Today’s business leaders are increasingly focused on data-driven decision-making. Finding the right approach to market research is the best way to gain meaningful insights into your target market. This information should eventually inform everything from your product design to your marketing strategies.
A market research SaaS (software-as-service) company helps businesses gather and analyze customer feedback. They typically offer a platform that gives business a suite of tools–for example, to create surveys, track responses, and generate reports.
A good market research company will also have a team of experienced research professionals who can help you design and interpret the research project results.
Engaging a market research SaaS company can provide your business with in-depth, workable data you can actually use to craft targeted campaigns. The right company will be able to provide you with insights into your target market, customers, and competitors.
There are many market research SaaS companies out there, and finding the right fit is essential. Here are 10 questions you should ask before making a decision.
Market research SaaS companies vary in terms of their core offerings and areas of expertise. It is important to consider the unique features and benefits that each company offers. For example, some companies offer real-time data analysis while others may offer customer segmentation capabilities.
A market research SaaS company should have a clear and concise philosophy regarding market research. Asking about this will help you understand their process, what they feel is important, and what you can expect from them.
They should also have a well-defined process for data collection and analysis. Be sure to ask about their methods, and let them explain how they will use the data they collect to help you make informed decisions.
You will want to ask about the type of data they will handle (primary or secondary research), the tactics they will use, and how often they will deploy them (weekly, monthly, quarterly, etc.). This will allow you to gauge the quality of the data and the company’s ability to meet your needs.
Market research SaaS companies offer a variety of services, so it’s important to know which areas your potential vendors specialize in. This will help ensure that you’re working with a company that has the right expertise for your needs.
You may not find an exact match between your company’s focus and a vendor’s areas of focus, but look for areas of overlap. For example, if you’re a B2B company, you’ll want to work with a market research SaaS company that has experience conducting research with business decision-makers.
This is a key question to ask when hiring a market research SaaS company. Make sure to ask for specific examples of projects they have completed with companies who are in your same industry and have similar customer targets.
If the company you hire already knows your target market inside and out, they'll be able to provide you with insights and recommendations that are tailored to your specific needs.
The size of your company will play a big role in how much market research you will need and how your company will be able to utilize the data. Make sure to ask your potential market research SaaS company about their experience working with companies of your size.
Sharing the size and structure of your company with the market research company will give them a better idea of what type of research you will need and how to go about conducting it.
The size of the company is worth considering, as it can give you an indication of the level of service you can expect. If you are looking for a company with ample resources, then you may want to steer clear of smaller companies.
On the other hand, if you are looking for a more personal level of service, then a smaller company may be a better fit.
If the company only has a domestic reach, they may not be able to provide the global data that you need. Conversely, if they have too large of a global reach, they may not be able to provide the localized data that you need. Make sure that your potential partner’s global reach is appropriate for your scope and goals.
The right market research SaaS company for your business will have a robust project management process in place. This process should include regular check-ins with clients, clear and concise communication, and active listening to client needs. Furthermore, the project management process should be designed to ensure that projects are completed on time and within budget.
You'll also need to consider cultural fit when selecting a market research SaaS company. After all, you'll be working closely with this team and need to be able to trust them. When evaluating potential vendors, be sure to observe their communication style and get a feel for their company culture.
It’s worth considering how long the company has been in business and what their track record is. A company with a long history is likely to be more stable and have a deeper understanding of the market research industry.
You should also ask about the company's ownership structure. Is it publicly traded, privately held, or owned by another company?
Market research SaaS companies use a variety of pricing models, from subscription fees to pay-as-you-go. In many cases, the price is based on the number of users or the amount of data processed.
Some market research SaaS companies offer a basic package with limited features, while others include a wide range of features in their subscription fees. Be sure to ask about the features that are most important to you, such as data collection, analysis, reporting, and customer support.
The right market research SaaS company for your business should offer more than the lowest price or flashiest technology.
Asking these questions will help you identify potential partners that understand your goals, constraints, and way of working, and offer the right mix of experience, expertise, and resources to help your business make data-driven decisions.
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