However, you may also know from experience that delivering the market research that your clients demand is much easier said than done! Indeed, the research process is complex and multi-faceted. Without the right approaches, tools, systems and expertise, instead of exceeding your clients’ expectations, you may find that they are disappointed – and heading towards the competition. Fortunately, that is where partnering with a proven market research firm makes all the difference between success and failure.
Below, we highlight the key ways how a market research agency streamlines the research process for your marketing agency:
Exceptional market research begins with identifying a precise, focused and relevant problem to be solved. While this aspect may seem straightforward and perhaps even self-evident, the reality is quite different. Often, what a business thinks it should solve is not necessarily what it needs to solve.
For example, a business may believe that that the problem they should solve is “how do we increase our average customer lifetime value?” However, based on deeper analysis, the more essential, actionable and profitable question they should be asking through market research is “who are our most profitable customers, and how do we sell more to them?” These problems are both about customers, revenues and profits, but they point in very different directions; with the latter being much more relevant and worthwhile.
A market research partner handles all of the back-end research, so that you can deliver the in-depth customer demographic and psychographic data that your clients demand. This work includes (but is not limited to) determining research design, preparing instruments and methods, conducting sampling and data collection, and performing analysis.
Just as importantly, your market research firm works for you. As such, any engagement with your clients’ customers (e.g. telephone interviews, focus groups, etc.), will be perceived by your client as an extension of your capacity and expertise.
One of the biggest gaps in the market research world is that, many times, clients cannot penetrate or fully comprehend the data they receive. A market research partner ensures that the results and recommendations that you submit to your clients will be comprehensive, yet clear, accessible and actionable (elements such as graphs, charts and tables are typically used to illustrate key findings).
To learn how the Communications For Research team can help streamline the end-to-end research process for your marketing agency, contact us today. We’d be more than happy to learn more about your business, talk about your research goals and see if CFR can help you out!