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The Value of Working WIth an Independent Research Firm to Validate Your Business Solutions
While you may know a lot about your industry, the only way to ensure that you know the current landscape in which your business is operating is through market research. With market research, you can change your understanding of your business operations from something you think is working to something that you know is working. That means taking a step back before running with your new service/products and determining whether it’s something that they want and isn’t already offered by someone else. Market research can help you avoid wasting your time and money on an idea that has no merit or give you facts that you need to move forward confidently.
When it comes to business research, there are two ways that it can be carried out: The first is doing the research yourself and the second is obtaining the services of an independent research firm to carry it out for you. How do you decide?
#1: Research Should Be Objective
When you want to do business-related research, it is very important that the study is objective. If it is not objective, the research results become unreliable. We are all susceptible to bias, regardless of how scientifically minded that you are, especially when it has to do with our own ideas. When you are passionate about your business, you may not be as willing to acknowledge any evidence against things that you are in favour of.
By working with an independent research firm, you know that you will be receiving accurate, unbiased results. The firm will take a neutral stance on your ideas, and will be able to give your honest facts-based advice on the best course of action to take for you and your business.
#2: Experience
An independent research firm will have the knowledge and experience in order to successfully get the results and information that you need to propel your business. Designing objective studies is a skill that takes many years to master. It is so much more than designing surveys and emailing them out — you have to consider dependent and independent factors and outliers among many other factors.
Having an independent agency on your team will ensure that the people conducting research on your behalf are experts in their fields, and will deliver the quality results that will help you understand your market.