How to Leverage on Market Research to Reach Business Success

Business experts recommend routine market analysis because it is the cornerstone of a successful business. It gives you insights on your customer’s needs, demands, preferences, and overall market landscape. And because customer’s behaviours change constantly, understanding your target market can only be done through market research. But major pain point is that conducting market research in the US is very expensive

Fortunately, conducting periodic market research through outsourcing and having your dedicated team yields to the following benefits which will eventually help you reach business success:

Helps Create Customer-Centric Approach

Your customers are the core of business growth, therefore, understanding their needs is a must. This helps you gain a better perspective on their needs and wants wherein you can adjust your strategies and business models accordingly.

In addition, having an outsourced team has more leverage than in-house market researchers because they gather more impartial results. Unbiased data is crucial because it aims to create a customer-centric approach over favoring the demands of the board members or business owners.

Helps Conceptualize Informed Decision Making

Knowing your customers is key in making informed decisions because you can base your plans on tangible data. This also helps you save time and money in the decision making process because there are less trials and errors since planning is data-driven. This opens the gates to business success and growth because you can create business strategies and offer new products and services to appease your customers making you a few steps ahead of your competitors.

Helps Boost Brand Image

Remember that customer’s perception is key to business stability. Their testimony about their experience with your business can make and break your company. Market researchers can help you know this vital information.These insights can give you leverage on creating better market positioning and adapt your image based on customer’s dynamics.

Helps Providing Data to Analyze customer and Market Trends

A dedicated team of market researchers will not only gather said data but also they can help decision makers in your company analyze customer behaviours and market trends that you can use to create a strategic business plan to not only to get revenue but also to build brand image and eventually good relationship with your customers. These things are formula on achieving your business goals.

In-house vs. Outsourced Market Research Team

In-house Market Researches

In-house	Benefit
Knowledged in products and service	Since most company has its own process, terminologies and system, your in-house staff are well-verse with these internal know-hows
Luxury for constant assessment	You can easily schedule a calendar of research projects and have real team assessment of the study results
Data security	Non-disclosure agreements are all well and good, but in-house team lessens risk of information leakage unlike when organisations share it with outside parties

Outsourced Market Researchers

Outsourced	Benefit
Cost savings	On the surface it may seem that in-house teams might be more affordable because you don’t need to pay a third party provider but keep in mind, however, in-house teams are often less efficient than an outside market research company. Meaning, the total cost savings may not be as significant in the end.In addition, an outsourced team can be more affordable (up to 70% cost-savings) especially if your partner has access to an affordable pool of experts.
Access to world class talent	The right partner devotes all extra effort to build a great team of experts within 30 days. Their A+ recruitment teams and process have access to world-class talents, making sure that they gather individuals with the right expertise and a knowledge base in market research.
Running Business 24X7	Offshore outsourcing to a country with a different time zone, allows an advantage of 24×7 operations. Outsourcing partners can take over and continue work even after in-house employees go home. They can complete critical tasks and send it back for review the next morning. With their years of experience the outsourced team can easily adapt to your company’s internal processes and integrate strategic research design that best fits your unique needs.

Great Partner, Great team

Find the right outsourcing partner who has access to world-class market research talents through their A+ recruitment team and process who can ensure building a great, high-performing research team for you. The right partner provides a projected savings of up to 70% on operational costs, yet assuring your team’s efficiency and productivity. Lastly, look for an ISO 27001 and 9001 certified and GDPR-compliant outsourcing company, so your company and client’s data are always safe.

Why high Net Promoter Score equates Operational Excellence

When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.

Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

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