5 Easy Ways to Choose the Right Market Research Firm

In 2014, a report produced by Greenbook, a directory of market research companies, identified top five ways to select a market research firm. In this post, we are presenting our interpretation of that report.

Let us discuss the five key criteria for choosing a firm to avail Market Research Services!  

Timely Delivery and Financial Stability

Turnaround time is crucial and is often a limitation which prevents market research from happening as, at times, it takes too long. All brands and companies strive to work with a research services supplier that can provide insights in a relatively short time and will not close up shop halfway through it cannot pay electricity bill (obvious).

Knowledge

Clients love to work with a team that understands its business and can take the findings and data and applies it to recommendations to enhance the company. Responsiveness is also essential and ties in nicely with the timely delivery. Speed is the key.

Quality Data Collection Techniques

You need not only collect data fast but also maintain the high quality. Quality control actions and management of telephone fieldwork are also vital, but they are even more vital with online and panel studies when research and surveys are self-administered by respondents.

Price and Access to Market

Cost is always on your list, but can prove to be a competitive advantage? Interestingly, organizations with research budgets below USD100,000 were more likely to rate price as being an essential factor than those with budgets more than USD100,000. Access to market is important when it comes to selecting a focus group facility to hire participants in the nearby market. It’s also vital when opting for a panel vendor, which may have access to key targeted audiences that other firms do not.

Experience and Consultative Skills

Organizations that are planning to use Marketing Analysis Services and hire a market research firm want to know that the team they’re working with has done this before. No company would ever want its project to be the guinea pig for a methodology. Consultative skills complement the research firm’s ability to listen to the client’s needs and then deliver on them.

Penterra Analytics is a market research firm in India. In case you are interested in conducting market research with our team, contact us today!