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"Pharmaceutical Market Analytics: Stakeholders and Corporate Recognition & Support"
Despite its potential to have great impact on the business, Market Analytics (see Key Definitions below) frequently has to work hard to achieve adequate recognition and resources from top management, which historically has viewed marketing and sales as the top priority. Market Analytics leaders achieve recognition by networking and cultivating trust with key stakeholders and delivering top quality insights and analyses. Executives who oversee Market Analytics activities can use this research document to understand who are the key internal customers and collaborators for analytics and learn tactics that functional leaders use to align their work with corporate needs to deliver top value and build trust.
· Executive Summary
· Building Effective Relationships with Key Stakeholders
· Winning Corporate Recognition and Support
· Appendix A: Top Lessons Learned
· Primary and Secondary Users of Forecasting, Sales, Marketing and Business Development Analytics
· Key Collaborators on Forecasting, Sales, Marketing, and Business Development Analyses
· Tactics for Effective Stakeholder Communication
· Best Practices for Aligning with Stakeholder Needs
· Effective Methods for Evaluating Internal Customer Satisfaction
· Measuring Analytics Performance
SAMPLE KEY FINDINGS
· Interviewed benchmark partners find that clear and continuous communication with stakeholders is vital for building strong relationships. Leaders use such practices as involving internal users early in the project design process and holding debriefings after major projects are completed.
· A lesson learned shared one study participant is to keep the voice of the external customer deeply rooted in all analyses.
Best Practices, LLC completed this study in two phases — an online survey and telephone interviews. Researchers surveyed managers and executives from 21 leading pharmaceutical, medical device and biotechnology companies to collect benchmark metrics. The research team also conducted in-depth interviews with selected program leaders at six of the surveyed organizations. Best Practices used interviews to surface executive insights and winning practices companies use to evolve the analytics functions to build effective relationships with internal customers and collaborators and to win corporate recognition and support for analytics.
“Market Analytics” is used broadly to encompass a range of activities usually conducted in such departments as Market Research, Market Analytics, Business/ Commercial/Franchise/Brand Analytics, Business Development, Competitive/Business/Market Intelligence, Sales or Sales Operations, Pricing, Forecasting, Marketing, or Finance. This study focuses on individual analytics activities rather than on departments where they may or may not be performed; analytics functions are rarely all centralized in a single department.