How Organizations across Industries are Leveraging Employee Insights to Produce Cutting-Edge Market Research

CHAPEL HILL, N.C., Aug. 23, 2013 /PRNewswire/ -- Recognizing that employees are often a company's greatest asset, many leading organizations have begun to capture critical product and market insights by using their own employees in "internal" market research studies.

Involving employees in market research can boost engagement. At the same time, it can provide rapid "directional" insights on specific commercial issues – thus helping Market Researchers and Marketers better understand the market and frame external studies.

In a new study, research and consulting leader Best Practices, LLC examines how companies are using their own employees and employee groups to conduct primary market research. The study captures key insights on what motivates companies to use employees for market research; how internal study participants are targeted; and how information is collected, vetted for bias, and disseminated.

• The study found that approximately three-quarters of companies participating in the research conduct internal market research studies either "frequently" (31 percent) or "sometimes" (46 percent). Only 23 percent of surveyed companies reported conducting employee-related studies either "rarely" or "never."
   
• In terms of the benefits of conducting internal market research studies, participants felt they were at least somewhat successful in a fostering a wide range of benefits, including greater employee engagement (90 percent), cost savings (76 percent), the ability to fill in gaps in external research (68 percent), and greater research flexibility (63 percent).

"Best Practices in Leveraging Employee Insights to Produce Cutting-Edge Market Research" is a new report that enables internal market research practitioners to better understand and mitigate risks relating to employee privacy while optimizing the benefits of internal market research programs, such as greater employee engagement and market research cost savings. This study is primarily of value to managers, executives, and others working in Market Research who are interested in innovative, rapid, or cost-effective ways to capture key market information.

Key Study Topics Include:

• Internal Market Research Programs: Governance, Study Volume, Types, & Frequency
• Effective Research Formats & Settings
• Internal Market Research Program Objectives: Evaluating Goals, Benefits, & Limitations
• Participant Targeting Strategies & Tactics: Incentives, Employee Segments & Regions Targeted
• Data Collection & Privacy Protection: Official Policies for Internal MR, The Role of Internal MR vs. Vendors
• Quotes & Insights from the Field

Best Practices, LLC engaged 50 executives and managers at 46 leading global companies for this study. The majority of participants are bio-pharma and medical device companies; other industries represented include financial, insurance, technology, automotive, and aerospace. Representatives from seven organization participated in deep-dive interviews.

To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1231.htm.

ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.

SOURCE Best Practices, LLC

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