Could you nudge your brand to success using behavioural economic theory?
With behavioural economics theory becoming more widely adopted, especially within the market research sector, terms such as ‘nudging’ have started to enter our vocabulary. Director Anthony Greenwood discusses what ‘nudging’ means for market research and the role it could play in marketing pharma and med-tech brands.
How we used behavioural economic theory to reveal fresh insights into patient compliance
Our client currently has a product for a chronic rare disease which has seen an initial successful uptake. HCPs appear to support the product and are actively prescribing it to suitable patients.
However, sales data suggests that repeat prescriptions drastically reduce after the first 3-6 months. Although the product has a known SE profile, our client believes that this can be well managed and controlled.
Punching above your weight: Combining behavioural and attitudinal data to strengthen segmentations
In this paper we examine the differences between behavioural and attitudinal approaches to segmentation and outline how integration of the two can best be achieved to strengthen segmentation solutions
Segmentation solutions in healthcare are experiencing a welcome comeback. But there appear to be two camps emerging - one camp are proponents of the 'behavioural' segmentation based on secondary sales, script or similar data; the other believe that 'attitudinal' segmentations must be based on primary market research to accurately delineate segment membership, definition and the "whys" that underpin the findings. It's time to take off the gloves and look at the argument from both sides.
Our Free Thinking white paper asks, does behavioural economic theory have a role to play in pharmaceutical market research?
Books espousing behavioural economic theories, such as “Thinking Fast and Slow” authored by Daniel Kahneman, have become essential reading for market researchers looking to improve their understanding of how people think, feel and behave.
This theory can be very useful in consumer research, where we already know the power brands have on influencing purchase decisions. But can behavioural economics theory be applied to the pharmaceutical healthcare industry, where treatment decisions are often made in a highly regulated environment and by educated professionals using sound, rational judgement?