5 Things to Consider before Hiring a Market Research Firm

5 Things to Consider before Hiring a Market Research Firm

Before hiring a market research firm, consider the essential factors to ensure you choose the right partner for your business needs. Define your objectives, evaluate their expertise and experience, and review their methodology to make an informed decision.

Like the lawn and garden industries, the construction and home improvement industries are evolving. All three sectors are developing new innovative ways in which they operate on a day-to-day basis. They can’t rely on their gut instincts if they want to improve the way they operate because they might not have all the answers to their questions. The same goes for relying on secondary research reports that might be too generic or inaccurate; these only provide so much information before they become unusable as insight.

It’s important to use information & data gathered internally and from secondary sources but also partner with research firms and data companies who add deeper insights into your business by name. Our editors work hard to choose the best market research partners for you that won’t let you down. With our writing services, you will get deep insight into your product and brand so that it doesn’t take a word out of context or misconstrued to mislead your stakeholders or customers about what can be read on and about your brand, and business, products, or services online!

Selecting a partner to research on your behalf can be difficult indeed. You’re putting your trust in the hands of someone else to accomplish something that you tasked them with, but fortunately, there are ways to figure out whose help you should seek for any given project or set of circumstances.

Why should companies use market research?

When you’re developing a new product or trying to better understand customer usage, you need more than just vague and generic information. Therefore, we say you need primary research, industry expertise, and accurate interpretation of the results because this will help to support your company’s efforts in promoting its brand on a global scale.

A market research firm that can pay attention to the finer details of your business is a luxury you don’t want to miss out on, especially if doing a bit of market research for your company or planning for marketing purposes. A well-informed research team will have a much better understanding of the niche that you’re in and be able to give you an analysis that is incisive, credible, and relevant to your local, regional, national, or global business choices, products, and brands.

Here is a comprehensive list of questions to ask when choosing a company, along with factors that you should consider while doing so:  

  1. Is the firm experienced with and knowledgeable about your locality?

Location is important to many aspects of home improvement, and one needs to consider it when conducting market research. How far a customer/prospect lives from your company or the location of the market research firm are factors that can impact proximity which is important because it will determine how frequently you’ll need to visit the customer or prospect and thus whether face-to-face meetings are best conducted in-person, over the phone or via Skype or another type of video chat app. Other factors you need to take into consideration include what equipment such as tractors people use who live in different parts of your service area/market, what their specific needs/wants may be versus those of people in other areas since different regions require different types of products for instance (think about how certain tools work better in warmer climates versus colder ones which undoubtedly affects demand), and more.

  • Are they experienced in your industry and category?

It is ideal to partner with a market research firm who specializes in your industry, since general firms may not know which segments of consumers to survey, how larger industry trends impact your business, or how to reach difficult-to-reach professional end-users. The more cohorts of consumers they are familiar with and the more experienced they are within your specific industry, the less time you’ll spend getting them up to speed and the more valuable their knowledge will be for getting results that count.

  • Have they previously worked with companies like yours?

A good market research company will have an established reputation for stability, reliability, and trustworthiness. You can verify this by checking reviews, reading testimonials, and even directly contacting companies who used the firm in the past and were satisfied with the results. The best way to do this is to get references from past clients with business objectives like yours then contact the references and ask them how they used the research. If you find something is useful, thank them and if not also help you find what is needed. A good market research company that boasts of a team full of good people who are friendly and helpful will always be more than happy to connect you with happy clients who had great results using their research methods.

  • How much capacity does the firm have?

Capacity is another important attribute that impacts the ability of a marketing research company to take on projects. If a firm doesn’t have the resources and manpower, isn’t able to bring you on as a regular customer, or just has too many existing clients for their current capacity to deal with additional work, it can negatively affect when your project is delivered and how effective it will be. Also, it’s also important to consider whether they will be able to give your business enough time and attention because sometimes large companies have all their employees so busy, they don’t have time for each other.

  • What is the firm’s research method that best answers your questions?

Market research is a vast subject and that’s why there are different categories of research. Market needs are also narrow, so you have to approach market research in a way that enables you to gather the kind of data you need from your customers. You also need analysts who’ll recommend changes based on their findings to help keep up with both market and customer demands. There are firms which specialize in different kinds of areas such as trends or product development and they even differ whether they want to analyse, or consult based on their specializations. Double check that it meets your requirements!

You should consider several factors when selecting a market research firm. To maximize the potential of your research project, you need to ensure that your prospects have the credentials, services, expertise, resources, and quality controls necessary to assist you.

With many years of market research experience, Philomath Research is a leader in Primary Market Research. We guarantee you will get the best research solutions and the right data to make the right business decisions.

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