SYS-CON MEDIA Authors: Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel, Peter Silva

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Evolving the Role of Market Research from a Task-Oriented Function to a Trusted and Strategic Business Adviser

CHAPEL HILL, N.C., Jan. 24, 2014 /PRNewswire/ -- Markets research analysts can be trusted advisers who provide organizations with a strategic and tactical direction for navigating a fiercely competitive marketplace.

Yet, the perceived value of the market research function is eroding at many companies where market researchers are seen as simply order-takers rather than strategic partners. Research and consulting leader Best Practices, LLC recently conducted a cross-industry research study to understand the role training can play in evolving the market research function into more of a strategic business adviser.

The study, "From Classroom to Boardroom: Training can Propel Market Researchers from Order-Takers to Trusted Business Advisors," found that training can help market research create value and earn recognition from its internal clients by developing analysts to fill new roles as strategic partners who help drive business results.

The bottom line: Quantitative/technical skills are needed to build competent analysts whose work is accurate and trusted. Analysts also need insight development skills to improve decision support and consulting skills to help them evolve into strategic business advisers who partner with their clients.

The 82-page report will help analytics team leaders determine if they are investing the right level of resources and developing the appropriate skill sets to create the high performing researchers they need.

According to the study, many training programs for analysts are adopting efficiency measures because of flat or shrinking budgets. Some of the measures uncovered in the study included:

  • Companies are eliminating training checklists, no longer training for the sake of training.
  • More training is individualized according to assessed needs, job requirements or interests.
  • More training is self-directed by employees and delivered on-demand via the intranet.
  • Online meetings and training sessions are replacing face-to-face events & reducing travel costs.
  • Centralizing support functions into a Center of Excellence/ Shared Services organization. 

As part of this research project, Best Practices, LLC engaged 41 Market Research and training leaders at 35 companies through a benchmarking survey instrument. In addition, research analysts conducted deep-dive executive interviews with six selected respondents to collect qualitative data and insights.

To access the full report or to download a complimentary summary containing insights found in this report, paste this link into your browser: http://www3.best-in-class.com/rr1263.htm.

For more information on this study or other recent primary research studies, contact us at 919.403.0251 or at [email protected].  

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.

SOURCE Best Practices, LLC

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