Market research is a sort of business consultancy that is quite specialised. It is not something that everyone can do, and it frequently necessitates the use of seasoned talent. You can't rely on vague or generic data while building a new product, trying to better understand client usage and patterns, or evaluating the health of your brand in comparison to competitors. To make crucial business decisions that support growth, you'll need personalised research, industry experience, and proper interpretation of the data.
Even if market research firms aren't as plentiful as, say, advertising or marketing agencies, buyers would still have a lot of options, particularly in Mumbai. How do you pick the proper market research agency or consultant for your company?
The Strategy Boutique has compiled a list of the top qualities to look for when hiring a market research firm:
Gather Enough Background Information- This step is important to ensure the credibility of the firm. Examine the history and information about the market research firm. This can be done through looking up the company's history and reading about the executives and analysts. Examine the abstract, table of contents, and methodology in the research report. Request a section or table from the report as a sample. Additionally, you can search on google news for the company's name to see where they've been mentioned. A decent quantity of media coverage should be included in major and reputable reporting. If applicable, request a demonstration of a research platform.
On-Site Facilities- The stronger the assurance on data integrity, the more resources the organisation has in the physical office. With an on-site call centre, the company can keep track of the fieldwork and conduct quality checks. Some businesses outsource their calling and have the call centre transmit the raw data back to them. Knowing that the firm in charge of your project is also in charge of the fieldwork provides you a lot of peace of mind. It's also beneficial to have a focus group facility. Focus groups or in-depth interviews can be held in a controlled atmosphere if a company has a focus group facility.
Delivery of Value, Not Just Data- Because market research assists your organisation in making key decisions, it's critical to pick a market research firm that provides value to your company rather than just statistics. Requesting testimonials or references might help you discover how much value they've given to other companies. Case studies can also be indicative of a company's reporting and end results in terms of profits. Dedicated Project Managers- Market research isn't something that happens overnight. With such a lengthy process, you should ensure that your market research agency has a single point of contact that can manage queries, updates, and reporting. While access to senior management is critical, having a dependable project manager with whom you love conversing can make all the difference in terms of delivering updates and keeping the project on schedule. Make sure you know who will be your point of contact at the market research firm and that they are a good fit!
Cost- When choosing a market research agency, cost is by far the most important thing to consider - and it shouldn't be. Have you ever gotten a fantastic price on a generic product only to discover that it doesn't perform as well as the original or isn't as high-quality? You'll almost certainly wind up getting the more expensive one afterwards. Market research is the same way, except the horror stories are significantly worse. A company that saves costs by missing components and taking shortcuts is doing you more harm than good — and charging you for it! It costs money to conduct reliable market research. To get answers for you, the firm needs to connect with enough people and the correct individuals. Market research is an investment, so keep that in mind. The organisations who recognise this are the ones that are thriving.
Location- Many areas of the home renovation industry are influenced by location. People's needs for equipment and their motivations for purchasing can be influenced by where they live or where they work as building professionals. While the best market research firm for you might not be based in your city or region, it's critical that they are familiar with your market and the geographic factors that influence it, such as climate, housing trends, demographic trends, and the unique challenges that property owners face in those areas.
Timeline- You're generally better off going with someone else if a market research agency has all of the right traits to perform a successful study but can't commit to turning the project around in a fair length of time. Time is of the essence in all market research. Every day you go without your report is a day you're missing out on opportunities to grow your company. You need to make a quick decision. Make sure your market research business is up to the task! Before you hire a firm, ask them for an estimate of how long your project will take and what factors can affect how quickly you acquire results and actionable insights. Also, inquire about references to see whether they had a good experience. Lack of punctuality could indicate that a company is understaffed, already has a heavy workload, or just lacks the procedures and processes necessary to produce research on time and efficiently.
Culture of the Firm- This is a significant one. Before you engage, make sure you speak with someone from the firm. Get a feel for the company's culture. A positive, strong culture is a good indicator of how successfully team members communicate and collaborate. Because they will be working and communicating with you, this is critical! You’ll want to be up to date on the study as it progresses and you’ll be anxious to hear some preliminary findings. Make sure you like the people you will be working with and that they are consistently available for discussions and updates.
Relevant Research Methodology and Industry Experience in Recent Times- Because broad market research businesses may not know which sectors of consumers to research, how larger industry trends effect your business, or how to target difficult-to-reach professional end-users, it's best to work with a market research firm that specialises in your area. The more industry-specific knowledge they have, the less time you'll have to spend bringing them up to speed, and the more they'll contribute to the table to improve results. Looking for “years of experience” within an industry is obvious, and since it is important many firms will be quick to emphasize their strength in that area. The experience they share should be about work they have done within the past two years. Sure, it may stretch longer than that, but if they have not done it in two years then is it really their speciality?
When you give a market research business your specific market research question, ask them which methodology they recommend or how they plan to answer it. Can they name (even if they can't supply specifics) a comparable study that used the same methods to attain a similar type of goal once you've discussed a certain research path? They will be able to obtain the most information out of a study that uses these approaches if they have substantial real-world experience with them. You're looking for a market research firm that can tailor its methods to your specific research questions and commercial objectives. Meeting with you to understand your business needs and a key point of contact who will get personally involved in your research should all be part of the answer.
Is it worthwhile to invest in market research?
Yes, in the vast majority of instances. Market research may help you better understand your clients' demands and behaviours by providing in-depth insights into them from both an individual and social standpoint. This benefits your company in a variety of ways, including product development and enhancement, increased brand awareness, and increased return on investment. Market research employs a variety of qualitative and quantitative methods to provide you with knowledge about your customers that you might not otherwise have. Market research not only provides you with data, but your market research organisation may also provide professional analysis to help you establish new initiatives and ideas for your company.
There is a plethora of market research organisations available to assist you with your assignment. The process of selecting one may appear daunting at first glance when conducting a Google search, but selecting the proper one can make all the difference for your company. A team of professionals may do thorough market research to answer critical issues regarding marketing, consumer happiness, viability, and strategy. On the other hand, picking the wrong firm can be extremely costly, and the study's missed costs are merely the beginning. If the research objectives are unclear or the data is misconstrued, the outcomes may cause you to make a bad business decision.
The Strategy Boutique assist clients operating across the business cycle to develop winning strategies and solutions. TSB offer bespoke solutions tailored to a company’s structure, culture and processes. Having worked with a diverse range of clients to help formulate pragmatic strategies for market entry, expansion, growth, diversification, human resources, and supply chain optimisation, among others, TSB has developed an expertise in market research and strategy.