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5 Key Criteria for Selecting a Market Research Company

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With globalisation and the digitalisation of business, the landscape for businesses has become increasingly competitive. To find a unique place in the crowded marketplace, businesses must differentiate from the competition and connect with their customer base. Market research allows for business to gain insights into their consumers and understand their needs. Of course, quality market research takes skill and many businesses turn to market research companies for assistance. Let’s look at how you can choose the best market research company for your business.

How to choose between different market research companies?

  1. Reputation – Finding a market research company with a good reputation is essential. Do some research by looking at online reviews, viewing testimonials and asking other businesses in the same industry for feedback.
  2. Timeline – You not only need to know that a company is able to carry out the research method you expect but also that they can meet your deadlines. Discuss what kind of deadline you’re considering and they’ll be able to give feedback as to whether this can be met.
  3. Experience – Experience is essential if you want in-depth insights from your market research agency. Ask questions about the kind of experience they have in your industry and the background of their researchers.
  4. Capability – Depending on your specific needs, you need to be confident that a market research company has the capability to carry out the type of research you require and the insights you expect. For example, some companies may have experience with surveys but don’t carry out personal interviews.
  5. Case studies – When you’re speaking with a market research company, ask about some of their recent case studies. This allows you to gain first hand insight into the projects they’ve worked on and the quality of their results.

What are the main market research methods?

Primary Research Method

Primary research involves gathering information directly from your consumer group to obtain information. Just some of the primary research methods include:

  • Surveys
  • Focus groups
  • Personal interviews
  • Observation
  • Field trials

Secondary Research Methods

Secondary data analysis is also an important part of market research and this involves analysing data which is available from secondary sources. This can save both time and money as the data costs nothing to collect as it already exists, and it can inform your primary research. Sources for secondary data collection include trade publications, government records, statistical data, academic journals and news reports.

For the best results possible with your market research, a combination of the above methods is generally the most appropriate option. This allows you to analyse the existing data available while also gaining new insights into your consumers. Colmar Brunton are one of Australia’s leading market research companies and our term of experienced researchers work hard to deliver insights into your business. We are committed to delivering insights to inspire big ideas. Our consultants are thought leaders who have experience and expertise with a range of sophisticated market research techniques, so you can better understand the needs and motivations of your customers. To find out more about how you can embrace market research Australia, speak with Colmar Brunton today.

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