Instant Insight to Refine Your Healthcare Strategy
Whether you are in sales, marketing, product, strategy or leadership at a healthcare technology company, market pulses might just be the most versatile tool in your toolkit. Market pulses can help you instantly validate your perspective on the market, inform product development decisions, test brand awareness, and obtain insights from healthcare executives to ensure you’re aligned with fast-changing developments in the industry.
What Is a Market Pulse in Healthcare?
Market pulses are fast, inexpensive research efforts that provide critical information to guide your future decisions.
A market pulse is a short survey or 4-5 interviews of your target decision maker which can provide feedback on your key business challenges. A market pulse is designed to be executed quickly to give you feedback in 2 weeks or less. Sometimes, market pulses can be completed in as little as 48 hours. Market pulses provide enough feedback to give you the insight you need to move forward with a decision. They can be completed for as little as $10-15K.
How to Use Market Pulses
At Eliciting Insights, we use market pulses all of the time to gather market insights. Most recently, we conducted a series of market pulses in conjunction with HFMA to understand how providers were faring as a result of the Change Healthcare outage. We have also used market pulses to close data gaps in various analyses. What percentage of dollars denied are from clinical versus technical denials? Which sources do healthcare buyers use to identify vendors for a new solution? Do healthcare buyers want to outsource a specific function? Rather than using a “best guess,” market pulses can give you a real answer.
PRODUCT DEVELOPMENT
Market pulses are a powerful choice when you’re making product decisions. For example, going directly to the market to determine the greatest need can help you prioritize which product to build first. It can also help you identify which features or functionality your competitors have that you don’t. Most organizations simply rely on engineering or leadership preferences when making product roadmap decisions, but that can be a flawed approach which results in a product that the market will not buy.
BRAND AWARENESS
Showing ROI is critical for marketers. Establishing a baseline of your brand awareness and measuring every 6-12 months with market pulses can provide tremendous feedback on how your marketing efforts are performing. Additionally, through market pulses, you can see how your competitors’ brand awareness is increasing, decreasing, or remaining flat.
Do you need to prove that your marketing efforts have paid off in better brand recognition or more positive perceptions? A series of strategically timed market pulses can demonstrate the results of your work to leadership.
STRATEGIC PLANNING
How big is the market for a new product? What price would the market be willing to pay? Sometimes the strategy or leadership team needs a few key data points to build out a business case. At Eliciting Insights, we can help you get those key data points from the market rapidly with a market pulse survey.
NAVIGATING CHANGE
Market pulses are also critically valuable when there is a major shock to healthcare. In March 2020, COVID had a rapid, far-reaching impact on healthcare. In February 2024, the Change Healthcare breach impacted healthcare in ways we did not anticipate. Market pulses were an effective way for Eliciting Insights to update the market on new developments in a timely manner. Our clients could better understand what decision makers were thinking about so they could pivot their strategies and projections to be more closely aligned with the market.
Rather than deploying traditional techniques of making a best guess, relying only on internal feedback, or repeating past strategies, market pulses can quickly give you actionable data based on what is really happening in the market.
