Market Research Training & Development Excellence: Resource Ratios, Core Skills and Training Approaches for High-Performing Market Research Groups

STUDY OVERVIEW

Organizations rely on the market research function to provide insights that will help set a strategic and tactical direction for competing in the commercial marketplace. However, in a constantly changing business environment marked by rapid technology advancements and shifting regulatory requirements, the market research function requires effective training and development programs to maintain its effectiveness.

Best Practices, LLC conducted this research to help market research leaders identify effective training and development strategies to arm their staff with enriched qualitative and technical skills. This study provides benchmarks on market research training budgets, staffing, program focus, program venues and program effectiveness. The study delivers key insights and trends that organizations can use to compare their current market research training and development practices with those at leading companies.

KEY TOPICS

• Executive summary
• Market research maturity
• Market research training resources & ratios
• Market research skills training
• Market research training operations & effectiveness

• The role and business impact of the market research function
• Total spend for market research training and development during the last completed fiscal year and the number of FTEs providing market research training
• Percentage of market research budget dedicated to training
• Average total number of market research training hours each market researcher received in the last fiscal year
• Funding sources for market research training
• Future budget trends for market research training and development
• Skills training topics that market research staff receive training on
• Percentage of each training type that is designed by external vendors vs. by internal colleagues
• Effectiveness of different channels for delivering market research training
• Training delivery channels used
• Effectiveness rating of different approaches in training and developing market research colleagues
• Metrics used to assess the effectiveness of your market research training program

• Online Training Is Cost Effective & Provides Access Benefits: Fifty-four percent are using online web-based modules for MR training. Although not considered to be as effective as in-person channels, online training requires no travel, is accessible globally and is available 24/7.
• Budget Trend: Only 19% expect to see any budget increases for Market Research training over the next 12-24 months, while another 19% expect funding to drop. The remaining 62% expect budgets to remain flat.

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.