Effective Market Research Training Plays a Key Role in Restoring Value
Market Research and Analytics organizations are increasingly being faced with the challenge of supporting multiple product portfolios spread across lifecycle stages in diverse country marketplaces. If this isn’t enough of a challenge, leaders must efficiently and effectively train, educate and develop skilled Market Research professionals to serve and inform the global enterprise. Many leaders are left with an ominous feeling wondering “where’s the bang for the buck?” and “How do leading companies make Market Research training more sustainable?”
To hold down costs & improve the function’s global outreach, Market Research leaders must determine if they are investing the right level of resources & developing the right skill sets to create the high performing market researchers that they need. The following best practices & key trends were identified in one of our recent studies on Market Research training:
- Have a Broad Global Reach: Up to 50% of benchmarked participants offer professional development opportunities to market research colleagues in all global markets. Only about ¼ of companies limit professional development opportunities to staff who report into headquarters.
- Provide Tech Skills & Consulting Training: Leading Market Research programs have begun hiring market researchers for consulting skills over quantitative skills. They also offer mentoring and specialized external classes in consulting to evolve technical-oriented analysts.
- Training Must Be Cost Effective: Market Research training budgets are flat or shrinking, resulting in the adoption of numerous efficiency measures by the benchmark class. To keep costs down, 54% of respondents are using online web-based modules for MR training. Although these are not considered to be as effective as in-person channels, there are many benefits, including:
- No travel expenses
- Global accessibility
- No time restraints; available 24-7
If done right, Market Research can be a critical function within an organization, providing companies with a significant advantage over competitors. Market Researchers can bring in valuable external information that can be used to drive successful product development decisions, build winning marketing campaigns, reduce risk, and –most of all—produce actionable insights for decision makers. Although the perceived value of the Market Research function is eroding at many organizations, the appropriate training can play a key role in restoring the function’s value.