How to Select Right Market Research Company?

August 10, 2018

When it comes to choosing the right marketing research company to approach for your business-related researches, it gets a little challenging! Data has become the most precious and biggest asset for businesses of all scales. Market research brings in critical data from the outside which businesses use for detailed analysis before taking critical management decisions. The business gets to know about a target market, its position, competition and competitors from market research. Every piece of information must be accurate and reliable. It is common for businesses to approach competent BPO companies in India for conducting efficient and unbiased market research. But the availability of too many BPO service providers who offer market research for businesses across domains make choosing the right BPO partner for your business. Here’s how you can take the right decision!

There are two approaches you can consider – set the criterion and pick only those who satisfy them or mark the shortlisted companies for every criteria and choose the best. Whatever be the method chosen, some of the criteria to be considered are given below:

Do they think like you?

It is important that your outsourcing partner’s understanding of your business requirements are clear. Only when both are in the same level of understanding, they will be able to come up with the right requirement analysis and offer a comprehensive and practical solution.

What tools do they use?

Even if you are not aware of the best tools that help in market research, you can get Google to offer help. Check with other market leaders and find out the best market research tools recommended for your industry. Make sure that your outsourcing partner uses them to make the most of technology.

Are they experienced enough?

When the start-ups look for market information, they approach an experienced market research offshore BPO services provider. Experienced BPOs will be able to recommend alternative ways to mine information if market research is not enough to satisfy the requirement. They will have a better idea of how market research can be done in the most cost-effective way so that the business will benefit significantly.

How long would they take?

The turn around time makes a huge impact on the decision because you need the information required within a specified time. Most of the market data is time-sensitive and hence, make sure you get your market research done by the outsource market research services provider that offers an optimal timeframe, not less, not more!

What are the deliverables?

What would the outsourcing provider offer as deliverables? This should be in sync with the firm’s research requirements. The formats in which the outsourcing firm offers their outputs is important too, as it should be compatible with the business’ BI tools and comprehensible for the management.

How much would they cost?

Even though cost is the most common consideration while choosing the right market research service providers, it should never compromise the quality. A competent and accomplished outsourcing firm will offer their services at a competitive rate.

Shortlist a group of outsourcing partners who satisfy these criteria and choose the right outsourcing partner diligently.


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