Market Research Department Excellence: Key Factors

In a rough-and-tumble global economy, companies and leaders who possess deep market insights win an edge against competitors. Consequently, companies are increasingly challenged on how to transform their market research departments from backward-looking support-service technicians into forward-looking valued business advisors who support growth, brand development and long-term economic health. This seven-page document details the key findings that drive market research organizational impact, influence and efficiency.

This document contains five in-depth findings distilled from information gathered from executives at 11 top companies, extensive survey data and insights drawn from 85 surveyed companies and findings from site visits. Market research managers will benefit from this document because it crystallizes the major issues that other leading market research departments have identified and worked on to improve their own performance.

Sample Best Practices

1. Optimize your structure through people, process and technology systems that embrace cross-unit coordination and sharing to enhance business impact and reduce redundancy.
   *Benchmarked market research organizations that have better mastered collaboration and coordination techniques tend to report higher functioning.
2. Develop an “outward looking” culture that turns to market research to help inform all critical decision-making through market, customer and competitor perspectives.
   *Field research identified various hallmarks of excellence among organizations that have well-established “outward looking” cultures and that consistently inform important decisions with customer information and market insights.
   

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