Any business or organization looking to leverage consumer data to improve business processes and sales practices will benefit from custom research Here are six reasons why.
1. Focus on your expertise. Hire someone else to focus on theirs.
Most often it’s more effective to work with a custom research company because they have the expertise to do research fast and the tools to do the research accurately. While you certainly can do market research on your own, it will take you longer and you risk making errors based on inexperience.
2. Reduce sample acquisition costs.
According to Scarborough Research, they are able to use syndicated data acquired in the previous 12 months to reduce data collection and sample acquisition costs of any particular study. In other words, they can use data already acquired in unrelated studies and apply that data to a new study to save the client (you) money.
3. You’ll get more data with professionally-administered analytics solutions.
By recording data from previous studies and adding it to new data acquired for new studies it not only reduces costs, but increases the number samples. A large source of data leads to more opportunities to dissect data and look at it in different ways. Speaking of which;
4. You don’t only need data. You need useful data.
What good is a spreadsheet with a big long list of respondent answers? You need to be able to take that data and categorize it in multiple different ways. This is the real crux of custom solutions. You don’t get a one-size-fits-all report that tells you the basic details of the research. With custom reporting you’ll be able to see patterns in the data that are actually useful.
5. Find gaps and increase sales.
The biggest reason to invest in custom analytics solutions has to be the opportunity to sell more of your product or products. Are you certain you are speaking to the right demographic? Can you be sure that your sales reps are in the right territories? With custom research you can dig deep into specific areas that benefit you most.
6. How good is your ROI?
ROI, or return on investment, may be somewhat of a buzz phrase, but that doesn’t reduce its power. Seriously, can you prove that your marketing costs and other investment costs are paying off? With a custom research solution you can craft, or ask the research company you work with to craft, a custom analytics solution that pinpoints whether or not your dollars are going to good use.
This is a guest post by Allison Murray. Allison recommends finding more great information on custom research at Dialog.Scarborough.com.