How to Select From the Top Market Research Companies

Selecting the right market research company is not easy. With the number of players in the market which one do you pick and why? You must take your time make your selection carefully after you consider all the factors.

So, start making your own list of top market research companies that suit your purposes. Here are the factors that you must look for:

Research: Begin with your own research. A simple Google search will give you a list to begin with. But it is important that you look for an impartial source when you look for such listings. Ask around among your family, friends and business contacts as well. Remember, there is no better reference than a personal recommendation from someone you know.

Area of specialisation: You may have hit upon the top research agency that everyone is bragging about and it may still not be right for you. You must understand that your own business is specialised and hence, needs a specialised approach. That is why it is imperative that the research agency you hire has the right specialisation.

One way of gauging this is by checking out their client list. If you see your competitors, big and small, then it means that they have extensive experience in your field. If in any doubt, ask them questions to test their knowledge of your sphere of business.

Approach and processes: All agencies are not run on the same lines. Do not hesitate in asking questions about the processes and procedures in place. Which approach will they be taking? Are they better at qualitative research or in quantitative research? Are they good at online research? How do they find their sample? These questions are crucial and the agency processes are critical to how your research will be carried out.

Experience: While this is an important element, it is also one that should be considered carefully. When one talks of experience, one does not necessarily mean a company that has been working for donkey's years. Long experience can sometimes mean a lack of vision and energy, whereas a new firm can bring a freshness of ideas and methods. Remember that ultimately you are working with people. So, even if the firm may seem new, the people you are working with may have a much deeper work history.

Pricing: Budget is always an essential component of any business decision. So, be clear on how the agency will bill you. There are many variables to be considered here, such as the sample size, number of interviews, the geographical area to be covered and your deliverables. 

Check references: Be sure to check the references provided. Look beyond the usual statements and ask them more relevant questions. Did the agency deliver within time? Were their concerns addressed and how? Was there open and constant communication? How did they deal with crisis situations?

Taking a little care when you go through your list of top market research companies can help you avoid making an expensive mistake later on. 

Source : articlesbase.com