confidence in prescribing the product. Understanding the emotional appeal of the attributes can help guide decisions on marketing strategies and product development.
Measuring the importance and appeal of your product’s attributes about prescription is a complex process that involves understanding the market, identifying the key attributes, assessing the competition, and measuring the importance and appeal of your product’s attributes. By considering these key factors and conducting thorough research and analysis, you can improve the accuracy of your measurements and increase the chances of a successful product launch.
Ultimately, the secret to measuring the importance and appeal of your product’s attributes about prescription is to take a data-driven approach that considers all of the relevant factors. By doing so, you can make informed decisions about marketing strategies, resource allocation, and product development, which can help to maximize the importance and appeal of your product’s attributes in the market.
The Ultimate Guide to Estimating the Potential of a New Product Amongst its Prescribers