Types of market research firms for addressing custom research requirements

Market research is arguably the most essential piece of any successful business puzzle; especially when it comes to product development, pricing, promotions and positioning. For businesses, failing to do adequate market research can bring about the proverbial “death sentence” for your product. There’s no denying that market research is vital, but it is equally important to understand that not all market research firms specialize in every aspect of market research. Thus, before selecting a market research for partnering with, it is essential to evaluate each one according to their competencies, focus areas, methodologies, and so on.

 

For research requirements, there are three types of market research firms that businesses can choose for optimum results. The three types of research firms are –

Syndicated market research firms

Syndicated market research firms are the ones who are aware of the market requirements and prepare their reports accordingly. These firms typically know what most of the major companies are looking to understand, be it consumer behavior studies or buying patterns, and regularly prepares reports on these aspects of the market as well as compelling industry analysis and sector analysis reports to cater to needs of the major companies.

Custom market research firms

Custom market research firms will be ready to address the custom research requirement jobs that businesses give them and provides end-to-end customized market research services, like identifying the marketing problem to be solved and the optimal research design, preparing instruments and methods, sampling, data collection, analysis and reporting. Most market research firms start off as custom market research firms, and then gradually move on to being a syndicated market research firm.

Specialty market research firms

Once a market research firm gets a grip on any one specialty, then the firm comes to be known as a specialty market research firm. Specialty firms are typically involved with in depth analysis of specific requirements. For example, if a business wants an international market research to be done before the launch of a pilot product, they will approach a specialty market research firm, which specializes in market feasibility studies.

Market research firms are as diverse as it can get with respect to their offerings and expertise. Businesses will therefore need to diligently research the services offered by each type of market research firm to optimally select the services that best suit their needs.