Research/Marketing Intelligence

This section includes access to previously published research-based articles as well as to research services for both primary and secondary research to benefit your business and marketing planning.

Nice Insight Products & Services
Nice Insight offers products and services focused on a variety of marketing intelligence needs. You can access data from the largest annual industry survey on various purchasing terms, or you can have research studies custom designed and implemented, as another way to support your specific strategic needs.

Client-Sponsored Primary Research

Qualitative
That’s Nice conducts both internal and external qualitative interviews of key decision-makers and clients.  The internal interviews help understand the direction and vision of the company, as well as what the company perceives as their strengths in the industry. These interviews can cover for example the company’s goals (short and longer term) and any challenges that have prompted the need for new marketing/branding.  The external interviews help to understand key reasons why a company’s clients choose the company over its competitors, what they perceive to be the company’s strengths and whether there are areas where they feel the company can improve to better meet their needs as a client. 

Quantitative
That’s Nice creates a larger scale quantitative study to test market awareness, industry perception and how buyer needs match to the company’s service offering.  This study also gathers information on outsourcing perspective, CMO or CRO preferences, buying practices; preferred CMOs or CROs for the full range of outsource services (e.g. small molecule, large molecule APIs, fill-finish, clinical research, etc.) outsourcing barriers, sources of dissatisfaction and pricing.

Secondary Research
The design team acquires branding and key messaging information from industry competitors as well as how their message is tactically deployed to the market to inform and establish best practices for competitive market penetration.

Research Informed Strategy
The That’s Nice team analyzes the qualitative and quantitative results within the context of current industry trends and develops messaging and marketing approaches that target the right audience with the company’s strengths in the language the buyers want to hear and delivers it tactically in the methods those buyers are most receptive to, which delivers the results you clients want. 

Custom Research
Nice Insight offers custom research projects, which can be designed to provide behavioral and preferential data on trends relating to any industry or subject. We can do everything from defining and establishing the right audience to designing the research model to best achieve your goals and ultimately support your operations and decision-making.

Examples – what are the typical custom research projects?

A.    Sterile Fill

Question

• Client is looking for custom research on the sterile market dynamics of North America
• Budget: $42,000
• Timeline: 8 weeks

Solution

• Work with client to develop a questionnaire to discover desired deliverables
• Surveyed 500 buyers of sterile fill to map US Market
• 45 questions on 8 topics
• Analyze results and provide raw data

Results

• Client shares the analyzed data with the sales team
• Client plans strategy around actionable results provided by Nice Insight

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B.    Formulation
Question

• Client is looking for custom research on new formulation for existing compound
• Budget: $40,000
• Timeline: 8 weeks

Solution

• Work with client to develop a questionnaire to discover desired information
• Gain understanding of the market by surveying 300 buyers of the existing compound
• ~50 questions on 10 topics driving trends for the next year’s market
• Analyze results and provide raw data

Results

• Client shares the analyzed data with the team
• Client plans actions around the results delivered by Nice Insight

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C.    Unit Dose opportunity in North American market

Question

• European company is interested in knowing the opportunity for unit dose packaging in North America
• Budget: $25,000
• Timeline: 8 weeks

Solution

• Develop a questionnaire to understand market opportunity in OTC and RX for unit dose packaging
• ~30 questions on 5 topics
• Analyze results and provide raw data

Results

• Client shares the analyzed data with the lead decision makers
• Company plans expansion into US market with confidence of pipeline

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D.    Brand Recognition and Perception within a specific audience
Question

• European solubility expert wants to understand their brand recognition and perception among small biotechs in the US
• Budget: $74,000
• Timeline: 12 weeks

Solution

• Work with the client to develop an in-depth survey of market awareness among buyers in key segments of the US market, specifically, small biotechs in California, North Carolina and Massachusetts
• ~60 questions on 12 topics
• Analyze results and provide raw data

Results

• Client identifies and understands marketing gaps that have inhibited growth in the North American market
• Company establishes a new marketing strategy that will connect with potential customers who previously had no or low awareness

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E.    Preference for single use vs. stainless steel for mammalian biomanufacturing
Question

• Is there a preference for single-use technology vs. stainless steel for mammalian biomanufacturing?
• Budget: $25,000
• Timeline: 6 weeks

