Creating an Effective Market Research Group Ensures Growth in the Pharmaceutical Industry

CHAPEL HILL, N.C., Oct. 23, 2015 /PRNewswire/ -- Market research groups within the biopharmaceutical sector serve an array of internal customers. Through insight-driven and tracking research projects they arm brand teams, marketing colleagues and sales groups with information that helps these functions grow the company.

To ensure market research groups meet their many obligations, leaders need to ensure they effectively train market research staff, understand internal clients' needs, and recognize the weaknesses of different research types. 

Best Practices, LLC conducted this benchmarking study to explore the ideal market research training, communication and service levels that will best serve internal customers.  The study includes an assessment of pitfalls for presenting tracking and insight research, training approaches for market research staff and effective ways to communicate with internal clients to ensure value of research is conveyed. 

Specifically, this study examines the optimal mix of insight to tracking research, the allocation of budget and staffing resources for different types of projects, and the management and prioritization of ad-hoc versus planned research assignments. The research includes an assessment of pitfalls for presenting tracking and insight research, training approaches for market research staff and effective ways to communicate with internal clients to ensure the value of research is conveyed.

The study, "Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research," found that projects conducted as ad-hoc requests vs. projects that are planned in advance is a sensitive subject among market research leaders. The practical dilemma: market research complains too much work is conducted as ad-hoc requests; however, marketing colleagues contend ad hoc requests reflect the dynamic nature of the marketplace and competition.

The depth of insights in the study extends across the critical aspects of creating and maintaining an effective market research group and 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 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

Best Practices, LLC engaged 14 Market Research leaders through a targeted benchmark survey instrument.

To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1390.htm.

For related research, visit our Best Practices, LLC Web site 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.

SOURCE Best Practices, LLC

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