What to Ask Your India Market Research Firm

Selecting the right India market research firm can be difficult. The trick lies in asking the right questions, showing you their working style and approach towards a project.

The importance of market research in today’s economy is well established. Research gives us valuable information that forms the foundation on which a business can plan its growth and development. Increasingly businesses are looking at outside research firms for both economic and practical reasons.

For companies entering new markets, hiring a local firm is the best option. In complex markets like India, local firms provide a critical insight for foreign companies. This is why a number of firms from countries like UK and Singapore are now looking for Indian partners. But, how do you pick your ideal firm?

We give you five essential questions that you must ask each of your shortlisted firms. The answers will give you a better idea of its working.

How do they approach the project?

This question is aimed to see how many channels your firm will employ. Market research today is a multifaceted project. Information is gathered through multiple means, usually though a questionnaire. While one-on-one interviews and surveys are still popular, passive gathering of data from various means is the most comprehensive means of research today.

Is the firm using social media and other web links to gather data?

You should also ask for the questionnaire. How comprehensively does it cover your concerns? Does it keep you engaged? Are the questions clear and precise? At the same time, the questionnaire must also be flexible to allow for the respondents’ individuality.

Is their research guaranteed to hike your sales?

The most persistent problem with research firms is overselling a project. It is important to keep in mind that research is just the gathering of data. The information is aimed to improve your chances, to give you the best possible odds and reduce your risks. It cannot guarantee success in the market. Any India market research firm claiming otherwise is just overreaching. Other concerns are overinflated promises and unrealistic targets.

Who are their clients?

This will give you an idea of their working style. You are not necessarily looking for other companies in your field. Ask them for an overview of past campaigns. Look for innovative and out of the box ideas. You can also ask for references. Past clients can give you an honest review of the firms’ working.

Where is your team?

The team making the presentation is in all likelihood not the team that will actually do the work. Insist on meeting your actual team. Check on their experience, whether they have worked on similar projects. Are they working on other projects, especially competing campaigns (that is a red signal)?

Can they illustrate their research with at least one case study?

For an India market research firm it is vitally important to be well-informed. Your team must keep up with emerging trends, past disasters or successes and competition strategies. When your firm makes its case for certain policies, ask them to illustrate these with actual case studies. This shows their preparedness and knowledge of the market as a whole.

Source:-http://www.articlesbase.com/marketing-tips-articles/what-to-ask-your-india-market-research-firm-7469880.html