Key Factors When Selecting a Market Research Firm

Choosing a market research firm to execute a project can be daunting with the number of candidates available in the industry. Here are a few key factors to consider that will assist in eliminating and selecting a prospective partner.

Price

Every day without information is a missed opportunity. A market research company who can deliver the research objectives in an efficient time frame, with a competitive fee, is paramount.

Low costs may also be a cause for concern. If costs affect the data results, then the research may be compromised. If cost is an issue, consider exploring other research methods with a reputable firm to reduce the price.

Access 

What in-house facilities do they have? Outsourcing will add to the research costs and the integrity of the data may not be guaranteed. It is also important that a market research firm has access to the market and the resources to gather the data.

Experience 

Ensure that the team working on the project are knowledgeable and will be the team completing the research. Senior consultants may be used to pitch to a new client, but the project may be then given to a junior employee once the contract is won.

The consultant working on the project should be responsive, clearly understand the objectives and deliver advice confidently. A consultant who cannot advise against costly mistakes or suggest alternative ideas to their client, may not deliver optimum results.

Check the marketing research firm’s experience thoroughly through previous case studies and previous/current client references. A credible firm will have case studies available for prospective clients to view. A quick call to a previous client for a reference will also aid in assessing the quality of work.

Techniques 

Each market research firm will have an arsenal of research methods to suit the differing objectives of its clients. Does the firm provide customised options to deliver a unique and in-depth insight for the project?

Other considerations include whether they will deploy multiple techniques, whether the data is qualitative or quantitative and how the integrity of the data is managed.

The market research firm should also provide more than just raw data. A reputable firm will deliver an analysis of the raw data by explaining the underlying reasons for the results and provide advice based on these outcomes.

Culture 

Look for a firm that reflects similar values to your business. A market research firm that is culturally aligned with their client will understand the objectives of their business and instinctively act with the same interests of the client.

By making these key considerations before choosing a market research partner, any prospective client can engage with their preferred firm confidently.

As important as market research is to the success of your business, so is the research completed to select the best market research firm for your project.

If you’re looking for a potential partner in market research Australia Colmar Brunton can help – Speak to the team today.

 

 

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