RESEARCH TRIANGLE PARK, NC--(Marketwire - March 8, 2010) - Relationships may be everything in business -- and regular reviews of those relationships shouldn't be ignored.
In the life sciences industry, market research leaders conduct regular evaluations of preferred vendors -- those external firms short-listed for a company's market research work. Market research teams depend on these outside organizations, so poor vendor work causes delays, stretches budgets, and forces executives to make decisions without key pieces of information.
For vendors, preferred status means familiarity with client personnel, processes and objectives. That connection positions them to meet client needs in compressed timelines. The practice is common: a study of 30 drug companies by business intelligence firm Cutting Edge Information (http://www.cuttingedgeinfo.com/) reveals that slightly more than half of surveyed organizations use preferred vendors for market research.
The study, "Improve Market Research Impact," (http://www.cuttingedgeinfo.com/market-research/) also finds that executives are concerned about complacency among vendors who have won the "preferred" tag. In interviews, these leaders described worst-case scenarios in which vendors' punctuality and work quality suffered. They suspected that such vendors gradually turned their attention to winning new business rather than spending time with existing clients.
The first step in avoiding such pitfalls comes early, when teams thoroughly vet each vendor. Later, after preferred status has been conferred, teams regularly review vendor performance and evaluate outsourcing strategy.
"For market research executives and their teams who want to create more effective relationships with vendor partners, both sides will have to stretch out of the comfort zone of their established relationships," said Jason Richardson, president of Cutting Edge Information. "Both the vendor and the market research team need to regularly reevaluate their performance to clearly show that they are meeting short- and long-term goals. Market research teams will continue to build their value to the overall organization by keeping a close eye on their business results and also on continuously improving performance through internal and external feedback."
Findings from "Improve Market Research Impact" recommend that managers stay in continual communication with vendors to provide feedback and carefully review deliverables. That feedback forms one part of regular vendor reviews in which these managers, together with strategic sourcing teams, evaluate preferred status.
More information about increasing and demonstrating Market Research value is available at http://www.cuttingedgeinfo.com/market-research/.
Contact Information:
CONTACT:
Stephanie Swanson
(919) 433-0212