Today, businesses no longer operate only in local markets. For most organizations, global presence has become the way of life. This globalization brings with it the need to conduct market research across a variety of media, markets and economies – a task that is increasingly difficult for companies that do not have access to large marketing budgets. The complexity and resource requirements that come with conducting in-depth market analysis across the global business environment makes the decision to outsource market research services to an outside organization that specialized in this space an easy one.
Today, market research service providers offer highly professionalized management, consolidation and delivery of relevant market analysis that can become the cornerstone of a targeted marketing strategy for organizations. The services that can be expected from a typical market research service provider range from data analysis about market needs, size and competition to systematically gathering and interpreting information using statistical and analytical techniques to support decision making.
Advantages of using market research services for a business –
Market research services providers are the experts in their business. By handing over the research activities to such a firm, organizations can reap the benefits of expert knowledge as and when they need it rather than having the same resources in-house.
Organizations can use a range of techniques, both quantitative and qualitative, which provides a wider view of market needs. Quantitative techniques such as statistical data analysis from survey results requires a thorough knowledge base, which market research service providers already have in the form of statisticians and psychologists. Even qualitative techniques like focus groups require expertise when administering to get valid results. Creating that range of expertise in-house would be very expensive, especially for one-time projects.
Market analysis firms have the latest and greatest software and facilities geared precisely towards gathering and analyzing market data. Making an investment in such specialized tools may not make sense for the average organization.
Handing over market analysis tasks to an outside firm ensures a level of objectivity, which may sometimes be lost within organizations, especially if the results are different from expectations. Having an outside party evaluate the data without any agendas will yield more robust results that ultimately help the business move forward.
Market research service providers have a larger network that they have built, which provides access to a much wider range of information than what may be available to an average organization.
Organizations can expect faster turnaround times for projects to be completed, data to be analyzed and reports to be delivered since they are dealing with experts who have honed their skills. The same may not be true of an in-house function, especially when shifting business needs may pull resources elsewhere.