Question 1

What is a market research company?

Accepted Answer

A market research company is a specialized company that obtains, analyzes, and interprets data to gain insight into market trends and conditions, specific consumer behaviors, competition, and key performance indicators (KPIs). Clients then use this data to grow their customer base, improve brand visibility, and increase revenue.

Market research agencies can be grouped into the following types:

Syndicated market research
Provides broad insights into a specific market, often through a report or presentation. The information provided is non-exclusive, easy to access, and has a static market perspective.

Custom market research
Gathers first-hand data explicitly tailored for the client. The study addresses business questions and nuances relevant only to the client. For example, these might be surveys on the performance of one of the client’s brands. The report and raw data are also owned by the client and handed over to them by the end of the project.

Specialty market research
Agencies that specialize in specific industries or niches in the broader market. They have years of in-depth experience gathering competitive and strategic intelligence that provides more detailed insights into the market segment. Like custom market research firms, the data these agencies collect is bespoke and owned by the client.

Online market research
Collects and analyzes data on customers, competitors, and markets online. This data is then used to help clients become competitive by putting their brand on top of search engines, taking advantage of trends on social media, and making smarter business decisions overall.

Market research agencies are a precious data source for businesses, with the industry bringing in more than $84 billion in global revenue. Most of that revenue comes from the US at $48 billion, with pharmaceuticals, entertainment, and consumer goods companies among its top spenders.

Question 2

What does a market research company do?

Accepted Answer

A market research company helps businesses better understand their consumers, competitors, and the market in general.

Their primary services include:

Primary research
Collecting data directly from the target market through focus groups, one-on-one interviews, and surveys. The data is analyzed for further insights into market trends or comparisons with existing data.
Secondary research
Acquiring and aggregating data that has already been analyzed and published. Data is often sourced from the public domain, such as think tanks, government websites, research journals, and academic institutions.
Quantitative research
Gathering numerical data that can be measured statistically, often through phone or online surveys. The raw data is typically used to make benchmarks and serve as the foundation to investigate certain hypotheses.
Qualitative research
Collecting non-numerical data through case studies, focus groups, interviews, and observations to determine consumer behavior, attitudes, motivations, and preferences.
Customer research
Focuses on data influencing customer satisfaction and loyalty. The agency may also assist in identifying new customer segments and their typical behavior and preferences.
Competitor research
Collecting and compiling data on competing businesses, including their strengths and weaknesses compared to the client. It can also determine the client’s competitiveness in a particular market.
Branding research
Assisting in developing a brand’s elements, including its tone, images, messaging, values, and overall identity, that engage best with its target audience. The agency can also help determine a brand’s position in the market and how it fares against competitors.
Product research
Determining how customers perceive a product or service. This includes researching the branding and design and testing customers’ reactions to specific features.
Data scraping
Extracting data from websites, databases, PDF files, XML databases, and other sources using specialized software. The raw data is then compiled into a database for analysis.
Data mining
Extracting and analyzing large datasets from competitor websites, news platforms, job portals, online directories, and social media profiles to uncover trends and insights.
Consulting
Providing strategic guidance, market assessments, competitive support, and brand positioning consultations. Companies can use these services and research data to develop growth-oriented business strategies.
Training
Market research agencies may also offer workshops to support strategic planning sessions or brainstorming. These workshops help businesses learn how to generate insights collaboratively and encourage team innovation.

Success story

TGM Research, a Singapore-based market research agency, was hired by a financial firm to conduct a study on banking behavior in global digital remittances. In addition to ensuring compliance with cross-border privacy and data security regulations, the agency had to manage participants scattered across different countries and time zones.

TGM conducted a usage and attitude study in selected countries, including the US, Canada, the UK, Hong Kong, Singapore, and Australia. It focused on individuals engaged in banking activities, those needing international banking services, and those using mobile apps.

The study resulted in a hard-to-reach customer profile across nine countries. Successful collaboration with the client’s scripting and hosting providers and other stakeholders also enabled the timely delivery of data that the client could use to better understand global banking behaviors.

Question 3

How much do market research companies charge for their services?

Accepted Answer

Market research companies charge between $15,000 to $50,000 for a qualitative or quantitative custom market research project. Small, localized surveys cost less at around $1,200 to $6,000, while global segmented research can reach upwards of $1 million.

The total cost of hiring market research firms can also be influenced by the following factors:

Type of research conducted
The complexity of the study
Specialized project requirements
Size of the target audience
Proportion of eligible participants
Location and travel expenses
Data collection methods
Incentives provided to participants
Expertise and reputation of the research agency.

At DesignRush, market research companies charge an average of $85 per hour. Approximately 11% of the agencies will accept projects with a budget of less than $1,000, while only 2% require a minimum budget of $50,000.

