How to Find the Best Market Research Company: Your Complete Guide
Did you know that market research can be a key way to gain a deeper understanding of your customers and your competitors?
Using market research also allows you to visualize and collect relevant data, find ways to grow your business, and avoid closure by staying ahead of the curb.
But, it can be hard to find the best market research company to fit your business needs.
Luckily, there are a few key ways to discover and commit to a company that has your best interests in mind.
Read on to learn five guiding principles for choosing a market research firm.
Top Ways to Find a Great Market Research Company
One of the most profitable parts of market research is gap analysis, which requires a full understanding of your business and industry.
The gaps in the market are the things that customers want, but you and your competitors aren't giving them.
This is why market research is so important and profitable in the long run. Here are five methods for picking a company that can help you optimize your offerings.
1. Choose a Flexible Company
You want a company that will meet your needs, not the other way around. Finding a flexible company is the key to customizing your research plan.
One-size-fits-all approaches can be difficult because they won't necessarily get at the exact questions you feel are relevant.
Therefore, look for a company that discusses their research methodologies in-depth with you, and is willing to adapt them as needed.
2. Understand Their Action-Plan
It is important to know the actionable parts of the marketing research firm once the research is completed.
The last thing you want is to be left with lots of data, and no one to help you understand it.
The right company will help you visualize the data and turn it into action, with specific recommendations based on the feedback they received.
3. Seek Information on Their Methods
The methodology can vary widely, both based on the type of market research firm, and on your questions.
Ask exactly how they collect their data, and what types of additional methodologies could be used to ensure the most accurate answers.
4. Consider Cost-Effectiveness
Always be upfront about your budget and expectations, as this can avoid more issues down the road. The best company will be honest with you about their ability to work with your budget, and you can determine if what they offer is worth the investment.
5. Ask About Their Relevant Experience
It is often a good idea to pick a firm that has experience in your industry, as they will likely be able to understand the audience and customers better from the get go.
Review any recent testimonials and references from similar clients, and consider reaching out to them directly if you are able to for an honest review.
Use Market Research to Dominate Your Industry
Using a market research company is key to staying ahead in all circles of business.
While the results are not always what you expect, they help you provide the tailored experience and product line that your customers crave.
Ready to talk to an expert about the untapped opportunities for your business? Contact us today to learn more about our market research offerings.
Know Your Audience: Your Step-By-Step Guide to Creating a Market Research Report
Did you know the revenue of the market research industry exceeded 45.8 billion in 2017?
It's not a surprise this number is so high. After all, companies want to engage with their audience to understand their need and provide the products they're looking for.
The best way to get to the bottom of it is by creating a market research report. In, this article, we'll go through the basics of how to create a market research report.
Who is Your Buyer?
The first step when you want to create your market research report is to identify who your buyer persona is. As you think about who your buyer persona is, you need to identify who your dream customer is.
If you have trouble visualizing who your persona is, think about the following factors that determine it:
- Location
- Gender
- Age range
- Job industry
- Family Size
- Challenges
- Income
The more information you have about them, the easier it will be to compile the information.
Select the Focus Group
Now that you have identified your client's persona, then it's time you narrow it down. As helpful as it would be to talk to everyone, you need to select a focus group.
These are the people that you will be reaching out to to get their input. The purpose of engaging them is to find out their characteristics, buying habits, and any specific challenges they might face.
You should be able to meet with them via in-person focus groups, online surveys, and/or phone interviews.
Prepare the Research Questions
You need to make the most out of your conversation with your focus group, which is why it's extremely important you're prepared.
For starters, start by giving your buyers a little bit of background information. Then, you need to talk to them about awareness -- when did they realize they had a need for the particular product.
The next step is to ask them about how they decided to solve their challenge. Make sure every question you ask is open-ended.
Engage Your Participants
Once you're are ready to ask those questions, you need to engage your participants. The best way to do so is by reaching out to your current customers.
Start by pulling a list of all of your customers who make a purchase in the last few months. You also want to engage those who didn't make a purchase.
Other ways to reach people is by adding an incentive or try to engage participants on social media.
Make a List of Competitors
Part of putting together a market research report is understanding who your competitors are. Learn the basics about your competitors by identifying the industry, the content, and any other relevant information.
Summarize the Findings
The last thing you need to do is summarize your findings. If you find the information overwhelming, try to break it down by sections.
For example, the background -- why did you decide to conduct the study. You can also summarize in sections such as participants, competitors, awareness, challenges, action plan, and more.
Making a Market Research Report: The Bottom Line
Now that you know the basics about creating a market research report, you're ready to conduct your own.
Remember to identify your buyer persona, select a focus group, prepare the research questions, and engage your buyers.
Want to learn more about the differences between digital marketing vs traditional marketing in 2019, check out this article.