There are plenty of reasons why engaging a market research agency will make a world of difference for your product’s brand strategy. Choosing a market research agency that you trust not only provides an expert resource to your team, but it also keeps your strategy on track with up-to-date insights from the marketplace. Here are the top five reasons to make your market research agency a strategic partner in your plans:
1. Immediately Add Experts to Back You Up
By partnering with a market research agency, you immediately gain access to a team of experts backing your project. You’ll work with individuals who have expertise in collecting an analyzing market insights, but also how to turn those insights into actionable steps that will improve your brand strategy. With that knowledge on hand, a market research agency will get you the most accurate responses from your target audience through interviews, surveys, and focus groups. You could hire these experts individually. But without a constant flow of work it will lead to positions that can cost companies more than simply hiring the market research agency in the first place. By outsourcing this work, you stand to save the company a generous sum of money.
2. Get Unbiased Opinions from a Market Research Agency
By hiring outside experts, you essentially guarantee the authenticity of your results. Internal members may have ties to the project that bias them toward gathering specific findings. This bias may not come from your researchers and instead may be from your customers. If customers know that you are the company that developed the product, they may not be inclined to give the same constructive criticism. This is because it may be awkward to tell the person who designed or leads a project that the end product is lacking. These situations may lead to doubt in your research or even incorrect results. By utilizing the impartial expertise of a market research agency, you can prove to your company that your marketing ideas are effective. Also, if you do have effective ideas, the market research agency will give you recommendations on how to improve them.
3. Diversify Opportunities for Growth
When you hire a market research agency you add a fresh new prospective. This allows you to see and explore innovative ideas and opportunities that you may not have thought of. It is often helpful when you seem to be stuck and every solution that has been brought up is not testing well internally. Sometimes it takes a new set of people to figure out what is going on.
4. Access the Market Research Agency’s Resources
Your team may have too many responsibilities at the moment and may be unable to complete a project within time. By outsourcing marketing research, your team can focus on creation instead of testing. A market research agency specializes in testing and using multiple research methods. That requires fewer labor hours than your team likely has to get the job done. This frees one or more of your team members to focus on higher impact and greater revenue-generating work rather than spending time and resources on tasks that can be outsourced.
5. Ensure You Are on The Right Track
Sometimes even when you are at the start of a new project, you want specific insights on your consumers and competitors. Without a trusted agency the next best option is to use secondary data from free resources on the internet. The issue with this choice is that secondary data very rarely aligns with what you are looking for or with data you already have on hand. Also, it can be difficult to know when the secondary data was collected, by whom and how relevant it really is to your target market. By using a marketing research agency, you will find specific solution to your specific questions. The market research agency may even have syndicated data available that allows you to access specific information about your target market without all the guesswork on when data was collected, data accuracy, or relevance to your field
Kevin Thacker is an Associate at ZoomRx. He has experience in quantitative and qualitative analysis from his experience at his master’s program. Email Kevin at kevin.thacker@zoomrx.com
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