Solution

• Work with client to understand differences between the two technologies and develop a questionnaire that will gather desired data on manufacturing preferences
• ~35 questions on 6 topics
• Analyze results and provide raw data

Results

• Client shared the results with senior management and marketing team
• Company changed messaging tactics to address key reasons why the industry prefers single use technology and increased sales 15%

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F.    Track CRO’s progress in gaining awareness among Big Pharma buyers

Question

• Are the company’s marketing efforts working to increase awareness among Big Pharma?
• Budget: $50,000
• Timeline: 6 weeks (round 1) 2 weeks (rounds 2-4)

Solution

• Develop a tracking survey to identify which tactics effectively reach and capture the target audience of Big Pharma
• ~30 questions, 5 topics
• Field the survey 4 times a year to track progress and identify trending patterns
• Analyze results and provide raw data

Results

• Client shared results with the marketing and BD departments and increased awareness within the desired market segment by 20%
• Client acquired two new projects from Big Pharma sponsors

Industry Reports
New for 2014, Nice Insight will offer biopharmaceutical industry reports, providing outsourcing insights into specific services. These reports will include a detailed overview of the service or phase of drug development, company profiles for relevant CMOs, and detailed company-by-company results to show the top performers as perceived by buyers of outsourced services.

The reports will also include an analysis of sector opportunities, year-on-year trends, and insight into marketing strategies that will benefit both pharmaceutical innovators and contract service providers (CROs/CMOs).

Sample Segmentation Options:
Outsourced biologics development
Oral solid dose
Injectables / syringe
High potency / cytotoxic compounds
2014 CMO trends
2014 CMO outsourcing barriers
2014 CMO market shifts

Nice Insight Proprietary Database and Annual Survey Results – CROs/CMOs
Nice Insight enables you to compare CROs/CMOs based on impartial reviews from thousands of industry peers who buy outsourced services. Learn which companies rate highest for quality, reliability, regulatory compliance, affordability, productivity and innovation in the global contract outsourcing market.

Nice Insight is unique in enabling you to compare CMOs and CROs based on impartial reviews from thousands of industry peers who buy outsourced services, rather than the typical characteristics that make all contract service providers appear the same. Learn which companies rate highest for quality, reliability, regulatory compliance, affordability, productivity and innovation in the global contract outsourcing market.

We do the complicated analysis; so making good strategic decisions is easy for you.
  +  40,000 outsourcing decision-makers on survey panel – extensive biopharma industry reach
  +  2,337 respondents completed the 2014 study
  +  300 CMO’s reviewed, 107 selected in the 2014 report
  +  112 CRO’s reviewed, 52 selected in the 2014 report
  +  Research segmented by buyer group, region, department, therapeutic indication, phase, and outsourced services
  +  Nice Insight research has been published in 25+ life science online and offline publications over the past 18 months

Sample Titles of Respondents:
Associate Director Clinical Supply Pharmacy
Associate Director GPRD Outsourcing & Contracts Global Pharmaceutical R&D
Business Development Manager, Human Health
Business Planning Director, Primary Strategy and Logistics
Chairman of the Board, CEO, & President
Executive Vice President, Corporate Development
Head Of Global Process Development
Manager, Global Pharmaceutical Procurement
Outsourcing Purchasing Agent
Sourcing Group Manager
Vice President Pharmaceutical Sciences

Benefits for CROs/CMOs

+ Quickly identify your company’s strengths in the eyes of outsourcing executives and promote those qualities in key communications

+ Understand the outsourcing attributes that various sponsors value and target their preferences with strategic marketing

+ Amend perceived weaknesses by staying informed of past, current and potential customers’ perceptions of your business

+ Know which buyers are looking for the services your company provides and use this information as part of a targeted sales strategy

+ Present your business as a strategic partner by offering customized service bundles that fit the sponsor’s specific needs

Nice Insight Proprietary Database and Annual Survey Results – EXCIPIENTS

Nice Insight is unique in enabling you to compare Excipient Suppliers based on impartial reviews from hundreds of industry peers who buy outsourced services, rather than the typical characteristics that make all excipient providers appear the same. Learn which companies rate highest for quality assurance, reliability of supply, regulatory track record, affordability, and consistency in meeting product specifications.

