50-Billion Dollar American Firm Seeks Market Research Insights From BOP for Investment Decisions
The Client – US-based Asset Management Firm
With 11 years’ experience, our client is one of the leading providers of medical affairs compliance solutions. Their primary compliance solution is a tool which enables healthcare and life science companies to interact with and manage KOL relationships in a way that adheres to governing rules and regulations within the relevant industries. Founded in 2006, the company offers services relating to Compliant Content Distribution, Thought Leader Profiling and Identification, Solutions for SalesForce.com, and Speakers Bureau, MSL & KOL Management.
Our client’s parent company is a high profile global asset management firm with offices in London, Hong Kong, Singapore, and New Delhi. The company has over 50 billion dollars in assets in management across complementary private equity and credit businesses. As a leading equity investment firm focused on the media, communications, education and information industries, the company has invested in over 150 companies globally.
Client’s Requirement – Primary and Secondary Market Research
With our expertise in new product development, Back Office Pro (BOP) was the ideal outsourcing partner. The client required both primary and secondary market research relating to Key Opinion Leaders (KOLs) due to changes in their product lifecycle, and marketing objectives. After connecting with us through an online inquiry, it was decided that our dedicated resources and step-wise approach would be best suited to completing the project within the expected deadline.
Our team was tasked with Primary Research related to basic information about specific KOLs, Scientists, and Researchers. These details included full names, email IDs, phone numbers, current affiliations, and physical addresses.
Additionally, our teams were tasked with Secondary Research relating to more detailed information such as professional activities, clinical trials, publications, press releases, books, events or conferences, guidelines, journal activities, and industrial affiliations.
Challenges in This Project
Due to the in-depth nature of the research required by the client, the tight deadline was more of a challenge than initially expected. The added pressure of delivering error-free results increased the level of difficulty to a certain degree. Our team rose to the challenge by ironing out the details and designing a step-wise process that would make the most of the hours available.
Process Followed by BOP’s Market Research Analysts
Focused on providing high quality, error-free results within the allotted timeframe, FWS developed a tailored process to keep the team on time and track.
- Understanding the exact nature of the requirements - After receiving a detailed brief from the client, our team held meetings to develop a comprehensive understanding of the project parameters.
- Organizing the team - We split our team into three sub-groups (production, QC, and QA), each of which had access to an extensive list of reliable resources that would generate exact and accurate data as per the client’s needs.
- Outlining the research process - To ensure quality and efficiency, our team mapped out a detailed research plan based on the client’s exact requirements.
- Data collection - During the data collection phase, our team used nearly 120 search strings to fetch all the necessary information about the KOL.
- Analysis of data - Our QC team was responsible for the data analysis and fact-checking phase of the project. Their tasks included quality checking and formatting.
- Data optimization - The final data was optimized by our QA team, and presented in an Excel sheet as per the client’s initial request.
We are impressed with your meticulous details for assuring high-quality audit of extracted data as we have reviewed your documents carefully.
"We have been able to achieve substantial cost and time savings on several complex projects undertaken from the great services offered by Back Office Pro. We appreciate their prompt attention to our concerns."
Client Benefits from This Project
The client was impressed with the quality of our work and the speedy delivery of the final data sheets. Due to the way in which our teams were structured, the client was able to enjoy all the benefits of cost-effective market research rather than taking the more expensive approach to expanding their in-house team. Our team’s dedication and attention to detail once again ensured 100% client satisfaction with the potential for more work in the future.