Do you want a higher-level understanding of your buyer persona or potential customer? Are you looking for actionable insights into consumer behavior or a meticulous competitive analysis? A market research firm can help you with these and many more when you need deeper insights beyond internal information, secondary data sources, and market research tools like AnswerThePublic, Google Trends, and Typeform.
It is well known that a cookie-cutter approach does not work for all. So, the challenge is to find the right market research company that assesses your unique research needs and structures the market research process around your business objectives.
Such a company not only gives you an opportunity to work with a true market research partner but also customizes desired services to your business needs.
Keep reading to learn how to choose the best market research company.
Why You Should Hire Market Research Services
Also known as “marketing research,” market research plays a key role in realizing several business objectives, including:
- Creating questionnaires/surveys for public opinion polling and digital marketing campaigns
- Identifying a new potential market
- Increasing brand awareness
- Tapping into the target audience
Instead of doing everything on your own, you can get a market research company to do some of the heavy lifting for you.
Poor decisions can damage a business. Market research provides a fact-based foundation to make wise decisions and develop a holistic marketing strategy that drives the business forward.
Here are a few reasons why companies hire market research services:
Save valuable time and resources
When you hire a market research firm, you save precious time in collecting and sifting through a multitude of data, as well as interpreting and analyzing it. Hiring an expert market research firm saves you hours of complex and time-consuming research work and prevents costly mistakes in the research process.
Gather impactful insights with proven methods
A market research firm has analytical tools, best practices, and time-tested methodologies—from knowing how to select the appropriate sample size to using tailor-made questionnaires—to provide impactful insights with proven research methods.
Access reliable results for profitable decision-making
As generic or vague information is not helpful in decision-making, accurate data analysis is essential to generate reliable results—obtained only after editing, cleaning, and synthesizing data. Whatever the business sector and size, research-driven decision-making helps create sustainable revenue and ensure long-term growth.
Adopt a fresh approach to customer experience
An objective perspective on market research considers bias, flow, timing, and other factors for research studies and surveys. In addition, respondents are more likely to be open and honest with a third-party company for constructive feedback on customer experience.
How do you select one among scores of market research companies?
10 Expert Tips to Choose the Best Market Research Company
Here are 10 expert-recommended tips to consider while choosing the best market research company:
Tip #1 Specialization in one or two primary areas of market research
When hiring a market research company, look for a professional firm specializing in market research as the core service, with specialization in one or two primary areas. A professional market research company is agile, cost-effective, and responsive with the capability to turn a variety of data into valuable insights and get conclusive results.
Tip #2 Credibility and diversity
Conferences, direct referrals, online directories, and searching online are some ways to pick a company with an established reputation in the market research industry. A reliable market research company with a strong portfolio is more likely to meet your expectations while considering your budget and time constraints.
Furthermore, a company that is approachable and flexible nurtures healthy diversity and inspires trust at every opportunity to deliver one-of-a-kind customer service—from marketing communications and phone interactions to personal client meetings.
Tip #3 Client focus
A market research company, which focuses on clients’ needs and demonstrates the knowledge and expertise to get the job done, stands out from the competition and creates a positive customer experience.
For example, if a client seeks detailed information, the company may deliver market research reports based on focus group discussions, IDIs/in-depth interviews (mail/phone/web), tailor-made questionnaires and surveys, and other research methods.
Tip #4 Collaborative approach
Adopting a collaborative approach is a best practice, no matter the scope of research work. If you feel that a potential market research agency does not make an effort to understand your research needs or maintain ongoing communication throughout the process, it may not promise a productive working relationship.
So, narrow down your search to a company that promotes a shared but not a siloed approach.
Tip #5 Research methodology/methodologies
An experienced market research organization has expertise in a variety of research methodologies and access to diverse market research tools. As cloudy research objectives or data misinterpretation can result in undesirable outcomes that could lead to poor business decisions, it is essential to shortlist a company with solid market research capabilities.
Tip #6 Creativity and innovation
Compliance and security procedures have a major impact on research work. As market research trends continue to evolve rapidly, it is worth your effort to search for a company that is in sync with changing trends and adheres to research standards without sacrificing the quality of research in terms of creativity and innovative market research techniques/tools.
Tip #7 Actionable recommendations
Converting research expertise into actionable recommendations/plans is indispensable for high-level decision-making. For example, a market research provider may do extensive qualitative and quantitative research (including interviews, surveys, SEO keyword analysis, and trend reporting) for a client looking to develop an informed content marketing strategy.
Make sure to choose a high-quality research firm with the knowledge and resources to deliver meaningful market research solutions.
Tip #8 Adaptability
Narrowing down your selection to an adaptable market research company provides added value. Investing in research with such a company makes it easier to accommodate realistic timelines for project deliverables, customize research, discuss pricing preferences, uncover targeted market insights beyond the scope of a traditional published report, and more.
Tip #9 Level of customization
Most of the market research companies provide a sample report upon request. A highly trained team gives you an unbiased view and provides structured insights while taking into account the level of customization you desire for a market research report.
Take this opportunity to connect with a company’s market research specialist or an account manager to gauge the fit for your project. You can also request a demo, if applicable.
Tip #10 Seeing is believing
When it comes to the actual research project, connect (voice call/video meeting) with the people working on the project, not just the business development manager (BDM)/salesperson. If possible, contact the research team before committing to a market research firm to assess the resources required and avoid pitfalls later during the research project.
How Blackridge Research & Consulting Can Help You
We have a robust team of experienced market researchers skilled in primary and secondary market research and other specific areas of expertise. Our consulting services are available on a continued engagement or a project basis.
We have worked with a wide range of clients worldwide on several research projects across sectors, including construction, infrastructure, and energy & utilities.
Our focus on client satisfaction, quality, and timeliness motivates us to consistently work toward being the preferred market research partner.
As making a market research investment is a critical business decision, we can help you get the most out of your investment in various ways, such as:
- Access a comprehensive range of syndicated market research reports and adapt the market research reports to your business requirements.
- Collaborate for general market studies and qualitative/quantitative research projects.
- Conduct detailed commercial due diligence, market assessment, and technology mapping, and follow up with actionable recommendations.
- Develop an optimal strategy for successful market entry and long-term development.
- Leverage data-driven market intelligence to stay a step ahead of competitors.
- Make informed strategic decisions with business opportunity assessment.
- Optimize your existing resources with customized research.
- Provide end-to-end M&A advisory services—from devising a strategy to closing the deal.
- Use proven research methodologies to reduce risk and increase success factors.
Doing market research is crucial for critical tasks, such as conducting survey research for a social media marketing campaign, gaining insights into a target market, and performing market analysis for new market opportunities. There are different types of market research to achieve various research objectives based on project needs.
When you partner with a market research firm for short- or long-term goals, you will want accountability and transparency throughout the research project—from data collection to report delivery.
As there is no “one size fits all” for a niche business service like market research, you cannot overlook the careful evaluation of a wide range of market research firms. Choosing a market research company takes patience, planning, and a precise roadmap.
Follow the tips in this post to decide on the best market research company for your next project!