Interviewing a market research firm before you hire it is critical. These are the five key questions that you must ask to make the right decision.
Given its specialised nature, market research is often outsourced to a consulting firm. This way you can get access to an expert workforce at your own convenience. However, this is often easier said than done. With the number of research firms in the market today, picking one can be difficult.
So, how do you make a decision? Obviously, you start with a shortlist, sourced from your own contacts and the internet. Then comes the process of sifting. We tell you the five key questions you must ask all your shortlisted firms before you decide.
What is their expertise?
Remember, not all market research firms are created equal. With a highly competitive market, it is important to hire a firm that specialises in your field. This does not necessarily mean years of experience. After all, everyone must start at some point and many older firms are often stuck in old practices.
Instead, ask if they have people who understand your market and product. Ask them questions about your field to gauge their expertise. If they have worked with similar clients, ask them for references.
How do they choose their sample size?
The sample is the foundation of any research work. If you get this wrong, your entire project is doomed. What is your market research consulting firm’s criteria for choosing a sample? What parameters do they use –– education, income, etc? Are these parameters decided according to the project at hand? If you have a specialised product, how will they find their sample?
This question is particularly important if you have an overseas or international market. Today research is often conducted through internet. However, it is always a good idea to clear this beforehand.
How many interviews do they recommend?
There is no fixed answer or formula for this. It depends on the project at hand. Depending on the type of research project, you should have a fair idea of the number of interviews required. For instance, the number of interviews may be extended in projects where the respondents are asked questions according to previous answers. On the other hand, a questionnaire on the web for random users must be quick. Long-winded interview will be a complete flop for the fickle web user.
Who will be doing the actual work?
This may seem like a redundant question, but you will be surprised to know how many firms outsource their work. You may go in after a thorough research of a consulting firm and then find that your work is being handled by a completely different team, one that fails all your parameters. So, insist on meeting your team before you start and keep your communication lines open.
What is their fee?
Every business decision is considered with a budget in mind and your research outlay will follow the same rules. Always clear this question before you start. Keep in mind that different firms have different ways of deciding their fee and most market research consulting firms will have more than one fee module. Be especially clear about their policies on incremental costs.
Ref:- http://goo.gl/rY2s7J
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