5 Reasons to Hire an Independent Market Research Consultant
By Steven Czyrny
Market research offers vital facts about your business landscape. It includes growth opportunities, investment risks, upcoming trends, and competition. These are useful to make better decisions and perform better than fellow players in the industry. You can also successfully implement customer retention strategies by identifying and putting their needs first. The global market research service market reached $76.37% in 2021 from $69.6 billion in 2016. Given the plethora of benefits, even higher growth is expected in future.
Outstanding research with a 360° view of the market can help communicate better with stakeholders and tackle staff or consumer dissatisfaction issues. You simply need to partner with a highly skilled, experienced, knowledgeable and, most importantly, independent market research consultant. Below are a few good reasons to consider the professional.
Objective Point of View
An independent researcher offers unbiased reports without external influences. This can include political activities and social and cultural impacts. The expert uses personal data collection strategies that operate on an insight-led basis.
This is much more useful than taking references from existing data. An independent market research consultant works in your best interest without money-making intentions and is more reactive and responsive than bigger agencies. They have excellent analysis and observation powers to present effective suggestions via qualitative and quantitative studies.
This is the process of choosing a specific handful of individuals from whom data is collected for research. This helps to give an idea of a bigger group as a whole. Not picking the right ones can lead to manipulative and undesirable results. Proper sampling is done with a market research consultant since they already have an existing database. It typically offers the best outcome, which is highly reliable.
The US Bureau of Labor Statistics found that 1 in 5 US businesses fail within the first year of being launched. Data from BLS also says that about 20% of new businesses fail during the first two years of being in operation. A key reason is poor marketing initiatives. It can happen when your surveys or polls produce misguided reports.
Respondents are more likely to answer truthfully to an independent market researcher rather than to a brand in fear of repercussions. This makes it easier to receive accurate data and subsequently craft effective next steps and solutions.
An independent research professional will offer detailed data. It will include data that can be a threat to your organization rather than only the encouraging details. This keeps you well-informed while the professional provides solutions to help meet business goals.
A third-party research professional will provide neutral recommendations that are tailored to fit your brand. They will complete your project within an agreed-upon deadline with utter precision. The best market research consultant will offer all types of pricing models including fixed or pro-rata charges. They always go the extra-mile to deliver the research to boost customer satisfaction. You can book a free consultation, which is the first step to taking your business to new heights.
An independent market research consultant can offer results based on the internal infrastructure of your business. Get in touch with a reputed one to address organizational challenges and close gaps in employee and customer satisfaction.