Market Research Services
Get crucial consumer data from market research firms
Market research services provide tools and resources for gathering and analyzing data regarding consumer habits, behaviors, preferences, dislikes and attitudes. Consumer market research is an essential component of any successful product launch, advertising campaign or customer service initiative. Companies use business market research to determine what consumers want but don't yet have, then position their products or services to fill in that gap.
Types of Business Market Research
Market research agencies differentiate the different types of work they do based on the commercial segment being analyzed or the type of analysis that's being performed. This breaks down as follows: first, there's consumer market research, in which businesses gather data on the behaviors of the end consumer. Second, there's business-to-business market research, in which companies look at how commercial organizations market their services to one another.
Next, you'll hear market research companies talk about quantitative and qualitative approaches. In simple terms, quantitative market research is the "what" branch of the process, which compiles raw data and numbers. Qualitative research, on the other hand, is the "why" branch, going beyond the numbers to reach an understanding of the influences and factors that drive consumer or business behavior.
Hiring Market Research Firms
Finding the right market researcher for your needs depends on your objectives. Marketing consulting can be extremely worthwhile, but it can also be confusing or even counterproductive if you don't choose a firm with the ability to deliver what you want to know. To that end, defining your market research objectives very clearly at the outset of a project is extremely important.
From there, consider these questions when you're evaluating the various marketing research agencies:
- What is the firm's industry reputation? Are they known for completing projects on time and adhering to ethical standards?
- Does the firm have experiencing with companies of your size and businesses that operate in your industry?
- How much flexibility does the market research company offer? Are they able to expand or decrease the scope of a project while it's in progress, or are they too rigid in their approach?
A good market researcher will provide you with valuable insights into the needs, desires and behaviors of the consumers or companies with which you do business. Ideally, the investment you make in gathering market research will pay for itself in the form of improved consumer relationships, greater customer loyalty and enhanced industry visibility.