Training Can Propel Market Researchers from Order-Takers to Trusted Business Advisors

From Classroom to Boardroom:
Training Can Propel Market Researchers
from Order-Takers
to Trusted Business Advisors

Best Practices, LLC
Strategic Benchmarking Research

BEST PRACTICES, ®
LLC

Table of Contents (of full report)
 Executive Summary 3
 Research Overview 4
 Participating Companies 5
 Key Findings 6
 Key Trends Observed 9

 Market Research Must Undergo Transformation: Training Can Help 10
 Market Research Skills Training 14
 Effective Approaches & Tools 21
 Increased Outreach Requirements Drive Training Differentiation 32
 Program Sustainability Is High Priority in Time of Flat Budgets 40
 Operations & Effectiveness 52
 Case Examples & Proven Practices 57
 Pitfalls to Avoid & Key Lessons Learned 61
 Market Research Training Excellence 64
 Verbatim Responses: Pitfalls, Lessons Learned & Best Practices 67
 Appendix: Participant Demographic Data 75
2
Copyright © Best Practices, LLC
BEST PRACTICES, ®
LLC

Research Project Objectives, Methodology & Results
Best Practices, LLC conducted this cross-industry benchmarking study to identify best practices and
innovative methods for developing Market Research training excellence while improving the
function’s global outreach and holding down costs.

Study Overview Topics Included

 Research Objective: This cross-industry study  Skills for which MR training is provided
investigates how Market Research (MR)  Training Channels most effective for MR
organizations at leading companies are training  Percentage of MR FTEs trained
staff effectively in today’s environment of
increasing globalization and shrinking resources.  Differences between MR training for
headquarters vs. regional staff
Research findings provide industry metrics that  Average MR training budget
can serve as a reference point for MR leaders in
 Anticipated trend in budget levels for MR
future budgeting and strategic planning. training in the next 12-24 months
 Primary funding sources for MR training
 Methodology: Best Practices, LLC engaged 41  Average # MR FTEs
Market Research & Training leaders at 35
companies through a benchmarking survey  Key Ratios:
instrument. In addition, research analysts  Cost of training per FTE trained
conducted deep-dive executive interviews with six  Hours of training per MR FTE
selected respondents to collect qualitative data
 Training spend as % of MR budget
and insights.
 Best Practices, Pitfalls & Lessons Learned

BEST PRACTICES, ®
LLC

Participating Companies Represent Nine Industries
Forty-one benchmark survey respondents from 35 companies participated in this study. Nearly half are
directors, senior directors or vice presidents, and 78% are based in the United States. The participants
represent nine different industries. About half work in Market Research, one-third in Marketing and the
rest in other functions.

Benchmark Class:
Pharma / Biotech / Medical Device 61%
Consumer Products 10%
Manufacturing 10%
Energy 5%
Finance / Banking / Insurance 5%
Chemicals 2%
Computers (Hardware, Software) 2%
Information 2%
Research 2%
(n=41)

BEST PRACTICES,
4 ®
Copyright © Best Practices, LLC LLC

Selected Key Findings
The following key Market Research trends were observed in this study.

The perceived value of the Market Research function is eroding at
Perceived Value of MR many of the participating companies, where market researchers may
Function Is in Decline
be seen as simply order-takers rather than strategic partners.

Training can help Market Research create value and earn recognition
Training Can Play a Key
Role in Restoring the MR from its internal clients by developing the analysts to fill new roles as
Function’s Value strategic partners who help drive business results.

Quantitative/technical skills are needed to build competent analysts
Partnership/Advisory Role whose work is accurate and trusted. Analysts also need insight
for MR Is Top Objective of development skills to improve decision support and consulting skills to
Leading Teams
help them evolve into strategic business advisors who partner with
their clients.

Leading MR Programs Interviewed participants have begun hiring market researchers for
Provide Tech Skills & consulting skills over quantitative skills and offering mentoring and
Consulting Training
specialized external classes in consulting to evolve technical-oriented
analysts.

BEST PRACTICES,
5 ®

Market Research Functions Evidence High Maturity Levels
The operational maturity of Market Research functions in this study is high, with more than three-fourths
agreeing with seven of nine maturity indicators in the survey. However, there is still room for
improvement in getting a seat at the table for management planning and being viewed as a trusted
advisor to the business.
Q9. How strongly do you agree or disagree with each of the following statements regarding the role and business
impact of the Market Research function at your company? (Choose one.)
Market Research Role & Business Impact
Total Agree:
Somewhat Agree Strongly Agree
Market Research findings help shape going forward strategy. 66% 34% 100%

MR findings routinely influence critical business decisions. 49% 44% 93%

Market Research uses fact-based research to 51% 34% 85%
constructively challenge management thinking.

Market Research is an integral part of the Marketing team. 34% 51% 85%

Market Research recommendations are usually implemented. 61% 22% 83%

Market Research has a "seat at the table" for decision making. 41% 39% 80%

Leaders turn to MR to discern future trends, issues & challenges. 39% 37% 76%

Market Research has a "seat at the table" for management planning. 46% 27% 73%

Market Research is viewed as a "trusted advisor“ to the business. 32% 39% 71%

(n=41) % Responses
BEST PRACTICES,
6 ®

Nearly 2/3 Expect Market Research Training Budgets to Be Flat
Only 19% expect to see any budget increases for Market Research training over the next 12-24 months,
and another 19% expect funding to shrink. Most predict flat budgets for the function.

