Best Practices in Innovating within Market Research to Reach Consumers

Nov 13, 2015, 18:30 ET from Best Practices, LLC

CHAPEL HILL, N.C., Nov. 13, 2015 /PRNewswire/ -- New technologies are transforming how consumers educate themselves and make critical purchasing decisions. Tools in both qualitative and quantitative fields are intensifying to capture a consumer decision, and this has impelled companies to upgrade their research capabilities. Furthermore, researchers across industries are attempting to adopt innovative approaches to identify winning tools and techniques to understand consumers' decisions.

According to research by benchmarking firm, Best Practices, LLC, benchmark participants identified several communication channels and technologies as effective for educating consumers. In terms of utilization trends, the use of search engine marketing and social media appear poised to grow the most in the next 1 to 3 years. Thirty percent of all participants said they expect SEM use to grow more than 10% during that period while another 22% expect it to grow up to 10%.

The related report, "Best Practices in Innovating within Market Research to Reach Consumers: How New Tools, Technologies and Approaches Improve Understanding and Communicating with Consumers," addressed current issues that include new media for interacting with consumers, new qualitative techniques for insight mining and new quantitative techniques for research data analysis.

Key study topics include:

  • Innovativeness of Market Research Tools for:
    • Forecasting
    • Patient Flow Mapping
    • Positioning
    • Segmentation
    • Brand Research
    • Concept Testing
    • Brand Awareness
    • Customer Insights
    • Direct-to-Consumer
    • Tactic Testing
    • Target Product Profile Testing
  • Utilization of Emerging Market Research Tools
  • Effectiveness of Consumer Marketing Tools
  • Best Practices, Pitfalls & Lessons Learned

Best Practices engaged 59 Market Research leaders at 58 companies through a benchmarking survey instrument. In addition, research analysts conducted executive interviews with eight selected respondents to collect qualitative data and insights.

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1393.htm

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.

SOURCE Best Practices, LLC



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