Choosing a market research firm can be a daunting task. Especially when selecting the right partner hinges on making informed decisions for your marketing, operations, and strategy.
Whether your problems center around not understanding your customers, employees, or potential buyers you need a true business partner that can deliver a clear, data-driven roadmap.
But, if your organization has never worked with a market research company before or you’ve outgrown your current partner, you may find yourself not knowing how to properly vet potential firms.
In this comprehensive guide, we'll take you through the essential steps to consider when hiring a market research firm. From defining your objectives to assessing agency expertise and evaluating their key differentiators, we'll cover it all.
What to Consider Before Hiring a Market Research Company
Before collecting proposals and quotes from firms, it is important to meet with your internal team to discuss key components of your study. Doing so helps set clear expectations from the start.
It is also beneficial to share this information with potential market research partners as they can determine if they are a good fit for your unique needs.
During these internal discussions, we recommend covering the following topics.
Project Goals and Objectives
The start of any conversation about market research is learning about goals and objectives. We commonly ask questions such as…
- What is the driving force behind the market research?
- What do you want to learn/accomplish?
- How do you plan on using the results?
Having these answers at the outset of the market research process ensures that the research is purposeful, relevant, and ultimately beneficial for your business.
Level of Help You Need
Before choosing a market research company, your team should carefully consider the level of assistance you need to meet your research objectives.
In many instances, this will fall under one of the following categories.
1. Full-service market research partner
For those seeking comprehensive insights and in-depth analysis, partnering with a full-service market research company is your best option.
These firms can manage all aspects of the research process, from designing methodologies, to performing fieldwork, to cleaning and analyzing data, to generating actionable reports.
It is a true all-in-one solution or one-stop-shop guided by industry experts.
2. Managing only one phase of the research
Some businesses may only need assistance with specific aspects of the research process, such as recruiting participants or sourcing survey respondents.
Several firms specialize in this and if you’re comfortable handling other pieces like design or reporting, this could be a great option.
3. DIY tools
Alternatively, businesses looking for more control may opt for a technology platform that allows them to conduct DIY (do-it-yourself) research with self-service tools for survey creation, data collection, and basic analysis.
This is typically reserved to organizations that are veterans in the market research field and are comfortable managing an end-to-end survey project that follows best practices and is unbiased.
Recommended Reading: Market Research: Is In-House or Outsourced Better?
Target Audience
We also recommend defining your target audience for the research and sharing that information with potential vendors.
This includes understanding whether your market is primarily business-to-business (B2B) or business-to-consumer (B2C), as well as identifying specific qualifiers and screening criteria for the participants you wish to engage with.
Qualifiers could include demographic factors such as age, gender, income, or geographic location, as well as psychographic characteristics like interests, attitudes, and behaviors.
Additionally, establishing quotas, or predetermined targets for certain demographic groups within the sample, can ensure that the research accurately represents the diversity of the target audience.
Timeline
Next, it’s important to have a clear understanding of your timeline for when the research must be completed.
Sharing this information with potential vendors is crucial as it allows them to assess their capacity and resources to meet your timeline effectively.
Communicating your timeline also ensures that the market research company you choose can deliver timely and reliable results, avoiding potential delays and ensuring the research outcomes are available when needed to inform critical business decisions.
Budget
Clearly defining your budget allows potential vendors to tailor their proposals and solutions to match any financial constraints while still meeting your research objectives.
For instance, sharing your project budget with a market research company allows vendors to provide recommendations that align with the available funds. This could be adjusting the scope of the research, selecting cost-effective methodologies, or offering flexible pricing options.
By collaborating with vendors to rightsize the budget, you can ensure that your team receives the most value from your investment in market research, obtaining actionable insights that drive meaningful results without overspending.
For more information, watch this short video on what to consider before choosing a market research firm.
Questions to Ask When Choosing a Market Research Firm
Hiring a new market research company is a big decision. The process of vetting partners can be overwhelming. T
o help, we’ve compiled the top questions to ask your next potential market research partner in order to find that perfect fit for your organization.
Do you have experience conducting market research in my industry?
While it may not always be a deal-breaker, familiarity with your industry can positively impact the effectiveness of the research conducted.
A firm with experience in your industry will…
- Be well-versed in the terminology and nuances unique to your field, ensuring smoother communication and a better overall participant experience
- Utilize past experience working with similar industries to draw best practices and tailor their approach
- Have abilities to benchmark results, enabling comparisons with industry standards and competitors
- Have access to specific or niche participants crucial for your research objectives
- Have a proven track record in your niche/relevant vertical
Can you conduct the specific type of market research I need to meet my objectives?
Market research encompasses hundreds of types of methodologies, each suited to different objectives and audience types.
Therefore, when considering a market research firm, it's crucial to learn whether they can execute the specific type of research required to meet your objectives effectively.
Are you looking for a simple customer satisfaction survey? Or, something more nuanced like a conjoint pricing analysis?
