Non-members: Click here to review a complimentary excerpt from “Market Research Vendor Excellence: Exclusive Vendor Management”
To provide better services and support to their internal clients, market research groups within biopharmaceutical companies outsource some of their primary and secondary market research studies to external vendors. Oftentimes, market research groups prefer to work with exclusive vendors to attain greater work efficiency and reduce costs.
However, market researchers often struggle to strike the optimal balance between controlling vendor costs and delivering quality insights.
Best Practices, LLC undertook benchmarking research to explore well-established and emerging efficiencies and trends in exclusive vendor management, including: extent of outsourcing, managing exclusive vendor relationships, use and outsourcing of market research vendors, evaluation and return on investment, vendor management automation and key lessons learned.
- Extent of Outsourcing
- Managing Exclusive Vendor Relationships
- Use and Outsourcing of Market Research Vendors
- Evaluation and Return on Investment
- Vendor Management Automation
- Lessons Learned
- If your company does not have a VMO, who manages the exclusive vendor relationship within your internal market research group?
- What types of training does your company employ when onboarding an exclusive vendor?
- How has your use of an exclusive vendor model impacted employee engagement in your internal market research group?
- If your company uses exclusive vendors, what percentage of primary market research is outsourced to them?
- What types of partnership models do you utilize with your external vendors for market research?
- Which of the following benefits and challenges, if any, did your company realize as a result of moving to an exclusive vendor for market research?
- What metrics do you use to measure return on investment in your use of exclusive vendors?
- What are you automating in vendor management?
SAMPLE KEY FINDINGS
- Exclusive Vendors Used Across An Array of Market Research Studies: Companies contract exclusive vendors for different types of market research studies. Benchmark participants hire exclusive vendors for different types of primary market research studies including branding (75%), positioning (88%), competitive assessment (50%) and thought leader research (50%) studies.
Best Practices, LLC engaged 16 Market Research and Business Intelligence leaders from 15 leading biotech and pharmaceutical companies through a benchmarking survey. More than 40% of research participants serve at the director level or higher.