Forging Deep Market Research Insights to Grow the Business

05 Oct, 2015, 17:34 ET from Best Practices, LLC

CHAPEL HILL, N.C., Oct. 5, 2015 /PRNewswire/ -- Internal customers are increasingly clamoring for deeper market research insights that will help them to grow the business. In addition, the docket of requests for tracking research keeps growing. If market research organizations don't manage to balance these competing demands, they put their brands at risk of losing step in fast-changing markets.

According to research by benchmarking firm, Best Practices, LLC, many market research organizations are under-resourced, and consequently don't have the strength to handle every request for internal customers. Benchmarked organizations are overcoming this challenge by developing consistent and logically sound differentiation systems. This has helped them to field and prioritize requests and dedicate resources to the most impactful areas of their business.

The related report, "Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research," will give leaders in the market research function insight into the practices, mix, staffing, activity levels and training requirements needed for Market Research to consistently provide valuable, forward-looking insights into the business.

Key study topics include:

  • Ideal mix of tracking vs. insight research
  • Overall relative impact of tracking and insight research projects
  • Impact of projects based on lifecycle stage of product
  • Improving the impact of both tracking and brands/therapeutic areas
  • Allocation of budget and staffing resources for different types of projects
  • Managing and prioritizing ad-hoc vs. planned research assignments
  • Winning trust and credibility internally
  • Training for successful communication and implementation of insights

This report engaged research leaders from 14 global pharmaceutical and medical device organizations.  Data was normalized throughout the study to account for the size of division or business unit the participant represented. 

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/rr1383.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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