A successful business thrives on ideas. Ideas need strategies, and strategies need data, which needs interpretation and visualization. And a market research company effectively sieves relevant data from the aplenty information out there, and helps devise robust growth strategies to drive your business.
Therefore, choosing the right market research company becomes imperative.
But before that, it is important to understand:
Why Market Research?
Market research is a systematic collection, interpretation, and analysis of the data for the target market, competitors, industry, and consumers. It is an important strategy helping businesses make well-informed decisions. The two main types are primary research and secondary research.
Market research can improve your branding by exploring subjects like consumer traits and characteristics, competitive comparisons, and brand awareness. Also, it helps understand the market size and target audience better to develop focused brand positioning. Its offerings also include customized study & expert consultation on new market opportunities, lucrative geographies, potential distribution channels, and demographics that help maximize reach and resonate with the targeted audience.
Choosing the Right Market Research Company
A business’s growth and survival depend on its relevance and position in the fast-evolving marketspace. It needs innovative ideas to meet the surging consumer demands. However, new ideas fail due to inadequate market research.
As W. Edwards Deming puts it, “Without data, you’re just another person with an opinion.”
As a result, it is crucial to access data insights that can better your current and future product offerings. Inkwood Research facilitates access and insight-generation that further propels informed decision-making.
But, assessing a market research provider’s offerings and services can be difficult.
So, use our scorecard to choose the right market research company:
1. Target Sector Comprehension
When choosing a market research company, you would want to go for seasoned research expertise. It would be wise to select a firm that demonstrates an understanding of your targeted sector.
Here Inkwood Research outshines its competitors by offering end-end market research services that are not limited to a single sector but diverse industries. Additionally, we constantly update our techniques and research methods to better suit the clients’ requirements. Get our Free whitepapers to know more about our expertise.
2. Verifying Research Objectives
A market research firm should understand what your business wants to achieve with the information. In that regard, Inkwood Research specializes in outlining and forecasting wide-ranging market statistics with comprehensive classification and revenue size of each segment. We advocate a client-centric approach, thereby offering information about factors impacting market dynamics.
3. Experience, Expertise, and Efficiency
Experience, an obvious factor to consider, dictates a market research firm’s relevance in terms of the brand’s business goals. Also, expertise helps gather specialized information of niche industries, aiding in understanding larger industry trends to streamline their research project.
Inkwood Research’s 20 years of experience with a strong base of consultants and analysts ensure efficient deliverables. Our effective results provide direction assuring your business a secure competitive advantage.
4. Cost-Effectiveness
One of the common initial factors to consider and align with a research project is your budget. While going for the lowest fee or quote might seem economical, it might not serve the desired purpose or offer high-quality results.
Market research is an investment, and Inkwood Research strives to make that investment worthwhile, adhering to professional standards. As a research and consulting firm, we accommodate clients’ research and business needs, exclusively offering insights at modest and convenient prices.
5. Flexibility and Capability
Market research with multiple demonstrated methods will offer the right services for your end-goals. It is essential to combine multiple research methods to interpret the results obtained.
You can rely on Inkwood research because we do not abide by the ‘one size fits all’ policy. We provide consulting services and syndicated and customized research that corresponds to clients’ requirements and offer informed business solutions. Book a Free consulting session.
The Key Takeaway
Given the fast-paced, competitive business environment in today’s times, partnering with a premium market research company can give you answers and strategies to grow your business. Though it takes some research and time, marking off each checklist will help you choose the right firm for your next project. And, if you are looking for one in priority. We can help! Reach out today at maya@inkwoodresearch.com
FAQs:
Why should companies hire a market research firm?
Market research firms offer professional expertise and data interpretation. Several aspects are considered while designing, analyzing, and implementing data collected from research, all of which are taken care of by market research companies.
What is primary market research?
Primary research is the research conducted by the company itself, or an external agency is hired to collect information on potential markets and consumers. It collects two kinds of information, specific and exploratory.
What is secondary market research?
Secondary research is the already published information, like reports complied by businesses, trade associations, and governments.