If you’ve decided that it’s time to start a market research project, one of the first decisions you will make is whether to do market research in-house or to outsource. To help you make your mind up, here are several scenarios when you should keep the project in-house and when you should hire a market research agency:
Do Market Research In-House If...
- You have the resources and experience necessary to complete the project - Doing market research in-house starts with having a resident market research expert who can design a study. Then an in-house study can take place if the resources to code surveys, call participants, analyze data, etc. are there.
- You have a sufficient list of people to contact and feel confident in getting these people to take an over-the-phone or online study - One of the most difficult parts of market research is sourcing participants and convincing them that taking part in a market research survey is worth their time.
- You have a very restrictive budget - Market research takes time and money to be done right whether you are conducting studies in-house or outsourcing. While you may not be able to perform comprehensive market research on a tight budget, you should still be able to glean some insights from market research methodologies like surveys.
- You have identified a clear research question and know the correct methodology necessary to glean the data you need - This point goes along with having the right market research expertise in-house. If your company knows how to handle design, data collection and data analysis, then you’re ready to go!
- You want total control over every market research aspect - Sometimes for security reasons, companies do not want to bring in a third party. If you need complete control, then it’s probably best to handle market research in-house.
Outsource Market Research If…
- You need an objective third party view to the research - Because of confirmation bias, most companies want their research to be objective, telling them the truth rather than just giving them information they want to hear. The best way to remove confirmation bias is to bring in a market research company that doesn’t have any stake in the outcomes of the project. Because they want to deliver the best business insight to you, the research will bring forth credible insights whether they are good news or bad news.
- You need up-to-date knowledge about analysis tools and research methodologies - The market research landscape is always changing thanks to technology. If your market research experts haven’t done a study in awhile or if you need the latest tools at your disposal, hiring an agency would be a good call!
- You don’t have time to manage an in-house project - Designing, managing and analyzing a market research project takes time, staff and resources. If you’re strapped for time, it is more efficient to have an agency give you project updates and utilize your business expertise for the best research outcomes.
- You need the ability to gather contact information and to reach out to a high volume of your target audience - As mentioned above, sourcing participants and convincing them to participate in a study is difficult. This is where a market research agency with years of experience has a huge advantage. They have staff that specialize in this and a large network of contacts for their customers to utilize.
- You need an efficient turn-around time - If you need market research done efficiently, a market research agency can deliver. As they are used to being on project deadlines and they have many efficiencies in place to do just that, chances are that they can have better results, faster than an in-house project.
Ready to Outsource Your Market Research Project
Deciding whether to do market research in-house or with a market research agency is an important decision. For an honest and objective assessment of your market research goals, contact the Communications for Research team today. Our co-CEO Colson Steber can advise you on which path your company should take and if the right path is to partner with an agency, he can provide you with a quote and timeline for your project.
For more information on the value of market research and how you can communicate that to your clients, download our FREE eBook:
