In today’s complicated global marketplace of unprecedented access to instant information, your customers know you. It is equally important that you know them. Marketing intelligence, research and analysis are critical factors in understanding trends in order to better position your business for success. While outsourcing can sometimes be considered an 11-letter word, it can be particularly advantageous when incorporated into a 21st century business strategy.
An internal market research team can be expensive, particularly for small and mid-sized companies for whom the overhead is cost-prohibitive. Bringing in an external market research team allows resources to be allocated where and when they are needed. Businesses save money while enjoying all of the advantages of a dedicated market research team.
Outsourcing market research has additional potential money-saving benefits, such as incorporating a higher volume of customers and eliminating human resources costs for new employees. Meanwhile, added costs affiliated with internal market research efforts, such as research databases and graphic design programs, can jack internal market research prices even higher. And the savings aren’t just financial: the outsourcing of market research can also save valuable time.
Access to the Best
Because market research firms specialize in gathering, analyzing and reporting information, they are able to do the job with increased efficiency and enhanced performance. Many market research firms not only provide high quality research combined with exceptional analytical resources, but also have access to the latest and best techniques and tools, such as web based research and data analytics, for collecting and analyzing market trends.
In addition to specialized software, market research firms also have customized facilities, including everything from focus group rooms to product test centers, all with bells and whistles such as two-way mirrors and sophisticated recording capabilities.
External market research companies don’t just offer the benefits of a team of professional advertising experts and brand management specialists; these firms also have a field staff of specialized professionals, including psychologists, statisticians, and others–all ready to put their skills to work for your business.
Bye-Bye to Bias
Bringing in experts from an external market research firm can also lead to better results. External professionals lack industry bias, and so can provide reliable insights and results. There’s nothing more eye-opening than an objective third party viewpoint, which can be critical in a number of situations, including internal disagreements and politicized marketing challenges.
Outsourced marketing research can help provide an enhanced perspective, while also identifying any unknown issues or weaknesses. Additionally, market research firms can be relied upon for their commitment to anonymity when gathering and analyzing data; this not only helps protect company-client relationships, but can also further minimize bias in results.
In contemporary marketing, what you don’t know can definitely hurt you. Bringing in an external marketing team can not only provide access to optimized information, but can also significantly cut costs. In much the same way that outsourcing small business payroll can enhance a company’s bottom line outsourcing market research efforts ensures access to cost-efficient, assumption-free, data-based facts which can lead to the most favorable business outcomes.
Joanna Hughes writes on all subjects, ranging from the hottest runway fashions to the latest technological advancements.