Here are five reasons you will benefit from hiring a professional market research firm:
1) Professional Expertise
There are so many aspects to consider when designing, implementing, and analyzing data collected from research. From the very beginning, and throughout the entirety of the project, there will be critical decisions to be made.
For example, on a basic level, research can be separated into two choices from the very beginning: quantitative and qualitative. Think of quantitative research as generating data in a numerical form and qualitative research yielding data more related to the human experience (non-numerical).
You may know what questions you desire to be answered, but do you know whether quantitative or qualitative research would be the best option? A professional market research company will guide you through important decisions, start to completion, ensuring you maximum benefits from your market research project.
Sampling refers to the “who.” The sample of a market research project is who are the respondents or participants. When in-house market research is conducted, often time the sample consists of a current client database. In market research, we call this convenience sampling, because the sample consists of people who are easy to reach.
Now, in some situations convenience sampling is the right choice. If you want to conduct an employee or customer satisfaction survey, obviously your sample needs to be employees or current customers. Other times, convenience sampling does not allow an opportunity to create a sample that represents the entire population.
A professional market research firm will help you to include the proper sample for the best results.
3) What to Ask
You may think you know your business, and you do. You may think you know what you wish you knew, and you do. But, do you know what questions you should ask to truly discover the answers that will benefit your business the most?
Creating the language for what and how questions will be asked is an art and a skill. A market research professional will use their knowledge and experience to create custom language that will directly result in the answers you seek. Sometimes it requires asking the “not so obvious” questions to discover the answers that will bring your company to the next level.
Professional market researchers can help create questions that will be specifically aligned with your objective for the project.
Market research yields data—lots of data! Gathering data is only as helpful as the interpretation of the data gathered. Many people are not aware of how to interpret quantitative or qualitative data. You may think you could create a survey or conduct an interview and gather the data, but would you know how to interpret it? Would you know what it means? Would you gamble a large amount of money on your ability to know your best next steps?
Many people wouldn’t, which is why many business professionals seek professional assistance with interpreting data.
Interpreting the data is key. It is a critical component. If done incorrectly it can lead to key decisions being guided in the wrong direction, potentially creating a loss. With trained professionals providing recommendations, you can feel confident moving forward with key decisions.
Honesty is essential during a market research project. If respondents or participants don’t answer truthfully, the data collected could lead to misguided results.
Honesty is the fifth benefit of hiring a market research firm instead of conducting research in-house. The sample of your market research project needs to feel comfortable and as if their answers are confidential and protected. A third-party firm can provide that comfort and security for your respondents or participants.
Honest answers drive honest results and provide accurate data to formulate advantageous next steps.
If you are looking for the top market research agencies in India, contact us.