Market research groups are continually tasked with delivering market insights to multiple stakeholders efficiently and effectively. However, more than 60% of companies wrestle with decentralized market research structures in which communication and knowledge management gaps threaten market research effectiveness, according to a new benchmark study by benchmarking leader Best Practices, LLC.
Developing the High-Performance Market Research Function, profiled in a free summary online at best-in-class, is a break- through study that examines the market research organizations at 85 companies across 20 industries. The study probes best practices that market research organizations use to transform their markets, launch blockbuster products and accelerate brand growth by:
- Optimizing structure through people, process and technology systems
embrace cross-unit coordination and sharing to enhance business impact and reduce redundancy.
- Building market research impact through integrated management that balances staffing objectives, product category or therapeutic expertise, crisp market insights and powerful influence skills.
- Managing the market research function to leverage resources, balance planned and ad hoc projects, and maintain work productivity and effectiveness.
- Developing integrated performance management systems for both career professionals and rotational employees.
Developing the High-Performance Market Research Function contains more than 70 best practices and 450 metrics from industry leaders such as:
Bristol-Myers Squibb, Eli Lilly, Novartis, Aventis, DuPont, IBM, Texas Instruments and Hewlett-Packard.? The comprehensive structure benchmarks, influence-building tactics, process excellence and productivity improvement strategies, and performance management tips included in this report make it a start-to-finish guide for developing a world-class market research department. Specifically, the research reveals that market research groups achieve the following performance and staffing rates:
- 36% of surveyed Market Research groups support 10 or less products
- 47% report that a single Market Research person supports 5 or less products
- More than 60% of benchmarked companies average 20 or less projects per year
For more information, download a complimentary report excerpt online at best-in-class . Also, contact Dorris Huffstetler at 919-767-9259 or
to review study findings in more detail and to assess how your company can improve Market Research effectiveness and productivity to drive economic growth.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a research and consulting firm that conducts work based on the 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. For more information, call (919) 403-0251 or visit www3.best-in-class.com.