Are you being too generic? – what motivates decision making
The practice of understanding and segmenting your market is one that is all too familiar when looking to target marketing activities. This said most often we split our potential stakeholders down into their demographics (job role, annual budget or geographic location).
Rarely do we take into account the individuals and groups behind these numbers to understand motivation, influences or the relationships between all stakeholders who are party to decision making processes.
Psychographics delves deeper into buyer behaviours and the influences that drive that. By studying a group’s personality, opinion and preconception you can accurately determine the likely reaction to your product/service and tailor your marketing practices to the activities that will deliver an impact.
Nowhere is this more important than in the belt-tightening atmosphere of the NHS. With ever increasing cost pressures and the rapidly expanding market for generics the research team at Lancaster Hammond examine what organisations can communicate to allow them to charge a premium whilst remaining competitive.
In 2016 Lancaster Hammond looked at the impact of generics within anti-infectives. We were brought in to examine the impact of a loss of exclusivity of a branded treatment on its major competitors.
After mapping the current treatment landscape we designed a research modal which allowed us to engage with the complete range of stakeholders at two separate sites within the minefield that regulates contact between pharma and healthcare (see ‘The Death Knell of the Pharmaceutical Ad Board?’).
The anonymised research interviews aimed to answer one question: what choices would HCPs make in a crowded market with the introduction of a low cost generic?
The interviews addressed:
the current decision making process and the KOL’s perceived role within it
the landscape for cost saving and the pressure on the individual vs. the department
the role of the individual, their priorities and the relationship between stakeholders in the change management process
the impact of a value proposition and the messages that most resonated with the individual
The questionnaire was designed to allow psychographic analysis. Lancaster Hammond were able to understand the motivation and behaviours of the different stakeholders in the decision making
pathway. By designing a discussion guide which took into account their perceptions as well as their actions we uncovered a stark similarity in the rationale behind decisions made across the two sites, despite the disparate regional structures. We were also able to use the opportunity to pressure test the most impactful call to action based on our client’s treatment.
Specifically from this analysis Lancaster Hammond were able to uncover:
What drives the change process and what resists it
The ‘added value’ services that allow companies to charge a premium for their branded treatments
The value of our client’s intervention
The best method for communicating this value proposition
The minimum level of discount that the client needed to offer to be competitive in a market where generics were available
The outcomes gave a very clear trajectory for our client’s activity with their branded treatment leading up to and following the launch of the generic.
At Lancaster Hammond insight is at the heart of what we do. For a no obligation conversation on how a bespoke research project such as this could help your success please contact firstname.lastname@example.org or call 01223 903320.