SM 169A High-Performance Market Research Functions Report Summary
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SM 169A High-Performance Market Research Functions Report Summary Document Transcript

  • 1. Developing the High-Performance Market Research FunctionDeveloping the High-Performance Market ResearchFunctionABOUT BENCHMARKINGREPORTS.COM Benchmarking BenchmarkingReports.com is a service of Best Practices, LLC, the world leader in Report at-a-Glance benchmarking. BenchmarkingReports.com allows us to offer you the knowledge Featured Companies captured from our primary research at a fraction of the original projects cost. • AstraZeneca • Aventis Best Practices, LLC has conducted cutting-edge benchmarking research for top • Bayer companies since 1991. Our corporate motto is “Access and Intelligence for • Bristol-Myers Squibb Achieving World-Class Excellence.” Let us help you find solutions to your • DuPont current business issues today! Visit our corporate site at www.best-in-class.com. • Eli Lilly • IBM • Merck SanteSTUDY BACKGROUND • Novartis • Johnson & Johnson - High-performing market research departments help senior leaders, brand heads Ortho Biotech and managers reach critical customer insights, successful new product launches, • Roche market growth opportunities and sustainable high performance. Less distinguished Industry Analysis market research can confuse managers, cloud decisions, hamper forceful Top companies seek to build execution and consume valuable resources. a Market Research organization that delivers In a rough-and-tumble global economy, companies and leaders require powerful break-through insights ― and thereby positively market insights win an edge against competitors. Consequently, companies are impacts their business units, increasingly challenged to transform their Market Research departments from helps grow their brands, and backward-looking support-service technicians into forward-looking and valued informs their leadership so they make better and faster business advisors who support growth, brand development and long-term decisions. economic health. Information Type • 55+ Data Graphics • 75 Practices • 40+ Information Graphics • 450+ MetricsCopyright Best Practices, LLC (919) 403-0251 1
  • 2. Developing the High-Performance Market Research FunctionEXECUTIVE SUMMARYDeveloping the High-Performance Market Research Function (SM-169) provides extensive data and insightfrom 85 companies across dozens of industries. This report explains how leading market research organizationsincrease their impact, influence and efficiency.Developing the High-Performance Market Research Function answers critical questions in the following areas: • Optimizing Market Research Structures: The Art Of Collaboration: What approaches work best to make complex global Market Research structures work? How do market research leaders effectively work across business, brand and geographic units? • Building Influence and Enhancing Business Value: How do the best market research groups consistently develop market insights and provide services for which business unit heads and senior leaders clamor? • Process Excellence & Productivity Management: How do high-performing market research groups prioritize workloads, allocate resources, manage complex projects, oversee vendors, ensure quality and enhance productivity? • Performance Management: Developing People & Expertise: How do the best Market Research groups develop both career market research professionals and rotational staff and how do they build expertise to serve the business? This report summary includes key findings, the report structure, sample practices, a table of contents illustrating the study’s focus, and a list of exhibits, and an order form to facilitate purchase.KEY FINDINGS Best Practices LLC analysts identified several key elements that provide greater insight into developing high- performance market research functions. Some key findings include: • Optimize your structure through people, process and technology systems that embrace cross-unit coordination and sharing to enhance business impact and reduce redundancy: Market research leaders engage in a balancing act among three management variables: market research group structure, market research performance processes and market research staff. • Build market research impact through integrated management that balances staffing objectives, product category or therapeutic expertise, crisp market insights and powerful influence skills: The highest performing benchmark partners have developed integrated systems that align essential management factors. • Manage the market research function to leverage resources, balance planned and ad hoc projects, and maintain work productivity and effectiveness: The best market research departments take a comprehensive approach to determining performance and resource needs. These organizations consider aCopyright Best Practices, LLC (919) 403-0251 2
