If you search for market research on Google, you are likely to find millions of results. Despite the fact that some market research companies are credible, others are not. You may be equally at fault if you rely on vendors who provide low-quality services. There is no better adage than “garbage in, garbage out.”.
Discover how to recognize potential red flags and hire credible market research firms that produce syndicated research reports based on reliable data by reading this article.
Market Research Companies
The role of market research firms is to gather and analyze data about customers, competitors, distributors, and other actors in the marketplace. The majority of the work performed by most market research firms is commissioned by specific companies for a particular purpose. It should be noted, however, that some firms also routinely collect a wide range of data and attempt to sell parts of or all of it to companies that may benefit from such data. As an example, the A.C. Nielsen Company in the United States provides marketing data regarding consumer television viewing habits, and Information Resources, Inc. (IRI) maintains extensive consumer supermarket purchases databases.
Research Providers That Provide Low-Quality Research Have the Following Traits
- There is no value in the content. The table of contents of the report indicates that a certain level of coverage will be provided, but only limited information is provided on each topic.
- There are segmentation errors, including products that are not recognized by industry veterans as being in the segment, which inflates the numbers. (For example, including home desks in an office furniture report or including all beds with wheels in a medical beds report.) This alone would render the research ineffective.
- Rather than providing a significant analysis of the data, the reports regurgitate press releases or government statistics.
- Quantitative data that appear to be detailed have unclear methodologies. What is the methodology used by the analyst to arrive at these numbers? It is possible that some vendors do not explain their approach.
- The analysis has become outdated. There is probably no need to talk about the recession of 2008 anymore.
- There is an error in the information or it is out of context. It is possible that analysts will make this mistake when they are unfamiliar with a particular region or are not specialists in the industry.
- Plagiarized or poorly written research is included in the study.
The Best Way to Vet a Market Research Firm
Make sure you gather enough background information to verify the credibility of the market research. The following are a few ways in which you can accomplish this:
- Analyze the history and information about the company of the market research firm.
- Read the bios of the leadership team and analysts to gain a better understanding of the company’s history.
- The abstract, table of contents, and methodology of the research report should be reviewed.
- Request a sample section or table from the report.
- Contact a MarketResearch.com research specialist or account manager for more information about the publisher. We have a highly trained and experienced team that is familiar with the reputation and track record of hundreds of publishers, both large and small, and can provide an unbiased assessment.
- Look up the company’s name in Google News to see where they have been cited. There should be a fair amount of media coverage for major and reliable reports.
- If applicable, request a demonstration of a research platform.
Using a publisher assessment worksheet will allow you to compare potential vendors according to the criteria that are most important to you once you have narrowed down the field.
Conclusion
Additionally, marketing has had many positive effects on individuals and society as a whole. As a result, economic development has been accelerated and new jobs have been created. Additionally, it has contributed to the advancement of technology and enhanced the choice of consumers. So, in short, yes, some marketing research companies are legit, you just have to be careful while choosing them.