We do the complicated analysis; so making good strategic decisions is easy for you.
  +  40,000 outsourcing decision-makers on survey panel – extensive biopharma industry reach
  +  412 respondents completed the 2015 survey
  +  45 suppliers profiled and included in the study
  +  Research segmented by buyer group, region, department, drug category, purchase authority, and excipient categories
  +  Nice Insight research has been published in 25+ life science online and offline publications over the past 18 months

Sample Titles of Respondents:

R&D Management
R&D Formulation Scientist
Associate Director GPRD Outsourcing & Contracts Global Pharmaceutical R&D
Business Development Manager
Chairman of the Board, CEO, & President
Executive Vice President, Corporate Development
Head Of Global Process Development
Manager, Global Pharmaceutical Procurement
Purchasing Agent / Director
Sourcing Group Manager
Vice President Pharmaceutical Sciences
Director Product Formulation, Drug Delivery

Benefits for EXCIPIENT Suppliers

+ Quickly identify your company’s strengths in the eyes of outsourcing executives and promote those qualities in key communications

+ Understand the outsourcing attributes that various sponsors value and target their preferences with strategic marketing

+ Amend perceived weaknesses by staying informed of past, current and potential customers’ perceptions of your business

+ Know which buyers are looking for the services your company provides and use this information as part of a targeted sales strategy

+ Present your business as a strategic partner by offering customized service bundles that fit the sponsor’s specific needs

Custom Research

Project Examples (Utilizing proprietary databases):

Quantitative and qualitative feedback on how a corporate name change impacts customer awareness (CA), perception (CP), and competitive positioning

Qualitative interviews of key senior staff to identify corporate vision as a foundation for brand positioning and strategy
Quantitative survey of relevant buyers to understand outsourcing motivations and barriers to strategic partnerships

Quantitative tracking studies to measure and optimize marketing return on investment (ROI)

Market research guides your communication with current and potential customers
Once you have good research, you should be able to formulate more effective and targeted marketing campaigns that speak directly to the people you’re trying to reach in a way that interests them.

Market research helps you identify opportunities in the marketplace
For example, if you are planning to open a facility in a particular geographic location and have discovered that no such facility currently exists, you have identified an opportunity. The opportunity for success increases if the location is in a highly populated area with businesses that match your target market characteristics. The same might be true of a service to offer in a specific geographic area.

Market research minimizes the risk of doing business
Instead of identifying opportunities, the results of some market research may indicate that you should not pursue a planned course of action. For example, marketing information may indicate that a marketplace is saturated with the type of service you plan to offer. This may cause you to alter your product offering or choose another location.

Market research uncovers and identifies potential problems
Suppose your new retail outlet is thriving at its location on the main road through town. Through research you learn that in two years, the city is planning a by-pass, or alternate route, to ease traffic congestion through town. You’ve identified a potential problem.

Market research creates benchmarks and helps you track your progress
It’s important to know, for later comparisons, the position of your business at particular moments in time. Ongoing market research allows you to make comparisons against your benchmark measurements as well as chart your progress between research intervals (such as successive annual surveys).

For example, you might establish a benchmark measurement of your target market demographics and learn that 65 percent of your customers mid-sized pharma companies that spend $25M on outsourcing each year. One year later you again survey your customers and learn that this sponsor segment now represents 75 percent of your customer base. You’re tracking a trend in your customer demographics.

Market research helps you evaluate your success
Information gathered through market research helps you to determine if you’re reaching your goals. In the above example, if your product’s target market is mid-sized pharma companies that spend more than $20M a year, then you’re making progress toward your goal. If not, this information can indicate a needed change in marketing strategy.

That’s Nice is a full-service agency providing research-driven brand management and marketing that enable businesses to achieve their goals. Our integrated services reflect 18 years of knowledge in life science and materials science markets, a passion for strategic thinking, and a comprehensive approach that meets the needs of global companies.
Transforming prospects into closed business requires knowing each prospect’s situation and proving how your offering can benefit their business. Having this detailed business information is vital to a successful sales process. One of the main motives behind primary market research is to jump start the sales process by defining customer pain points and vocabulary, identifying influencers in the purchase decision process, and benchmarking competitive awareness. Assuming you have the required selling skills and a well-organized selling methodology, successfully closing business is dependent upon your knowledge of:

The customer’s unmet needs.