  • 3. Developing the High-Performance Market Research Function broad spectrum of factors when assessing workload requirements and then they plan accordingly, using templates and benchmark libraries to inform their planning. They also employ project valuation processes and various tools to effectively marshal staff resources and measure how staff professionals perform on each project. • Develop and cultivate people so market research becomes an esteemed career track and training ground for future business leaders: Savvy market research leaders develop integrated performance management systems for both career professionals and rotational employees. REPORT STRUCTURE AND ORGANIZATION Project findings in this report are organized into the following sections. Report Overview – The report overview outlines the project background, study objectives and benchmark class. Key Findings – The key findings summarize the top trends seen in leading market research departments. Best Practice Chapters – This section contains best practices derived from interviews with market research executives. The section includes the following four chapters: • Optimizing Market Research Structures: The Art of Collaboration – This section focuses on how to: make your structure work, communicate the importance of market research and minimize cross-unit redundancy. • Building Influence and Enhancing Business Value — This chapter details tactics to: build credibility with senior leadership, provide value-added services to all constituents, turn data into intelligence and market insights, and communicate market insights that guide and grow the business. • Process Excellence and Productivity Management — This chapter includes practices on: workload and resource requirement assessment, staff and project management, vendor relationship and outsourcing management. • Performance Management: Developing People & Expertise — This chapter addresses: the creation of a market research-focused culture, talent development, career path development, and training and development of market research competencies and capabilities.Copyright Best Practices, LLC (919) 403-0251 3
  • 4. Developing the High-Performance Market Research FunctionSAMPLE PRACTICES Serve all internal stakeholder groups — including sales, finance, human resources, investor relations and senior management — to expand the market research organization’s value and influence. The most influential and effective market research departments in the benchmark class view their function more broadly than the traditional role of supplying interpreted market data. These high-impact market research organizations view themselves as full-service information “This is a critical tactic to ensure brokers and specialists who provide insight and expertise to a that market research is valued wide variety of corporate functional needs. By spreading their across senior management. We services to recipients beyond the marketing function, these want to serve all functions so market research organizations enhance their perceived value in they see our value.” the broader organization. “This is a critical tactic to ensure -- Director of Market Analysis, Leading Pharmaceutical Company market research is valued across senior management,” stated the Director of Market Analytics at a healthcare company that has set a formal mandate for Market Research to serve multiple functions. “We want to serve all functions so they see our value. In this respect, we’ve embraced functions such as HR, Finance, Sales and others who might not normally access our services.” The global market research organization at another pharmaceutical company identifies all potential internal clients and then defines service needs for each internal group. Market research becomes the eyes and ears to the marketplace for multiple functions throughout the corporation. At this company, Marketing receives at least 60 percent of Market Research’s services. Other functions receive the balance of market research services: • Finance - Market Research provides forecasting services. • Sales Management - Market Research provides resource leveling and sales aid testing services. • Human Resources - Market Research provides internal communications services such as employee opinion surveys.Copyright Best Practices, LLC (919) 403-0251 4
  • 5. Developing the High-Performance Market Research Function Serve All Internal Constituents Serve all internal stakeholder groups – including in-line groups, senior management and others – to expand the market research organizations value and influence. MARKET RESEARCH Stakeholders CONSTITUENTS Finance Marketing Global & Country Unit Brand Teams Sales Management Business Development Medical Affairs R&D Executives “Take care of your customers – and Human Resources I don’t just mean Marketing! We Operating Committee want to serve all functions in the President / Key Executives organization so they see Market Investor Relations Research’s value to the company!” Country Units Development Teams -- Senior Director, Market Analysis, Managed Markets Global Pharma & Health Company 47 Copyright  Best Practices®, LLC B S P A T E , LLC E T R C IC S ® At another benchmark partner, the Global Market Research organization targets senior managers across all functions as a class of primary customers. Recent examples of ad hoc service to key executives: • A pharmaceutical-company business unit president traveled to Japan in search of new business opportunities for his therapeutic area. Prior to his departure, Market Research conducted a Japanese market assessment specific to the business unit’s products. This market assessment permitted him to be informed and effective during meetings with various prospective business partners. • A business unit head was scheduled to present at an investor conference. Global market research provided market data and analysis that enabled the executive to explain the logic for the business unit’s investments and growth strategy. Make business-case tracking and consolidating a required practice to increase functional productivity. The volume of projects that most Market Research organizations conducts creates a great opportunity to learn from prior mistakes, refine procedures and identify which types of research activities deliver greatest business impact. Leading benchmark partners seize this opportunity by conducting business-case tracking for most projects. Insights into effective project management and execution are gathered and documented by collecting data on projects and tracking impact of those projects. This kind of diligent business-case tracking enables these organizations to boost productivity, and subsequently decrease project completion time.Copyright Best Practices, LLC (919) 403-0251 5