Question 4

Why should I hire a market research firm?

Accepted Answer

You should hire a market research firm to leverage expert insights and data-driven strategies that can enhance your understanding of market trends, customer preferences, and competitors. They can help you make informed business decisions, reduce risks, and identify opportunities for growth and innovation.

Some of the specific benefits you’ll get include:

Access to expertise
Market research companies have professionals with extensive knowledge and experience in various methodologies, markets, and industries. They can provide better results in less time than hiring and training market researchers in-house.
Data-driven decisions
According to a survey, 60% of “best-in-class” companies made decisions based on data. Research agencies provide measurable data as a reliable compass for critical business decisions. Once a new strategy or campaign is launched, this data can be used to track its progress and adjust if needed.
Identify growth opportunities
Whether it’s new customers, markets, or channels, market research companies can help you spot growth opportunities you may not find on your own. They might also help you spot emerging trends with customers and the industry.
Reliable, unbiased information
A third-party agency can provide an objective viewpoint with little or no biases influencing the research results. This ensures that the information you get is free of preconceived opinions or perceptions within your organization.
Tailored solutions
Market research firms can customize their research strategy and implementation to address your needs. From methodologies to software, these agencies can adapt their approach to your unique requirements.
Improve operations
Companies lose up to 30% of revenue annually due to inefficiency. Research agencies can provide data businesses need to measure their performance and efficiency. From sales to staff scheduling, businesses can utilize the information gathered by these firms to maximize their resources.
Cost savings
Market research within your organization can be very expensive. While hiring a research firm requires a significant upfront investment, you’ll save much more on overhead costs and purchasing tools and supplies.
Better audience engagement
74% of customers say they are likely to buy based on their experience with a business. A market research agency will help you discover your audience's needs, pain points, and challenges. You can then use this to optimize your campaigns and connect with your customers more effectively.
Increased competitiveness
Nearly a quarter of companies worldwide lack a clear market research strategy. With a market research firm, you put your business ahead of the competition. They can also help you better understand your competitor’s strengths and weaknesses and enable you to adjust your strategies accordingly.
Mitigate risks
Critical business decisions will always have an element of risk. With market research, you’ll be able to learn more about these risks and make informed choices. It also helps reduce the likelihood of mistakes and keeps potential financial losses to a minimum.

Success story

Craft Innovations, a global research specialist based in Canada, was hired to help launch a new cookie brand. The client wanted to discover which cookies would succeed in a highly competitive market.

The project was divided into multiple stages, including quantitative research of customer preferences and in-depth interviews. It also conducted a detailed audit of recipes and ingredients used in existing offerings in the market.

The agency provided a detailed report with key ingredients, price positioning, and packaging recommendations. It also described customer behaviors and estimated market capacity to help optimize the brand’s entry into the market.

Question 5

How do I choose the right market research company for my business?

Accepted Answer

To choose the right market research company for your business, just follow these steps:

Determine your goals
Define what you want to achieve through market research. This will make it easier for you to find a company aligned with your objectives.
Define your budget
Market research services come at varying costs, so set budgetary limits. Be realistic about what you can afford and accommodate any emergency expenses.
Research potential partners
Referrals, Google Search, and online agency directories like DesignRush are good places to start. Our directory also features client testimonials, ratings, hourly rates, contact details, and other information to help you identify suitable agencies.
Shortlist your top choices
Select at least five agencies that align best with your budget, goals, and other requirements. Make sure that they have experience working in your industry as well. Reach out to these prospects and schedule an interview.
Interview candidates
Ask about their research methodologies, data collection processes, and the staff who will do the fieldwork. Be sure to check their communication skills and responsiveness to your queries.
Check their experience
Ask how long they’ve been in the business and if they have done projects within your industry. We also recommend requesting a client portfolio and case studies of their successful projects.
Awards and accreditations
Ask if they are members or certified by internationally recognized organizations like ESOMAR and the Market Research Society (MRS). Industry awards such as those from the Advertising Research Foundation and American Marketing Association are a plus.
Client reviews
Reviews can shed light on how the agency delivers results and the quality of their work. Google My Business and the DesignRush directory are excellent places to find accurate client testimonials.
Send an RFP
A request for proposal (RFP) is essential for communicating your project’s requirements to shortlisted agencies. Ensure all the important details, like the project’s goals, expected timeline, deliverables, and estimated costs, are laid out in the proposal.
Decide on an agency
Once you’ve identified a suitable market research agency, inform them of your decision and request a Service Level Agreement (SLA).

Still not sure where to begin? The DesignRush Marketplace can help kickstart your market research journey. Give us a few details about your project, and we’ll provide a list of the best market research firms suitable for your requirements — for free.

