Internal customers within biopharmaceutical companies clamor for deeper market research insights that will help them to grow the business. As the docket of requests for tracking research simultaneously continues to grow, leaders must learn to manage these demands, or risk their brands losing step in fast-changing markets.
According to recent research by benchmarking firm, Best Practices, LLC, benchmark partners signaled that ad-hoc requests from internal customers are not going down in the near future. In fact, nearly 50% of participants expect increases in market-reacting requests in the next year. Clearly, it is essential for Market Research groups to learn how to better manage this customer need.
The related report, “Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research,” provides leaders with 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.
Key study topics include:
· 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 insight
This benchmarking research drew participation from fourteen global pharmaceutical and medical device companies. Data was normalized throughout the study to account for the size of division or business unit the participant represented.