  • 6. Developing the High-Performance Market Research Function One large pharmaceutical company makes tracking for key projects (measured by spend, with the threshold at $100,000) mandatory for its employees. Best-in-class companies recognize the need to consolidate project information to provide a comprehensive reference tool for their employees. Tactics for consolidation include: • Developing a common database: One company has established a resource center where market researchers store all completed projects. These projects are then organized by types of study and include all related materials such as the proposal, questionnaire and results. This makes it very convenient for a market researcher to access ATU (Attitude, Trial and Usage) studies. • Developing an intelligence network: Another company is instituting a “mentoring network” that identifies subject area experts who function as references for other employees. For example, if a market researcher is conducting a study for the first time, then access to information (available through a common portal) allows the researcher to seek help fast. This information includes items such as: o Name of the person who has previously conducted a similar study. o Associated pitfalls with the study. o Vendor information and referrals. This tactic enables researchers to quickly identify individuals who have completed similar tasks or instantly find information that is relevant to current needs.Copyright Best Practices, LLC (919) 403-0251 6
  • 7. Developing the High-Performance Market Research Function TABLE OF CONTENTS • Business Background and Overview......................Page 1 • Study Objectives ....................................................Page 1 • Benchmark Class ...................................................Page 2Executive Summary • Participating Managers ..........................................Page 4 • Key Findings ..........................................................Page 4 • Report Structure and Organization.......................Page 10 • Path Forward........................................................Page 11 • Chapter Contents.................................................. Page12 • Overview .............................................................. Page 14 • Making Your Structure Work................................ Page 15Optimizing Market • Structure Trends: Working with YourResearch Structures: Corporate DNA .................................................... Page 17The Art of Collaboration • Communicating the Importance of Market Research: How Rank Signals Status ................... Page 27 • Leadership’s Role in Championing Coordination and Sharing .................................... Page 31 • Minimizing Cross-Unit Redundancy..................... Page 40 • Chapter Contents .................................................Page 50 • Overview ..............................................................Page 52 • Building Credibility with Senior Leadership ..........Page 57Building Influence and • Providing Value-Added Services to AllEnhancing Business Constituents .........................................................Page 69Value • Turning Data into Intelligence and Market Insights .....................................................Page 71 • Communicating Market Insights that Guide and Grow the Business ...............................................Page 88 • Chapter Contents .................................................Page 96 • Overview ..............................................................Page 98Process Excellence • Assessing Workloads and Resourceand Productivity Requirements .....................................................Page 100Management • Managing Staff and Projects ..............................Page 111 • Managing Vendors and Outsourcing..................Page 122Copyright Best Practices, LLC (919) 403-0251 7
  • 8. Developing the High-Performance Market Research Function • Chapter Contents...............................................Page 136 • Overview ............................................................Page 138Performance • Creating a Market Research-FocusedManagement: Culture ...............................................................Page 141Developing People and • Developing Talent ..............................................Page 152Expertise • Employing Career Paths ....................................Page 158 • Training and Developing Market Research Competencies and Capabilities .........................Page 163Copyright Best Practices, LLC (919) 403-0251 8
  • 9. Developing the High-Performance Market Research FunctionOrder FormI’d like to order the following Best Practice Benchmarking Report. ID PUBLICATION TITLE QUANTITY PRICE SUBTOTALSM-169 Developing the High-Performance Market Research Function Ordering 3 or more reports deduct 10% Options Shipping and Handling: Add $28 ($56 international) per report TOTAL ONLINE benchmarkingreports.com PHONE SHIP TO: Name (919) 403-0251 FAX Title (919) 403-0144 Company EMAIL Street Address best@best-in-class.com City/State/Country Zip MAIL Best Practices, LLC Phone Fax 6350 Quadrangle Drive Suite 200 Email Chapel Hill, NC 27517 PAYMENT OPTIONS: Check enclosed payable to “Best Practices, LLC” Visa MasterCard American Express Card Number Exp. Date Authorized SignatureCopyright Best Practices, LLC (919) 403-0251 9