Non-members: Click here to review a complimentary excerpt from "Market Research Excellence: Balancing and Enhancing Insight-Oriented & Tracking Research Projects"
Market research groups typically rely on both tracking research and insight research projects to inform brand and 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.
Best Practices, LLC conducted this benchmarking study to give leaders in the market research function insight into the practices, mix, staffing, and activity levels needed for Market Research to consistently provide valuable, forward-looking 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.
- Balancing insight-driven research and tracking projects in the annual plan
- Scheduling valuable planned research and building in flexibility to handle ad-hoc requests
- Improving tracking and insight-driven research projects
- Using lifecycle stage to guide research requirements
SAMPLE KEY FINDING
- Ratio of market research staff to revenue supported, large and small company segments
- Percent of insight-driven projects versus tracking projects
- Brand leaders rating of various forms of tracking research
- Examples of recent tracking projects that were well received
- Brand leaders rating of various forms of insight research
- Examples of recent insight-driven projects that were well received
- Percentage of overall market research budget dedicated to tracking versus insight research
- Percentage of overall market research staff hours dedicated to tracking versus insight research
- Percentage of research that is planned versus ad hoc
- Impact of tracking research based on product lifecycle
- Product lifecycle stages when insight research provides greatest value
- The allocation of most organization’s market research activities is far out of line when comparing to customer expectations and needs. 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.
Market research leaders from 14 global pharmaceutical and medical device organizations participated in this benchmark field study and survey analysis.