What are the most effective ways to develop skills and avoid a talent shortage in Market Research?

In my experience in #pharma, this gap has a considerable cost as a lack in #marketresearch skills & sometimes with tight investment budget available, largely impact a healthy & successful business planning particularly for launches of novel therapies. 2 ways could improve these skills & overcome shortage in talents: ??cross-functional team talent development, for example upskilling the competencies of colleagues who have good analytical mindset ??analyze existing data with enhanced understanding of disease landscape & market insights leveraging AI & other alternative ways (focus groups, Ad boards, case studies etc…) #raredisease #marketing #strategy #biotech #valuebasedcare #healthcareinnovation #healthcare

In my experience of conducting consumer and market research for the last 20 years, the best way to stay abreast of new trends and hone your skills is to be curious: 1 - read from a wide range of materials, listen to podcasts, watch interviews on topics that are outside of your comfort zone. 2 - To make sense of it all, fall back on a diagram you are comfortable with, such as the sales funnel, the typical consumer journey, or the research continuum. THis way, even when you don't know an methodology/solution well, you can always relate to it in the context of everything else you know. 3 - Stop hunting for one mentor and rely on a network of mini-mentors instead: people who know a vertical, methodology and/or solution very well.

1. Continuous learning. 2. Gaining practical experience. 3. Specializing in focused areas. 4. Staying up-to-date with industry trends. 5. Networking,

To develop market research skills and avoid talent shortages: Invest in Training: Provide ongoing training and workshops for your team. Cross-Train: Teach related skills like data analytics and business strategy. Mentorship: Pair experienced researchers with novices. Internships and Grad Programs: Hire and train interns and recent graduates. Educational Partnerships: Collaborate with institutions to shape future researchers. Tech Utilization: Invest in research tools to boost efficiency. Outsourcing: Consider external research consultancies. Learning Culture: Promote a culture of continuous learning. Networking: Attend conferences and connect with industry peers. Retain Talent: Recognize and reward high performers.

Simply put, invest in your people. - Create a culture of innovation and learning. - Recognize and reward achievements - Start a mentorship program to share knowledge and develop the next generation of market researchers.

Applying market research skills to real projects is invaluable. Identify business challenges, like customer satisfaction or new product development, and design a research project. Define objectives, select methods, collect, analyze data, and present findings. This hands-on approach allows learning through practical experience, validating assumptions, and showcasing your value. Real projects enhance your problem-solving abilities and foster a deeper understanding of market research nuances, making you a valuable asset to any business or organization.

Applying market research skills to real projects is a practical, transformative approach. It involves identifying key issues like customer satisfaction, competition, or product development. Executing a project isn't just a checklist; it's a hands-on journey. You define clear objectives, choose research methods, collect, analyze, and present data. You're both a scientist and storyteller, turning data into actionable insights. Learning by doing is key. Real projects fine-tune your skills as you tackle actual business challenges. You prove your worth through tangible contributions to decision-making, demonstrating your capabilities and advancing your career.

We need to first identify the problems and than think of solving them. All problems are to be identified and we need to find out solution and share with our team and see how effectively is working. We need to see how customers satisfaction is derived.

Apply what skill you learn to real projects like - Engage in hands-on market analysis for actual brands. - Contribute to live case studies to apply theoretical knowledge. - Collaborate with businesses to conduct market surveys and gather data. - Analyze consumer behavior for current clients to refine marketing strategies. - Participate in product launches to understand market reception and feedback. - Offer pro-bono consulting to non-profits to broaden experience. - Use internship opportunities to work on projects with tangible outcomes.

Applying market research to real projects that matter to one's business or organization is a great approach to learning this skill. However, I believe that this stage of learning initially requires the support of a mentor who is an expert in the field.

As a management faculty, freshers should do many internship assignments, mini projects in industry, along with required certification courses which will equip candidates with market research skills. for experienced industry people, they should upgrade with recent research skills, like advanced excel, tableau, power-BI and similar skills.

Seeking feedback is crucial for growth. Request insights from colleagues, managers, clients, and mentors on your research projects. Additionally, involve your target audience; gather feedback from customers, prospects, or stakeholders regarding your research methods and questions. Embracing feedback reveals your strengths and weaknesses, providing a platform for learning and improvement. Critique refines your skills, making your market research endeavors more insightful and effective. Collaborative refinement ensures your research methods align with the needs and expectations of both your clients and the audience, enhancing the overall quality of your work.

Feedback is the loop where you improve yourself by - Regularly request client feedback to gauge the effectiveness of market research strategies. - Implement a structured process for receiving and analyzing feedback from project stakeholders. - Utilize peer review sessions to refine research methodologies. - Encourage open dialogue with team members for continuous process enhancement. - Actively seek out mentorship and constructive criticism from industry veterans. - Analyze project successes and failures to identify areas for personal skill development. - Attend workshops and seminars to stay updated on market research trends and solicit expert opinions.

Keeping up with trends and innovations in market research can be an invaluable asset to building your research acumen and toolkit, but may require perceived “risk taking” to overcome industry inertia. In many cases, organizations have a set “way to work” for certain research questions. Those preferred approaches tend to be incumbent, long-used approaches that may be outdated but “safe.” Industry movers and shakers will be willing to buck the status quo, take calculated risks in trying new approaches, and advocate for the more compelling insights that often come from innovative approaches.

