Sustain Business Through a Team of Outsourced Market Researchers

Market research is vital to any company in making better and more informed decisions. Especially with the shift in business models to adapt in the rapid deployment of remote work, understanding your customer and market behaviours will help determine the feasibility of offering a new product or service before dedicating time and budget into the new venture.

Without market research your source of information will be reliant on either instinct or anecdotal information which are not always accurate. Hence, building a team of market researchers is always a good investment for your business. Here’s are top 3 reasons on why you should hire your own team:

Identify Potential Opportunities and Emerging Trends

Qualitative research identifies business opportunities through deeper probing in the industry where your business belongs to. They can gather the right information to know your target customers and gain a better perspective on their needs and wants. In return, you can adapt your business strategies and offer new products and services to appease your customers making you a few steps ahead of your competitors. Knowing what’s not and what’s hot in your industry is key to business success and stability.

Recognize Investment Risk

Evidence based business strategy through the data your market researchers gather will significantly decrease investment risks because their suggestions and analysis leveraged on findings and insights extracted from data, trends and behaviors. Knowing industry benchmarks and in-depth knowledge on competitor research, employee engagement surveys and areas for potential growth, you can center your business decisions to match your company profile and target customers which can lessen any investment risks for your business. This will open you and other decision makers on thinking new methods, ideas and tools but with evidence-based data.

Understand Business Reputation

Knowing how your business is perceived and its reputation is hugely beneficial because it allows a business the opportunity to understand what you are doing right and what aspects you can strengthen or adapt to achieve the desired perception you want from your customers. A business owner who knows the perceived reputation of his business can shape marketing and processes to either match or attempt to change how they wish to be thought of. Always remember that customer’s perception is key to business stability because their testimony about the experience from your business can make and break your company. Market researchers can help you know this vital information.

But it is important to employ great Market Research teams in order to reap the benefits stated above. With the help of the right outsourcing partner, they can build you a great, high-performing team to assist you make the best business decisions.

Why is it better to outsource? We listed a few reasons why.

Benefits of Outsourcing

Access to World-class Talent at a Reduced Cost

Hiring market research and a R&D teams can be expensive because the experts in the field are not only limited but their level of expertise puts them in the top bracket in terms of salary grade. In addition, the training and certifications for research and data science are important but costly. Aside from labor cost, operational expenses such as hardware, software licenses, research service subscriptions, and maintenance are equally expensive. But with the right outsourcing partner, their A+ recruitment process and access to world-class talent allows them to build a great, high-performing R&D team within 30-45 days. They also have access to certified R&D experts and will curate a competency-based development plan to keep your dedicated team sharp so you won’t need to spend additional training cost giving you a projected operational savings of up to 70%.

Information Security

In the digital age, information is power. This also applies to finding a great research and data BPO partner. A great R&D BPO has an established information security system that makes sure your data and your customers’ data are kept secure, avoiding any type of breach and other security concerns. They should be ISO 27001 and 9001 certified and GDPR, HIPAA, and DPA2012-compliant.

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.

Net Promoter Score of >60

Net promoter score helps businesses gauge the quality of the service offered by outsourcing companies. Organizations can use NPS to assess which BPO 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, and this results in customer loyalty and retention, making a high NPS a critical trait any 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.

Lastly, the right outsourcing partner promises for the following:

Operational excellence
Build a great, high-performing cybersecurity support team specifically designed for your security needs
Operational cost savings of up to 70%
ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
>60 Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

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