Some firms have very specific expertise while others are capable of offering more comprehensive, full-service solutions.
Additionally, factors such as audience demographics, geographical focus, and the chosen approach all play significant roles in determining the suitability of a firm for your research needs.
By discussing these specifics upfront, you can ensure that the firm has the necessary capabilities to deliver actionable insights aligned with your objectives.
What is your process for collecting data or feedback?
It's helpful to inquire about the firm's data collection process, but most importantly the measures they have in place to maintain quality and prevent fraud.
Most market research partners follow a similar process for sourcing survey respondents. But many do not take the time to perform stringent quality checks at various stages to ensure the accuracy and integrity of the data collected.
Especially with the growing concern surrounding data privacy, security, and fraud, your selected partner should have robust protocols to remove any fraudulent or junk responses from the final data analysis.
How long would you expect my market research project to take?
Project timelines can vary significantly depending on the scope and complexity of the research.
Therefore, it's essential to discuss your timeline requirements with potential market research firms and get a clear understanding of how long they anticipate the project will take to complete.
From our experience conducting various types of market research, here are the average timelines you can expect:
- 2-3 days: Projects with limited scopes such as a customer survey that only requires data collection
- 6-8 weeks: Full-service studies that include survey design, programming, fieldwork, data cleaning, and analysis and reporting
- 8-12 weeks: Projects such as advanced analytics, multi-component, or international studies
With that being said, the best market research firms should be able to provide options for expediting or rushing research if needed.
Who will be managing my account?
Effective communication and project management are essential for the success of any market research project. Therefore, when choosing a market research partner, it's crucial to know who will be managing your account and overseeing the project on a day-to-day basis.
For example, Drive Research assigns a dedicated project manager to all of our accounts to handle communications, provide updates, address any questions or concerns, and ensure that the project stays on track.
Additionally, the project manager can be reached by most forms of communication, such as video conference, phone, text, and email to facilitate smooth and efficient communication throughout the duration of the project.
The partner should be truly that - not a vendor.
Any good market research firm will ensure the team applied to the project is a good fit for your needs that focuses on building a long-term relationship with you and your brand to build on insights project-by-project.
How do you communicate with clients?
Communication is key to a successful partnership between a market research company and its clients.
The best firms prioritize clear and efficient communication channels to ensure that your team is always informed and involved in the research process.
This includes virtual or in-person meetings at the start and end of the project. As well as, day-to-day communications through email and file sharing platforms to exchange deliverables such as survey documents, draft reports, and other project-related materials.
Lastly, the firm should always be available to address any questions, concerns, or feedback that you may have, fostering a transparent and collaborative working relationship.
What added value can you offer my company?
While factors such as experience, data quality, and good communication skills are important when choosing a market research partner, take into consideration other qualities or factors that make a firm standout.
- Do they offer more than just data and charts but also actionable recommendations?
- Can they create data visualizations such as infographics, animated infographics, social graphics, white papers, etc.?
- Does the partnership end after the final report is delivered or is there room for follow-up conversations?
Additionally, as you are communicating back and forth, look for their responsiveness, professionalism, and overall helpfulness.
If they are not treating you well when they are trying to win your business, just imagine how poorly the relationship will go once they’ve won it.
Ready to unlock valuable insights and propel your business forward? Contact Drive Research today to discover how our tailored market research solutions can drive your success.
Request a Quote
Tips for Selecting a Marketing Research Agency
Variety of methodologies
When choosing a full-service market research supplier, consider their ability to employ a diverse range of research methodologies tailored to your specific needs.
Look for agencies that offer a variety of quantitative and qualitative approaches, such as surveys, focus groups, interviews, and advanced analytical research.
Having access to a wide range of methodologies ensures that the agency can effectively address different research objectives and provide comprehensive insights.
It will also prevent you from having to find other partners down the road if the company you choose only specializes in one type of research.
Expertise
Evaluate the expertise of the firm’s team members, particularly in your industry or market niche. Look for agencies with research professionals who have relevant experience and specialized knowledge in your field.
Expertise in areas such as consumer behavior, industry trends, and data analysis can significantly enhance the quality and relevance of the research findings.
Experience
Consider the agency's track record and experience in conducting market research projects similar to yours.
Review case studies, client testimonials, and online reviews to gauge their past successes and the impact of their research initiatives.
An agency with a proven history of delivering actionable insights and driving measurable results is more likely to meet your expectations and contribute to your business objectives.
Data quality and analysis
Ensure that the market research company has robust processes in place to maintain data quality and conduct thorough analysis of the research findings.
Inquire about their data collection methods, quality control measures, and analytical techniques.
We recommend looking for agencies that prioritize accuracy, reliability, and integrity in their research practices, and can provide in-depth analysis and interpretation of the data to uncover meaningful insights.
Recommended Resource: Survey Data Cleaning Checklist
Communication
Evaluate the agency's communication practices and responsiveness throughout the selection process.
