You know you need market research. You go to Google (or your favorite search engine) and you enter the phrase "market research company" and you are presented with hundreds of choices competing for your attention and to help you with your project. But how to decide which is the right consultant for you?
Suppliers often specialize in the types of projects they conduct. Before you narrow down to a list of suppliers to contact, it is prudent to determine if the suppliers you are selecting from have an industry specialty and then to get a sense of the types of customers they serve. Select those that fit your firm's demographic and your potential needs.
Wizard Of Oz Lunch Box
Now, you contact the firms and begin the vetting process.
Here are three criteria to use to evaluate quantitative market research suppliers:
First, what is their research philosophy? How do they approach projects? Are they focused on actionable, practical results?
What you are really seeking with this line of inquiry is the supplier's willingness to understand your needs and assist you in reaching your goals.
Of course, the first requirement with any supplier is their adherence to market research standards, to ensure that the study is representative of the population(s) you are looking to assess, to collect the data in a professional manner, and to keep you apprised of any issues.
Understanding how they approach projects is your first clue to their level of competence in these areas.
Second, are they trying to sell you a solution in search of a problem or do they really attempt to listen to you needs (and limitations, particularly in the budget area) and offer a solution to your problems?
This is absolutely a deal-breaker. In my experience as a market research buyer, if I get a sense that a potential supplier is flogging one single tool or solution as a solution to all problems in market research, the supplier is off my list. This happens with surprising regularity. The "solution" they propose is often proprietary (see criteria three below in the next post) and usually carries a high price tag.
I expect a supplier to listen carefully to my needs and the project specifications and act and bid accordingly. I am especially concerned that they demonstrate a clear understanding of the project objectives.
Third, are they offering a black-box solution? Is their solution something I (and colleagues) can understand or do you have to go on faith that they know what they are doing? Can what they are offering be validated and replicated?
Here is another criterion that if failed will send me running. Some hot-shot statistical guru has invented some proprietary analytic process that answers more questions, solves more problems, and is more accurate than any test, process, or model known to statisticians or even God. And they will deploy it just for you. But, wait a minute, they cannot tell you how it works, they cannot give you enough information so you can understand it, and, of course, no one else has it so it cannot be validated or replicated. But, boy, does this snake oil get results!
The fact of the matter is that there is no black box solution, just as the Wizard of Oz ultimately proved to be a humble man from Kansas.
Don't buy it. You are much better off with tried-and-true research methods and analytic techniques and tests. Hey, they might not be sexy, but they are proven to work and have been endlessly validated and replicated.