How to Find the Best Fit When Choosing a Market Research Company
“What should I look for in a market research company?”
If that’s the first question that comes to mind when considering your options, you’re on the right track. Finding the right market research partner can make or break your project outcome, so you need to choose with care.
Your exact needs will depend on your project scope, budget, end goals, and other factors. Asking the right questions will help you evaluate the credibility and overall fit of a potential research consultant. Based on over three decades of experience in the market research industry, here are our top four considerations for hiring a market research company in Charlotte and beyond.
1. Do They Produce Thorough, High-Quality Work?
If you choose a market research consultant based on price alone, you risk sacrificing quality. But what does “quality” mean exactly?
There are a few major indicators that will help you figure out whether a company is fit to suss out vital, strategy-driving information for your company. When vetting a market research company for a potential project, look out for the following red flags:
- All flash and no sizzle – Beware of reports that promise insights, but end up being a compendium of colorful charts that are more superficial than you expected (or need).
- Lack of insights – Inexperienced researchers may report out “data” and not true insights or strategic analysis. There is a world of difference between reporting “what is” (i.e. data) and sharing “what does it mean” (i.e. insights).
- Out-of-date and out-of-focus analysis – Why are they still talking about the Great Recession of 2008? And why does data for handmade masks appear in my study on medical masks? Both render the results useless.
- Plagiarized material – Probably the most obvious sign of poor quality work is a report including material that has either been copied from somewhere else (when the task was not secondary research) or is badly written.
Many market research firms will be able to provide case studies, testimonials from past clients, and other examples of results they’ve achieved.
2. Who Will Handle Your Project?
The next important question you should ask is who you will work with throughout the project. Skill and experience are the true deciding factors when choosing an expert, so don’t be afraid to ask directly: Will you have a dedicated contact throughout all stages? Will the senior team member you dealt with during the sales process perform the research, or will your project be handed off to interns and junior researchers?
At Voccii®, you can be sure you will only work with senior researchers experienced in project development, execution, and analysis.
3. Look for Breadth and Depth: Multilayered and Varied Experiences
Many companies believe they need a researcher with extensive experience in their exact market segment. We encourage you to consider both the breadth and depth of experience when choosing a research consultant.
While the jargon may change from industry to industry, the key questions remain the same (barring a few exceptions, ie healthcare). Even if your market research partner has only a seemingly superficial knowledge of your industry, their deep expertise in another means they can adapt very quickly. The added bonus? They bring a fresh perspective and insights that you may have otherwise missed.
4. Do Your Working Styles Match?
It’s important to understand your own working style to determine what you will need from a market research consultant. Do you want to simply provide instructions and then receive a finished report by the project deadline? Or perhaps you’d like a team that is highly collaborative, communicative, and with you every step of the process.
Flexibility is key in a fast-paced and changing business landscape. Good market research firms can chop, change & pivot their strategies at a moment’s notice. Of course, this goes hand in hand with collaboration; as new data arises that can change the course of the project, your team should alert you to discuss options.
Personality matters too, more than you might think. Particularly for longer projects where you will be working closely with your researcher for several months. Or in studies involving focus groups, the moderator’s style and personality can have a big influence on the group. Some moderators (like Voccii®’s own Gayle Ireland) are sought after for focus groups thanks to their balance of personality and professionalism.
Ultimately, a highly communicative and experienced market research team will take the pain out of market research. Why not start today?