Question 6

How do I find the best market research company on DesignRush that fits my budget?

Accepted Answer

To find the best market research company on DesignRush that fits your budget, filter your search according to your minimum budget. Click on the Filter Results tab on the Market Research agency directory, sort by minimum budget, and filter from lowest to highest.

Make sure to consider the ratings when making your selection as well. Among the top-rated market research firms (at least 4.5 stars or higher) in DesignRush that accept a minimum budget of $1,000 or less include:

Question 7

What are the key success metrics in market research?

Accepted Answer

The following key success metrics in market research are used to outline the progress of market research efforts and help optimize them for increased accuracy and impact:

Customer satisfaction: Measures customer satisfaction with a product or service. It is a standard metric used in market research to track the performance of marketing initiatives.
Net promoter score (NPS): Measures how likely a customer is to refer the brand to others. It is the industry’s gold standard for measuring customer experience and brand loyalty.
Customer effort score (CES): Determines how easy it is for customers to do business with a company. Typically measured on a 1 to 5 scale, it is used to better understand a customer’s brand experience and loyalty.
Brand awareness: Determines how familiar a consumer is with a particular product or service. Usually, in the form of surveys, this metric is often used to determine if a marketing campaign effectively boosts brand recognition and visibility.
Brand image: Measures the consumer’s perception of a brand using carefully selected adjectives and ranked according to scale. This data is then compared with competitor brands to determine if consumers see the brand the way marketing campaigns present it.
Celebrity analysis: Provides further insight into how the public perceives your brand and whether campaigns work as intended. It involves asking consumers which celebrities they associate the most with the brand. It is also helpful in finding celebrity endorsers to further boost the brand’s image.
Customer age groups: Ranks the brand’s customers according to their age group. This metric allows companies to better understand customer preferences and create targeted experiences to increase loyalty and sales. It is also essential for campaigns to market products and offers to new age ranges.
Gender: Tracks the customer gender share over time. It is used to craft more personalized marketing campaigns and customer experiences that boost engagement and sales.
Tech adoption: Rates and categorizes consumers according to their willingness to adopt new technologies. This indicator is handy for businesses selling tech products such as smartphones, computers, and cameras. It is also used to evaluate the progress of a product launch and find opportunities to maximize revenue streams.
Purchase and usage intention: Gauges future purchasing potential from consumers, predicts future sales, and collects feedback on new products and services. This focuses on a specific product or service and its customer relationship. Willingness to pay: Identifies the maximum and minimum price range a consumer will pay for a product. This range is crucial when making pricing decisions or adjustments to optimize profit.

Question 8

What questions should I ask market research firms before hiring one?

Accepted Answer

The questions you should ask market research firms before hiring one include the following:

Its Relevant Background

What’s your experience in our industry and market?
What research methodologies are your specialty?
What are the characteristics or qualities that make you stand out?
Do you have success stories with companies like ours?
Could you provide us with references from your previous clients?

Its Services and Processes

What does your firm provide specific services?
What is your process in designing and implementing the research?
How will you collect and analyze data?
How will you provide us with actionable insights?
Who will be conducting the research?
Are the research services done entirely in-house or outsourced?
If outsourcing is needed, which aspects will be done externally?
Is your firm experienced in conducting research across different demographics?
Are you capable of customizing your approach to meet our needs?
How do you make sure your sources are accurate and up to date?
Do your compliance, confidentiality, and security procedures align with our requirements?

Related to Your Project

How long will it take for the project to finish?
How will you ensure results are delivered on time?
How do you communicate with clients?
Who will be managing my account?
Can I have access to the raw data at all times?
How much input do you need from us?
How will the results of the research be presented?
What other added value can you provide for our company?

Question 9

What are the best market research companies in the US?

Accepted Answer

The best market research companies in the US are:

Research America, Inc
- 4.3 stars on Google (8 reviews)
- Top clients: eBay, Casio, Wrangler, American Airlines
BrandIQ
- 4.0 stars on Google (8 reviews)
- Top clients: Energizer, TGI Fridays, TLC, Airbnb
InterQ Research
- 4.7 stars on DesignRush (4 reviews)
- 5.0 stars on Google (18 reviews)
- Top clients: Salesforce, eBay, Delta Airlines, Google
BlueLabel
- 4.9 stars on DesignRush (16 reviews)
- 5.0 stars on Google (18 reviews)
- Top clients: Consumer Reports, Google, Brinks, Frontdoor Home
Attrock
- 4.9 stars on DesignRush (13 reviews)
- 5.0 stars on Google (2 reviews)
- Top clients: HubSpot, SemRush, Sprout Social, SpyFu

Top Market Research Companies

List of the Best Market Research Firms

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