5 Things to Consider When Choosing a Market Research Company in Melbourne

There are five key things to consider when choosing a market research company for your business in the Melbourne area. It is essential to have your business goals in place first so you can assess the best way to direct your marketing efforts. When it comes to the basic business principles of starting or growing a company, the key factors remain relatively standard in the global market, research, research, research. But knowing how to move forward and get the desired results for your business can feel overwhelming if you do not have a strategy in place.

 

Hiring a market research company helps take the guesswork out of the marketplace, especially when launching a new product or service. You need to fully assess the level of demand with regard to your business and a great market research company can do just that for your business. By carefully considering these five key factors, you can take much of the confusion out of choosing the right Melbourne based market research company.

 

1. Market research experience

You need to rely on a market research company that has expertise in your particular business’ model. Ideally, a clothing manufacturer should utilize the services of a market research company that has previous experience in the fashion industry. Market research can be a costly endeavor and a laborious task. If the company you choose does not have the ability to connect with the consumers interested in your product or service, you could just be throwing your money away. Rely on someone with experience in your niche market.

 

2. Decide ahead of time what type of market research you want in the Melbourne market

Different companies require different methods to conduct valid research. Each requires a different technique. Among the various methods are speaking with potential buyers, tracking advertising, estimations of demand, sales forecasts, test marketing the actual product, brand research (other brands already on the market) and competition research.  Depending upon the specific needs of your business, the market research firm you choose should be well versed in a variety of techniques. Make sure that they have the ability to gather the data you need so you can make advertising and product decisions with solid knowledge. It’s important to know ahead of time what you want to achieve through your market research efforts, then decide how you want that research performed. A great market research company should be able to assist you with any questions you have in this area.

 

3. Remember that the reputation of a market research company is important

A market research firm should have an upstanding reputation in the community. You need your business to be seen favorably by the consumer. If you hire a less than reputable company, your business name and product will be forever tied to that name. Interactions with the market research company can be the first contact that potential customers have with your company or brand. When the research company has a less than favorable reputation; it will come back to haunt you in the long run. Do a thorough search, contact the market research company’s previous clients to check references. Have a list of questions to ask at the ready. Ask about the company’s responsiveness to your questions, did they complete the necessary research, and were their reports clear and completed in a timely manner. Also, find out about the companies capabilities to perform the research you need. If you have questions after checking the references, go back and discuss your concerns with the firm.

 

4. Figure out which type of market research you want for your brand: Quantitative or Qualitative

 

Quantitative market research

Relies on deductive research and has the element of hypothesis. Qualitative research methods are inductive with no hypothesis needed in order to begin the research. With quantitative method, the research has a general case and moves toward the specific. It considers potential cause and effect of a subject and hopes to verify its effect. In research, cause and effect relies on how strong the relationship is between the different variables. It seeks to make a relationship between the two, through the methods of general cause and desired effect.

 

Qualitative market research

Begins with the effect and works backward to the cause. It begins with a collection process. Various data is collected in the beginning. This type of market research often is personal, field based, circular, or iterative. When the data is collected, it is organized, and then analyzed. During the analysis, patterns emerge that lead the researcher to pursue various concepts and relevant questions. By triangulating the results, the researcher is then able to verify the data in order to draw conclusions regarding the product or service.

 

5. Cost of the market research activities

Market research can easily put a strain on a new business. Know what you can afford to spend, and put it in the budget. It is a powerful tool for all Melbourne businesses, especially  if you are launching a new product. Market research could save millions of dollars.. You need an exact price, not a rough estimation of how much each particular market research firm will cost for the research data you need. Tell potential companies how much you can afford and try to work with the one that best fits your budget. You also need to find out in advance of signing any contract how you will be billed; per activity or as a lump sum monthly.

 

Market research is an invaluable tool that cannot only save money; it can help you make money. There are some amazing local Melbourne market research companies and provided you have a game plan in place,decide ahead of time on the type of research you need, what you want measured, and the budget you have, great market research can really take your business to the next level.. Do your research, contact as many market research companies in Melbourne that work with your target market and form a relationship that will ensure your business is a success.