Look for agencies that are transparent, proactive, and accessible, and that prioritize open dialogue and collaboration with clients.
Clear and consistent communication ensures that expectations are aligned, project milestones are met, and any issues or concerns are promptly addressed.
Value those who truly understand your needs and might even be willing to offer a different approach or perspective than what you asked (e.g., advice or alternatives vs. order taking).
Timeliness
Lastly, choose a market research firm with the ability to deliver research projects within your desired deadlines.
Look for agencies that are organized, efficient, and capable of delivering high-quality results within agreed-upon timelines.
Timeliness is crucial for maximizing the impact of the research findings and informing timely decision-making within your organization.
We know your management team will likely be pushing you internally to have results ASAP, so a partner who can support you in that mission is crucial.
How Much it Costs to Hire a Market Research Firm
Simple studies with basic methodologies may start at a few thousand dollars, while more comprehensive projects involving advanced analytics, international research, or extensive data collection efforts can cost tens of thousands or even hundreds of thousands of dollars.
On average, here’s what you can expect to pay to hire a market research company:
- Limited execution type projects (non-full-service): $10-15k or less
- Full-service B2C market research: Ranges from $15-30k
- Full-service B2B market research: Ranges from $30-50k
- International, advanced analytics, multi-component: $50k or more
Keep in mind, the cost of hiring a market research firm can vary significantly depending on several factors. Any need or project you have is still worth a conversation to see if there can be a fit regardless of budget.
This includes the scope and complexity of the project, the methodologies employed, the size and reputation of the firm, and the level of customization and support required.
Additionally, factors such as the number of participants, geographical coverage, and the level of analysis and reporting required can also impact the overall cost.
Firms may offer flexible pricing options or tailored solutions to accommodate different budgetary needs, so it's worth exploring these options during the initial discussions.
Why Drive Research is Best For Market Research
Full Customization, No Cookie Cutter Approach
We understand that one-size-fits-all solutions often fall short in the market research industry.
That’s why we take the time to truly understand our clients' objectives, challenges, and unique perspectives. This allows us to tailor our approach to meet your needs.
By offering a fully customized approach, we ensure that our research is finely tuned to address specific challenges, uncover targeted insights, and deliver actionable recommendations.
Decades of Combined Experience
Market research is a specialty service that can be tricky to navigate. The industry comes with many intricacies and challenges that can make executing a successful study seem impossible.
With decades of collective experience in market research, our team brings a wealth of knowledge and expertise to every project. We are dedicated to providing exceptional service and support throughout the research process, from project inception to final deliverables.
Drive Research has helped everyone from Amazon to start-ups research critical audiences to provide confidence in data-driven decisions.
We Go Beyond Charts and Graphs
We understand that our clients need more than just data; they need actionable insights that drive informed decision-making.
We offer a full consultative approach, meaning we go beyond the numbers to provide meaningful insights and recommendations.
Our team takes pride in offering in-depth analysis and strategic guidance based on the research findings, ensuring our clients gain a clear path forward.
One-Stop Shop for All Market Research Needs
Drive Research is a full-service market research company, offering a wide range of methodologies tailored to any industry.
From surveys and focus groups to in-depth interviews and qualitative recruiting, we conduct all types of research everywhere in the world and are equipped to handle all aspects of your research needs.
This streamlines the process for our clients, eliminating the need to coordinate multiple vendors. With us, you have a trusted partner who can deliver end-to-end research solutions, saving you time and ensuring seamless execution from start to finish.
Fast Communication
At Drive Research, fast communication isn't just a promise—it's our guiding principle. From the moment you reach out to us, whether it's for a project proposal or a simple query, you can expect a lightning-fast response.
Our dedication to responsiveness extends beyond the bidding process; it's ingrained in our organizational culture. You'll never send us an email without wondering if we received it or if you'll get a swift reply.
Our team understands the urgency of every inquiry and ensures that your messages are acknowledged and addressed promptly, giving you the peace of mind to focus on your business while we handle the rest.
We Build Long-Term Relationships
While we can provide ad-hoc market research services, Drive Research believes in building lasting relationships with our clients based on trust, mutual respect, and a shared commitment to success.
We view each project as an opportunity to strengthen our partnership and contribute to our clients' ongoing growth and success.
Furthermore, our market research company approaches every project with a sense of ownership and accountability, treating our clients' objectives as our own and striving to exceed expectations.
Contact Our Market Research Company
Market research is the most critical competitive differentiator for top performing brands. Leverage our market research to drive increased revenue, expand into new markets, retain more customers, keep and attract top-notch employees, and outperform your competition.
To learn more about our market research services, contact our team today.
- Message us on our website
- Email us at[email protected]
- Call us at888-725-DATA
- Text us at 315-303-2040
Emily Rodgers
A SUNY Cortland graduate, Emily has taken her passion for social and content marketing to Drive Research as the Marketing Manager. She has earned certificates for both Google Analytics and Google AdWords.
Learn more about Emily, here.
