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.

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.

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.

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.

There is no progress without feedback and improvement. What strategies can be used to get valuable feedback from the target audience? 1. Listen Actively engage with the audience through surveys, polls, and social media interactions. Ask open-ended questions to listen to thoughts and opinions. 2. User Testing Often sneak peeks or beta versions of offerings to select groups of users. 3. Make it personal Do not be afraid to reach out to your customers one-on-one. Schedule calls or coffee chats, establish personal connections and dig into their experiences. 4. Improve Together Collaborate with your audience by forming focus groups or inviting influential individuals to brainstorm sessions.

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.

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.

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

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!