Optimizing the Mix of Market Research Activities in the Pharmaceutical Industry to Provide Value to Internal Leaders
CHAPEL HILL, N.C., June 12, 2015 /PRNewswire/ -- Market research groups within the pharmaceutical sector typically rely on both tracking research and insight research projects to inform brand and other functional leaders within their organization. Different functional groups within biopharmaceutical companies utilize these research approaches to guide their strategies for increasing top-line growth as well as market position.
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 a primary research study to give market research leaders insights into the practices, mix, staffing, and activity levels needed to consistently provide valuable, forward-looking market research insights into the business.
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/rr1357.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.