Increasing the Credibility and Value of Market Research Departments

High-performance market research organizations transcend traditional roles as technical support services. They evolve to become valued business advisors to the operating units, product teams, senior leadership and other diverse corporate constituents. This document presents market research leaders with practices that focus on increasing market research departments' sphere of influence through building credibility with senior leadership and providing value-added services to all constituents. Market research leaders will also learn tactics to effectively communicate insights to key leaders, partake in high-level meetings and assess market research value and ROI.

This 17-page document also includes benchmark survey data, conceptual graphics and executive quotes.

Sample Best Practices

1. Invest time and staff resources to ensure senior management understands the role and value of market research to the organization’s economic and market success.
   *One Market Research Director implemented a department-wide communication mandate: all market research staff in this company must designate 10 percent to 15 percent of their budgeted time presenting, publishing and communicating with senior stakeholders throughout the company to ensure these decision-makers are getting maximum value from market research investments and projects.
2. Position the market research team as “internal consultants” to troubleshoot problems.
   *The Group Manager of Market Research for one multi-national pharmaceutical company promotes her group’s expertise and flexibility to answer a broad-spectrum of problems that senior management team members routinely encounter during product, group, category or business unit decision-making.
3. Employ a standardized approach to assess market research value and ROI (return
   on investment) of research projects to the business.
   *At one pharmaceutical company, the Director of Global Market Research for a key therapeutic area is developing a common template for measuring ROI for all research work.

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