So you are at the stage where you are considering entering a new target market or audience to win more clients? And grow your business still further?

BUT you need help with researching to find out more about that identified market.

Benefits of outsourcing market research

In fact, the strong benefits of outsourcing this type of work can mean:

    • The data is sourced within a set timeframe. In reality, if you’re relying on internal resources this may not happen due to other priorities.
    • The research is completed efficiently by someone experienced in this area.

Also, your provider may be able to assist with outlining several suitable approaches. Additionally, look for recommendations for the web research project that will be made in line with your business objectives.

Assessing criteria

Types of criteria

First, discuss the project’s background and outline any key criteria to be researched with your provider. Are there any ‘nice to have’ criteria to assist in making a decision on the identified target market?

For example, ‘location’ may be a common criterion but is often an essential factor. Follow-up face-to-face meetings may be preferred with selected targets only to keep within any travel budget.

Testing Phase

Generally, it is worthwhile for your provider to spend a small amount of time conducting sample research first. This step will mean certain aspects are clarified.

    • The ease of ascertaining information.
    • Decide on whether other relevant criteria identified are to be included.
    • An agreed number of targets to research.

Setting up the data

As well, data layout is another important consideration. Make sure it is easy to follow…and useable. Perhaps there is a specific way you would like the data prioritised.

Other details

Are there any other relevant details to agree on? One suggestion is to set timings early on for any work in progress and final updates or reporting requirements.

Like with many projects, outline the scope of work and other details to ensure both parties are on the same page. For instance, deliverables, and cost basis in an agreement before work commences.

End result

All this will result in your business being in a position to make a more informed decision on how to move forward.

FWD Focus provides market research services to businesses for better-informed decisions in expanding their client or customer base. Email us to explore how we can help in this exciting phase of your business.

Summary

    • Outsourcing market research for a new target market efficiency and completion within the set timeframe.
    • Identify key and ‘nice to have’ criteria for your project.
    • Seek recommended approaches and feedback on criteria following sample research.
    • Ensure the data will be in a suitable format for you.
    • Work out other details such as timings and reporting.
    • Agree on a clear scope and budget set for your project.
    • These steps will make for a more informed decision.