Just as there are countless methodologies to choose from in market research, the same can be said of marketing research companies. First, Drive Research would like to offer a slow clap for making the best and most important decision so far – choosing to conduct market research in the first place 👏…👏…👏.
The tough choices are however just beginning. Who is the audience you are researching? What type of methodology or study is best fit for meeting your objectives? What should you look for in a market research company? While, our national market research firm would be happy to answer all three of these questions, you are likely here because of the latter.
Look no further, the experts at Drive Research have you covered. Watch our 60-second video, while we discuss four helpful factors of choosing a market research company.
While no two market research projects are the same, there are always lessons to be learned from one study that can be applied to future projects. For this reason, it is important to find a marketing research company that has experience in your sector.
For example, a bank or credit union would benefit from a market research firm who specializes in the financial industry. There are various studies specific to the world of banking such as: new account surveys, online and mobile banking user experience (UX) research, customer and member service follow-up surveys, and closed account surveys.
It would then be helpful to find a bank and credit union market research firm who has executed these types of studies because they are most familiar with recruiting for this audience and collecting reliable feedback.
When researching different marketing research firms, take a look to see if they have information about your industry on their website or offer a list of clients they’ve worked with in the past. The client list should showcase businesses in a variety of sectors to verify the research firm is not just a one-trick pony.
It can be extremely frustrating to wait days or even weeks to wait for a response from a market research company – especially if you are working on a high priority project that must be implemented and executed quickly.
Find a company that gets back to your request quickly. This is a good indication of how promptly the research firm will communicate with your team throughout the lifespan of your project.
Things move quickly in business, it’s important to find a market research agency who can keep up and deliver quality results, fast. When speaking with different firms, be sure to ask about the expected project timeline or if they are able to work within your own timeframe.
Take it from us, the market research industry is riddled with templates and “easy to use” surveys. Find a market research company who is willing to work with you on your unique objectives and project requirements.
This also goes for their market research report. It should not be a simple copy and paste of what the research company have sent to clients on past projects. In order to truly reap the benefits of market research, it is crucial the data and feedback is specific to answering your key business questions.
While the depth of a market research report can vary based on the level of reporting your team is looking for, a report at the very least should help your team find and pursue lucrative growth opportunities. After all, a customized market research study can lead to improved decision making capabilities and reduce risk for your organization. The report and findings from a market research company should clearly reflect just that.
Lastly, ownership. In other words, don’t work with a market research company who will simply just execute a process for you. Instead, find a market research partner who is willing to work in tandem with you and your team to answer your objectives. A market research company should work as an extension of your team in order to get the job done.
Our market research company for example values the perspective of our clients. We focus our entire business strategy around those of the businesses we partner with. Drive Research walks in the shoes of our clients from project kickoff to final recommendations.
Contact Drive Research
Drive Research is a market research company located in Syracuse, NY. Our team has the knowledge and tools to design a robust market research study, should it be the right fit for your business.
Interested in learning more about our market research services? Reach out through any of the four ways below.