Common Questions About Outsourcing Market Research | SVC

Market research is one of the crucial initiatives your company can take to understand your  customers, improve your products, and boost your business sales and performance.

This initiative can be challenging if you have limited internal expertise, resources, and other factors.

Perhaps, like many companies, you’re considering an alternative option: Outsourcing.

Before you dive into outsourcing your market research, I encourage you to read through these three FAQs to help you make the right decision about this venture.

What market research services can I outsource?

There are numerous services you can outsource to meet your market research needs.

Call centers offer services like conducting high-quality surveys that evaluate your customer satisfaction, B2B, product penetration, and marketing. 

Panel, tracking, B2B surveys, as well as computer-assisted telephone interviewing (CATI) web surveys, are also available for you to outsource.

BPOs can design smart marketing questionnaires and informative newsletters and provide syndicated market research.

If you need news abstraction and extraction services, outsourcing firms can compile and study media content, corporate developments, industry trends, press reportage, and others, and provide you with substantial reports.

You can even tap BPOs for various kinds of analysis and market research on your niche, online market, brand, census or demographics of your target audience, for your product launch, and so on.

When should I outsource market research services?

Outsourcing market research may be an excellent option for your company when you lack or need the following aspects:

• Knowledge of modern research methods and analysis tools. The market research scene is constantly evolving because of technology. If your internal team has not probed into this for some time now, you may soon lag behind your competitors.

• Time to supervise in-house initiatives. Designing, managing, and studying your market research initiative entails time and other resources. BPOs can focus on your research project, regularly update you, and maximize resources with the best possible results.

• Capability to reach a large percentage of your target market. Gathering contact details and persuading people to take part in a study can be challenging. Experienced BPOs, though, have the right expertise and extensive base of contacts you can reach out to.

How do I choose the best BPO for my market research needs?

There are at least three factors to consider and discuss with potential partner BPOs. 

These must be clear at the onset to prevent any disagreement or changes to the engagement terms in the middle of the research project:

• A clear grasp of your goals and objectives. The agency must deeply understand your business goals, research objectives, and the value of the market study to your company. Knowing so lets the BPO determine the best strategies and direction for the research venture.

• Research methodologies. It may be best for you and the BPO to agree on the methods. Doing so helps you align the outcomes and their perceived reliability with your company standards.

• Costs and resources. Be upfront about the costs and resources that this research venture may entail. Include the conditions and tranches for the disbursement, additional fees, and others.

Bottomline

BPOs specialize in market research, have the necessary tools and resources, and are more than willing to help you in the best way possible.

After looking through these FAQs and you’re ready to take on outsourcing market research, feel free to contact us today and learn more. Cheers!