There’s no doubt that market research is an effective way to determine trends and identify new opportunities. But how do you ensure that your company gets the most out of its market research dollars? So, this guide will help you find a market research partner whose approach aligns with your needs and budget.
Research the Options
When looking for a market research company, you should research all of your available options among the numerous market choices. You must study how large each company is, how many employees they have, and what kind of expertise and experience they have in the industry. Also, ensure you’re comfortable with their reputation and client list before deciding whom to hire. Finally, look at their methods for conducting statistical analysis: Is it more modern or less modern? What does this mean for pricing?
Evaluate the Company’s Methods of Statistical Analysis and Research.
It is important to evaluate the company’s statistical analysis and research methods. It is also important to check whether these are consistent with your requirements. So, ask about the types of data they collect, how this data is used in the analysis, and what techniques are used for evaluating customer satisfaction or product performance. Also, make sure that you ask about their experience with your industry and your particular business and products/services when selecting an ideal market research agency.
Study Client Lists
By understanding the client base an agency works with, you can get a sense of how they handle themselves in terms of service delivery and pricing, which will allow an informed decision on whether or not this is a good fit for your needs.
Assess Forecasts, Projections and Recommendations
Examine their recommendations: do they make sense? And are they reasonable? Are they based on a solid foundation of data? Is there an element of intuition or art involved that you feel reasonable, given the situation? If so, what makes it reasonable?
Take a look at how accurate these recommendations were over time – did they successfully predict future trends for this company’s industry and competitors’ industries, as well as give insight into new information that came along unexpectedly (such as a new innovation in technology)?
Get Details on Reporting
You and your team should discuss the format of the report and how it will be delivered. If you’re only interested in an executive summary, you can probably get a digital format like email. But if you want to review charts, graphs and other visual aids, consider asking for a hard copy or having it shipped.
Once you’ve decided how to receive your reports, set expectations about when they’ll arrive: Is it once per week, once per month, or maybe only after major milestones have been met? It doesn’t matter as long as everyone is on board with these guidelines, so everyone knows what’s expected of them at all times.
Ask What Happens If There Is a Problem With the Data or Analysis
It’s a good idea to ask about the market research company policies regarding data quality and accuracy. You may want to ask how they handle problems with your data, such as when it turns out that you’ve been given incorrect information from another source. Another question to consider is how they deal with client complaints. If a customer says that the research missed some important factor, what is the process for dealing with this? It helps if there are clear procedures in place—as well as people trained on how to follow those procedures—to ensure that issues are dealt with appropriately and efficiently.
The best market research companies are the ones that will help you find success in your business. So before you hire a company, make sure they have experience working with clients like you, and make sure their results match up with what’s going on in the marketplace.