Partnering with the right market research team is critical for a brand that wants to receive quality data to improve business.
If a brand is working with a market research team that isn't delivering anymore, this is the biggest sign that they should begin looking for a different one.
What are some common signs that it's time to switch, you ask?
Outdated data, slow turnaround times, and lack of innovative/unique research approaches are all giveaways.
Spend some time evaluating your current research partner to see if you're noticing any of these. If you do, it's time to look to greener pastures! A research team should always provide clients with useful, timely insights based on their needs.
In this post, we'll discuss this in-depth and guide you through the process of choosing a new research partner!
When You Should Switch Market Research Companies
Are you a little confused as to when to switch market research companies? We’ve compiled a short list of warning signs to look out for to let you know it’s time.
1. One-Trick Pony
A market research team that knows what they’re doing will offer a wide variety of services…and perform them well.
With so many brands requiring different types of data and having their own unique set of needs, a reliable market research partner will be able to provide the proper research method/s.
What is the value of all these different types of studies, if your market research partner can only execute one or two of them?
One of the best parts of market research is that you are never short of options. Regardless of your industry, audience, or objectives, there is a methodology that is most closely aligned with your needs.
- Are you a bank that wants to understand why customers are leaving? Conduct an exit survey.
- Are you a manufacturing company that wants to measure the success of your marketing efforts? Conduct a campaign evaluation survey.
- Are you a grocery store that wants to gather insights on why customers choose name-brand products over store-brand? Conduct a shop-along.
It is important for a third-party market research company to be your one-stop shop so you don’t have to juggle multiple vendors.
Look for a partner who cannot online provide both quantitative and qualitative studies, but one that can help you through every step of the process.
For example, if you are conducting a focus group – make sure the market research company can help with programming a screener survey, recruitment, hosting, moderating, and reporting.
You will save yourself a lot of time, resources, and money!
2. Provides Little Interpretation of Data
There are many companies in the US that give market research a bad name.
I would formally like to apologize to any business that has worked with a market research company that charged you $10,000 to conduct an online survey to only receive a PDF export of the findings.
While it is important your research partner is able to seamlessly execute a study, it is even more valuable for that same partner to provide a thorough interpretation of the data and feedback.
It can be challenging to read through charts and graphs and try to understand what it all means, or how you can use the data to improve business and marketing strategies.
Our market research company always adds a level of interpretation for our reports. This includes a breakdown of question-by-question results and recommendations for how to use the data to drive important decisions.
3. Lack of Communication
The only times you hear from your market research vendor shouldn’t be when you sign the project proposal and when they deliver the research report.
Depending on the length or timeline of the project it is important that the market research firm is checking in and providing progress updates at least once a week.
Not only does this give your team peace of mind, but it also assures that if any mistake is made, it is resolved almost immediately before it’s too late.
For example, you are conducting an in-home usage test with a third party.
During the recruitment process, they have not provided any status updates or sent examples of the types of participants that are signed up.
Fast forward to the end of fieldwork and you receive the report. Here is where you realize that the people who participated in the study don’t align with your target customers.
At this point, it’s too late to re-recruit because the study is over.
More specifically with quantitative studies such as online surveys, the first time you are seeing the data shouldn’t be the report readout for some of the same reasons.
If your current market research provider doesn’t offer a client portal where you can see the data as soon as a survey question is answered, then you are not receiving the value you should be.
Our market research company offers a live client portal that offers both a full sample view and a cross-tabulation view.
Click the links below to see for yourself.
4. Constant Change in Point of Contact
A tell-tale sign if there are internal problems with a market research company is when there is a constant change in your main point of contact. It can be frustrating to reintroduce your company, products, and services repeatedly.
When you are constantly being passed along onto different project managers, it is easy for things to fall through the cracks.
Find a market research agency that offers a dedicated project team and can promise there will be one main point of contact from project start to project end.
Again, communication is key for any third-party vendor your hire. This starts with having a consistent account or project manager.
5. You’ve Out Grown Your Current Company
So, your business is growing. That's great! It might not be so great for your current market research partner, though.
If you're finding your research team isn't able to effectively meet your requests due to business growth, get searching. At one point, this partner may have been a great fit (when your business was smaller) but is now unable to offer what you need.
For example, your company may begin needing deeper insights about various areas within your business, such as...
- More sophisticated analytics
- Broader geographic reach
- Better industry knowledge
A more experienced research team will be able to provide you with this data effectively. Remember: this is a good sign, because it means your business is flourishing...just be sure you find a new research team that can flourish with you!
6. Your Current Partner Doesn’t Understand Your Industry
When your current research partner isn't understanding your needs anymore, this is a big sign it's time to move on.
A market research partner that no longer understands your needs can often lead to bland insights that aren't helpful to your business. AKA, a big waste of your time and money.
In order to continue to thrive in your industry, you need a team that will always deliver relevant data points that move your company forward. This type of data plays a critical role not only in business development but in positioning you favorably against competing brands.
If you find yourself in this position, we strongly recommend looking for another research team. Is your business in a niche industry? Ensure you include this in your search; making sure that the research teams you consider will be able to to match those unique needs.
Once you partner with a firm that does understand your industry, you'll find they deliver more valuable, targeted insights.
7. Your Current Market Research Partner Isn't Delivering
Is your current research team not meeting promises and expectations?
Red flag alert.
A clear sign you need to begin searching for a new research partner is if your current one is consistently failing you in some way. Most often, this is seen in "guaranteed" results not coming through on a consistent basis.
Other common ways a market research partner may be slacking include consistent delays, poor communication skills, and inaccurate data/feedback.
Of course, dealing with these issues can weaken trust and negatively impact your company's ability to make data-driven decisions.
The good news?
Discovering a new (reliable) research partner who sticks to their promises is essential for you to see continued business growth.
How to Leave Your Current Market Research Company
We promise this part doesn't have to be awkward. If you've decided to part ways with your current market research team, it's a good idea to craft a strategic approach to ensure everything transitions smoothly.
Review your contract: This step will help you understand if there are any existing termination clauses or required notice periods when it comes to parting ways. During this time, ensure you clearly communicate why you're choosing to leave your current research firm.
Plan your transition: It's important you create a detailed plan to ensure current information transfers smoothly. Common steps within this part include notifying your own team, successful data transfers, and setting up realistic timelines for this process.
Secure a partner: Before terminating your current market research partner, it's best to have your new one lined up already. Spend time researching which market research firms best align with your needs and industry.
Ensure seamless onboarding: This will minimize disruption and create an easy integration with your new market research partner. A smooth onboarding process is a great way to create a long-lasting, beneficial partnership.
Keep it professional: Just because you leave one market research group doesn't mean you won't ever interact with them again. In some cases, this may not be the case, but it's best to maintain a cordial, professional relationship with your old team.
Work With a Market Research Company You Can Depend On
Drive Research is a full-service market research company located in New York. We help companies of all sizes and industries across the United States.
At Drive Research, our team takes pride in helping organizations become more successful by extracting insights from the data and feedback. We are not satisfied unless your team is able to accelerate business strategy – both internal and external – with the data we provide.
Contact us to learn how we can help! We are happy to be your rebound after breaking up with your current market research company.😉
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
Lark Allen
As a Content Marketing Specialist, Lark has a strong background and passion for creative, professional, and journalistic writing. She is also a self-proclaimed music freak and 90s enthusiast.
Learn more about Lark, here.
