5 Key Ingredients for Choosing the Right Market Research Company for Your Startup

researcher explaining findings for new market research
Are you looking to hire a market research company for your startup? Read on to learn how to choose the right company.

In 2017, the startup rate in North America was 10.3%. However exciting these new ventures are, according to the U.S. Bureau of Labor Statistics, up to 50% of all startups fail in the first four years.

The success of a startup depends on the business acumen of the founder, the country’s economy, quality of work, and most importantly, the quality and demand of the product.

To ensure you’re not shooting in the dark with a product or service nobody needs or there’s too much of, you need to perform quality market research. For this, you need a good agency that’ll give you all the raw data. 

Interested to learn what to look for in a market research company before you hire them? Read on below for the key points.

Their Communication Style

Finding the best market research firms is time-consuming, but you can easily narrow down your choice through their communication style.

Are they open and transparent about their practices? Do they reply to your emails and calls in a timely manner? Are they flexible to reschedule or speed up the process if necessary? These are all important things to consider before you give an agency your money.

Their Expertise

The best market research company hires highly-skilled and experienced workers who are highly knowledgeable in their field.

You’ll quickly discover how the company operates through your first contact with the employees. If they’re devoted to your request and do everything in their power to keep you happy, they’re worth considering.

Their Tools and Techniques

Market research is a complex science and agencies use many tools and techniques to make it faster and easier.

Does the agency have good market access? What tools do they use to confirm the quality and accuracy of the data collected? How will you assess this? 

This is where you should do your own research as well because the data you need should be of high quality in order to work for your brand.

Their Experience and Portfolio

When you look at agencies, one of the key things to look for is a portfolio of happy clients. This will demonstrate their experience, the type of market research they excel at, and the quality of their work.

You can easily double-check their claims on your own by contacting some of their clients and ask about their experience with the agency. If an agency has very few clients or has only done small projects, it may be wise to look elsewhere.

Their Prices

As a startup, you need to allocate your funds strategically and this means choosing marketing firms with the best bang for your buck. The general rule is to stay away from the cheapest market research companies, but if you can pay top dollar for quality, it’s money well spent.

The final price depends on the time, services, and the amount of work needed. Some agencies charge hourly rates, while others charge per project.

Choosing the Best Market Research Company Is Easy With These Tips!

As a startup, you need quality data on your target market in order to fulfill your customer’s needs. These tips will help you choose the best market research company for you and use this information to grow your brand.

If you’re new to market research and would like to learn more about the process, read here to discover our approach and how we can help your business thrive.

 

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