There are numerous market research companies available to assist you in making your project. The procedure of selecting one may appear daunting, but selecting the best one will make things a whole lot different for your organisation. Conducting a thorough market research can provide answers to critical questions about marketing, feasibility, client satisfaction and strategy.
Meanwhile, selecting the wrong firm may end up costing you a lot more money, and the costs of conducting the study will only be the start. If there are unclear research goals or misinterpreted data, the results may lead you into making a disadvantagous business decision.
Here, we've listed down the most important factors that you should consider when hiring a market research company Sydney.
Understanding of the Research Goals
When selecting a market research Sydney, this is the most crucial aspect to consider. To conduct meaningful research, you must ensure that the company understands the goals that you are attempting to achieve with your research. When developing a strategy, it is critical that the researching team think as if they’re the clients themselves. Consider a market research company Sydney that wishes to hold focus group discussions with clients to assess their satisfaction and improve the services that you offer.
The research company must be confident in proposing that the customer instead undertake a survey. A survey may be a more beneficial strategy in this case since it is able to reach a wider population and provide the research team with enough data to establish quantifiable conclusions. Meanwhile, although focus group discussions would offer some feedback, they would not be the most efficient in achieving client goals. Furthermore, the very first thing to do in any market research study should be to validate the research objectives.
It is obvious to look for "years of experience" within an industry, and because it is integral, many firms will be quick to highlight their strength in that area. This is not wrong, but you must go beyond the surface level of "Our staff has over 50 years of experience in industry Y" and into what will actually help you differentiate between the firms under consideration. This is referred to as the recent relevant experience differentiation factor.
This can be demonstrated through other research conducted within your industry or with the same audience that will take part in the market research. Their experience should be limited to work completed within the last two years. Sure, it could be longer, but if they haven't done it in two years, is it really their speciality?
Examine Their Capabilities
Make certain that your chosen firm is capable of conducting research using a variety of methods. A company that conducts surveys and can be useful if a survey is required, but changes may be made within the methodology once goals are fully understood. You ought to have a few choices. It is sometimes necessary to incorporate multiple methods.
You can be confident that your inquiries will be properly addressed if the firm employs a variety of methods. Some key strategies to look for include focus groups, surveys, in-depth interviews, and mystery shopping.
The greater the firm's physical office resources, the greater the guarantee of data integrity. With a call centre on-site, the company can carry out quality checks and oversee fieldwork. Some companies use call centres to outsource dialling and receive the raw data back. It provides you great comfort knowing that the market research company Sydney managing your work is also the one doing the fieldwork.
Another useful tool is a focus group discussion facility. Focus groups or in-depth interviews can be set up in a controlled atmosphere by a business that operates a focus group centre. These are often equipped with soundproofing for seclusion, a one-way mirror for discreet customer observation, and video and audio recording technology.
Consider the Cost
Let’s be honest: the cost is one of the top things that businesses consider when hiring a market research Sydney. Have you ever purchased a generic item at a discount just to learn that it is inferior to the brand-name version or doesn't accomplish the same task? Most likely, you later decided to buy the more expensive model.
A business that lowers prices by omitting or reducing components is actually doing you more harm than good, and costing you as a result. Authentic market research has a cost. To get answers for you, the company needs to make connections with the appropriate number of people. Market research is an investment, therefore remember that at all times. The successful organisations are the ones who perceive it that way.
When choosing a market research company Sydney to assist you with market research, there are numerous factors to consider. Before you invest in a partnership, you should thoroughly vet each prospect to ensure they have the credibility, services, expertise, resources, and quality controls to assist you in making the most of your research project.