Market research is a crucial piece of a puzzle for any business, especially when it concerns the development of products, promotions, pricing, and positioning in a marketplace. Any company that fails to do market research in advance will not be able to launch a product successfully. There are many types of market research agencies, but it is important to evaluate a market research agency based on their area of speciality, competency, technologies used, methodology, and so on.
What can a Market Research Agency do for a business?
A Market Research Agency designs, and carries out and analyses the results of a customised market research task on your behalf. The task of a professional agency is to give you the information you need so that you can make key decisions based on their report. These agencies ensure that you comply with data protection legislation as well. Their primary task is to give you the feedback you want along with objective conclusions – things you will not be able to do on your own for your product or business ideas. If you are just setting up a new business and don’t have enough funds, you can hire a freelance consultant and get the information you need.
How to find a reliable Market Research Agency?
Finding the right agency can be challenging. Keeping in mind the following factors will help make the search easy.
- Understanding objectives: This is a critical factor to look at when choosing a market research agency. To conduct a meaningful survey, the company you are considering should understand the purpose of the research.
- Reporting recommendations: The market research agency should be able to look beyond the data to draw their conclusions and relate them to the client’s requirements. A good firm will also offer insights so that the results are meaningful.
- Capabilities: The firm you want to hire should use a few different methods to conduct their research. Surveys, interviews, focus groups, etc. are some of the methodologies they should be able to use.
- Experience: This is an obvious factor. When you are interviewing an agency, look at their client list. Get some references and talk to them to get an idea if their information was on point.
- Timeframe: If a market research agency meets all the criteria you are considering but cannot do the research in a set time frame, then go to some other agency. All market-related information is time-sensitive, and if the report doesn’t reach you on time, you miss vital opportunities.
- Relationship: This is another important factor. Call and talk to a senior person at the firm you want to hire. Get insights into their work culture and how the research team works together. You must like the people you are hiring and that they are available when you want to discuss something or get an update.
- Facilities: If the firm you want to hire has good resources on hand, then you can be assured of data integrity. They should have an onsite call centre which can monitor agents doing fieldwork and do periodic quality checks. If they have an in-house focus group, then this is a good reason to hire them.
- Cost: This is one of the biggest deterrent or a plus point when hiring. It shouldn’t be because every market research project is a custom one. You get what you pay for – and good market research is an investment.
- Location: You may want to work with a local company because of the reasoning that they know the market well. Don’t rule out a firm from another city – they can get the work done just as well and offer the same results.
Keeping these factors in mind will help you find the best market research agency and the right information within a set budget.
