Tips on Hiring the best Market Research Service Provider

1. Tips on Hiring the best Market Research Service Provider Did you know that more than 50% of new products and services fail within two to three years of being in- troduced in the market? This is because companies don’t conduct market research. Market research is criti- cal for developing business as well as marketing plans. It helps business owners understand who are their targeted customers, what their customers want, when and where do customers purchase their products and services and why they are making a purchase. These are some of the important questions that every business owner needs an answer to. It can be a difficult task to find a reliable market research service provider because not all companies can assure you quality results. The best way of choosing a reputed company is to shortlist few names and com- pare their expertise and experience before making a final decision. Here are a few factors that you should take into consideration when finalising a company: Financial status of the company is an important consideration because you wouldn’t want the company to shut down mid-way due to lack of funds. You also need to consider the delivery time within which the ser- vice provider offers its services. This is an important factor because it can often act as a stumbling block. The service provider shouldn’t take excessive time in delivering research data. instead, results should be offered in a short time span. The B2C or B2B market research team should have good working knowledge. They should be experts at conducting research work for different industries. Make sure you are hiring a service provider who is equipped to handle data as well as findings. They should offer the right recommendations at the right time to help the business grow. Market research team also needs to be proactive through the entire phase of working. It is necessary that the market research firm works on competitive pricing. Even market accessibility will matter in the selection process of a certain focus group. The service provider needs to have years of experi- ence in market research. It should have a good reputation in the market too. Keeping the above-mentioned factors in mind is very important if you are choosing a B2C or B2B market research firm for your business. Make sure you invest time and efforts into finding the right service pro- vider because quality data can take your business to the next level. Once you have a reputed firm working for your business, you will start reaping benefits of the same. Also, there are certain questions that you can ask the shortlisted market research firms. For instance, you need to ask them about the methods they would recommend for your project, team that is going to handle the project, their reporting process for your research findings and so on. You should ask how their pro- posed approach towards research will help you in making marketing decisions. Keeping these factors and questions in mind will help you choose the best service provider for your business.