Want to launch something new? Perhaps you want to expand into a new market. Or perhaps you just want to understand your customers more deeply. That’s where market research comes into play. You can get wise insights from it and it helps you guide you smart decisions. Now the question is: how to choose a market research company? There are so many options it can be overwhelming!
In this guide you will see the best market research companies. We’ll go over what they do well, what their strengths are and who they complement. Whatever your specific need–be it hearing from customers, or crunching numbers–you will have a suitable partner that can help push you to that goal. So let’s look at the top market research companies!
What is Market Research and Why is it Important
Market Research: The detective work of every business It enables them to get to know their customers and the environment that they work within. Why is this important? Well, it can either build a business or destroy it. Sound research allows you to identify opportunities, avoid risks, and make better decisions.
What is Market Research?
Market research is simply collecting and analyzing data about your intended customers. It enables you to know what they want and need. This is more than guessing; it is real data collection. This data allows you to make intelligent business decisions. You should also do market research to keep you in the loop on your target market.
Importance of Market Research in Business
What’s the point of market research anyway? Why: It increases your chances of success. It allows you to discover new opportunities for development. It protects against you making expensive mistakes. Statistics show that companies that are using market research are 5 times more likely to be launching successful products. It’s true! Knowing what you need: Qualitative Market Research
Leading Full-Service Market Research Firms
Want A One Stop Shop Company? Full-Service Market Research These types of market research companies provide you with a variety of services. They built everything from soup to nuts. These companies serve businesses of all types. Let’s consider a few leading players.
Nielsen: The Global Measurement Company
Nielsen is a huge player in the market research space. They are familiar with measuring audiences and consumer behavior. They also track retail sales. They partner with businesses all around the world. Nielsen provides analytics services to help other businesses understand how people are watching, buying, and acting. This data guides businesses to make better decisions regarding their products and promotions.
Ipsos with you for Better Decisions.
Surveys and tracking brand health are Ipsos’ specialities. They are also concerned with customer experiences. They allow businesses to make decisions based on concrete data. The Ipsos method uses surveys to gather direct customer feedback. They measure perceptions on various brands. They collect data so you can trust your decisions.
Kantar: Making Sense of People, Inspiring Growth
Kantar Kantar takes a rather wide definition of market research. They source intelligence from numerous locations. They are experts in brand strategy and the effectiveness of ads. They also provide deep insight into consumer wants. Kantar mixes various types of data for a full view. The firm examines consumer behavior to help brands expand.
Qualitative Market Research Companies List
Certain companies do qualitative research. It is a type of research that deals with feelings and opinions. They rely on techniques such as focus groups and interviews. Here are a couple of pioneers in that realm.
Qualitative Data Collection Experts: Schlesinger Group
Schlesinger Group has a qualitative-first approach to data collection. They have places everywhere where they do focus groups. They are pretty good at online studies as well. In addition, they know how to elicit the right people. And I do mean people — all focused on eliciting the most insights from them!
Focus Forward: Qualitative Research Simplified
Focus Forward provides a multitude of qualitative services. They do focus groups, interviews, online communities. They use technology to simplify and speed up the process. They also have a worldwide audience. Focus Forward is a powerful tool for businesses seeking to build deeper connections with their customers.
Leading Quantitative Market Research Companies
Quantitative research is all about numbers and stats. They do it with surveys and data analysis. They train statistical models to answer them. These are some of the finest working in the field.
Dynata: The World’s Largest First-Party Data Provider
Dynata has millions of people to survey. They specialize in online surveying and panel research. They also know how to crunch numbers and parse data for useful information. Dynata can provide you with the insights you need no matter the scale of your business.
#3 SurveyMonkey: Speedy, Dependable Results
SurveyMonkey: It has an easy-to-use platform. You can easily create and distribute surveys. They have various pricing structures. It is a good pick for small and medium-sized businesses. With SurveyMonkey, you can receive prompt feedback.
Frontiers of the Emerging‐Market Research and Practices
Market research is never static. We are competitive to future with new trends and technologies. Here’s a look at some of the latest news:
AI-Powered Market Research: √The Future is here
How AI is Effecting Change in Market Research. It helps analyze data faster. It also assists in predicting what will come next. It can even generate custom experiences for consumers. AI is enabling businesses to better understand their customers with unprecedented speed.
Mobile Market Research
There are many mobile surveys out there. Surveys are convenient for people to take on phones. This helps you get feedback quickly. There is a growing popularity of mobile qualitative research as well.
How to Select a Market Research Company — Find Out What’s Best for You
How to Choose the Best Market Research Company? What you need and what you want to do with it. Next, consider your objectives, budget and who you’d like to study.
How to Define Your Research Objectives
What do you want to learn? Would you like to see whether people love your recent product idea? You want to know why customers are leaving. Write down your goals. This will allow you to locate a company that helps you to get the answers that you need.
Assessing the Expertise and Reputation of the Company
Does the firm have experience in your industry? Do they have experience with companies like yours? Look at case studies and client testimonials. That will help you understand their capability better.
To wrap things up: On Point Decision Making Thanks to Market Research
Market research is the lifeline of a successful business in the present time. A good market research company can provide you with incredible insights. You will be able to make intelligent, data-based decisions. It aids you to achieve the business objective. As you choose between a full-service firm, a qualitative firm, and a quantitative firm, ensure their capabilities align with your needs. Take advantage of market research, and see your business expand!
