For a business to be successful in Melbourne, conducting local market research using a market research company in Melbourne is absolutely necessary. Market research centers the business on the consumers, reduces business risks, and helps a company find the best opportunities, thereby allowing it to stay relevant and lucrative.
Enlisting the help of a market research company, and their help costs money. But how does a small startup with limited funds find a good market research company while keeping to the budget?
Here are some tips on how to partner with the right market research company in Melbourne and get the most out of your market research budget:
1. Be prepared: know your goals, required outcomes and what you expect from your market research company in Melbourne to achieve them
Clearly defining goals, ensuring that desired outcomes are measurable, and carefully planning actions all lead to a research project that gets accurate and useful results. Not doing so, on the other hand, gives you objectives that conflict and irrelevant data.
For setting goals and objectives for Melbourne market research on a budget, ask yourself these questions:
Why? What is the purpose of the research? What particular issue are you looking to resolve, or area that you want to explore?
What? What kind of information are you looking for?
How? How, specifically, will the information you gather be used? How can it improve the relevance and profitability of your business?
Make sure to list down the points that your research needs to focus on: areas that you wish to clarify or information you need to uncover. In addition, think about what issues could come up in your market research. Understanding potential issues helps you set realistic goals that are within your capacity.
After setting goals, objectives, and desired outcomes, specifically describe what action will achieve them. For example, if your goal is to finalize which mobile app appeals most to high school students, your action would be to get their reactions on the different concepts.
2. Set a reasonable market research budget and request quotes from quality market research firms in Melbourne
Think of how much the budget for entire project would be, and allocate a percentage for market research. This prevents the Melbourne market researchbudget from occupying too much of your overall budget. This gives you idea of how much you can spend on market research.
Set realistic expectations for how much you are going to invest:
Top-level reports ($100 – $1,000): Covers only basic knowledge of an industry, e.g. the size of the industry, the companies that currently dominate it, and its fundamentals.
Full-Market reports ($1500-$8000): Gives you coverage of the market in full, statistics of its current state, and possible future growth, as well the trends. It provides enough information to become fully familiarized with a certain industry.
Product detail market reports ($15000-$35000): Aside from the information provided by a full-market report, this type of report also gathers information on the trends and values of a specific good or service in a specific region or country.
3. Choose your preferred market research company in Melbourne
Keep all of the above in mind when finally choosing a market research company in Melbourne. Make sure that the company you choose helps you achieve your goals.
In particular consider:
How well they understand your objectives: You and the firm must be on the same page and working on the same goal.
Useful Recommendations: A good firm not only gathers information, but also contextualizes it, and formulates actions based on the results.
Methodology: Choose a firm that can execute multiple methods of research. Different objectives require different methodologies, and an effective output requires and effective method.
Yes, market research can be a costly exercise but it can more costly to your business to deliver a product or service that doesn’t meet the needs of the consumer. By intelligently allocating funds to market research and partnering with a quality market research company in Melbourne you can ensure you will deliver a product or service that sells.