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Report Summary: Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research

ID: PSM-308A

Pages: 11

Published: Pre-2019

Delivery Format: Online

 

License Options:


Download FREE Excerpt

 

919-403-0251
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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • STUDY SNAPSHOT
  • KEY FINDINGS
  • VIEW TOC AND LIST OF EXHIBITS

For report summary, click "Download FREE Excerpt".

Internal customers seek insight research projects that drive business growth and value. At the same time, tracking research is continuing to gain significance. As a result, market research organizations need to optimize the mix of tracking research and insight-oriented research to reflect the emerging market and customer needs.
Best Practices, LLC undertook this study to illustrate the ideal allocation of market research resources to best serve internal customers. The document provides insights into the practices, mix, staffing, activity levels and training requirements needed for market research to consistently provide valuable, forward-looking insights into the business.

Industries Profiled:
Pharmaceutical; Biopharmaceutical; Biotech; Manufacturing; Consumer Products; Diagnostic; Health Care; Clinical Research; Laboratories; Medical Device


Companies Profiled:
Abbvie; LFB; Bayer Healthcare; Sanofi; Phillips; Teva Pharmaceutical Industries Ltd; Novo Nordisk; Alkermes; Pfizer; Cochlear; Purdue Pharma; actavis; Genzyme; Amgen

Study Snapshot

Market research leaders from 14 global pharmaceutical and medical device organizations participated in this  benchmark field study and survey analysis. 

Key Findings

Setting The Best Research Agenda & Mix: The allocation of most organization’s market research activities is far out of line when comparing to customer expectations and needs. Many companies are heavily skewed toward tracking projects that are not as impactful for customers as are Insight Projects. Rebalancing the mix can allow market research groups to go deeper and respond to market changes.


Table of Contents

Objectives, methodology & major themes Pg. 3
  • Participating companies and key demographics Pg. 5
  • Balancing insight-driven research and tracking projects in the annual plan Pg.12
  • Scheduling valuable planned research and building in flexibility to handle ad-hoc requests Pg. 20
  • Improving tracking and insight-driven research projects Pg. 24
  • Using lifecycle stage to guide research requirements Pg. 27
  • Understanding stress points by research type Pg. 30
  • Market research staff selection and training Pg.33
  • Improving market research credibility and customer engagement Pg. 37
  • Eliminating redundant and lower value research Pg. 42
  • About Best Practices, LLC Pg. 45


List of Charts & Exhibits

Job title of participants
  • Experience level of market research staff
  • Market research staff alignment
  • Lifecycle stage of products supported by market research
  • Breakdown of insight-driven research projects vs. tracking research projects actually conducted
  • Tracking research impact
  • Examples of valuable tracking projects
  • Insight research impact
  • Examples of valuable insight-driven projects
  • Allocation of budget resources
  • Dedication of staff resources
  • Ideal mix of planned vs. ad hoc research
  • Year-to-year ad hoc research trend
  • Approaches to improve tracking research
  • Approaches to improve insight research
  • Tracking and insight-driven research criticisms
  • Market research staff selection and training
  • Factors that assist market researchers in delivering consistently strong insights for brand and functional marketers
  • Market research customer engagement
  • Market research groups internal perception
  • Communicating Insights
  • Drivers of Redundancy or Lower Value Research
  • Differentiation of internal market research service levels

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