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What you look for in your market research outsourcing partner?

Published: Dec 7th, 2017

What you look for in your market research outsourcing partner?

Most businesses, even if they have enough of man power to guide to success, they may however, lack the resources, skills and infrastructure to collect the relevant and valid data about the markets and competitor performance etc.

Even if this jack of all trades master of none attitude may work for some businesses, for others they may have to shell out added money on services or skills that can cater to specific requirements. You can choose to do this either in-house or outsource market research services.

Challenges faced while selecting the research partner

  • Will need access to skilled and trained professionals, who have the correct combination knowledge, expertise and are keen to guide businesses to success, while also adapting to the changes occurring.

  • Will need to cope with fresh market dynamics, the changing trends of the industry, rising competition as well as challenges to be faced.

  • May not actually get the service that you paid for, sometimes the particular service you seek may not be offered in the package, under your expected budget.

  • The service provider may lack in the skills or expertise that is required for a special project.

  • May not have a concrete idea as to the exact services, you are seeking

Tips to find the correct market research service provider

  • See if they can come up with novel ideas or solutions: If they have the expertise and knowledge in the field they normally have a standard procedure on how they handle things. However, this does in no way mean they can’t think out of the box and deliver innovative research solutions going beyond the obvious, managing the challenges and delivering a well-defined scope for engagement, suited to your specific requirements. The critique and in-depth insights that they deliver will also help you to better enhance your objectives to meet your goals.

  • Ensure that your team will have your back throughout the project: Make sure that the team that your outsourcing partner employs is efficient and productive. Not only, do they offer specific or regular solutions but will also cater to your requirements, customizing their services as required. The team should have the knowledge and expertise to handle industry specific projects and will provide support till the completion of the project. Beware of those companies, who at the beginning may assign you with their brightest and top most executive only to push you on to their junior analyst, once they have the project and its up and going.

  • Should have an outsourcing partner that is agile: Make sure that your outsourcing partner is open to the idea of adapting to the modification in time and space. They will know that rather than following the regular pattern they may have to modify the approach a bit so that it can better handle unanticipated deviations that may occur. An agile research partner will understand the need to prolong deadlines, bend budgets and be ready for unseen disasters any time, within the project, delivering suitable solutions.

  • The research partner should have a global reach: Go for an outsourcing partner that can handle all your business interests irrespective of the continent, language or diverse factor barrier that may arise. Ensure that your research partner considers you to be their priority and is flexible in their approach in handling the projects.

  • Check the references: Instead of going by just word of mouth, check to see if the outsourcing partner has any references. Most may have client testimonials on their site. But, go beyond that ask around and also get the list of their clients, to see if they have worked on a similar project before.

Key Takeaway: You can deduce from this that by outsourcing market research services to a partner who follow these tips in delivering their services, will ensure not only quality of service but will also provide innovative solutions, catering to customized requirements of the clients, providing competitive edge for businesses.


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