• Urgency and priority of need.
• Readiness to buy and availability of budget.
• The customer’s perception of the value proposition of what you are selling.
• How the customer expresses their pain points.
• Where your competition falls short and which of your competitors is top of mind.
• The customer’s decision process.

As businesses embrace the use of primary market research to gain finer insight into the needs and preferences of their customers, there is a growing awareness that these research projects can produce benefits that extend beyond strengthening customer intimacy.

Market Research helps your company increase ROI from sales events
Quantifying the return on investment in tradeshows and conferences remains a continual challenge for most companies. While the dollars invested are easy to track, the effectiveness of an individual sales event is difficult to calculate as leads and customer data are often never prioritized, followed up, or monitored. As a result most companies have a hard time determining the value of investing in tradeshow participation.

One of the main difficulties with collecting leads at tradeshows and conferences is converting them into sales and prospects. In part this is due to the inconsistent collection of data for lead qualification from multiple employees, who, in the press of a crowded tradeshow booth may not be able to ask all the qualifying questions necessary to catalog a lead. Additionally booth traffic that merely leaves business cards or swipes badges to request information is barely qualified at all.

Market surveys of booth visitors can assist greatly with lead qualification, enabling sales staff to more efficiently and effectively allocate their resources among prospects. Such surveys are designed to solicit feedback on the booth, changes in customer perspective of your company, brand awareness, and the level of interest in your offering. Unlike other market research participants, these individuals who provided their contact information are expressly interested in your offering even before they answer the questions. The end result is a refined list of highly qualified prospects, who, can be prioritized for appropriate follow up. These leads can be tracked and monitored and fed as input into your marketing ROI calculations.

Alternatively, studies of tradeshow attendees before and after the event can provide key data on the effectiveness of your tradeshow presence. Before and after surveys of either the same group of attendees or different samples, can provide vital insight into the effectiveness of your company, competitors, value proposition, market positioning and brand strength by measuring changes in these metrics.

Market research helps in retaining customers and generating repeat sales
Conducting customer satisfaction surveys of your existing customer base has multiple rewards. In addition to providing you with vitally important data about how your customers perceive your offering, the mere fact that you are concerned with what your customers need and want will elevate your standing. By conducting customer studies you can more easily identify customers who are ready to buy as well as recapture those who may be considering competitive offerings. Again, by asking your customers directly for permission to call on them, you instantly qualify those with highest value.

Regular customer satisfaction surveys are of course, even more effective at customer retention. Such surveys enable you to keep constant contact with key business, improving the chances of repeat business and customer lifetime value. As a result of regular customer satisfaction research, firms can focus their selling resources on those customers that are most profitable.

Finally most market research studies include some form of incentive package to motivate participation and to demonstrate appreciation. This is an opportunity for you to deliver added value to your customers. This can take the form of free registration to a valued conference, a raffle for a drawing of a highly anticipated product, or an offering to elevate their customer service level to a preferred status.

Market research offers insight into sales wins and losses
Market research can have a direct impact on sales success when a gap analysis study is conducted. The gap analysis basically consists of two market research surveys, one canvassing your sales force for their explanation for why customers do or do not buy your offering, the other canvassing both existing customers and lost prospects (e.g. customers who are buying from your competitors). A comparison of the survey results from these three constituencies will reveal areas in your selling strategy and market positioning that can be modified and refined. The study analyzes the difference between what your sales force perceives as driving wins and losses and what the market actually thinks.

Conducted on a regular basis, sales win/loss market research can support the sales staff by enabling them to quickly correct selling strategies to reduce lost sales opportunities. To ensure the sales staff is on-board, most firms do not request that the sales participant reveal his or her identity. Used in the aggregate, companies can discover the match between what customers want versus what they are being sold, as well as educate the sales team to craft a sales pitch that more accurately matches customer needs and preferences.

Market research can be used to leverage press relations
An endorsement by a recognized authority in the industry also creates immediate recognition for your company as a thought-leader and customer-focused enterprise. Endorsements from trade associations and similar valued membership bodies can even offer the opportunity to include the membership list in the survey mailing, which has a similar effect to a direct marketing campaign even though this is not what you are intending.

Your company may be able to gain press coverage both before and after the market research, as the mere fact that you are conducting a landmark study is news in itself.