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October 25, 2004
High Performance Market Research
Posted by Britton
Market research organizations must become increasingly strategic or they risk eventual irrelevance, according to a new study by Best Practices LLC.
"High-performing market research departments help senior leaders, brand heads and managers reach critical customer insights, successful new product launches, market growth opportunities and sustainable high performance." the group states. "Less distinguished market research can confuse managers, cloud decisions, hamper forceful execution and consume valuable resources. This is a central challenge for market research departments across industries and companies."
The report contends that companies are "increasingly challenged how to transform their market research departments from backward-looking support-service technicians into forward-looking valued business advisors who support growth, brand development and long-term economic health." Among its key recommendations:
==> Optimize your structure through people, process and technology systems that embrace cross-unit coordination and sharing to enhance business impact and reduce redundancy: Market research leaders engage in a balancing act among three management variables: market research group structure, market research performance processes and market research staff.
==> Build market research impact through integrated management that balances staffing objectives, product category expertise, crisp market insights and powerful influence skills: The highest performing benchmark partners have developed integrated systems that align essential management factors.
==> Manage the market research function to leverage resources, balance planned and ad hoc projects, and maintain work productivity and effectiveness: The best market research departments take a comprehensive approach to determining performance and resource needs. These organizations consider a broad spectrum of factors when assessing workload requirements and then they plan accordingly, using templates and benchmark libraries to inform their planning. They also employ project valuation processes and various tools to effectively marshal staff resources and measure how staff professionals perform on each project.
==> Develop and cultivate people so market research becomes an esteemed career track and training ground for future business leaders: Savvy market research leaders develop integrated performance management systems for both career professionals and rotational employees.
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