Internal customers constantly demand meaningful research insights that will help business growth, whereas tracking research continues to gain precedence as an effective market research tool. This has challenged market research organizations to optimize the mix of insight-oriented research and tracking research such that emerging customer and market needs are met.
Best Practices, LLC undertook a study, “Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research” to demonstrate the ideal allocation of market research resources to best serve internal customers. The study delivers benchmarks around the practices, mix, staffing, activity levels and training requirements needed for market research to consistently provide valuable, forward-looking insights into the business.
Read more at: http://www.best-in-class.com/bestp/domrep.nsf/products/forging-deep-insights-to-grow-the-business-how-market-research-organizations-optimize-the-mix-of-tracking-research-and-insight-oriented-research?OpenDocument
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Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research
1. Best Practices, LLC Strategic Benchmarking Analysis
February 2014
Forging Deep Insights to Grow the
Business:
How Market Research Organizations Optimize the Mix of
Tracking Research and Insight-Oriented Research
3. Topics IncludedStudy Overview
Ideal mix of tracking vs. insight research
Overall relative impact of tracking and insight
research projects
Impact of projects based on lifecycle stage of
product
Improving the impact of both tracking and
insight research projects
Removing redundancy of projects across
brands/therapeutic areas
Allocation of budget and staffing resources
for different types of projects
Managing and prioritizing ad-hoc vs. planned
research assignments
Winning trust and credibility internally
Training for successful communication and
implementation of insights
Research Objective: This benchmarking study
was designed to show the ideal allocation of
market research resources to best serve internal
customers. Types of projects conducted and their
respective values were assessed, as well as the
internal structures and training needed to
successfully manage the projects.
Methodology: Best Practices, LLC engaged 14
Market Research leaders through a targeted
benchmark instrument. Data was normalized
throughout the study to account for the size of
division or business unit the participant
represented. Also, where applicable,
considerations for the product portfolio being
supported was taken into consideration.
Research Project Objectives, Methodology & Results
Best Practices, LLC conducted this benchmarking study to give leaders in the market research function
insight into the practices, mix, staffing, activity levels and training requirements needed for Market
Research to consistently provide valuable, forward-looking insights into the business.