Market Research Excellence: Benchmarks to Drive Employee Performance

CHAPEL HILL, N.C.--Nov. 4, 2004--Market research organizations strive to attract, develop and cultivate top talent to transform market research into both an esteemed career track and training ground for future business leaders. However, more than 50% of companies fail to provide career planning for market research specialists and high potential rotational staff, according to new research from benchmarking firm Best Practices, LLC.

Best Practices, LLC's research has identified the key competencies and training tactics essential for driving M.R. departmental efficiency, business impact and brand influence. For example, the following facts emerged from our research:

-- 70% of surveyed executives find negotiation and influence skills critical to market research success.

-- More than half of surveyed companies employ up to 30% of market research personnel as rotational staff, creating unique performance development challenges.

-- Top performing market research organizations designate internal coaches or trainers who groom high potential staff for future roles leading brand teams.

-- Market analysis, competitive assessment and launch tracking are the top 3 of 22 skills and competencies identified to impact high performance.

-- More than 95% of market research heads identified market trends and changes as the top two activities critical for market researchers to provide proactive insights to business leaders seeking high performance.

Download complementary market research performance management best practices: http://www3.best-in-class.com/br37.htm

Designed to meet your benchmarking need, Best Practices, LLC's Business Excellence Board (BEB) works with you to identify the critical issues that drive market research impact, influence and efficiency. BEB membership enables you to access the best of our services: from facilitating peer-to-peer networking and conducting customized benchmarking research to providing on-demand best practices. Specifically, this membership gives combines the best of our services to give you the flexibility to design a research solution that best meets your need. Membership includes:

-- Consultation with Executives for Real-time Information

-- Marketing Plan Evaluations

-- Decision Support Research

-- Small Scale Primary Research Benchmark Project

-- Best Practices Database Membership

-- GBC Event Ticket

Member companies include: AstraZeneca, AT&T, Bank of America, Bayer Pharma, Eli Lilly & Company, Galderma, Genentech, Novartis, Ortho Biotech, Roche Pharmaceuticals and Vertex.

Find out more about our complete suite of service offerings by downloading the complimentary Market Research Performance Management Best Practice at http://www3.best-in-class.com/br37.htm and contacting Susan Silverstein at ssilverstein@best-in-class.com or (919) 767-9251.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a research and consulting firm that conducts work based on the principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. For more information, call 919-403-0251 or visit http://www.best-in-class.com/.