Market research is a service that many businesses are not yet familiar with. This makes it quite tricky for them to choose a suitable market research agency. Market research companies are rarely hired by organisations. This leaves them with several questions including “what is the scope of market research?”, “What is the role of a market research consultant?”, “What is the cost structure?”, and “how to begin the process?”
If you are a part of one such organisation, you could browse through the top market research websites that would be able to guide you.
What is Market Research?
Market research is a method used by companies to collect information about their current customer personas and target audience to assess the prospect of success of their products among this demographic.
Market research is one of the best ways to understand the market trend in your industry, the requirements of your customers and target audience, and the reasons behind their decisions to purchase a product.
There are many market research websites in India from where you can find more information.
Market research is a tool that assists with the growth of your business by offering insight on market trends, analysing competitor’s business practice, and testing your product before releasing to get a better understanding of your customers.
Types of Market Research
All market research falls under two main categories:
Primary research – includes firsthand information accumulated directly by an organisation. These data are usually collected by assessing company sales information, metrics, and customer information.
Secondary research – comprises information gathered from materials that are already issued by others such as reports published from government organisations and other companies.
Below is an illustration enlisting the types of commonly used market researches.
How to Choose Market Research Agencies?
Here are 4 factors to consider before choosing a market research agency.
The costs of market research can be a little complicated due to the nature of its service. Typically, the price of a project is set based on the number of estimated hours spent on a job multiplied by the hourly rates of the working members. The cost would vary depending on the qualification of the staff and the complexity of the project.
Fieldwork is the component that massively influences the cost of the market research process. Unlike a survey taken over the phone or through the post, online surveys deliver results more efficiently at a more reasonable rate.
Before settling for an agency, check the cost structure thoroughly to verify what exactly you are paying for and whether any hidden costs are included. Contact the top market research websites to get an estimate.
Online resources and tools being accessible to every market research company mean that the only differentiation is made by the talent of the staff and the company. You must clarify with the companies who will work on your project: a newbie who’s still learning on the job or seasoned staff.
Unless you are a big company yourself, you can pick smaller market research firms where the company hierarchy is comparatively flat. The benefit is that you get to work with the upper management and owners on your project. Be wary of the agencies who present their best professionals while closing a deal and sending your job to an entry-level staff for completion.
It’s always advantageous to hire a firm that is familiar with your industry. Search along market research websites to find companies who either have knowledge on your field of work or can arrange a dedicated team to suit your requirements.
There are several benefits to choosing a company with some experience in your industry. From the possibilities of these firms having worked with your competitors to a staff with prior knowledge in your field, you can be relieved knowing that your project is in the hands of a qualified team.
However, there is an interesting benefit of working with a market research company which is unfamiliar with your industry. Sometimes the experienced companies are too close to the industry to offer a fresh perspective. On the other hand, companies with no prior experience can provide new ideas that you might not have envisioned.
Change in the schedule is a common phenomenon in any company. Therefore, choosing a market research agency that can work around your schedule is of utmost importance. Good market research companies are prepared to change their schedule to meet the schedule of a participant or your company. For instance, they should be willing to put in the effort to work on a different time zone to complete the interviews.
An inflexible market research company will mostly not be able to put their best and generate good results.
Market research ensures the success of your business among the growing competition. The above tips will help you choose a company from some of the best market research websites that fits your needs and helps you fix the flaws in your business. Good luck!