What is Market Research? How to Choose Top Market Research Companies?
Consumer needs, as a priority, have evolved over the years. In the early stage of evolution, there remained a huge gap between customer expectation and business offerings. The idea of having Market Research Company would have been a joke to people. To a large extent, businesses had a dominant hand as consumers did not have too many choices to explore. Business entities did not have a need to understand consumers’ needs, as limitations were in almost all the sectors. Money power had a huge influence on businesses and the rich and powerful dominated people’s choices.
However, technological breakthroughs led to a new wave in business environment. Competition saw a new face in human history. Economic conditions changed in many countries and so did the living standard of people. Employment made way to distribution on power into many layers of society. Eventually, competition gave rise to a need for market research companies, with specialized capabilities to study customer behaviour. The advent of internet opened doors to international business opportunities to people in all walks of life, which again added to the prevailing competition in the business arena.
Market research firms gained importance, and now it is an inevitable part of businesses worldwide. Almost every top firm spends substantial capital on market research activities. Identifying consumers and their typical needs has gained importance like never before. Establishing business in different regions or in different countries now call for research activities. A market research firm, with its targeted strategies, offers specialized solutions to businesses which can support business decisions and help stake holders to get a bird’s eye view of a region, or geographies at a glance.
Market research agencies and their need:
Due to globalization, the need to study multiple geographies has become inevitable for business owners. A one stop solution that can offer all the necessary research about geographies and also furnish strategic market insights is a demand of the hour. A market research agency works towards such gaols and build research reports that cater to businesses with specific needs. Geographical limitations are no more a challenge, as internet technologies have allowed people to conduct business from homes.
However, to start a successful business, strong data that is backed with conviction and insight is vital. Every successful business would spend millions of dollars to gain such insights, which work as secondary material to either confirm a business strategy or negate the same.
Top Market research companies today invest a lot of money on gaining strategic insights into various companies and geographies. Right from road activities to business conference to having strategic people in different levels have been the strategies adopted to gather insightful data. Primary research also plays an important role in the overall market scenario. Engaging CEO’s and other CXO’s and conducting interviews with customers to gather data are some activities a market research firm would generally get involved in.
Factors that are considered when you choose a market research company:
Data validations in the long run
The first thing that any company should look for is the findings and their validation in the long run. Most of the market research companies focus on short term data and are looking to give out short term of medium term data. However, such data may not be a solution for a company in the long run. A company that offers long term data points will be responsible for its validation in the long run. Even after a project is completed, if the research points remain true, then the company has a strong background that can be banked upon.
Multiple validations by third party sources:
Most of the research can be misleading, and might not stand true in case of third party validations. Research articles, news events and many other third party activities that are not directly involved with the research organization would be a test. If many other third party sources also confirm the research of the organization, then the market research company has strength.
Use of research data in planning strategies:
Probably this could be a vital step that would validate the market research company and its offering. If clients regularly testify of using research findings in their business decisions, then the market research firm has credibility. More the testimonies, better the company.
Apart from all the above factors, one should also watch for innovations in the company. If the website showcases innovative articles, gives new insights on prevailing trends, conducts activities to engage clients, then the chances of success is higher, both for an individual company and the market research firm itself.
All the above factors will help one to identify a top market research firm from the others. Market research is a priority to many top notch companies. It is important that one spends enough time in identifying a right partner for a long term engagement. Market research is not a onetime activity, as findings and updates keep coming into sectors on a regular basis. Therefore, choosing a right market research firm is vital for the success of any business.