FAQs: market research
What are the business benefits of desk research services?
Desk research is a powerful and efficient tool for those seeking market information as a foundation for a strong business strategy. Desk research can be particularly useful where there is a great deal of published information, therefore replacing the need for survey research; or where there is very little existing information, for example, in emerging markets or for a new product/service. Desk research can also be used to enhance survey research to quickly provide a richer market context.
At Spotlight we have access to a mine of reputable published business information, market sector reports, journals and articles. We can therefore expertly bring together relevant information from a variety of sources in a meaningful report tailored to your needs.
What are the benefits of hiring a third party to conduct market research?
A good market research professional will ideally be a member of a relevant professional body, such as the MRS, ESOMAR or AQR. Such membership will bind them to a professional Code of Conduct which aims to ensure that market research projects:- are conducted ethically (e.g. protecting the rights of those you wish to interview),
- with sound technical knowledge and
- with quality controls of the processes and people involved.
A good market research professional will have the knowledge and experience to conduct many types of research projects and will be able to advise on the best approach for your business needs. They will also be able to source the best suppliers and partners for the job.
Furthermore, a third party professional will be objective, after all, the purpose of market research is to gain some insight into the truth of a market situation which cannot be observed or verified by anecdotal evidence alone. A third party will also be able to act as a 'safe' channel for your consumers / clients to voice their opinions in an objective standardised way. This improves the validity and richness of the collected data.
Finally, an experienced market research professional knows how to interrogate vast amounts of data, synthesise it and make sense of it. Despite the costs involved, it can be a massive relief in terms of man-hours to outsource your research.
What information should I include in a market research brief?
As long as you can outline your business problem or information gap and have some funds available for a research solution, it's not necessary to approach a market researcher with a fully formed brief from the outset. An experienced researcher can help you to flesh out your requirements and form the brief with you. However, the more information you can provide upfront, the better, and ideally the researcher will want to establish the following facts before proposing an appropriate solution:
- Background, about your business (markets you operate in, size of customer base, special technical information etc.), recent history, current issues and business strategy.
- Your business information needs and objectives.
- Key stakeholders, the people who will use or be affected by the research.
- Previous research, availability of any relevant research reports compiled in-house or contracted out. In order to improve its effectiveness, it is often beneficial to tie-in new research to ongoing or previous research.
- Budget available, to help the researcher propose the best solution within your budget.
- Key deadlines.
How do you work out the cost of market research projects?
For bespoke projects, the key factors affecting cost will be your information needs, the type of research, methods employed, the market sector and the people to be interviewed (for example, it is more costly to survey MDs than shoppers); and the type and amount of reporting needed.
The number of people to be interviewed and the survey method are also determined by the above factors and will in turn affect the project costs.
We may propose a number of research options at different price points.
How long will the market research project take?
For bespoke survey research, a project will typically take at least six to twelve weeks - to allow for proper survey design, data collection and reporting.
A simple desk research project or quick 'poll' can typically be completed much more quickly. More complex and far-reaching projects can take a several months to complete.