Positive and negative sides of marketing research service
The task of global market research is to find out what consumers want and planning how to produce those products. A research service is used for this. This process has its advantages and disadvantages. Start with the last one
The costs of market research may vary depending on the methods used. Hiring another company can be considered as the most expensive. In addition to payment to contractors, survey participants may be encouraged to spend money on renting premises and equipment.
Another disadvantage of market research is the time consumed. It involves conducting surveys and interviews. The 1st and 2nd points are closely related – the longer the research lasts, the more expensive it can be for the company.
Searching for a respondent/ participant
Market research is based primarily on people’s opinions and views on a product or service. There can be many obstacles: from the geographical distance of respondents, the number of respondents, their absence, to their personal attitude to the topic of the survey.
The main thing in doing marketing research is to follow two principles: 1) the cost of the information obtained should not exceed your benefits from its use, 2) the quality of this information should be consistent with the purpose and objectives of the study/research. Don’t be afraid and don’t dissociate yourself from the market research. After all, there are more significant advantages to conducting the survey.
A wide range of opinions
In the course of the research conducted for you by specialists, it will give you the opportunity to get objective information as much as possible from different sources. In this case, the research carried out by the hiring company has a significant advantage over the research carried out by your internal department.
Accuracy of the results
The results obtained in the course of comprehensive market research conducted by specialists are easily applicable in practice and can be implemented into the company’s work immediately after its completion. The accuracy of these results is ensured by the use of various sources of information: written questionnaires, telephone and mail surveys. This is due to the possibility and ability of an experienced interviewer to explain all the incomprehensible issues.
Ability to observe respondents
Despite the fact that the research may be conducted by a company you do not know, you are directly involved as the end-user of the service. You approve a research program that includes a list of results and the methods by which these results will be obtained, and you can also make your own adjustments to the marketing research process. This is necessary because only you will be able to determine the initial needs of the company better than you. You can directly observe the surveys and questionnaires during the process.
For this, we use qualitative research. Qualitative methods are flexible, as the moderator or interviewer can adjust the process, clarify specific points, and focus on certain aspects. They also allow you to record not only the information provided by the respondents, but also their attitude towards the subject of the research, their behavior during the research, and thinking mechanisms. The most common qualitative research methods used are observation, focus groups, in-depth interviews, panel research, etc.
If all the quality standards for market research are met, you can achieve maximum results. If you are still in doubt, please contact us for a free consultation. Scheduling Worldwide by 4Service will be pleased to assist you. After conducting the research, you will receive a full research report that shows you what are your company problems and how you can solve them.