Are you a new independent patient advocate? Congratulations! You’re about to embark on a rewarding career that helps people in need. But before you get started, it’s important to do your research. Market research is essential for any business, but it’s especially important for independent patient advocates. After all, you need to know who your target market is and what their needs are. In this blog post, I’ll share everything you need to know about researching your market. I’ll cover the different types of research, how to choose the right method, and how to interpret the results. I’ll also share some simple actionable steps that you can take to implement low cost strategies in your own practice. So whether you’re just starting out or you’re looking to grow your business, read on for everything you need to know about market research for independent patient advocates.

Why Market Research Matters:

Market research is the process of gathering and analyzing information about a market. This information can be used to make informed decisions about a product, service, or business. For us as independent patient advocates, this research can be used to:

• Identify your target market. 
• Understand the needs of your target market. 
• Identify your competition.
• Develop a marketing strategy. 

In the next section, I will discuss in more detail why market research is important for independent patient advocates. I will also provide some simple actionable steps that you can take to implement low cost primary research strategies in your own practice.

Why is market research important for independent patient advocates?

Market research is important for independent patient advocates because it helps us to:

• Make informed decisions. By understanding the market, we can make informed decisions about their business, such as what services to offer, how much to charge, and where to market our services.
• Increase our chances of success. By understanding our target market and their needs, we can increase our chances of success.
• Save time and money. By doing market research upfront, independent patient advocates can save time and money in the long run. For example, by identifying our target market early on, we can avoid wasting time and money marketing to the wrong people and marketing the wrong services to the right people.

What are the different types of market research?

There are two main types of market research: primary research and secondary research.

• Primary research is research that you collect yourself. This can be done through surveys, interviews, focus groups, or experiments.
• Secondary research is research that has already been collected by someone else. This can be found in books, articles, government reports, and industry 

Here is a table that summarizes the different types of market research and their benefits:

In the next section, we will discuss how much research costs. I will also provide some tips on how to choose the right research method for your budget and needs.

How much does market research cost?

The cost of research can vary depending on the method you choose, the scope of your project, and the time it takes to collect and analyze the data. However, market research is typically a worthwhile investment for businesses of all sizes. By understanding your market, you can make informed decisions that will help you grow your business.

Here are some tips on how to choose the right research method for your budget and needs:

• Consider your budget. Research can be expensive, so it’s important to set a budget before you start.
• Define your goals. What do you want to learn from your research? Once you know your goals, you can choose a method that is appropriate.
• Consider the scope of your project. How much data do you need? If you need a lot of data, you may need to choose a more expensive method, such as a survey.
• Consider the time you have. Research can take time, so make sure you choose a method that is feasible for your timeline.

By following these tips, you can choose the right research method for your budget and needs.

Low Cost Primary Market Research Strategies for Independent Patient Advocates

There are many low cost primary market research strategies that you can use to learn more about your target market and the needs of their clients. Here are two of the most popular strategies:

Surveys

Surveys are a great way to collect data from a large number of people. You can create your own survey or use a pre-made survey tool. When creating your survey, be sure to ask questions that are relevant to your target market and that will help you to understand their needs.  There are many free tools available to create and use surveys; SurveyMonkey.com, JotForm and Google Forms.  My personal favorite is Google Forms as it is easy to use and included in my Google Workspace.

Interviews

Interviews allow you to collect more in-depth data from a smaller number of people. This can be a great way to get feedback on your services or to learn more about the challenges and opportunities in your market. When conducting interviews, be sure to ask open-ended questions that will allow you to get a good understanding of your interviewee’s thoughts and feelings.  This method of market research is quick and easy to apply during connection calls as you are building your network.

Here are some additional low cost primary market research strategies independent patient advocates can use:

Focus groups

Focus groups bring together a small group of people to discuss a product or service. This can be a great way to get feedback on ideas and to learn about the challenges and opportunities in your market.

Observational research

Observational research involves observing people in their natural environment. This can be a great way to get insights into their behavior and their needs. Don’t forget you can also perform this research by observing your target market online and in social media. Speaking of social media, that is our next method!

Social media research

Social media research involves analyzing social media data to learn about people’s interests, opinions, and behaviors. This can be a great way to reach your target market and to get feedback on your services.  This approach effectively reaches your target market and gathers valuable feedback on your services. I often post in Facebook groups, asking a question and seeking feedback on interest. This is how I conduct research to gauge the viability of my ideas.

By using these low cost primary market research strategies, independent patient advocates can learn more about your target market and the needs of your clients. This information can be used to improve your services, to develop new marketing strategies, and to grow your businesses.

