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How Market Research Outsourcing Can Help Drive Business Growth? - Business - Nairaland

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How Market Research Outsourcing Can Help Drive Business Growth? by rashidkasana(m): 4:45pm On Dec 26, 2023
Imagine you are a startup company looking to know the market trends of the product you want to launch next. For that purpose, you want a market research report on the product but you don’t have the personnel with such specialized skills. Now, the traditional way is to hire a new employee having such specialized skills which is also called in-house research. After you get the market research report, the employee does not have much to do on a daily basis but you have to provide the monthly benefits to him. Sounds problematic? Market research outsourcing is your solution. By this technique, you will give the project to a third-party whether it is a consultant/freelancer or a market research company. The third-party will provide you with the analysis report and you don’t have to hire a new employee which will substantially decrease the budget costs, save time and provide you with a very comprehensive report compiled by the highest level professionals. Data shows that almost 70% of businesses outsource their market research projects that shows superiority of market research outsourcing over in-house market research activities. This kind of unorthodox technique comes with its unique advantages and concerns which we will be discussing in this article.
Advantages of market research outsourcing
Budget-friendly: Market research companies usually charge very low fees for one-time projects and they also have special discounts which you can check on their websites or social media. If a company still seems costly, you can always choose freelancers who can provide the most budget-friendly packages for your project.
Time saving: Once you provide the project to an outsourcing body, your workforce don’t have to spend the time in market research and in-turn the productivity of the work will not be affected. The market research companies also have specialized tools and software that can speed up the research process.
Flexibility: as stated previously, if an outsourcing company doesn’t seem to fulfill your project needs, you can always find a freelancer/consultant having special skill sets that you can leverage to your needs. This can be done by looking at their portfolio. The freelancer who has completed projects similar to yours, will be a better fit for the gig.
Objectivity: the in-house research often leads to biased results or insufficient data. A third-party can provide unbiased opinions on the company's performance and the lacking areas. In-house market research often leads to results driven by pre-set notions while market research outsourcing can bring impartiality and provide adequate results for improvement.
Professional services: the outsourcing agencies usually have highly skilled staff that can provide high value analytics for your concerned project. Such companies also have access to specialized tools and techniques for market research which can help in providing various insightful analytics.
What to look for in an outsourcing partner?
Alongside benefits, the market research outsourcing has also some drawbacks. You may not completely be in control of the research. Some of the data provided may not be from credible sources. Lack of communication may also result in getting insufficient data. Such problems can be tackled by selecting the right outsourcing partner. Below are some of the parameters that can be considered while selecting a right outsourcing partner:
Define clear objectives: To successfully get the results by outsourcing, it is essential that you should clearly discuss the goals and objectives with your outsourcing partner. This will include clear communication regarding budget available, timeline, quality of research and communication channels used during the project.
Evaluation and tracking of performance: This is also necessary for a successful market research outsourcing campaign. The milestones and feedback system incorporated can help in understanding the key areas of improvement in market research and optimize the research for better results. It will also help in understanding the work mechanism of outsourcing partners.
The reward system: There should be rewards for completing milestones during your market research outsourcing campaign. The efforts of the partner and the staff that are communicating with the outsourcing partner should be appreciated to motivate the team and achieve desired objectives.
In summary, market research outsourcing is a prominent technique for small-to-medium sized businesses and can help in saving the budget, time and other resources of a company. The technique has some of the drawbacks that should be kept in mind. By establishing clear objectives, effective communication and a reward based system, these drawbacks can be avoided and the market research outsourcing will eventually be a success story.

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