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Best Practices, LLC Strategic Benchmarking Analysis
February 2014
Forging Deep Insights to Grow the
Business:
How Market R...
Table of Contents
2
Copyright © Best Practices , LLC
OBJECTIVES, METHODOLOGY & MAJOR THEMES Page 3
PARTICIPATING COMPANIES...
Topics IncludedStudy Overview
 Ideal mix of tracking vs. insight research
 Overall relative impact of tracking and insig...
Universe of Learning: 14 Leading Healthcare Companies
Contributed To This Benchmark Analysis
Benchmark Class:
Market resea...
Pool of Market Research Experience Runs Deep In This
Study
The participants in this study represent experienced market res...
Tracking
Research
Projects-
51%
Insight-
Driven
Projects-
49%
Ideal Mix of
Tracking
Research
Projects-
45%
Ideal Mix of
In...
Tracking Projects Command Lion’s Share of Budget
Although “tracking” projects are seen to provide less valuable insights, ...
Superior Project Mgt. & Communication Are Most Important For Strong
Tracking Research Recommendations
Selecting the approp...
Build Trust Through Communication Skills
Strong communication skills are highly important in building Market Researchers p...
Customer Insight and Engagement Win Trust & Credibility
Inspiring customers to trust and value the work being done by mark...
11
Learn More About Our Company
Our company is an internationally recognized thought leader in the field of best practice ...
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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

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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. 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
  2. 2. Table of Contents 2 Copyright © Best Practices , LLC OBJECTIVES, METHODOLOGY & MAJOR THEMES Page 3 PARTICIPATING COMPANIES AND KEY DEMOGRAPHICS Page 5 BALANCING INSIGHT-DRIVEN RESEARCH AND TRACKING PROJECTS IN THE ANNUAL PLAN Page 12 SCHEDULING VALUABLE PLANNED RESEARCH AND BUILDING IN FLEXIBILITY TO HANDLE AD-HOC REQUESTS Page 20 IMPROVING TRACKING AND INSIGHT-DRIVEN RESEARCH PROJECTS Page 24 USING LIFECYCLE STAGE TO GUIDE RESEARCH REQUIREMENTS Page 27 UNDERSTANDING STRESS POINTS BY RESEARCH TYPE Page 30 MARKET RESEARCH STAFF SELECTION AND TRAINING Page 33 IMPROVING MARKET RESEARCH CREDIBILITY AND CUSTOMER ENGAGEMENT Page 37 ELIMINATING REDUNDANT AND LOWER VALUE RESEARCH Page 42 ABOUT BEST PRACTICES, LLC Page 45
  3. 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.
  4. 4. Universe of Learning: 14 Leading Healthcare Companies Contributed To This Benchmark Analysis Benchmark Class: Market research leaders from 14 global pharmaceutical and medical device organizations participated in this benchmark field study and survey analysis. 4 Copyright © Best Practices , LLC
  5. 5. Pool of Market Research Experience Runs Deep In This Study The participants in this study represent experienced market research leaders. The pool of participants is composed of 14% vice-president-level executives, 57% director-level leaders, and 29% market research managers. Benchmark partners work in various units conducting market analysis. (n=14) Q. Please provide the following information, which will be used for classification purposes and to ensure that you receive a copy of the study deliverable. 5 Copyright © Best Practices , LLC Job Titles: BUSINESS INTELLIGENCE VP, Business Planning & Intelligence Head, Global Market Research and Business Intelligence Business Intelligence Manager MARKET RESEARCH Senior Director, Marketing Effectiveness Director of Marketing Research Director, Market Research Associate Director, Market Research Associate Director Market Research Manager, Market Research ANALYTICS Business Analytics Lead Manager, Market Analytics MARKET/CUSTOMER INSIGHTS Senior Director, Global Market Insights Senior Customer Insights Manager Director, Strategy Planning and Insights The Market Research Puzzle
  6. 6. Tracking Research Projects- 51% Insight- Driven Projects- 49% Ideal Mix of Tracking Research Projects- 45% Ideal Mix of Insight- Driven Research Projects- 55% Ideal Mix of Research Calls for More Insight-Driven Projects Benchmark partners reflected an almost equal split between the breakdown of insight-driven projects and tracking research projects actually conducted in the last 12 months. The ideal allocation of project types reflects at least a 10% increase in insight-driven research. This number is closer to a 2 to 1 split in favor of insight-driven research when looking only at only companies with launch phase/late development product portfolios. (n=14) Q. Please provide the breakdown of insight-driven research projects vs. tracking research projects actually conducted over the last 12 months, as well as the ideal mix of both research types. 6 Copyright © Best Practices , LLC Research Completed Last 12 Months Ideal Future Mix of Projects The ideal mix of annual projects calls for a 10% increase in Insight-Driven Research
