Market research helps companies navigate the business world by providing insights on customer opinions, pricing models, gaining new customers, market trends, project feasibility, and better strategies. In 2019, according to Hannover research, 76% of companies that used market research frequently saw their revenue increase over the last 12 months compared to only 65% of those that infrequently used market research. Research consulting is a growing field, and according to ESOMAR and BDO, the global market research industry generates $49 billion in revenue. Let’s consider five benefits of research consulting firms.
1. New Perspective
Companies can get stuck in a rut repeating the same motions that have served them before. Experienced research consulting firms bring a different viewpoint by challenging every assumption. They also have experts with a wealth of experience across different fields, enabling them to introduce unique techniques and approaches to doing business.
Great research consulting firms won’t just present their findings but will also develop a detailed game plan for executing new strategies. They design a project map to ensure that all the pieces come into play as planned.
In the same way research consulting firms bring in a fresh set of eyes, they are also unbiased. An in-house market research team may have preexisting hypotheses and hopes about a project’s outcome. However, a research consulting firm will have none of that baggage and is in a better position to assess the viability of a project.
4. Current State of the Business
According to a PricewaterhouseCoopers survey, companies that measure themselves against benchmarks have 45% better productivity and 69% faster growth than those that don’t. With market research, you can discover performance or knowledge gaps to improve upon.
An in-house market research team is unlikely to have the kind of expertise that third-party research consulting firms bring to the table. They have years of experience and expertise in different market segments, meaning they can provide you with reliable and unexpected business insights.
The broad experience and wealth of knowledge that research consulting firms have are hard to match. They provide actionable insights that can take your business to the next level. If you need effective market research, contact The Analyst Agency today.