What to look for in a Market Research Firm

What to look for in a Market Research Firm

Market research is the lifeblood for many businesses and industries. If a business does not know their market, then trying to sell to your customers is the equivalence of trying to hit a dartboard while blindfolded. It cannot be understated how important it is for a business to know as much about their market as it wants the market to know about it. Information is power, and power translates to revenue.

It is amazing how many businesses will recognize the importance of formulating a solid plan and/or business strategy, and yet completely ignore the level of research that needs to be conducted in order to effectively create such a plan. Or, just as often, the companies will conduct research but do so improperly. Getting accurate research involves both art and science. Anybody can go to the mall on a Saturday afternoon and ask the first fifty people they see about their thoughts on an issue or industry. However, that may only tell what those fifty people at the local mall on a Saturday think. Is that a representative sample of the people that need to be marketed to? When needing market research, it is often best to get the data from the professionals who understand how to best conduct research and sample a potential customer base. But, when selecting a market research firm, what factors should be looked for?

Legitimacy Does the market research firm have legitimacy in their field? Who are their other clients? Do they have testimonials that (at least appear to) have validity? Most legitimate market research firms will not be afraid to publish some their results (on the web, in journals, etc.). Make sure to look through these results in order to do the due diligence necessary to see if this firm provides the type of research to the level that is needed.

What type(s) of research do they engage in? There are numerous ways to conduct market research. Surveys, focus groups, solicited reviews, and even psychological studies are just a few of the options available. Make sure that the types of research the firm engages is in line with the needs of the business? If the company sells heavy construction equipment, a focus group may not be the best way to determine what their customer base is looking for.

Do they understand how to properly segment the market? Along with the way the research is conducted, the way the market is segmented is just about as important as the data itself. With few exceptions, most businesses do not see their customer base as "the world." Different factors such as gender, economic levels, location, age, and even job often factor heavily into who buys what products. A good market research firm is just as aware of this as the business itself is.

As long as the business does the right research in selecting a market research partner, they will be given access to data that can open up a whole new world in the strategies they need to build to market their products or services.

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