The ultimate guide on how to find the best market research firm in Chicago

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Pitfalls of traditional market research methods

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Conducting market research comes with its risks, especially if you’re new to the practice. Common pitfalls in traditional market research include:

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Survey Bias‍

• Survey bias occurs when the design, conduct, or analysis of a survey leads to results that systematically differ from the true values in the population. This bias can arise if firms conducting the research have established associations with third-party affiliates.
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• How to mitigate survey bias?
  
  Research the firm you’re considering for your project. Investigate their affiliations with industry names and look for any related news about potential bias issues.

Survey Fraud (with survey platform)

• Survey fraud happens when participants do not diligently complete surveys, often due to the incentives provided. This practice can skew results and diminish the research’s reliability.
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• How to mitigate survey fraud?
  Before engaging with a market research firm, inquire about their processes for preventing survey fraud, any previous encounters with this issue, and the measures they implemented to address it.

Time (takes ages)

• Research projects require significant time for planning and execution. Delays often arise due to the stringent requirements of GDPR and other policies. Consequently, time management becomes a major consideration when conducting market research.
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• ‍How to mitigate time issues in research projects?
  Plan ahead and work closely with your chosen market research firm to develop a realistic timeline for your project.

Cost (using agencies)

• High costs are a significant consideration in market research. Therefore, businesses must thoroughly research their chosen firms to ensure they have adequate expertise and deliver value for their investment.‍
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• How to mitigate cost issues with market research agencies?
  Compare the costs of services offered by different market research firms. Be wary of firms that propose exorbitant fees without providing a breakdown of their services.

Reports can be outdated and stale

• ‍Market trends can change rapidly and what used to work in the past, say even in the last 6 months, may not be the same trends that will work in the present. Brands need to be aware of using old reports because of the risk of purchasing old reports which can lead to wasted resources for the company.‍
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• How to mitigate the possibility of buying outdated and stale reports?
  ‍Request with the market research firm for any updated data on the reports that you requested. Often, firms do make revisions to their reports to update it to the current trends.

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Key considerations when choosing a market research firm

 When choosing a market research firm, it's crucial to establish your objectives before making an investment. Here are some key considerations to help guide your decision:

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Define research objectives

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Defining the purpose of the projects and why the company needs a market research agency. It is important to align the methods of the agency with your business goals.  

Example: Understanding customer needs vs exploring new markets.

Depending on your research needs, you might need to find an agency that has experience with your project goals allowing them to provide you with guidance in the process.

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Time constraints

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Consider the project timeline for this project and its subsequent projects. Take into account how the importance of these timelines influences your research choices for other projects to ensure that the work is 1) timely, 2) on schedule, and 3) efficient.  

Example: Quick turnaround vs. long-term studies.

For a project that needs immediate insights, such as a product launch, you might select a firm with a strong track record of fast data collection and analysis, possibly utilising online surveys or automated data platforms.

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Budget Considerations

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Research projects can get expensive. You'll need to consider cost for every single project especially if this involves multiple research methodologies that will require additional cost.  

Adjust your needs for the project, balancing the cost and quality of the research.  

Example: Small-scale studies vs extensive studies

For larger, more comprehensive projects, like a full market entry strategy, you might allocate a higher budget to partner with a full-service firm that offers a wide range of research services and expertise.

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Existing audience

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Take into consideration if this project will require a new group of target audience or an existing one.  

Considering this will help you figure out which companies to go for: if they already have previous existing data to support your projects and could perhaps reduce research costs, and so on.  

Example: Reaching new demographics vs. leveraging existing customer data.

If your project aims to reach a new demographic, such as younger consumers, you might choose a firm with expertise in reaching and engaging that specific audience through innovative methods like social media listening or influencer research.

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Traditional Market Research vs. Modern Strategies

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Market research firms are increasingly adopting modern strategies that leverage technology and data analytics. These strategies are often more efficient and cost-effective than traditional methods. Consider the following when deciding between traditional and modern market research approaches:

 
• Traditional Methods: These methods involve in-person interviews, focus groups, and paper surveys. They can be time-consuming and costly but provide in-depth insights.
 
• Modern Strategies: Modern strategies utilize online surveys, social media analytics, and data-driven insights. They are faster, more cost-effective, and can reach a broader audience.
 
• Hybrid Approaches: Some firms offer a hybrid approach that combines traditional and modern methods to provide a comprehensive view of the market.

The platform directly sources its data from existing sources found on the internet, revealing real product/service experiences from real people. With &facts, you can experience market research without the hassle of traditional practices, removing the “middleman” from proactively sourcing out this data. Therefore, &facts data can't be biased or fraudulent.

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Traditional methods aren’t always bad, but if there’s a faster, better way to do it, why not try it?

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Benefits of using &facts vs. traditional research methods:

 
• Real-time insights from billions of consumer signals
 
• Fast, accurate, up-to-date insights
 
• Cost-effective

Feeling overwhelmed? It’s common when navigating the complexities of market research. You might even have more questions now after all this information (we’re sorry!).

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If you’re still unsure about what to do, we suggest trying out our market and consumer insights platform, &facts. It’s free, and you can easily navigate it at your own pace.

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Take insights from real people, in real-time.

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Discover how &facts can provide the insights you need to make informed decisions and drive your business forward.

Get in touch with us for a free consultation or to learn more about our market research solutions.