-
Step 1
Select a firm with a proven track record in market research and in your industry. Request a formal presentation, references, a proposal and a sample report, if possible.
-
Step 2
Review research companies based on average project turnaround time, project flexibility, variety of methodology options and reporting in terms of analysis and strategic recommendations. The goal is to leverage the research company's proficiency to save money and time.
-
Step 3
Have an initial meeting with the market research firm, once selected, to discuss project objectives, company background and strategies. A good research firm uses this information to choose the best methodology and apply to interpreting research results.
-
Step 4
Use a full-service research company for all or any step in the research project from data collection to presentation. You can use a field service to collect and process the data keeping the analysis in-house. Your budget dictates how much you can utilize the research company.
-
Step 5
Designate a preferred research provider and retain their services for a designated period of time. This would mean the research company gets to bid first on any of your company's research projects or is responsible for certain types of ongoing projects.
-
Step 6
Utilize the research firm for primary research that is quantitative such as telephone, online and mail or qualitative such as focus groups. The market research company knows which type is best to use for different objectives and you should rely on them to partner with you to make the most cost efficient research decisions.
