10 - 49
$25 - $49 / hr
50 - 249
$50 - $99 / hr
2 - 9
$100 - $149 / hr
50 - 249
$200 - $300 / hr
10 - 49
$100 - $149 / hr
10 - 49
$150 - $199 / hr
When Businesses Need Help from Market Research Companies
Market research companies can help your brand promotion, as well as improve your customers’ understanding of your product/service, and create a competent promotion strategy. You can have it all with the right market research agency.
How to Choose Market Research Companies
Addressing an independent market research agency is a popular decision in modern business. Market research is necessary both for the promotion of a new brand and for the development of an existing one. If you are unsure of your marketing strategy, want to increase your sales, or need a new strategy, market research agencies can help.
Business Research VS Market Research
Market research is a type of business research that is directed to study consumer behavior, needs, preferences, price policy, and competition patterns in a certain field. To get the necessary information, businesses apply to market research survey companies.
Market Research Agency Essense
Market research agencies have specialists who collect data from public sources, conduct various kinds of questionnaires, surveys, gather focus groups, and use other tools to obtain information. After that, based on received data, these specialists create reports and form a marketing strategy.
Apart from doing research, a large number of market research companies in the world also handle other tasks in the marketing sphere. They create marketing strategies, help implement various marketing types, as well as SEO, SMM, etc.
How Market Research Companies Work
When addressing a market research agency, you should know that your collaboration will consist of several stages.
On the one hand, it's clients that usually set the goals and objectives. On the other, market research companies understand that companies often lack understanding of where exactly their marketing strategy is going wrong.
At this stage, experts examine the current situation with the company and determine priority areas of research.
Research Plan Drafting
Once all priority goals and objectives are identified, companies that do market research need to approve a research plan. This list of actions gets justified and agreed upon with the customer. Based on the plan, the company then draws up a budget and sets deadlines for research.
Marketing research companies collect data according to the approved plan. For this purpose they apply the following data:
- Primary research. The company independently conducts surveys, questionnaires, studies peoples' behavior in different situations;
- Secondary data, i.e. the results of public social studies, published in the media, posted on market research websites, etc.
The second data type is obviously much cheaper. Such data is used in the first place due to the fact that such studies can contain valuable information, including for further clarifying primary studies.
The data obtained is then analyzed via reporting tools. The results are processed and provided to companies that use market research. The format can be cumulative tables, diagrams, and other types of reports.
Market Research Agencies: Research Types
For a deep understanding of market specifics, apart from public statistics, marketing research companies also apply:
- Phone surveys, face-to-face meetings, newsletters with questionnaires, etc.;
- Market observations. Collecting key information by observing mass consumer behavior;
- Focus groups (for group discussion of a subject);
- Ethnographic research and analysis of people's behavior in real situations;
- Experimental research. Studying key changes in customer behavior in different cases.
At the same time, market research companies actively use primary research, as well as statistical data obtained from past research. Smaller firms and consultants are more focused on public statistics and collecting data on user behavior on the Web.
Types of Market Research Firms and Costs of Services
There is no perfect market research company that will fit every business - it all depends on your business needs and opportunities.
Global Market Research Companies
Global brands require a lot of research:
- Before advertising your new product;
- In the case of rebranding or looking for new methods of advertising.
Large businesses allocate significant budgets for marketing and related research purposes. Promotion examples of such brands can be seen in the cases of the top 50 market research companies. The price tag for such companies is $50,000 or more.
Regional Market Research Firms
If you need to promote products or services in a certain country, it makes sense to contact specialists who work with a particular market. For example, the list of market research companies in the USA includes both the largest agencies and small firms. The cost of their services also differs greatly - from $24 to $300/hour.
On average, market research companies in the USA work with projects that cost from $10,000 to $25,000. In other countries, prices for similar services can be much lower. It all depends on the features of the region, tax base, and income level of the country.
Digital Market Research Studio Features
Online market research companies that conduct online market and customer behavior research deserve special attention. Due to a wide range of digital tools, online research is faster and cheaper. Moreover, the results are often more accurate than similar data collected offline.
Online market research companies use the following data for market research:
- Site visit statistics;
- User behavior on social networks analysis;
- Contextual advertising click-through statistics, etc.
User behavior analytics tools allow you to determine the gender, age, time of activity, region of residence, and prevailing interests of visitors.
In addition, digital marketing actively uses questionnaires and group discussions of various situations, say, in social networks.
How to Use Market Research Firm Ranking
Large projects regularly compile and publish their own rankings of top market research firms. You can rely on this information when compiling your own market research companies list.
Here, it's important to consider the following aspects:
- Positive/negative customer reviews;
- Price policy (should match your budget);
- List of services/features.
Top market research companies, on the one hand, provide a wide range of additional services, which is convenient for cooperation, but on the other, their price policies are higher compared to the average market.
If you can't afford to work with the market leaders, consider the average positions in the rating. This is where you can find reliable companies with reasonable prices on the market.
Choosing the Right Market Research Company
If you need more than market research, say, a wide range of marketing services, most likely, the largest market research firm from the previously compiled list will suit you. Small firms, even if they are ready to provide additional services, most likely, will limit themselves to outsourcing.
In addition, study the experience of the company. Do not hesitate to ask about their research methods, tools used, reporting format, KPIs, etc. If you get detailed and clear answers, and the market research company wins your trust, your decision is most likely optimal.
Who needs a market research report?
Businesses need a market research report when they are promoting a new product or service, or when their sales are not growing fast enough. Based on the research results, you can reveal problems/mistakes in your marketing structure. This will also help you determine the best strategy, which will reflect the interests of consumers and competitor actions.
How important is market research for entrepreneurs?
One of the most common mistakes with startups is saving on market research. Any business should understand its customers, the situation on the market, and be guided by this when developing a unique selling proposition. This knowledge will also help when choosing the most effective marketing tools and communication style with customers.
What is the future of market research?
Market research will be even more popular in the future. At the same time, the digitalization of the market allows obtaining more exact information about customers. And the growth of competition requires new approaches to advertising and brand promotion.