5 Reasons to Outsource Your Market Research
What’s the key ingredient every marketing campaign needs to succeed? Data and insights about target customers. This includes who they are, what they desire, and their behaviors.
Without careful market research, you’re left shooting daggers in the dark. When you have reliable market research reports, it removes the guesswork, making campaigns more targeted and impactful.
But who should conduct the market research? Should an internal team manage it? Or is it better to outsource to a market research firm?
Let’s review five benefits of choosing the latter.
1. Ensure an Objective Point of View
Biases cloud the judgment of market reports. It’s not always intentional, but it’s challenging not to insert your own perspective. This is especially true when the insights favor your product or service. For example, if you see results that confirm the benefits of your service, you’ll include that for sure. Then, if other data speak against your service, it’s excluded.
By outsourcing market research, you don’t have this problem. You’re getting an accurate and thorough outside look at the market without confirmation bias. This improves decision-making and marketing efforts for the company.
2. Get Data from Industry Experts (and Tools)
When you work with a market research company, you’re getting access to seasoned professionals and industry tools. Their knowledge and skill set make it possible to deep dive into research and pull insights from data faster (and more accurately). They also stay abreast of the latest trends in market research and will employ the best methods and tools to deliver quality results.
3. Save Money By NOT Hiring an Internal Team
It’s tempting to delegate market research to a team in marketing. But this pulls them away from other essential duties. And it doesn’t guarantee great results. They’re not market researchers, so the odds of having flaws in the data and insights are high.
So, instead, you’d have to hire a team dedicated to market research. But as you’d imagine, this can be pretty expensive.
The only alternative is to outsource market research. It’s more affordable, and it guarantees accuracy.
4. Have a Deeper Understanding of Your Market
No one knows your customers better than your teams do. At least, that’s what you believe. Sure, your teams may have first-hand accounts with your customer base, but this doesn’t mean they’re equipped to perform market research.
Market research is a skill set that takes years to hone. It also requires the right tools and methods to generate a holistic view. This is one area where internal teams come up short.
Market research firms do more than just gather data from first- and third-party sources. They take the extra step of surveying the customers that leave behind the data to better understand the “why” behind their behaviors.
5. Receive Insights to Validate Internal Research
Your marketing teams are gathering customer data from first- and third-party sources. But how reliable is it? By outsourcing market research reporting, you can validate internal research. This will solidify results so you can use the insights with confidence.
The reports will also answer questions your internal teams may have but don’t have the time to research themselves.
Find a Market Research Firm You Trust
Outsourcing market research is an excellent idea if you’re looking to save time and money. But it also improves accuracy and provides in-depth analyses of your target customers.
In turn, you can make marketing and business-related decisions that enhance the customer experience.
View Luth Research’s ebook “Know Your Customer’s Journey“. Contact us today to improve your customer insights.