Businesses that make decisions without market research increase their chances to perform worse than their competitors. Market research is an investment and part of a company’s business strategy. It can make a huge difference to their bottom line. Market research can help a company understand consumer behavior, competition, market trends, pricing, employee engagement, customer satisfaction, product feasibility, and more. A business can use an in-house or outsource their market research needs.
In-house versus outsourcing market research
In-house market research is believed to offer cost savings but bear in mind that the in-house team is less efficient than a professional 3rd party research company, so the overall cost saving can reduce considerably. The in-house team is in the best position to represent their brand as they have in-depth knowledge. The risk here is a lack of knowledge and experience, which can cause biased and unreliable results.
When you hire a top global market research agency like OvationMR, which has experience of 10 years in this niche, the results are accurate. Their experience and know-how can help to write strategic survey questions because a single biased word can significantly skew the data.
Working with a credible market research agency decreases the risk of biased results. Besides, interpreting the quantitative and qualitative data also needs skills. If you do it incorrectly then the potential of business loss increases. With trained market research professionals, you can confidently progress and make critical business decisions.
Qualities to consider while choosing an outsourcing market research
Relevant audience experience
Experience means good skills and knowledge but it is essential to work with professionals that have worked with a relevant audience. Professionals will highlight their experience but request them to share their past two years’ work relevant to your target audience.
Methodologies they use
Find out the methodologies they use or what they recommend for your specific market research. If they have wide practical experience with different methodologies, they will be capable to offer a deep survey.
Do they offer customized services?
Rather than offering a predefined package to choose from, the potential market research agency has to offer customized services. Every business differs and a predefined process is unsuitable for all. As a new customer approaching the market research agency with a new project expected to include several meeting sessions that are essential to understand your survey goals, budget, and more.
Capability to bring valuable data
Market research is crucial to make important business decisions. Therefore, it is essential to hire a market research professional that brings value and not just information. Request for references or testimonials to get an idea of how much value they brought their past clients.
Committed project manager
The process of market research is time-consuming. You need a contact point with the agency, who can deal with your queries and reporting the updates. A committed project manager, you find comfortable to talk to can make a huge difference in keeping your project on track. Ensure to communicate face-to-face with the potential project manager to ensure that he is the proper fit!