Market research is instrumental to the success of a business or organization. It is possible for a business or organization to conduct their own market research projects (do-it-yourself or DIY) and I have previously written about low-budget market research options, but in order to maximize the benefits of a market research project, a professional market research company must be hired.
What does that mean for your business? You have thousands of options of professional market research firms to assist you with your market research needs.
I know what you are thinking, “How do I know who to hire?”
With honesty, not all market research firms are alike, and there are factors that should influence your hiring decision.
Here are 4 factors your organization should consider when hiring a market research firm.
Factor 1: Flexibility
A great market research firm has the ability to customize a project to the unique objective of the business. Market research projects are not cookie cutter. There is not one method, one approach, or one strategy that applies to all projects. For this reason, it is essential for a business to hire a market research firm flexible with the unique needs of their project.
Market research projects are designed and executed with detailed planning, but the ability to follow the project perfectly does not always happen.
As the saying goes, “Things happen.”
A great market research firm will work around your schedule, adjust on the fly, make accommodations if deadlines need to be moved up, and quickly fix issues that arise.
Here at Drive Research we are flexible will all our clients.
Factor 2: Expertise
In this technological age, anyone can create an online survey with ease. Anyone can make some phone calls and ask people questions about a product, service, or brand.
However, how effective would a survey, in-depth-interview, focus group, or shop-along be if the individual who designed, executed, and provided the recommendations had no professional education, knowledge, or training? It wouldn’t be.
Market research projects are extensive and complex. There are many moving parts that create the whole project, and each part has a key role in the overall success of the project.
A great market research firm will have trained professionals to guide you through key decisions, such as:
• What is the objective of the project?
• Who is the target audience that should be included/excluded in the project?
• What method should be used for your project? Qualitative or quantitative?
• What is the best method for delivery: survey, one-to-one interview, etc. A mix?
Expertise goes even deeper. Market research projects provide data, but how data is interpreted and the recommendations made based on the data are components that truly maximize success and profits for the business. A great market research firm will collaborate and provide recommendations and strategies to amplify the success of your business.
How useful are blueprints for a house without a contractor that can read them and bring them to life?
How useful are medications without a doctor that understands when and how to prescribe them?
The same applies to data without an educated and trained professional to interpret the data. The data would lose its useless. Market research projects require time, money, energy, and experts to analyze the data collected and provide valuable insight to increase profitability.
Market research firms who are experts in their industry will use their expertise so every aspect of the project yields maximum benefits. Design, execution, data collection, and analysis are all carefully and diligently account for, right down to the exact wording of every question used to collect the data.
Factor 3: Responsiveness
The reputation of the market research firm for responsiveness should also be a factor you consider. The responsiveness of a firm involves how timely, effectively, and efficiently the team responds to the needs of the business’ needs.
As discussed earlier, “Things happen.”
Lines of communication will always be evident and open with a great market research company. As issues arise or adjustments need to be made, everyone involved in the project will be aware and addressing the needed changes. Emails and phone calls never go unanswered, and as the investor of the project you always feel heard and supported.
Responsiveness is 1 of the 4 core values of Drive Research.
Factor 4: Ownership
Ownership is one of the biggest factors you should consider when hiring a market research firm. With honesty, there are many firms out there that simply execute a process.
Think about a trip to the Department of Motor Vehicles. You are given a letter with a number, B43, C227, or D84, and you are treated like a number. Eventually being called by number, not by name, and being rushed in and out one after another.
Have you ever felt like the DMV really cared about you? Probably not.
Ownership sets a great market research firm ahead of the rest. The best market research firms take ownership of the project. You are not just a number, just a client, just a paycheck, or just another project. You are important, you matter, and they will go above and beyond to maximize the benefits of the market research project.
When a market research firm truly demonstrates ownership, they whole project has a different feel and yields more beneficial results. Taking ownership means they are just as invested in your success as you are.
They truly care about the project.
When they are hired to execute a project, it is not just execution.
They work with you, not for you.
They include you in collaboration of the project every step of the way.
They make suggestions, work as a consultant, and become an internal teammate.
Your success is their success, and they are proud to be a part of it.
Market research is used to gather insight about a consumer’s wants, needs, preferences, and opinions. In a crowded marketplace, market research can move your company to the forefront of your industry by providing better data, leading to better decisions and better strategies.
With thousands of market research firms to choose from, it becomes invaluable to be able to choose the right market research firm for your next project. Remember to consider flexibility, expertise, responsiveness, and ownership when hiring your next market research firm.
Contact Our Team
Drive Research is a national market research firm located in Upstate New York. Questions about how we can help you with your next market research project? Need some advice? Need a quote? Contact us below.