Outsourcing your market research to a B2B company

The cumulative cost of market research from organisations around the world runs well into the billions of pounds each year. Many now choose to take advantage of an online market research company to gather quick and accurate data.

The benefits of outsourcing the market research of your business are plain to see; it's considerably cheaper and more appealing than the prospect of commissioning and undertaking the same research from within your company. Handing the task to a team of dedicated professionals, rather than adding to the workload of current employees, also means results are often gathered and delivered quicker and errors are less likely to slip through the net.

Taking advantage of a business panel will enable a company to garner the thoughts and responses of business leaders who may have previously been difficult to track down. This sort of service will ensure the right people are engaged for the right reasons and, consequently, deliver accurate information back to your point of contact.

As the dominant tool for Internet access looks likely to move from the PC or laptop computer to mobile phones, and purchases of smart-phones are now beginning to outstrip sales of standard mobiles, the use of specific apps for market research is predicted to become more and more commonplace. The advantages of conducting a mobile survey are clear. They are perfect for short surveys, garnering instant feedback and providing up-to-the-minute data and responses.

The last few years have seen a spread in the number, and size, of companies that use outsourcing. Previously thought only to be the privilege of wealthy companies, who understandably wanted their huge volumes of scripting, data coding and other requirements shifted offshore, there is a growing trend of smaller organisations also finding they get outstanding, quality data using this method.

Recent economic developments have helped fuel a rise in the number of smaller companies employing between two to 10 full-time workers, with many focusing on both client service and onsite delivery. These companies promise a personalised service, an innovative approach, a high quality output, shorter timelines and lower costs. These organisations need a tight control over operations and access to the best practices and B2B market research provides just that.

An unpredictable work volume makes internal research not financially viable for a number of these small businesses and, consequently, outsourcing becomes an attractive proposition. In addition, this allows the smaller firms to concentrate on consulting and other core areas of their business.

Though, when done correctly, outsourcing market research to a business to business (B2B) company is effective in terms of both cost and results, care must be taken to avoid the few inevitable pitfalls. Finding an appropriate partner and then structuring a successful deal, can be a time-consuming venture for any small business.

The key to consistent success, as so often seems to be the case in business, is fairly straightforward, clear communication. A detailed explanation of the specific needs of the buyer is crucial. One tip is to take advantage of a detailed request for proposal (RFP) to emphasise exactly what it is your business requires from the research and to then receive specific commitments from the vendors that these needs will be met.

Though outsourcing to a B2B company will save your company time, it's important not to skimp on the initial research you undertake in choosing the agency. Doing your homework and thoroughly researching the different options available will ensure you find the right vendor. It is also well worth double checking your current in house data in case you already possess the answers to some of the questions you wish to pose.

Obeying these few simple, yet crucial, rules could see your business improve the quality of the data it receives from its market research, while cutting costs.