  7. 7. Tracking Projects Command Lion’s Share of Budget Although “tracking” projects are seen to provide less valuable insights, half of all respondents reported that 50-60% of their budget was dedicated to this form of research. This leaves a lot of room for potential reallocation of research investment. (n=11) Q. Please estimate the percentage of your overall market research budget resources dedicated to Tracking Research and Insight-Driven Research during the past 12 months. 7 Copyright © Best Practices , LLC Allocation of Budget Resources: Percent of Research Budget Dedicated to Tracking Projects Percent of Research Budget Dedicated to Insight-Driven Projects 75th percentile 70% 50% Mean 59% 41% Median 50% 50% 25th percentile 50% 30%
  8. 8. Superior Project Mgt. & Communication Are Most Important For Strong Tracking Research Recommendations Selecting the appropriate vendors and managing the vendor throughout the research process plays a large role in the impact of tracking research. Additionally, communication with marketing customers and across brands is key when running tracking projects to ensure the findings are aligned with critical business and project needs. (n=14) Q. What approaches work best to help the organization understand how to deliver strong recommendations from tracking research (Check the one that best applies for each row) 8 Copyright © Best Practices , LLC Improving Tracking Research: 23% 15% 23% 31% 38% 8% 54% 54% 46% 46% Market Research rotations Managing Vendors Preparing Researchers Streamlining Tracking Research into consolidated critical projects Selecting Vendors Somewhat Important Highly Important
  9. 9. Build Trust Through Communication Skills Strong communication skills are highly important in building Market Researchers perceived value in the minds of internal customers. Communication is developed across a broad spectrum that includes presentation skills, listening skills, respectful debate, business focus and negotiation skill. (n=12-14) Q. Please rate the importance of the following skills in helping market researchers present insights into brand and marketing leaders 9 Copyright © Best Practices , LLC Communicating Insights: 38% 23% 31% 8% 8% 54% 69% 69% 92% 92% Negotiation skill: ability to negotiate for time, attention, resources or decisions Prioritization skills: focus leadership on what's important Debate: ability to speak up to leadership and debate ideas Listening skills: ability to listen well to customers Communication skill: comfort in presenting insight ideas Somewhat Important Highly Important
  10. 10. Customer Insight and Engagement Win Trust & Credibility Inspiring customers to trust and value the work being done by market research takes effort, but is critical to the long term health of the function. Trust building is best accomplished through customer insight, meeting frequently and directly with internal customers, and understanding customer business and therapeutic needs. (n=11-14) Q. Please rate the importance of the following management factors in assisting market researchers in delivering consistently strong insights for brand and functional marketers: 10 Copyright © Best Practices , LLC Winning Trust & Credibility: 23% 45% 38% 50% 15% 46% 46% 38% 23% 23% 18% 38% 33% 69% 46% 46% 54% 69% 100% Structural Alignment Brand Experience Co-location with brand / customer Account Management: Understanding customer differences Customer Experience Training on the brand/function issues Face Time: in-person exposure to the internal client Engagement Frequency Attend brand meetings to get close to customers Customer insight Somewhat Important Highly Important
  11. 11. 11 Learn More About Our Company Our company is an internationally recognized thought leader in the field of best practice benchmarking®. We are a research, consulting, benchmark database, publishing and advisory firm that conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by leveraging 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 (Ph): 919-403-0251 www.best-in-class.com 11 Copyright © Best Practices , LLC

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