As of this week, our users in Medtech and Pharma may now use a brand new Use Case Template* called Market Insights.
Let us introduce market insights for you by answering the questions; what is it, why is it so important to use and whom is it for?
What is the market insights use case template?
Short answer, the use case template is designed to cover the needs that any medtech or pharma company has when it comes to keeping up to date with the latest and most important news, trends and analysis regarding the market.
From our own research and interviews with medtech and pharma experts, the core needs for market insights circulate around the following areas:
Keep up to date with the latest issued market reports and analytics - Now you can monitor the brightest publishers and their market reports regarding Pharma and Medtech. Such as unique access to report abstracts from MarketsandMarkets, Research institute, Statista and many more.
Technology and innovation news - With Hoodin and the market insight use case template you can now monitor and keep track of all news regarding new technologies and innovations, published by sources such as MIT Research, science.org, Healthtech insider and many more.
Science / Literature - therapy area - Staying on top of the latest science research and studies that cover the therapy area you are addressing is key to be prepared for the future. With Hoodin you would get instant access to monitor sources such as PubMed Central, SAGE journals, medRxiv, SpringLink and many more.
Competition - Make sure you are aware of the competition and their moves by monitoring their own channels and mentions of their competitive products in industry and main media.
Mega trends - Last but not least, do you know how IoT, Nano-technology and connectivity will have an impact on your business? It for sure will, since mega trends will cause disruptive markets, no matter what market you are on.
Besides these five corner stones we also tossed in suggested monitoring feeds for training and education. Why not keep up to date with the latest webinars, courses and podcasts that are of great concern for you and your personal growth in market knowledge? You could for example monitor the entire catalogue at Udemy, the world's largest online education service.
Why is market insights important?
There are several needs for companies to constantly stay on top of their market and their very niche of the industry, such as:
Information to keep the product competitive - This means that a company needs to carefully follow trends within the market, such as new technologies and shifts in demand and preferences.
Short and long term sales opportunities - Keeping a close eye on the market to detect if there are opportunities to grasp, such as a potential increase in demand due to a new need or a competitor that might run into supply issues.
Information to prevent risks - Regulatory changes as well as technology shifts, or that users experience a lower quality are all signals about a weakness or a risk of stalling on the market.
Marketing opportunities - By monitoring mentions and literature, companies can utilize these findings by re-use for marketing.
Strategic input - By monitoring various sources that publish reports and analytics about the market, you will constantly follow short and long term changes in the market as well as new trends that arise on the horizon.
Shared insights and information - Insights need to be shared and distributed, within the internal team and sometimes in 3rd degree where information and insights are shared externally to distributors and partners.
For whom is market insights important?
For anyone that has a responsibility to make sure a product would not stall over time, for anyone that will make decisions about a product's future and for anyone that wants to be better prepared for the future.
If that “anyone” is you, we kindly invite you to join one of our experts for a 30 minute video call, where we will set up a tailored market insight project for you to try out in a 14 day free trial.
Invest thirty minutes to save hundreds of hours. Book an expert meeting here
If you wish to learn more about how you can gain value from Hoodin and market insights, please read more here: https://www.hoodin.com/market-insights
* A Use Case Template in Hoodin is a template designed to solve a certain monitoring need. It is tailored in such a way that various perspectives, or building blocks, are predefined and for every perspective there is a selection of curated sources that are recommended to monitor. All Use Case Templates are designed together with industry experts, all to help our user get more efficient and find what they need.