Market research is a niche business service. For those who do it really well, it's typically their only focus. The best market research companies offer it as the core service and not 1 of many marketing or business services offered in a portfolio of offerings. When you're searching for a market research company, find a firm that specializes in it. Find one that lives and breathes it every day.
A good market research company will work with you to examine a methodology that is the best fit for your organization. This may be qualitative or quantitative market research. This could be focus groups, in-depth interviews (IDIs), user experience (UX) interviews, a Voice of Customer (VoC) survey, or intercept surveys.
Choose a market research company that is agile, responsive, cost-effective, and knowledgeable in turning data into insights.
Searching for a market research company? Here are 4 tips to keep in mind.
Tip 1: Choose an Agile Market Research Company
What does agile actually mean to your organization? It means finding a market research company that works with your organization as a true partner. The agile firm will advise you on best approaches, best methodologies, and create a custom project for you meet objectives.
Some larger market research companies may ask you to choose from these 3 cookie-cutter options. While an agile firm will help custom build a research project for you to address your unique objectives and goals. Agile means flexible. Agile means a willingness to make adjustments. Agile means saying "yes" and making it happen for you.
Tip 2: Choose a Responsive Market Research Company
You're likely conducting or thinking about conducting a market research study to answer key business questions if you came across the post. Therefore, your marketing and strategy will be based on the results of this market research. So the quicker you can turn-around the market research results, the faster your organization can act. Right?
However, responsiveness is more than just turning around the market research findings faster. It's about responding to your questions and anticipating your questions before you ask.
Market research companies that have experience in your industry can identify issues in a process before they happen. They work with you hand-in-hand as an advisor throughout the process ensuring you get everything you need, maximum value, and ROI from the data.
Responsive market research companies treat you like priority A not priority Z.
Tip 3: Choose a Cost-Effective Market Research Company
Market research often has a bad reputation for being extremely expensive. This can often be the market research company or firm you are working with and less the industry as a whole. Cost-effective market research does exist and many market research companies in Rochester offer reasonably priced services. Low cost doesn't necessarily mean low quality or long-turnaround times.
Do your market research on your market research.
One of the key pieces to understand and predict value is the market research proposal. Look for these 7 components in the document. It will help you determine how the market research company in Rochester operates, what the process looks like, and also what the deliverables will offer.
Find a partner who will work with you to choose a methodology that will answer your questions and fit your budget. Several cost-effective methodologies exist including online surveys and email surveys. If the quote is over your budget find a firm that is willing to work with you to lower the number of completes or shave off some of the depth in the report to meet your maximum price.
If the market research company wants to work with you, they will find a way.
Tip 4: Choose a Market Research Company That Translate Data to Insights
Some market research companies excel at execution but fall short with analysis, insights, and recommendations. We've seen far too many reports over the years chalked full of charts and graphs with little to no narrative, takeaways, or next steps built in.
For many market research firms, when fieldwork is completed, the data file is basically the last step. "Here is your data." For our market research company in Rochester, we say the data is the beginning of the process for us, not the end.
Market research reports should include items like an executive summary highlighting key themes and takeaways. It should also include an infographic to graphically display insights quickly. Other sections might include a customer persona, recommendations, and action items.
The appendix is a nice spot for all of the charts, graphs, and cross-tabs if you want to review each question in more depth. The charts and graphs should not be eliminated in a market research report, they just should not be the central point of focus.
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