Market Research Vendor Excellence: Exclusive Vendor Management

STUDY OVERVIEW

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.

KEY TOPICS

• Extent of Outsourcing
• Managing Exclusive Vendor Relationships
• Use and Outsourcing of Market Research Vendors
• Evaluation and Return on Investment
• Vendor Management Automation
• Lessons Learned

KEY METRICS

• 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.

METHODOLOGY

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.

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