Business market research is done to determine if a product or service will meet the needs of customers. It involves gathering facts about the product or service, and how users interact with it.
Proper market research can provide valuable information about what your competitors are doing. This data has the ability to change market trends as well as customer spending power and behavior.
But can your business do this on its own? There are various metrics to look at and monitor that sometimes it will take too much of your time and thus leave you focusing on other projects other than your company’s main goals.
That’s why having an outsourced team dedicated to conducting your market research is often a good idea. It saves time and uncovers information your in-house team might have missed. These outsourcing companies have strategies, techniques, and staff on-hand to do market research effectively with high-quality results.
Here are a few other benefits of outsourcing your business' market research:
- Huge savings on labor and technology costs
- Ability to make use of the full 24-hour day
- Access to expert researchers
- Flexible staffing options
Outsourcing will help your company gather and process valuable information while pursuing its standard operations.
So what should you consider when you choose the right R&D solutions partner?
1. How they handle clients
A multinational company relayed to a potential outsourcing partner that they have been with their current associate for around five years, and due to a miscommunication in processes, they're thinking of switching partners. Once they've cut ties with the previous one and started working with this new partner, the company realized that their market research team is more professional, they treat the company as if they were part of it, and they deliver the right results at the right time. A few years have passed, and this market research team of three has expanded into ten, and the company has never been happier.
Good market research outsourcing companies build a trusting relationship with their clients. Their teams are prompt and ready to solve tough problems. More importantly, they prioritize their core tasks and their clients.
2. Financial matters
Let's say Company X is in need of a long-term market research team the complement their in-house Research and Development Department for an in-depth data-gathering project. They were in talks between one company that was promising too-good-to-be-true qualities for a rather affordable price, and another one that wasn't exactly cheap, but had the background, reputation, and testimonials to back them up. They went with the first outsourcing company, and within three months, they already discovered lapses in judgment, so many errors, and a lack of foresight in their outsourced team. Though they were able to save, in the long run though, they spent more due to these errors.
Does this sound familiar?
Generally, outsourcing is typically cheaper overall than in-house. But there are outsourcing companies that might only want to take care of their own business and not build meaningful relationships with their clients. This is not what you need.
A decent outsourcing partner will charge you a reasonable fee for services rendered, especially when they know you're in growth mode. They'll support you with a team of specialists to ensure your business will be successful. Do background checks and read reviews to get a feel for acceptable prices.
3. Research techniques
Outsourcing companies must be equipped with research processes and technology in order to analyze data and interpret these into meaningful insights. They need to be on top of the latest research trends and be able to apply them to their work for best results.
Company Y needed a research team for their ongoing customer service improvement project. They hired an outsourcing partner who was very adept in the most common types of research techniques: surveys, focus group discussions, personal interviews, field trials, and data observation. Beyond that though, they displayed in-depth know-how in other techniques like competitor analysis, using market research online communities, and mobile-based research.
Trust your market research projects with the right partner that can help you build a team of research specialists and deliver a customized approach with great results at a cost-efficient budget.
- Outsourcing Helps: Hiring an in-house market research team can be expensive and training them can be time-consuming, so building an outsourced market research team to effectively interpret data into insights will help you streamline tasks and focus on your core competencies. Its benefits are numerous and goes beyond cost savings and scalability. A globally-trusted outsourcing company can deliver high-quality results.
Infinit-O is a trusted Research & Data solutions partner that can help you build and operate a dedicated team of research professionals of every level including data scientists designed specifically for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom line cost savings. With access to excellent talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your company and client data are safe with us.