3 Reasons Why You Should Choose Paid Market Research over In-house Research
The significance of paid market research firms for a business is highly downplayed in business discourse. Utilizing an in-house market research team might sound cost-effective and reasonable, however, it’s not as simple as it seems! In-house market research teams a lot of the time lack the tools and the subject-matter expertise to comprehend what it takes to collect data and derive actionable insights, making dedicated paid market research firms vital for any business. Continuing on the topic, we discuss three reasons why you should choose paid market research over in-house research. Read on.
Rich Experience Backed by Comprehensive Industry Knowledge
It should come as no surprise that a market research consulting firm is miles ahead of an in-house research team when it comes to conducting research. Market research is not a mean feat and it takes various methodologies to gather raw data and extract something meaningful from them. From using the right vocabulary in questionnaires to deploying the right tools to approach the relevant target audience, a market research company presents years of knowledge and experience in conducting multiple research projects at your disposal.
Undivided Focus and Abundant Resources
When it comes to accessing large data sets, a dedicated market research firm is your one-stop source. With teams comprising research analysts, managers, and statisticians, a market research firm brings unmatched subject-matter expertise to the table. These firms also have abundant resources such as access to widespread (multilateral or multilingual) data sets and advanced technologies like online market research tools to explore the potential of both qualitative data collection and quantitative descriptive research depending on research requirements. Based on such tools they help collect data from hard-to-reach and untapped demographics that would otherwise be very difficult for in-house research teams.
Unbiased Third-party Perspective
Be it a product-based business or a service-oriented business, it is vital to assess your performance and the market trends to curate a solution that meets the requirements of customers and the industry. An in-house team may display a subconscious bias towards the company’s products and services. This might reflect in the hesitance to explore areas where the company has performed negatively or ask questions that are controversial. This is where you need to join hands with a market research consulting firm that provides objectivity in data collection and compilation processes to present rich data useful for formulating effective marketing campaigns and amplifying profits. Trust and credibility are important for any research project which is why hiring a third-party for paid market research is in your best interest.
Conclusion
Paid market research offers a good return on investment. They help massively in conducting surveys or interviews that usually require a lot of resources and skills. Identifying and making sense of the data and effectively predicting market trends makes these market researchers stand apart from in-house teams. If you are looking for a market researcher, consult the one that deploys advanced techniques to gather actionable data and complies with ESOMAR and ISO standards.