Here are some additional tips for conducting low cost primary research:

• Be clear about your goals. What do you want to learn from your research? Once you know your goals, you can choose a method that is appropriate.
• Use a variety of methods. No single research method is perfect. By using a variety of methods, you can get a more comprehensive understanding of your market.
• Be patient. Market research takes time. Don’t expect to get all the answers overnight.
• Be persistent. Don’t give up if you don’t get the results you want the first time around. Keep trying different methods until you find one that works for you.

By following these tips, you can conduct low cost primary market research that is effective and informative.

Steps for Implementing Low Cost Primary Market Research Strategies

1. Define your target market. Who are you trying to reach with your independent patient advocacy services?
2. Develop your research questions. What do you want to learn from your market research?
3. Choose the right research method. Consider the cost, time, and scope of your project when choosing a research method.
4. Collect your data. This may involve creating a survey, conducting interviews, or hosting a focus group.
5. Analyze your data. This is where you will interpret the results of your research and identify trends.
6. Take action. Use the results of your market research to improve your independent patient advocacy practice.

How do you interpret market research results?

Once you have collected your market research data, you need to interpret the results carefully. This can be a challenge, but it is important to understand what the data is telling you. Here are some tips on how to interpret market research results:

• Look for patterns. See if there are any trends or patterns in your data. This can help you to identify opportunities and challenges in your market.
• Compare your results to your goals. Are you meeting your goals? If not, what can you do to improve?
• Consider the context. When interpreting your results, it is important to consider the context. For example, if you are conducting market research for a new product, you need to consider the current market conditions and the needs of your target market.
• Get feedback from others. Once you have interpreted your results, it is a good idea to get feedback from others. This can help you to identify any blind spots or to get different perspectives on your data.

Here are some additional tips on how to interpret market research results:

• Use visuals. Creating charts and graphs can help you to visualize your data and to identify trends.
• Tell a story. When presenting your market research results, tell a story about your findings. This will help to make your results more memorable and persuasive.
• Be clear and concise. When writing about your market research results, be clear and concise. Avoid jargon and technical terms that your audience may not understand.
• Highlight the benefits. When discussing your market research results, focus on the benefits of your product or service. Why should people care about your findings?

By following these tips, you can interpret your market research results in a way that is clear, concise, and persuasive.

In the next section, I will discuss how you can use market research to improve your independent patient advocacy practice. I will provide some specific examples of how I  have used market research to grow my businesses.

How can you use market research to improve your independent patient advocacy practice?

Market research can be used to improve your independent patient advocacy practice in many ways. Here are a few examples:

• Identify your target market. Market research can help you to identify your target market, which is the group of people who are most likely to be interested in your services. Once you know who your target market is, you can tailor your marketing and outreach efforts to reach them.
• Understand the needs of your target market. Market research can help you to understand the needs of your target market. What are their pain points? What are their goals? By understanding the needs of your target market, you can develop services that meet their needs and solve their problems.
• Set realistic goals. Market research can help you to set realistic goals for your independent patient advocacy practice. What revenue do you want to generate? How many patients do you want to serve? By setting realistic goals, you can stay motivated and on track.
• Develop a marketing strategy. Market research can help you to develop a marketing strategy for your independent patient advocacy practice. How will you reach your target market? What marketing channels will you use? By developing a marketing strategy, you can reach more patients and grow your business.

I have used market research to develop and sell the following services:

1. White Label Billing Advocacy Program
2. The Inner Circle – coaching/mentoring program
3. The Content Factory – AI Content Creation for Independent Patient Advocate

All of these services were designed and developed as a result of the market research I gathered through interviews, surveys, social media observation and interactions with my target audience.  AND they are all successfully selling in my market to my target audience.  Using market research and getting intimately involved with your market will yield you the same successful results!

Conclusion

Market research is an essential tool for independent patient advocates. By taking the time to understand your market, you can make informed decisions that will help you succeed. There are many low cost primary market research strategies that you can implement to learn more about your target market and the needs of your clients. By following the simple actionable steps outlined in this blog post, you can get started with market research today and improve your independent patient advocacy practice.

Market research isn’t just another task on your to-do list; it’s your guiding star to success. By understanding your market, you’re laying the foundation for a thriving, impactful patient advocacy practice. So, take a deep breath, gather your energy, and embark on this journey with confidence, knowledge, and a community by your side. Here’s to your success as an independent patient advocate and to a future brimming with endless possibilities!