Investing in market research can be the difference between success and failure, especially when you’re preparing to develop a fresh product, create a new advertising campaign, or search for new product/service opportunities.
Finding the right market research firm for your business takes time and hard work.
As a business, you also have to do your research on the market research firm that you decide to put your trust into and rely on.
Whether you’re looking for a market research firm to expand new or old opportunities for your business, you’ll need to hire a company that’s right for you.
Qualities That a Market Research Firm Should Have
It’s difficult to gauge a good or bad market research agency, especially when you’re interviewing and researching various ones at a time.
Here are the top qualities to look for when hiring a market research firm for your business:
Recent Industry Experience
Most businesses are quick to emphasize that they have “years of experience in industry X” when promoting their practices.
While this isn’t wrong or bad to do, your company will need to differentiate between what one market research company can do over the other firms that you’re considering.
You can differentiate one firm’s strengths over another by researching the two firms' practices for your specific industry over the past two years.
They may have had longer than two years of experience in your industry, but if they aren’t familiar with your industry over the past two years, are your industry’s needs truly their expertise?
Real-World Research Methodology Experience
Ask your market research firm of interest a particular market research question in order to see which methodologies they would recommend.
The market research firm should, not only, be able to provide specifics about particular methodologies, but they should also be able to name a comparable study where they’ve utilized the same methodology to achieve a similar objective(s).
If they prove to have real-world experience with that methodology, they will be able to get the most insight out of a different study utilizing that same methodology.
Customized Process
A market research firm should adapt its processes to your business in order to reach your business goals.
Instead of choosing a firm that has certain packages or plans for you to choose from, you should search for a firm that can take your research question and budget to find the best methods in order to give you the most accurate answer(s).
Make sure that your market research firm is personalizing their practices to your specific business goals, not business goals that they’ve similarly experienced in the past.
They Offer Your Company Value
Your market research firm of choice shouldn’t just bring your business data, but they should bring your business value.
Testimonials or references are great ways of discovering what values that firm has brought other companies.
Case studies can also indicate their end results and profits for past businesses.
Dedicated Team Members & Managers
Market research is a very involved process.
Ensure that you have at least one point of contact at your research firm who can handle any questions that you have, give you updates, as well as a report of your progress.
Having a reliable project manager that you trust and enjoy can make all the difference to relaying updates and keeping your project right on track.
Ask the firm who your specific point of contact will be to ensure that they’re the right fit for you and your business.
Finding the Right Market Research Company
Searching for the right market research firm for your business doesn’t happen overnight.
You should use the qualities that we mentioned above to ensure that your market research firm of choice is experienced and reliable enough to accomplish your company’s goals.
To learn more about our market research practices, visit us on our website.
Kasi Insight is a “one-stop-shop” research agency, for data, indicators, and insights; which provide clients with an in-depth understanding of the socio-economic realities of African consumers.
Every month the company surveys thousands of ordinary Africans across Sub-Saharan Africa through syndicated and custom research studies, uncovering rich insights on how they live, what they think, how and what they spend their money on, and much more.
These insights empower marketers, corporates, policy makers, start-ups, and investors with first-hand feedback from their most valuable asset - their future customers.
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