Things to consider while selecting a market research firm

Finding market research agencies is not difficult. One single Google search can pop up thousands of market research firms globally. However, finding the right research agency could be tricky. Choosing the wrong firm can cause a financial and strategic impact on the business, hence one should be cautious while choosing a research agency.

You don’t need to worry! We at Maction interviewed our clients to develop a checklist you can use while selecting your next market research firm.

1. Clarity on end objective:
   This is one of the most important aspects while selecting a market research firm. Unless the research firm can understand the context and objective of the study, it is very unlikely that they would generate good actionable insights from the study.

   Once the objective is clear, the research firm can help the client in recommending the research method and draw the scope of the project. For instance, if the client is struggling with poor customer reviews, the research firm should recommend going for a customer satisfaction survey. Research firms can also define the scope by including only those customer segments where poor reviews are relatively high.

   We at Maction follow a structured approach to understand project objectives and pain points to recommend the most suitable research methods and project scope.

2. Reporting relevant actionable claims:
   Most of the research firms give a quantitative and qualitative summary of the responses they have collected. There are very few firms that match the responses with the business question to come up with actionable insights which clients can follow.

   Taking the previous example of client with poor customer reviews, research agency ideally should come back with actionable pointers on what is not going well with customers and what could be done to prevent them. Most firms report banner runs or raw response data does not add any value.

   We at Maction Consulting, have a dedicated analytics team that uses different analytics methods to generate hidden insights from the survey data.

3. Capabilities:
   Look at the research firms’ qualitative and quantitative aspects of the capability. Team members should have decent expertise in market research across different industries and value chains. The research firm also needs to be well versed with different analytics techniques to apply different research/ analytics methods for different projects. Sometimes, one project requires a combination of research methods such as surveys, focus groups, in-depth interviews, and mystery shopping. Hence, before finalizing check what research firms have in their arsenal.
4. Relevant experience:
   Check if the firm has done some similar studies in the past. This can help in reducing project timelines and give a deeper insight.

   Maction Consulting led by market research experts with more than 25 years of experience in research across different industries. Our motto is to provide authentic research and actionable insights.

5. Cost:
   Cost is an important factor most of the clients generally look at. However, cheaper is not always the better. Have you ever went for a generic solution that is cheaper but not providing enough solution to the problem? Most of the generic shoppers end up buying a customized and expensive variant later.

   A firm skipping parts and taking shortcuts to quote lower fees is doing more harm than good. You need to understand that market research is an investment, and research firms need to make connections with enough and the right audience to generate valuable insights. Hence, lower cost can not always be the right selection.

6. Geographical Presence:
   Working with a local market research agency can be more convenient for clients. A face-to-face discussion and presentation bring value to the working relationship.

   However, COVID has removed all the geographical barriers and people are comfortable with digital connections, hence you do not rule out a firm basis its location. Consumer analysis is generally done digitally through online respondents and firms are advanced enough to use cloud computing to be able to work from anywhere.
   
   Hence give more weightage to a firm’s credentials over the location.

7. Onsite facilities:
   One site capability in terms of collecting data and analysis can be a major selection driver. Clients get satisfaction when they know that the same firm is doing all pieces of work and no major components have been outsourced.
8. Trust:
   This is one quality that cannot be faked. It’s won in multiple trenches, and not just over one meeting, handshake, or phone call. Meeting commitments over quality, cost and timelines drive trust between client and research agency.

   Being flexible with clients changing research requirements and never compromising on the quality has helped us build trust and rapport with our clients at Maction Consulting.

About Maction:

Maction Consulting was founded in Ahmedabad in 2015. Since then, we have grown to support our clients as they seek to take advantage of new growth opportunities across the world with our offices in India, the USA, Canada & France.

Since launch, we have expanded our client base to get a global reach of a large research company, but we have never lost the agility and the personalized service of a small boutique. We have won various awards and regularly been appreciated by clients for our exceptional performance.