As technological advances continue to offer more and more opportunities for improved production time and costs across all areas of human life, it’s becoming increasingly difficult for people to see the value in paying for what they think they can do themselves. This is especially true within the realm of market research, where digital media consumption provides seemingly easy access to consumer data. Put simply: businesses often believe that they can mine and make meaning of that data without the help of professionals
To combat these assumptions, today’s market research firms must reinvent themselves. They must sell themselves as indispensable in a world that says otherwise. We believe market research firms should have the following qualities:
Successful market research firms have a specialty, a niche expertise that attracts a specific sector of the population. Maybe they know about the automobile industry or organ procurement programs. Whatever the strength, quality market research firms are able to demonstrate a knowledge and dedication for a particular subject that surpasses others’ capabilities, making it an asset to work with them.
Yes, great market research firms have a defining core competency (or maybe more), but that doesn’t mean they don’t see value in adapting to changing times. Improved methodologies, updated software, advancing industries – they should all push market research firms to embrace change. Maybe they tweak their niche. Maybe they find a new one. Maybe they learn new techniques. Maybe they decide to collaborate with new partners to widen their appeal. The key point is that outstanding market research firms are continually improving or even changing their skill set(s).
If market research firms want to flourish, they must remember that “the customer is king.” Simply being good at something doesn’t guarantee success. Instead, noteworthy businesses also focus on service. Market research, especially, is a listening game. Quality market research firms respect the people they work for and with, from clients to respondents, as well as each other. They are approachable throughout all aspects of the research project in order to establish trust so that hard conversations can be addressed and insights can be gained.
It’s probably obvious, but successful companies are nearly always the competitive ones. And when people are looking for reasons not to use their services, it’s paramount that market research firms actively compete for their attention. This could mean that they aggressively market their services. It could mean that they work faster and/or more cheaply than others in the field. It could mean that they go to more workshops and keep better abreast of the trends, changing bias and other societal factors affecting the market research industry. Good market research firms seek out business; they don’t wait for it.
Becoming an industry leader isn’t a given in a modern world that values independence and is focused on DIY endeavors. It’s takes a unique set of abilities to convince people to choose your services. Our team at Communications for Research (CFR) understands what it takes to provide meaningful results for our clients. Contact us for a free quote.
Feel free to download our FREE eBook, "How to Communicate The Value of Market Research To Your Clients", for further information.