How To Make Your Business Market Savvy
With the high-level internet and smartphone penetration around the world, every business has essentially gone through a sea change. Today, companies spread all over the world are competing with each other with its’ virtual reach. In other words, physical barriers to your business gave in to this new-age technology. Therefore, the process of evolution has been a roller-coaster ride and thus, the journey here has become tough with a lot of learning, unlearning, and relearning with time.
You can no longer afford to say that your business is foolproof. The fact is the rules of the game called business are changing fast with a view to embracing the new. That’s where a market research company steps in and contributes to your success.
Taking a clue from the above, it is obvious that to sustain and grow over time, you must hire a company that specialises in market research activities in your target market. But, the million dollar question is how you should go about selecting a company here. Well, to answer this question straight, there is no fixed guideline here that can usher to a successful search for your market research partner for the business excellence. Instead, taking a look at the following points, you will be better equipped to choose a partner/company that would suffice the purpose on one hand and would also give you the value for your hard-earned money on the other.
- Mastery over System one: There are predominantly two best practices adopted by the companies that are engaged in market research namely System one and System two. It is important to mention that System two isn’t free from errors. Having said that, we mean, a majority of the functions here are done manually. Thus, the errors of commission and omission remain practical and more than the acceptable limit on frequent occasions. On the contrary, System one is an automatic process that runs analysis and also does business forecasts with precision. Hence, you must hire a market research company that specialises in System one.
- Listing of companies: Use online resources like Google and Bing and also the offline resources like family, friends, and colleagues to list all companies that specialise in System one market research in your niche market. Having prepared a list here, you will have a panoramic view of all the players in your market that deserve your attention and money.
- Credential check: Visit review sites like Yelp, Trustpilot, Google, and others to check the individual rating of all those companies on your list.
- Feedback: Ask for feedback from your family, friends, and colleagues on each company on your list.
- Grading: Based on your understanding, give individual grades to those companies.
- Shortlist: Shortlist a couple of companies with the highest grade.
- Negotiation: Talk to those two companies individually and negotiate the commercial terms.
- Awarding: Now, award your job to the lowest bidder.
However, the list above isn’t exhaustive when it comes to selecting the best market research company in your niche market. You may have a priority or two of your business. Put those ahead here and then, select a company for market research. In the end, it will double your reward and happiness for sure.