Should I Hire a Market Research Agency?

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Have you ever wondered what makes a business successful? Getting new customers, returning customers, and positive word-of-mouth are key to long-term success. But how do you develop consistently deliver success products, service and communication that excites the market? Through market research, of course! Market research is a valuable tool for all businesses. When used right, it can help you understand what drives a market, and how you can best leverage that insight to grow your business.

Market research is the key to identifying the most profitable markets, developing products that your market wants, and creating brands that differentiate you from competitors. Doing your own market research is the same as any professional service, while you can get some benefit, you are more likely to gain better results and be more cost-effective to partner with a professional market research agency. In fact, the assistance of a marketing research company in Sydney can assist you in many ways and is an invaluable investment.

If you’re still sceptical about partnering with a market research professional, you’ll want to look at the valuable reasons why you should:

Expertise

There is an explosion in tools to help business do-it-themselves across a range of services like accounting, legal, marketing and even market research. However, research tools, like hammers, are just tools. A hammer in someone’s hand may be fine for nailing down a bit of wood, but in a professional’s hands it can help build a home. Likewise, many companies using survey software can ask a question, but market research professionals having studied social sciences, statistics and economics are able to use methods that go beyond a survey. When they do use a survey they understand how to design a study that goes beyond superficial survey responses.

Working with a professional market research company in Sydney gives you access to expertise and the latest thinking on market research design, gather information, analysis, and interpretation. A market research firm will help make informed decisions right from start to end, ensuring you gain maximum benefits.

Data Interpretation

Regardless of what research method is used, market research gathers lots of data. Yes, a lot of data. While tempting to think the data will just show you the right insights, data does not interpret itself. While having the right market research design will help to ensure you will uncover insights, data processing and data interpretation use frameworks that transform data to information, and information into insights.

For the inexperienced, data interpretation can become laborious and confusing. Even a simple study can create a bewildering array of options. To reduce time and confusion, it is tempting to look at only simple findings. However, a professional market researcher uses frameworks that reduces the complexity, uncovers more than superficial insights, and is able to use these insights to develop evidence-based strategies.

Valid and Reliable Results

How do you know that you can trust your research results? In research we evaluate the quality of the research against validity and reliability. Valid results are results are results that accurately reflects the insights. Good market research design stops you from having ‘garbage in; garbage out’. Reliable results are results are repeatable. These are the results that are not just once off, so you know you can use them to develop robust evidence-based strategies. Reliability also extends to working with a professional market research agency that you know can deliver the insights that you need.

As you see, hiring a market research company can benefit your business and make all the difference in accomplishing your business goals.

The author is the founder of a reputable market research company in Sydney that delivers evidence-based strategies for clients seeking growth. Visit https://erisstrategy.com.au for more details.

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