In-house vs. Outsourced Market Research Team

Making business decisions without substantial research is like playing a guessing game. Companies that bypass research tend to perform less than their competition because they are not well versed with the business movement in their industry. It is why market research is one of the crucial things a company should invest.

But the question is, what is the best way to generate more information in the most effective yet economical way?

There are two ways to consider and assess which is best for your company; develop an in-house research team or outsource the process to a trusted third party provider?

In this article, we’ve laid out useful information about in-house and outsourced teams to help you decide which is best for your company. But first, let us understand the difference between the two.

What is In-house Market Research?

This is when you create your own team and conduct a study within your own business structure and internal resource. Simply put, an organization has a person or team, usually within the marketing department, that is dedicated to doing research for the company. This approach is more common in larger corporations that have enough financial resources to scout, create and can afford an entire team of market research experts.

What is an Outsourced Market Research?

This approach on the other hand means reaching out to a trusted market research company to conduct studies on your behalf. Your partner will build your own dedicated high-performing team in a more cost-effective way. Most outsourcing companies also have access to world-class professionals despite the limitations in the talent pool.

Benefit Table

Below is a table of the benefits of in-house versus outsourced to assist you in your decision making once you decide to incorporate market research into your business.

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	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.
Swiftly building teams of experts	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 you unique needs.

Which option is best for your business?

After knowing the perks of in-house and outsource market research teams, these 2 things should be put into consideration before making a decision.

Your company’s business model

You need to be aware of your company’s business model to know what type of market research you need because ultimately the decision comes down to what works best for your business. Understanding this is your leverage to rightfully assess whether an in-house can sufficiently provide the necessary research output you need or whether to outsource a team for a more wide stretch of research strategies.

Operational capability

This is often overlooked, but being aware of your company’s capability to create your own team is crucial. You have to know if you have the time to manage your research team, the space and office infrastructure to house additional staff along with a good remote-working system, resources for research tools and applications, and lastly the money to your team according to their skills and fund any necessary marketing training.

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.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.