Market Research Companies in the United States

Market Research Companies in the USA and their Business Value

Market Research Agencies in the USA generated nearly $50 billion in revenue in 2019. This amount accounted for more than half of all revenue in this industry worldwide.

These businesses collect and analyze information about a target market or a group of customers. In this way, they help businesses understand how audiences will perceive a product or service, segment the market, and cope with other tasks that we will consider in this article.

The Activity of Market Research Companies in the USA

As we have already found out, market research companies in the USA are engaged in the collection and analysis of specific information. Among other things, such firms assist in the selection of market research participants in the United States. The research that the agencies carry out can be divided into:

• Qualitative market research in the US. At this stage, information is obtained firsthand. As a rule, the specialists focus not on measurable indicators but on potential problems that need to be solved;
• Quantitative market research in the US. Such research involves the organization of various surveys. Trend reports, market statistics, and sales data are information that will help study competitors and the market.

Where Agencies Get Information and Types of Research They Conduct

There are only a few sources, and they are publicly available: commercial, and internal sources. Public sources in the US include the US Census Bureau and the Bureau of Labor and Statistics. Commercial sources include market reports collected by the agency. Internal ones are the data of your organization.

As for the types of research, just like market research tools in the USA, they come in different forms:

• Interviews;
• Focus groups;
• Product usage surveys;
• Market segmentation;
• Pricing;
• Competition;
• Brand awareness.

When to Hire the Best Market Research Companies in the United States

You should hire market research agencies in the US when you need to:

• Conduct research to test the viability of a product;
• Identify your target market;
• Test the product and the focus group;
• Research your competitors and audience, etc.

A market research analyst in the US will help you understand what your customers are thinking about, why the clients are leaving when they visit your page. Research also helps you get ahead of assumptions and trends. That's why this business approach is impactful, cost-effective, and reliable.

What kind of business can apply for services? There are B2B market research companies in the USA, and there are those that specialize in the B2C segment. Most firms operate in two directions. Especially if we are talking about the top market research companies in the US.

How do Market Research Firms in the USA Conduct Research?

Research does not have a clear structure, but still, some companies do the work in the following sequence:

• Identification of problems;
• Formulation of research objectives;
• Planning the design and development of the study;
• Sample planning and data collection;
• Reporting.

Market research software in the USA plays an important role. The software helps to collect the most accurate data about customers, competitors, and a target market.

FAQ

What is the scope of market research in the USA?

The scope of market research is broad:

• Audience, customer research;
• Product/service research;
• Sales research;
• Pricing research;
• Sales forecasting research.

How much does market research in the US cost?

There is no overall price for market research. The approximate cost of online research in the US is about $15000.