From Classroom to Boardroom: Training Can Propel Market Researchers from Order-Takers to Trusted Business Advisors

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Organizations rely heavily on the Market Research (MR) function to provide insights that will help set a strategic and tactical direction for competing in the global commercial marketplace. Given the complexity of supporting multiple brands spread across lifecycle stages in diverse country marketplaces, Market Research leaders face constant challenges. Learning how to properly train, educate and develop skilled MR professionals is essential for effectively serving and informing the global enterprise.

In order to identify effective training and development strategies to arm staff with enriched qualitative and technical skills, Market Research leaders should investigate various industries market research practices. Investigating cross-industry strategies regarding current Market Research training and development practices can be very beneficial and encourage Market Research success. Training budgets, staffing, program focus, program venues and program effectiveness are just a few of the areas that should be focused on when determining effective strategies for MR training.

To help leaders develop and deploy Market Research Training and Development in today’s increasingly complex global marketplace with ongoing resource constraints, the report “From Classroom to Boardroom: Training can Propel Market Researchers from Order-Takers to Trusted Business Advisors” was developed. The study offers various findings, but the top 5 key findings included:

  1. Training must be cost effective —  Companies are eliminating check lists & no longer training for the sake of just training.
  2. Face-to-face training options are best – Nearly 90% of benchmark partners rate in-person, classroom training as either highly effective or effective.
  3. Training varies depending on location & position- Regional/Local Researchers & Headquarters’ staff most often do not receive the same training.
  4. Teleconferences & Online Training Provide Support for Regional Researchers- Regional training is mostly handled through teleconferences.
  5. Effective training can play a key role in restoring the MR function – Training can help Market Research create value and earn recognition from its internal clients by developing the analysts to fill new roles as strategic partners who help drive business results.

Research findings provide industry metrics that can serve as a reference point for MR leaders in future budgeting and strategic planning. Training can ultimately help the Market Research function evolve and improve the function’s global outreach.

From Classroom to Boardroom: Training can Propel Market Researchers from Order-Takers to Trusted Business Advisors” is an 82-page report by Best Practices, LLC that will help Market Research leaders determine if they are investing the right level of resources or developing the right skill sets to create the high performing market researchers they need. For more information on other recent primary research studies, contact us at 919.403.0251 or visit our website at bestpractices@best-in-class.com.

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