CHAPEL HILL, N.C., July 18, 2014 /PRNewswire/ -- Market research functions within the biopharmaceutical industry are increasingly being challenged to satisfy the needs of internal customers who are clamoring for deeper market research insights to grow business. On top of this, the docket of requests for tracking research continues to grow. Due to this struggle, leaders must now fully understand the ideal allocation of market research resources to best serve internal customers.
According to recent research by benchmarking firm, Best Practices, LLC, many companies are heavily skewed toward tracking projects that are not as impactful for customers as are Insight Projects. Rebalancing the mix can allow market research groups to go deeper and respond to market changes.
The related report, "Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research," highlights common criticisms associated with tracking and insight research approaches, how to win trust and credibility internally, and effective approaches to selecting and training staff. The research also provides market research leaders with metrics and insights that will help them to better understand the appropriate mix of insight-oriented and tracking research projects.
Key study topics include:
- Ideal mix of tracking vs. insight research
- Overall relative impact of tracking & insight research projects
- Impact of projects based on lifecycle stage of project
- Improving the impact of both tracking and insight research projects
- Removing redundancy of projects across 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 benchmarking research drew participation from market 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. Also, where applicable, considerations for the product portfolio being supported were taken into consideration.
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/rr1301.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