Q. In the next 12-24 months, what change, if any, do you anticipate regarding the level of funding your company will
provide for Market Research training and development? If you anticipate budget change, specify the primary reasons.

Future Budget Trends Reasons for Budget Level Changes
Decrease:
Increase >10% Decrease >10% • “Access to available funds”
16% 13% • “Everything is cut”
• “Loss of patents”
• “Overall budget contraction”
Increase <10% Decrease <10%
3% 6% Remain about the same:
• “Limited growth but local/regional management is
supportive of ongoing training and development”

Increase:
• “More emphasis on building a strong MR function”
• “Organizational transformation currently in process will
likely include development of more formal MR training”
• “Product launch”
• “Significant training needs have been uncovered”
Remain about • “Today training level is near to zero”
the same, 63%

(n=32) (n=10)

BEST PRACTICES,
7 ®

Technical Skills Are Primary Focus of Market Research Training
Fundamental MR technical skills are covered by training for market researchers at 77% of companies,
while 62% train staff in using advanced methodologies. Project management is the most frequently
offered management skill and oral presentation the most common of communication skills taught by
benchmark participants.

Q11. Select the skills training topic(s) your market research colleagues receive training on. (Choose all that apply.)

Market Research Skills Training
TECHNICAL SKILLS: Fundamentals of Market Research 77%
Advanced methodologies (e.g.,
62%
conjoint, segmentation)
Secondary research sources & uses 56%

Forecasting 44%

Insight development 38%

MANAGEMENT SKILLS: Project management 56%

Leadership skills 49%

Moderating interviews 28%

COMMUNICATION SKILLS: Oral presentation 54%

Report writing 33%

Negotiation techniques 26%
(n=39) % Responses

BEST PRACTICES,
8 ®

Training Offerings Must Balance Breadth and Depth
On average, market researchers receive company-sponsored training on six critical skill sets. Forty-
five percent of respondents train market researchers on three to five skill sets. Prioritizing the most
relevant skill sets for a company’s Market Research staff can help training programs balance the
breath and depth of offerings.

Q11. Select the skills training topic(s) your market research colleagues receive training on. (Choose all that apply.)

Number of Skills on which Training is Offered per Company

13+ Skills, 3%
Max 13 1 to 2 Skills, 8%

75th Percentile 7 9 to 12 Skills, 18%

Mean 6

Median 5 3 to 5 Skills,
45%
6 to 8 Skills, 28%
25th Percentile 4

Min 1

(n=40)

BEST PRACTICES,
9 ®

Classrooms Are the Most Heavily Used Training Channel
Classrooms are the top channel for training market researchers in management and communication
skills and are just behind conferences as the most frequently used channel for technical training.
Technical training inspires multiple approaches, with three different channels used by a majority of the
benchmark class.

Q17. Which channels are used to provide training in each of the following skills categories? (Check all that apply.)

Training Delivery Channels Used
Technical Skills: Management Skills: Communication Skills:

In-person/ corporate classroom 67% 64% 59%

One-on-one mentoring/ coaching 49% 44% 44%

Professional/ industry conferences 74% 33% 26%

On-line/ web-based modules 54% 28% 36%

On the job/ special assignment training 44% 36% 31%

Independent self-study 36% 33% 31%
Mobile applications (e.g., podcasts,
33% 18% 23%
webinars)
University/ college certified MR
23% 21% 15%
programs
Virtual/ electronic classroom 13% 8% 8%
(n=39)

BEST PRACTICES,
10 ®

One-Third Report Same Training for HQ & Non-HQ Staff
Only 17% of companies described differences in training offered to Market Research staff reporting
into headquarters vs. other locations, while half were unsure whether differences existed.

Q29. Does the implementation or content of MR training vary between colleagues who report into a headquarters/
centralized/shared services Market Research function and market researchers who report elsewhere? How?

Training for Headquarters vs. Country Operations

How training is different....
Different, 17% • “Driven by manager-identified requirements.”
Same, 34%
• “Each country is responsible for MR training of
its staff.”

• “No need to study cross country/currency analysis,
regional or global level trends.”

• “Regional colleagues do not participate in annual
Unsure, 49%
two-week global MR training program.”

• “They don't get trained on online software or SPSS.”

(n=35)

BEST PRACTICES,
11 ®

About Best Practices, LLC
Best Practices, LLC is a research and consulting firm that conducts work based on the simple yet
profound principle that organizations can chart a course to superior economic performance by studying
the best business practices, operating tactics, and winning strategies of world-class companies.

Best Practices, LLC
6350 Quadrangle Drive, Suite 200
Chapel Hill, NC 27517
www.best-in-class.com
best@best-in-class.com
919-403-0251

BEST PRACTICES,
12 ®

Training Can Propel Market Researchers from Order-Takers to Trusted Business Advisors

Recommended

Recommended

More Related Content

More from Best Practices

More from Best Practices (20)

Recently uploaded

Recently uploaded (20)

Training Can Propel Market Researchers from Order-Takers to Trusted Business Advisors