Unlocking the Future of Market Research in the Healthcare Sector

Abstract: What fuels job satisfaction in market research? MRII’s Love of Learning study sheds light on the factors that contribute to better work environments, with a closer look at the healthcare sector in this article.

In the ever-evolving landscape of market research, the importance of staying ahead of the curve cannot be overstated. A recent study by Market Research Institute International (MRII), “For The Love of Learning: Career Development in a Changing Market Research Industry,” shares key insights into market research professionals' career paths, job satisfaction, training needs and skills gaps, as well as offering a roadmap to guide our industry through the challenges and opportunities of the future. 

Job Satisfaction is High in Market Research

First and foremost, it's heartening to note that our industry is brimming with professionals who find genuine satisfaction in their work. A resounding two-thirds of respondents expressed high levels of job satisfaction, an encouraging sign for all of us in the field. Furthermore, 84% expressed confidence in their likelihood to remain in the profession a year from now.  Notably, seasoned professionals emerged as the most satisfied, a testament to the longevity and potential of careers in market research.

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What fuels this job satisfaction? It's a mix of factors, with relationships with coworkers, the freedom to innovate, and opportunities for learning and growth at the forefront. However, there's room for improvement in areas like advancement opportunities and communication from executive management. Perhaps companies can begin to consider smaller, more frequent steps in career progression and more effective methods of keeping those lines of communication wide open.

These are just a few of the many fascinating results from this research, with other topics including key methods and technologies identified as priorities to focus on for the future (AI is on the list, of course, but it’s not alone); optimism about the future of market research, how often - and how - they learn and develop, and more.  But for now, we want to turn our attention to the healthcare sector and highlight  what’s the same and what’s different versus the rest of the industry. 

Taking a Closer Look at the Healthcare Sector

While a relatively small portion of the study sample came from this sector (~10%), it was nevertheless sufficient to take a closer look at how the data related back to research professionals in other industries. Among respondents in this space, we learned that there are more similarities than differences.  But the areas that are different are illuminating and worth noting.  For example, we saw that:

• A slightly higher percentage (86%) had spent 10 or more years in the industry than the greater respondent group (76%);

• There were more respondents from the client versus the buyer side of the industry (45% vs. 30%, respectively);

• And fewer individuals had formal market research education (45% vs. 64%). 

This speaks to an opportunity for more structured education in market research for this sector that will create opportunities for career advancement. These investments in our professionals are crucial to equip them with the requisite knowledge and skills to excel in their roles and significantly contribute to the success of our organizations. 

Job Satisfaction in Healthcare Market Research

When we pulled out the healthcare sample, we found that job pay satisfaction was higher in this sector than the study findings overall indicated (53% versus 45%), and the same was true for job benefits (66% versus 55%), reflecting the higher proportion of client vs. agency respondents.

Additionally, the healthcare demographic showed 70% women respondents, versus 54% overall. One thing the study did uncover was a variance between men and women, with 67% of males reporting high job satisfaction compared to 59% of females. Additionally, there was an 11-point gap between men and women in terms of satisfaction with the expectations set for their work, highlighting disparities that need further examination. Because the healthcare industry skewed more toward women, these results are worth exploring. 

Room for Methodology Growth in Healthcare Sector

Interestingly, insights professionals in the healthcare space are sticking to the use of more conventional market research methods, despite the evolving technological landscape. Our group showed a directionally higher reliance on approaches like telephone surveys, online qualitative research, and neuroscience—while the adoption of more advanced technologies like artificial intelligence (AI) remains slower than expected.

The adoption of generative AI, like ChatGPT, among the larger group was quite high (86%) whereas for healthcare it was virtually non-existent. AI holds immense potential for revolutionizing healthcare market research through the ability to process vast amounts of data swiftly, through natural language processing and through machine learning. 

Industry Perceptions from Healthcare Insights Individuals

One pressing concern lies in the finding that around 25% of healthcare insights professionals feel that the industry is not headed in the right direction. Some of this may trace back to not having a seat at the table, and fighting to make your voice—and the data—central to organizational decision-making.

This could speak to the continued need to have more of a straight-line reporting relationship directly to senior management to ensure objectivity; otherwise, insights teams feel their function is not as valuable as it should be to the overall healthcare organization. On a positive note, one area in which the healthcare insights professionals were in lockstep with the general sample is the feeling that market research is important to the mission of their organization. 

Continuing Education and Skill Building in Healthcare Insights

In this sample, more than two-thirds felt they have opportunities to learn and grow, as well as the freedom to innovate. These factors feed into overall job satisfaction. We found here, as well as in the total sample, that the importance of continuous learning and skill development was emphasized. 

According to the American Psychological Association, when companies invest in employee growth and education , “companies can reduce costly turnover and increase job satisfaction among employees of all ranks.” And it’s true: research professionals who prioritize continuous learning tend to report higher job satisfaction, underlining the significance of staying updated with industry trends and modern methodologies.

How Market Research Employees Want To Learn

When it comes to learning and development, “For The Love of Learning” findings speak volumes about the industry's dynamic nature. The traditional academic route was not indicated as the primary path to career growth; instead, respondents indicated that hands-on experience and in-house training are the cornerstones of their job skill development.

Recently, McKinsey shared that skills-based learning approaches benefit both employees and employers. “Through a skills-based approach, companies can boost the number and quality of applicants who apply to open positions and can assist workers to find more opportunities to advance internally, which can help employers improve retention. It also helps communities by creating more and better job opportunities for a broader, diverse pool of workers.” Learning is also a continuous journey, with more than half of our respondents reporting that they acquired new skills within the past month. 

What Skills Are Needed in Market Research?

As we look to the future, certain skills are set to play a pivotal role. Data visualization tools and advanced analytics stand out as the skills currently in use and in high demand for future learning. AI and machine learning also feature prominently, reflecting the market research industry's quest to harness cutting-edge technologies.

Interestingly, text analytics and natural language processing are emerging as areas of interest, underscoring adaptability in the world of insights. We expect that the adoption of these skills and methodologies in healthcare market research will likely follow previous patterns, lagging uptake in other industries by months or years. 

For The Love of Learning: Career Development in a Changing Market Research Industry offers a look into the multifaceted world of market research employees, with actionable insights that can benefit organizations working in this field. The data underscores the importance of continuous learning and adaptation in an industry that thrives on innovation.

As we move forward, these insights serve as our compass, guiding us towards a future filled with boundless opportunities for those who dare to embrace change. The market research industry is in good hands, and the love of learning will undoubtedly lead us to exciting new horizons.