How To Choose Best Market Research Agency - Answers By Market Research Consultants For Small Business
MARKET RESEARCH provides relevant data to help solve marketing challenges that a business will most likely face. It provides wealth of information about prospective and existing customers, the competition and the industry in general. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture.
When developing your business idea and as your business gets up and running, it is important to have a good understanding of your ideal customers through CUSTOMER PROFILING. Who are they? Who they hang out with? And how your products and services meet their needs? CONDUCTING MARKET RESEARCH will ultimately help you define your target market, create more targeted marketing and align your offerings with your customer’s needs.
1. What do you mean by Market Research services?
In the commencement or conduct of business, decisions are the key to success. Today’s business world demands an objective data based decision making replacing the gut based or experience based decision making. Market research services include data collection followed by analysis to provide decision support inputs to the clients. Market research is as much a science as it is an art and in most cases appropriate use of market research based decisions can fundamentally impact on business growth and profitability.
2. What is the cost of Market Research services?
Normally market research assignments are custom made depending on the exact nature of clients’ needs in the context of the client’s internal and external environment. Therefore it is difficult to give any standard figure to the costs. The costs are generally the function of professional man-day fee and out of pocket expenses which includes travel, boarding and lodging. On a ball park basis for a national research costs would typically be as below.
- Market research for new product launch – Rs 4 – 10 Lakhs
- Market research for strategy – Rs 5 – 10 Lakhs
- Market research for customer satisfaction assessment – Rs 3 – 8 Lakhs
3. Which is a good option, In-house Market Research or Outsourcing same?
It would be economically nonviable for companies to maintain staff for in-house market research which is generally not frequently conducted. Besides market research is a technical subject and clients may not be able to develop the competence to do appropriate market research as that is not their core area- outsourcing to professional companies’ works best.
4. What are the Benefits of Market Research services?
MARKET RESEARCH services are absolutely important for your business. It provides a platform to go forward in your business allowing you to be armed with the knowledge of variants that will play a vital part in the success and future.
Market research services help the clients to understand:
- Macro business contexts and changing business environments in a future context
- Assessing Demand perspectives
- Assessing oneself relative to competition
- Determining strategies to go to market
- Assessing how customers are satisfied or otherwise
- Assessing dealer and distributor engagement levels
5. What to look for when selecting an agency which is into Market Research services?
MARKET RESEARCH OUTSOURCING COMPANIES can design, carry out and analyse market research for you. Using a professional market research company can ensure that you get the information you need and avoid the risk of relying on inaccurate results.
When choosing MARKET RESEARCH AGENCY, it is worth checking whether it has market research capabilities you need. Below are the shortlisted tips which will help you figure out the best fit for your company:
- Relevant experience
- Professional staff
- Financial stability
- Field strength
- Client base and credentials
- Ownership profile
As a small business, affording an in-house market research department is difficult. Outsource your research to the market research company which will empower and enlighten with the gathered information which will prove profitable to your business.
About Market Insights
Market Insights is a leading consultancy and advisory group with the service suite unparalleled in the country. The firm has a track record of over 10 years in assisting business firms PAN India. It has served Fortune 500 firms to SMEs across the industries.
Sanjay Nagi is the Managing Director of Market Insights, have worked across diverse domains and have handled variety of research requirements. With the rich experience in both industrial as well as consumer products.
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