The daily decisions that companies must make to be successful are countless. It includes everything from what resources should be used to keep customers satisfied to what new products they should launch, how they should price their services, and how they should spend their advertising money. It's an overwhelming number of things to keep track of, often with no clear right or wrong answer for how to move forward.
Having a partner to guide these decisions can be the difference between success or failure. This is where relying on a market research firm comes in. As organizations that help guide data-informed decisions, market research firms are trusted resources that help organizations make sound decisions. We'll explore the key benefits you and your organization can expect when working with a research agency.
- Objective Perspectives
One of the biggest challenges organizations face is that their internal personnel are very close to their specific product or service. It makes it hard to truly understand the broader environment and make unbiased decisions.
Market research firms, by the very definition of behind outside 3rd parties, readily overcome this issue. As wholly independent organizations with experience working across very different product and service categories, they are best equipped to know what research methods are needed to completely address specific business questions. Additionally, once the data is collected, they'll be able to look at the results with completely fresh eyes. This makes sure analysis is completely objective and that companies are working with fair and balanced insights.
- Subject Matter Expertise
Individual organizations and businesses are of course experts in their specific field or category. However, they likely are not well versed in executing research studies. While they may try to do this type of work in-house, it often requires far more time than individuals initially anticipated. Additionally, their limited experience will likely mean that the work isn't as effective or comprehensive as it could be.
In contrast, when you work with a market research firm, you can be assured that you are working with experts in their fields. They'll be able to understand your key objectives and quickly evaluate if interviews, focus groups, surveys, or some other type of method is the best way to approach the issue. They'll also know exactly how to execute those studies so that you collect robust, comprehensive data that can correctly guide your decisions.
- Access To The Right Research Tools
Performing market research generally requires tools or software to correctly execute a study. This could span the gamut from access to facilities to run focus groups to software to run specialized survey-based studies. Most organizations don't have access to these tools, nor would it make sense for them to bring them on and learn how to use them.
However, when you work with a market research firm, you'll implicitly be able to take advantage of these resources. Because research work is at the core of what these organizations do, they are often already working with the best-in-class tools to execute a wide variety of studies. As a result, you'll be able to take advantage of the tools you'd want, all without having to commit to paying for them or ramping up on learning to use them.
- Receiving Results Via An Efficient Process
Whenever an individual or organization is taking on a new task, it always takes far more time to complete. On top of that, they may stumble along the way as they work through the best approach to completing their task. It's inefficient and may yield less-than-ideal results.
When you work with subject matter experts, this becomes a non-issue. Market research firms will be able to build streamlined timelines, and help you keep to those schedules due to their guidance and expertise. Additionally, they'll be able to take on research tasks that your internal team is less equipped to manage. This ensures that you get results faster and through a far cleaner process.
The added upside is that this ends up being more cost effective too. Using internal personnel to do tasks they are ill equipped to do is a poor use of their time. This is an expensive proposition, especially if they are relatively skilled individuals who could be adding value elsewhere. By bringing in a research firm, you optimize the time and skills of the talent you have in-house while reaping the benefits that come with hiring skilled professionals.
- Levering Comprehensive Research Approaches
When organizations tend to not do much market research, they often don't understand the breadth of topics and learnings that can be addressed in a single study. As a result, if they do the work themselves, they often get very limited feedback.
One of the added advantages of working with a market research firm is that they can understand the breadth of your business questions and formulate approaches to answering those questions via one interview project or one survey project. This is because research firms are experienced at structuring discussion guides or surveys in such a way that they can capture a wide range of questions and therefore a wide range of results. As a result, organizations employing market research firms tend to get much more value out of any given research project than if they were to execute it themselves.
- More Nuanced Results
Along the lines of tackling more comprehensive questions, market research firms also let you see more nuanced and deeper insights. Because research firms have years of experience looking at data in different ways, they are comfortable using different angles to see if they can extract any unexpected findings. Once again, this helps organizations reap more benefits from their research efforts and get more efficiencies from research spends.
As you can see, bringing on a market research firm can support your organization in many ways while you drive through key business questions. You'll get deeper insight and more comprehensive questions covered, you'll have a far more streamlined and efficient process, and you'll have access to best-in-class practices and tools. As a whole, using research firms is a proven way to mitigate business risk and help you make informed decisions.