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5 Tips to Safeguard Your Investments When Hiring Market Research Companies

In General

Market Research Companies

There are like hundreds of market research companies to choose from that can help you with your task. While at the initial Google search the method of choosing one could appear to be overwhelming, actually choosing the right market research company can make a great deal of difference for your company or organization.

Sound market research done by an expert team can answer all the important questions that you have regarding marketing, feasibility, strategies and customer satisfaction. Then again, choosing a wrong firm can be very painful & the expenses lost for the study is just the beginning. If the objectives of the research are not clear or the data is even slightly misinterpreted, the results that you could find will lead you toward a bad business decision.

Here is a list of important factors that you need to consider when choosing the ideal one out of the many market research companies.

  1. The Research Objective

This is probably the most important factor that should be taken into consideration while choosing from so many market research companies. To conduct a meaningful research, you will have to ensure that the firm should be clear on the objective of the research. It is of utmost importance that the research team should be able to understand what exactly the client want & develop an approach accordingly. Understanding the research objectives must be the first step in all the market research study.

  1. Actionable/Reporting Recommendations

It is crucial that the firm considers more than the data by getting into conclusions and putting the results found into the context of the situation of the client. Such conclusions translate into action plans, which are duly discussed with the client as soon as the project is finished. A good research firm will provide its valuable insight on what the results actually mean for the client. Prior to selecting a firm, it is advised to enquire for a sample report. That report will give you the idea of the quality of information that you can expect.

  1. The Capabilities

Ensure that the chosen firm is able to employ multiple methods to do research. If a survey is needed then a firm that only conducts survey will be ideal but the methodology is likely to be changed once the objectives are understood fully. You'll like to have few options. At times, it becomes necessary to combine more than one method as well. If a firm is known to have various methods then you can be convinced that you will get answers to your questions effectively. Focus groups, in-depth interviews, mystery shopping and surveys are some important methodologies to look for.

  1. Industry Experience

This one is a must. You should take a look at the client list of the firm. Search for information on the individual analytics team members & decide if their experience is sufficient or not. You can also call a few from their references in order to get a little background. This is an ideal time to get your score card & go through all the categories to verify the ratings given to you.

  1. Good Relationship

Make sure that you talk with someone who is from the firm before you start. A strong and positive culture and the relationship is a very good indicator of how well the firm and its members work together.

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