The value of market research

Market research is a powerful tool to use at a time in which so many healthcare providers are planning new or renovated facilities or developing and improving products. Five steps comprise the market research process, regardless of what it will be used for or who is conducting it: 1. defining objectives, 2. developing the sample, 3. developing questions, 4. collecting data, and 5. analyzing results. A number of questions typically arise, such as: Does research really work? Which method of research is most effective? How should the research instrument be designed? Whether the organization is seeking to develop a new program or service, to grow its existing customer base, to discover an unfilled gap in its services, or to monitor satisfaction among its customers, market research can provide the information necessary to enhance the organization's chances for success.