3 criteria for selecting a quantitative market research company
You know you need market research. You go to Google (or your favorite search engine) and enter the phrase “market research company” and you are presented with hundreds of options competing for your attention and to help you with your project. But how do you decide which consultant is right for you?
Vendors often specialize in the types of projects they do. Before limiting yourself to a list of vendors to contact, it is prudent to determine whether the vendors you are selecting from have a specialty in the industry and then get an idea of the types of clients they serve. Select those that fit your business demographics and potential needs.
Now, contact the companies and start the research process.
Here are three criteria for evaluating quantitative market research providers:
First, what is your research philosophy? How do you approach the projects? Are they focused on actionable and actionable results?
What you are really looking for with this line of research is the willingness of the provider to understand your needs and help you achieve your goals.
Of course, the first requirement of any provider is their adherence to market research standards, to ensure that the study is representative of the population (s) you wish to assess, to collect the data in a professional manner, and to maintain it. informed. of any problem.
Understanding how they approach projects is your first clue as to your level of proficiency in these areas.
Second, are they trying to sell you a solution in search of a problem or are they really trying to listen to your needs (and limitations, particularly in the budget area) and offer a solution to your problems?
This is absolutely a deal breaker. In my experience as a market research buyer, if I have the feeling that a potential supplier is using a single tool or solution as a solution to all market research problems, the supplier is off my list. This happens with surprising regularity. The “solution” they propose is often proprietary (see criterion three below in the next post) and usually comes at a high price.
I expect a vendor to listen carefully to my needs and project specifications and act and bid accordingly. I am particularly concerned that they demonstrate a clear understanding of the project goals.
Third, do you offer a black box solution? Is their solution something that I (and my colleagues) can understand or do you have to trust that they know what they are doing? Can you validate and replicate what they offer?
Here’s another criteria that, if it fails, will send me running. Some statistical guru has invented some proprietary analytical process that answers more questions, solves more problems, and is more accurate than any test, process, or model known to statisticians or even God. And they will implement it just for you. But wait a minute, they can’t tell you how it works, they can’t give you enough information for you to understand it, and of course no one else has it so it can’t be validated or replicated. But boy, does this snake oil work!
The fact is, there is no black box solution, just as the Wizard of Oz finally proved to be a humble man from Kansas.
I did not buy it. You are much better off with tried and true research methods and analytical testing and techniques. Hey, they might not be sexy, but they have been proven to work and have been endlessly validated and replicated.
