Leveraging Employees for Internal Market Research Excellence

CHAPEL HILL, N.C., Dec. 12, 2014 /PRNewswire/ -- Organizations are increasingly using their own internal employees to participate in market research studies (in lieu of external market research participants). Involving employees in market research can boost engagement and provide rapid "directional" insights on specific commercial issues. This can help market researchers and markets to better understand the market and frame external studies.

Despite the many benefits of utilizing internal employees, most companies find it impossible to capture data that is fully representative of the market from their employees alone. According to a recent study by benchmarking firm, Best Practices, LLC, some companies (about one-third of pharmaceutical participants) do capture internal primary research – but tend to always treat it as "directional" and use it to supplement or pave the way for deeper external market research, which follows after it.

The related report, "Internal Market Research Excellence: Leveraging Employees for Key Insights & Greater Engagement," provides critical benchmark insights into how some of the world's top organizations leverage their own employees to capture critical business-related insights and drive greater workforce engagement.

Key areas examined included:

• 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

In all, 50 Market Research, Marketing, and Human Resources leaders at 46 global organizations were engaged in this study. In addition, deep-dive interviews were then conducted with 7 executives to capture additional qualitative insights.

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1326.htm

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC websitehttp:/www.best-in-class.com/.

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. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/leveraging-employees-for-internal-market-research-excellence-300009259.html

SOURCE Best Practices, LLC

Related Links

http://www.best-in-class.com

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