The following is taken from an article by Iain Stevens (Chairman of BHBIA) – it is quite a few months old now, but it is still very relevant:
Increase market knowledge
– Measure market size and share
– Discover gaps in the market
– Segment customers in ‘types’
Understand your customers
– Define behaviours and attitudes
– Understand and influence needs
– Gauge the price sensitivity of target customers
Forecast and model future performance
– Assess whether initiatives generate ROI
– Measure the impact of a line extension on market share
– Appreciate the benefit of a price change
Test and generate ideas
– Evaluate product/advertising concepts
– Assess optimal brand attributes
– Understand ’emotional’ influences on prescribing
Assess sales performance
– Assess the success with which representatives deliver messages
– Evaluate the impact of the recent PR/ad campaigns
– Measure and monitor brand ‘share of voice’
Respond to market activity
– Track key performance indicators
– Monitor the impact of external factors (eg, parallel trade, NHS etc)
– Keep tabs on competitor initiatives
