BI Blog
Signs of a High-Quality Analytical Market Research Firm
When it comes to your long-term development as a business, one of the most important investments you can make is in your market research. Understanding the market that your company faces daily is so important to ensuring long-term development. Without that approach, you run the risk of falling into complacency. This gives your new and old competition the chance to overtake you. If you want to avoid that, bringing in experts in the form of a market research firm is extremely wise.
There are, though, many companies out there that you could hire for this role. So, with that in mind, what are the signs of a high-standard market research firm? How can you know they are good enough to do the job you will hire them for?
The Signs Of High-Quality Market Research Firms
Natural Curiosity
One of the first signs that a market research firm is worth hiring is that they are genuinely curious. They should always be asking “why” and looking for information that was not previously available. A good partner with a natural curiosity and passion for marketing is better than someone who is good at crunching numbers but lacks that “feel” behind the scenes.
The best companies to hire come with proper insight behind the numbers, as they are curious about why those numbers work.
Industry Experience
Another important factor is ensuring that the hiring choice for your market research firm has experience in the industry you operate in. Every industry is different, and the data can point to different conclusions based on the industry.
So, finding a company with people who know your niche can play a huge role in ensuring the results you get back are consistently excellent. Always ensure they know your industry before hiring them!
Beyond Face Value
While scepticism is not often a positive trait, it is a good trait in a market research firm. Why? Because they will look beyond what the base numbers say. A bad market research firm will say you should do X because the Y figures point to a certain conclusion. The more sceptical firms, though, will take the time to look beyond that and have a closer vision of what really matters.
This gives you confidence that this company is interested in discovering more than the obvious. Anyone can look at numbers and draw conclusions; a good market research firm, though, goes beyond that.
Flexibility
Another big benefit of a market research firm worth hiring is that it will come with flexibility. More obstinate companies can be unlikely to move away from a certain conclusion because those same figures pointed to a similar outcome in the past. However, as noted above, every firm is different; what works for your firm might not work for someone else, and vice versa.
The best firms can be flexible in the face of the information they have in front of them. This allows them to come to more creative conclusions that give your business an edge.
A Clear Plan
When you ask a market research firm to analyse your business, they should be able to come back with a defined action plan. This means giving you a clear insight into what they will do, when they will do it, and why they will do that. This creates a range of tasks and assigns each task to a responsible expert in their business, giving you complete confidence in their ability to do the job.
Companies without a clear plan of what they will do for you outside of sloganeering should be avoided.
Keep the above in mind, and you should find it much easier to go and hire a market research firm that is worth the investment you put into them!