Investing in market research needs to be added to every consulting firm's to-do list.
While that may sound like a bold statement, we know it's true. Market research can provide these firms with the data they need to exceed the needs of each client they work with.
In this post, we'll review our method when it comes to working with consulting firms and how we generate actionable data suited to their needs.
Why Do Market Research for Consulting Firms?
Market research provides consulting firms with high-quality data about their clients, allowing them to create tailored solutions for each project.
The market research data can be targeted in a variety of ways, from uncovering key competitor data points to assessing current industry trends (and everything in between). Using this data, consulting firms can approach each client project with an extra layer of confidence.
Additionally, consulting firms can apply this same strategy to their own internal affairs. Firms can keep an eye on competitors, track employee sentiment, and define their target audience all by conducting market research.
Recommended Reading: Benefits of Using a Third-Party Research Firm
Expert Consulting Market Research Tips
In our experience, market research yields the best data when there's a solid plan in place.
This includes having clear goals, an understanding of the client's needs, and at least an idea of what kind of research method is best. We'll touch on these points below.
Set Reasonable Market Research Goals
Consulting firms should spend a significant amount of time laying out a plan for their market research.
During this stage of the market research process, the consulting firm should begin to create a plan for what they want to achieve with the data. This often includes setting key goals, understanding how the data will benefit the client relationship, and so on.
Focus On the Client's Target Market
Perhaps one of the most important aspects of market research for consulting firms is nailing down the client's target market.
This step can have many elements, such as:
- Identifying the client's ideal customer
- Collecting relevant demographic information
- Understanding the needs of said demographic/ideal client
After obtaining this information, it's much easier to tailor the market research to ensure actionable results.
Build Out Great Research Questions
Relevant data comes from relevant questions!
Questions should be designed with the target audience in mind, as this will guarantee the consulting firm is given useful information (and doesn't waste precious time or money). Questions should be clear, concise, and engaging for respondents.
Decide On a Method
Deciding on a market research method varies on the needs of the consulting firm. Often an online survey will be the ideal choice. Online surveys are incredibly versatile, easy to distribute and are time-efficient.
However, in some cases, other research methods such as focus groups and in-depth interviews will be a better fit.
Fill In the Blanks With Competitive Analysis or Benchmarks
Consulting firms can benefit significantly by using competitor insights and/or benchmarks within their industry.
By using this information, consulting firms will be able to see where competitors are succeeding and where they fall short. Keeping an eye on where they fall short is especially helpful, as this is a way for firms to fill in current gaps where rivals are lacking.
As a result, consulting firms can easily gain an edge against competing agencies and attract more customers.
Analyze All Your Data & Report Trends + Insights
After the data is gathered, a careful review is always in order.
During this stage, it's key to keep an eye out for repeating trends and common patterns in the data. This will ensure the consulting firm remains adaptable in the face of trend shifts in the future.
By partnering with an experienced market research company (like Drive Research), consulting firms will receive an in-depth report that visualizes the data and trends.
Contact Our Full-Service Market Research
Our team of researchers has over 80+ years of combined experience and will partner with you to deliver specific insights about your brand. We will work with you from developing key project goals all the way to delivering a full report of our findings.
If you'd like to learn more about our market research services, get in touch with us today.
- 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.
