New Report Details How Market Research Organizations Forge Deep Insights to Grow the Business

CHAPEL HILL, N.C., March 18, 2016 /PRNewswire/ -- Internal customers are increasingly clamoring for deeper market research insights that will help them grow the business. In addition, the docket of requests for tracking research keeps growing. If market research organizations don't manage to balance these competing demands, they put their brands at risk of losing step in fast-changing markets.

According to recent research by Best Practices, LLC many market research organizations are under-resourced, and consequently don't have the strength to handle every request for internal customers. How do you overcome this? Benchmarked companies found that developing a consistent and logically sound differentiation system helped them to field and prioritize requests, and dedicate resources to the most impactful areas of the business.

The related report, "Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research," will show the ideal allocation of market research resources to best serve internal customers.

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 Insights

Best Practices, LLC engaged fourteen 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.

To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1419.htm

For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://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.

SOURCE Best Practices, LLC

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