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Why outsourcing has a great proposition for market research firms?

Your marketing team is doing its best to nail those marketing strategies and line up some amazing ideas to outperform your competitors in the market. In fact, till a certain point, they did well too. But, what’s next?

Being a business owner, you understand the importance of marketing and how important of a factor it is to bring in more business and quality leads. All this while, you have kept your business processes internal because you wanted to keep control over your activities and also, keep costs low. 

But the question is, is it working out the way you planned out? If your answer is YES, kudos to you and your team. However, if your answer is NO, we have a question for you. 

“Have you considered outsourcing?”

Many market research firms in the USA and Europe have profited by outsourcing their marketing research processes to third-party agencies in countries like India. The best part is, you can work closely with them, brainstorm new ideas, and even better, not be involved at all. This is just one of the many perks of outsourcing your marketing research. It would be safe to say that it sure does reduce a hell of a lot of work and stress load for you and your business. 

There must have been moments where you might have considered outsourcing your market research but didn’t really take the thought forward. Today, we are here to explain the why and what of market research outsourcing. Cause, why not?

Why Should You Outsource? 

Because you wouldn’t want it otherwise!

There are two possible reasons here. One, you don’t have a team to do this for you. Second, you do have a team but you prefer outsourcing your work to a professional market research agency. No doubt, outsourcing is a great choice. This is because by outsourcing your market research, you don’t compromise on:

  1. Agility & Speed Factor: Your in-house team might not be able to scale up and down to meet client demands. In fact, they might not have the speed and agility to handle the project the way it should be handled. Be it speeding up the project timeline or shifting to a whole new paradigm, outsourcing is always a good option.

  2. Efficiency: Outsourcing your market research will guarantee efficiency. This is because there is no stretched backlog from other projects and you have a dedicated team who is working towards greater efficiency and work towards bringing in the perfect market research you need.

  3. Specialization: There’s nothing to budge away from, but it’s a fact that your in-house team cannot have experts onboard always. Do we even need to convince you now? Outsourcing your market research allows your project to be handled by a team of specialized individuals who have years of experience in delivering the best result possible. 

Now that we know why you should outsource your market research, let’s move on to the “WHAT”.

What to Outsource In Your Market Research?

Your business is like a baby to you. We get it. That’s furthermore, the reason why one should find the perfect and trusted partner who can do the work for you.  You need to find someone who can support you end to end with 100% accountability and reliability. How? Let’s find out.

  1. Decoding the problem statement: Outsourcing firms can help in structuring the problem by doing some secondary research. Your outsourcing firm helps you gain a new perspective on your market research and this adds to the quality and depth of your deliverables.

  2. Preparing the questionnaire: Asking the right question is very important. Your partner should be able to create the perfect survey for you that helps to establish the goal you want. Your outsourcing firm should be able to pen down the exact questions you need answers to and add on with structuring the questionnaire in a manner that automatically eliminates any kind of deception or duplicity in the survey.

  3. Onboarding Respondents: Yes, it’s tough finding appropriate respondents to complete your market research. What is the point if you are not able to get answers from your target market, right? This is exactly why you should test out your partner’s ability to choose respondents. They can help in planning and execution of whom to appoint and how many to appoint. Outsourcing firms like Maction have their own panels which help in reaching a wide audience set quickly at a lower cost.

  4. Translation Services: If you are targeting respondents from various regions, you should choose a partner who provides high-quality translation services. This ensures that you don’t compromise on any factor and maintain high-quality data inputs throughout your research areas.

  5. Monitoring Data Collection & Processing: Only an experienced marketer will know what and which questions to use to bring out the best results. Market researchers often put in trick questions to segregate qualified responses from a bunch of random ones. If responses are coming, they make sure the responses are proper.

    Maction has an in-house data analytics team and tools developed in India. This has helped clients in decoding hidden insights from unstructured survey responses and increased their profits.

  6. Analysis & Reporting: Once the qualified data points have been received, your outsourcing firm should be able to provide you with a conclusive research summarization, survey reports, translations, graphics, and everything that you need to conclude your market research effectively. 

Benefits Of Outsourcing Market Research

Profit! Profit & Profit!

At the end of the day, it all boils down to numbers. If outsourcing your market research can bring down your costs and increase your profits, why would you give this a second thought anyway? It’s a win-win situation no matter what. 
Key drivers of Market research outsourcing 
Source: Deloitte Research

Outsource non-core activities and focus on business development and client management which is going to have a greater impact on your top and bottom line. Isn’t that great? So, let’s have a look at the benefits of outsourcing your market research to a trusted research partner.

  1. Cost Reduction: First thing first, it reduces your cost. You can reduce cost from 30-70%, depending on the work. As most of the market research outsourcing firms are located in Asian countries where salary is 10X lower than western countries, the cost of resources is less. This makes your pricing competitive in the market which increases your chances of bagging more businesses. On the contrary, doing this in-house might cost you more because of a lack of resources, experience, and skillset. Bottom line? It’s always wise to leave the work in the hands of the experts.

  2. Quality Output: Outsourcing your market research automatically gives your project access to the best available technology in the market. This results in the best quality output and a quality-driven data result. As the outsourcing firm has deep expertise and a steep learning curve. Specialized experts are working on different pieces of the research project.

  3. Quick Turnaround: Your in-house team might not be as quick as your outsourced team. Having the bandwidth and specialization, outsourcing firms can reduce turnaround time by 20-50%.

  4. Flexibility: You don’t need to worry about demand cycles and hiring – an outsourcing partner gives flexibility in terms of bandwidth.

Why Choose Maction As Your Market Research Outsourcing Partner?

Because we are the best!

Our founders having 25+ years of expertise have positioned us as an industry leader in the market research arena. With a global client base, we can deliver a project across any industry. We have a global presence with offices in Canada, the USA, and France. Furthermore, our connection with global survey panel companies gives us an edge over our competitors.  

With the help of cutting-edge technology and quality-driven research results, we have completed 200K+ surveys for our clients globally. So, if this is what you are looking for, just book a call with us, and let’s talk. Because Maction is just what you need to level up your market research game. Now, are you ready to tap the global market with Maction?