Best Market Research Agencies

Market research is becoming ever more complex for businesses owing to the emergence and evolution of modern technology as well as rapid growth of customer data. Business are now forced to break away from their old ways and find new solutions from specialists’ suppliers. Finding the right market research agencies to keep up with the ever increasing niche insight needs is no walk in the park. Not to worry though! Below, we have put together a list of the top factors to consider when choosing a firm to conduct a market research.

1. Understand the Research Objectives

This is probably the most important consideration. For the market research strategy to be considered meaningful, ensure your goals are clearly conveyed to the firm for them to have a “think like the client” attitude.

Is the research aimed at statistical validation, or are you after user feedback on a product? Such questions help decide the research methodology to be used by the specialists. For example, if your answer was yes to the former question, then your best bet is a qualitative firm, and to the latter, you need a market research agency that does qualitative research. However, you can still choose a company that does both.

2. Identify the Agency’s Specialty Areas

The second thing to do is to clearly understand what the market research agency specializes in. Some firms solely focus on industries while others do research for a category, such as beauty products. There are others that specialize in tech industry market research. It’s recommended to find an agency that has a specialty since they can conduct the research in a way that unique to your product and subject matter expertise.

3. Experience and Past Works

This one is pretty obvious. Have a look at the firm’s client list and existing customer testimonials and reviews. Have they worked with brands similar to yours? When even large companies are hiring the agency, it can be seen as a vote of confidence since due diligence has been done in vetting the researchers.

4. Cost

This is by far the most common consideration. Reliable market research comes at a cost. Most people choose cheap firms without even considering what they have to offer. Sadly, these firms end up taking shortcuts and skipping vital steps in the name of cutting down on costs. Choose an agency that does an excellent job at the right cost. After all, market research is an investment.

5. Timeline

A market research agency can have all the right qualities to do a research study but all is in vain if they can’t deliver results within a stipulated time. All research is time-sensitive. Every day without the anticipated report is a day of lost opportunities, therefore, go for the best market research companies to avoid disappointments.

When all is said and done, go with your gut. After all, by the time you are looking to conduct market research you are obviously business-savvy and understand what’s best for you and your business.