Once you've decided to do a market research project with, the inevitable question arises: should you outsource your market research, or do it in-house?
Both in-house and outsourced market research have their benefits, so making the decision is a matter of weighing the pros and cons. Things to consider include cost of labor & services, availability, and accessibility of information, level of objectivity, among other things.
In many cases, outsourcing your market research pays off far more than in-house teams. But the decision requires careful consideration.
How do you know when it is best to outsource? That's the question we'll answer in this post today.
Here are 3 ways to know when to outsource your market research.
1. Objectivity is Needed
This is one of the main reasons to outsource market research. When it comes to doing research for your own business, it's very hard to keep an objective viewpoint.
It's natural for humans to fall prey to confirmation bias. Where instead of digging deep to find the truth, we seek the answers we want to hear. This will lead to inaccurate data, which will, in turn, hinder the progress of the project.
To remain objective in research, it's best to bring in someone else who has no stakes in the company. This person or party has nothing to lose if the results of the research are unfavorable.
That's where outsourcing shines. The third-party company will provide the real results of the research so that real action can be taken to improve your business.
2. Lack of Proper Resources
A lot of resources are needed to conduct proper market research. Among these are time, manpower and contacts. These are not always easy to come by in-house.
In-house staff often have their regular day-to-day duties that keep them pretty busy. Market research is generally an added task for them. As a result, their time has to be divided between their regular tasks and research.
Also, if the research project is a particularly big one, more researchers are probably needed. If yours is a small business with few employees, this would pose a problem. Outsourcing would be the best solution.
3. Lack of Updated Contacts & Knowledge
We've all been on the receiving end of a marketing survey at some point. You can imagine how difficult it is getting people to participate in your research.
This is made even more difficult if your contacts are limited. If you can't find people to take part in your market research, then there can be no research. Thankfully, outsourcing to research agencies solves that problem.
These companies usually have the expertise in helping you build a small or large contact database. They will help you sanitize and/or refresh your database based on your unique needs.
Finally, if your in-house team is lacking up-to-date market research knowledge, then it's time to outsource. Research is constantly changing. This means tools and technologies are always being updated.
If your in-house team has not been keeping up with the changes, then outsourcing is your best option. Updated technology and tools are mandatory for proper market research. As people change, your market changes.
So where do you stand with your research? Do you have all you need to take matters in-house? Or is it time to outsource?
- No Bias: Outsourcing a market research team enables you to look at things from another perspective, thus eliminating confirmation bias and maintaining an objective viewpoint.
- Complete Package: When you can't provide your in-house team with the right resources, count on an outsourced team with the necessary tools, training, and processes to get the job done.
- Always Update: While you do need to constantly update your team on new trends, regulations, and technology, an outsourced market research team will share with you the updates you need in order to get the desired 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.