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Optimizing Market Research to Best Serve Internal Customers
Date:7/18/2014

CHAPEL HILL, N.C., July 18, 2014 /PRNewswire/ -- Market research functions within the biopharmaceutical industry are increasingly being challenged to satisfy the needs of internal customers who are clamoring for deeper market research insights to grow business. On top of this, the docket of requests for tracking research continues to grow. Due to this struggle, leaders must now fully understand the ideal allocation of market research resources to best serve internal customers.

According to recent research by benchmarking firm, Best Practices, LLC, many companies are heavily skewed toward tracking projects that are not as impactful for customers as are Insight Projects. Rebalancing the mix can allow market research groups to go deeper and respond to market changes.

The related report, "Forging Deep Insights to Grow the Business: How Market Research Organizations Optimize the Mix of Tracking Research and Insight-Oriented Research," highlights common criticisms associated with tracking and insight research approaches, how to win trust and credibility internally, and effective approaches to selecting and training staff. The research also provides market research leaders with metrics and insights that will help them to better understand the appropriate mix of insight-oriented and tracking research projects.

Key study topics include:

  • Ideal mix of tracking vs. insight research
  • Overall relative impact of tracking & insight research projects
  • Impact of projects based on lifecycle stage of project
  • 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
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SOURCE Best Practices, LLC
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