Staying abreast of market research trends is essential. Regularly engage with industry news, reports, and publications to understand emerging technologies, tools, and methods. Attend events, conferences, and workshops to explore best practices and diverse case studies in various sectors. This proactive approach ensures you remain informed and competitive. Embracing innovations equips you with cutting-edge techniques, enhancing the depth and breadth of your market research skills. Adapting to evolving industry landscapes empowers you to deliver insightful, forward-thinking solutions tailored to your clients' needs.

Embrace technological advancements in market research tools and software. Encourage professionals to learn and utilize these tools effectively to enhance their skills and efficiency in data collection, analysis, and reporting.

Keeping yourself updated in market is the curtail thing you can do. - Subscribe to leading market research journals and publications. - Attend industry conferences and webinars to stay informed about emerging methodologies. - Leverage social media and professional networks to follow thought leaders and influencers in market research. - Participate in online forums and discussions related to market research trends. - Implement cutting-edge research tools and technologies to stay ahead of the curve. - Analyze competitor strategies to anticipate market shifts and innovations. - Regularly review case studies and whitepapers to understand how new trends are applied in different sectors.

I've found LinkedIn to be a great asset to keep up with trends and innovation. Follow the big professional associations and key companies. Attend webinars and sign up for newsletters. Engage in the discourse on LinkedIn. Find time in your schedule to carve out "learning" time because it will NOT happen on its own!

I believe that sharing experience and knowledge is one of the best ways to stay current on trends and changes in market research industry. In the age of rapid technological growth, it can be challenging to follow large amount of information and learn new emerging tools. Hence, joining communities of experts who work with software is a great way to stay informed or ask for tips and advice. I suggest joining online communities such as Tableau, Qualtrics or AWS. I am myself an active Level 2 member of XM Community which I found very useful in developing my skills, getting involved in practical tasks and learning more about the best practices. Moreover, being a member of community can help in learning for professional certifications.

Sharing knowledge is a valuable way to enhance market research skills. By disseminating your expertise through presentations, reports, and projects, you not only showcase your proficiency but also contribute to the growth of your professional community. Engaging with colleagues, clients, and peers, online or offline, allows you to exchange insights, tips, and lessons learned, fostering a collaborative learning environment. This sharing not only enhances your reputation but also promotes a culture of continual learning and innovation within the market research field, benefitting both you and the wider community.

A great way to get started with this is to post on LinkedIn! It's a (relatively) safe space. Find someone who is active on LinkedIn and learn what they do. Feel free to send them a draft of a post first before you share. It's a great way to get yourself out there very quickly.

To develop skills and avoid a talent shortage in market research, here are some effective ways: - **Learn from other disciplines and perspectives** that can enrich market research. For example, psychology, sociology, anthropology, and design thinking are some of the fields that can offer valuable insights into human behavior, motivation, and emotion. Market researchers should also be open to collaborating with other stakeholders, such as customers, employees, and experts, to gain a holistic and diverse understanding of the market. - **Invest in training** that can help market researchers develop their skills and knowledge. This can include formal courses or workshops that cover various aspects of market research.

Pass on what you learn - Conduct workshops and training sessions to mentor juniors and peers. - Write articles or blog posts to share insights and case studies from your research. - Offer to speak at industry events and conferences to discuss your findings and methodologies. - Create informative videos or webinars to reach a broader audience interested in market research. - Participate in panel discussions and think tanks to contribute to the collective knowledge of the field. - Provide consultancy services based on your expertise to businesses and startups. - Engage in collaborative projects with academic institutions to bridge the gap between theory and practice.

In my experience it is very easy to get stuck with the stream of work that you are responsible for, which further hinders your ability to look beyond what you are tasked for. I am always in favour of being closer to your clients target consumer e.g. observing them while they are shopping for the category, or even just taking your time to observe the category shelves, the packaging, prices on a regular basis to understand how the category is moving. This helps maintain interest while also builds expertise within the organisation

Lack of investment in hiring experienced researchers, a focus on short-term business goals, and a lack of understanding of how research can mitigate risks in business decisions are often behind the layoffs of experienced researchers at the first sign of economic downturn which results in shortage of internal research skills. In times of economic uncertainty research is more needed that ever. Paradoxically, those are the times when more researchers are let go. Many management teams don’t know what research skills are required since they don’t know the type of research they need. This creates the perfect catch-22. Ignorance is more expensive than research, but for those who don’t know what they don’t know this is a nonissue.

From the management perspective, as a former director of a market research agency, my goal was always to recruit and retain talents. And different approaches are needed there. When searching for talent, collaboration with universities with strong marketing programs can be an excellent source of fresh and enthusiastic young people. Internship programs can work well as a way to see them in action in agency environments, and to recruit the best fresh graduates eventually. When it comes to talent development - you need to invest in your employees. There are new tools and new approaches, and you need to ensure that your employees are skilled and are following the latest market trends.

As a greenhorn here are some of the ways to get started: - Find and follow industry experts: Get access to their work and learn from their career trajectory. - Volunteer: This is becoming a lost art. It is an efficient way to get in the door. - Never stop learning and documenting your journey on public platforms such as LinkedIn, Twitter and/or a personal blog. This will set you apart and make you findable - Network: Attend events, participate in online forums, exchange ideas and ask questions. Good Luck!

Collaboration and Networking: Encourage market researchers to collaborate and network with peers, both internally and externally. This can be achieved through participation in industry associations, online forums, and networking events. It helps to stay updated on the latest trends and best practices.