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.
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.