Two Questions to Ask When Hiring A Market Research Company
There are a lot of factors to consider when choosing to work with a market research company. Any expense you incur has to be explained and justified to the taxpayer. For a community with a limited or pre-allocated assessment, you have to be deliberately selective. Here are two of the most important questions to ask when you are researching market research companies.
Market Research Question #1: What will you learn that you don’t know already?
You want the market research company you choose to be able to give you data and insights about your community and give you access to information you don’t already know.
You’ll find the answer to this question in innovation. A company that has new methods of deriving information is not likely to repeat data that you already have access to. Look for companies that are pushing the limits of what market research can do. For example, MDB Insight is staffed by experts from a multi-disciplinary background. Our holistic approach allows our team to approach data collecting from diverse points of view. MDB Insight’s market research tools also survey for statistical analysis to measure importance. Measuring importance is a more accurate method than asking, and MDB Insight uses predictive analytics to run test scenarios that can help find the best solution. The test scenarios show you what you need to implement or remove to ensure that your citizens are happy with the municipality and Council.
By the way, there’s a wonderful quote from Mark Twain that is worth noting here:
"It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.”
Sometimes, dispelling myths or countering what appears to be a prevalent opinion can have as much value as new information. MDB Insight has helped many communities do just that, aligning municipal priorities with reliable data that paints an accurate picture.
Market Research Question #2: How fast can a market research company get the data to you?
When you need or would prefer your market intelligence - whether about local business priorities or a measure of citizen satisfaction - as fast as possible, you’ll need to look beyond traditional methods. If you need data as fast as possible,you likely want to avoid methods that require an RFP process. And, importantly, you want the intelligence but don’t want to sacrifice the ability to customize the data so it specifically fits your needs. You’re looking for speed and tailored local data.
MDB Insight offers community polling that is fast but remains customizable to your community. It’s faster because we have developed tools that use statistical analysis and cutting-edge solutions. The surveys are quick, meaning more residents are likely to take part, and that provides results that better represent your community overall. Also, MDB Insight’s market research products are not subscription based. You can use one product for a single-use campaign.
A Bonus Question to Ask Market Research Companies:
Can I try out the product?
The easiest way to know that a product will be worth the money is to try it out. MDB Insight has demos for all its tools and solutions, including Citizen Satisfaction IQ™, which surveys local residents and asks for their insights and ranking of the changes they’d like to see. This gives the most complete picture of what residents want, and shows what their highest priority is.