In today’s constantly evolving and fast-paced business environment, companies need the support of frequent, objective, accurate intelligence regarding customers, competitors, and the overall market. From 2017 to 2021, the global data analytics outsourcing market will grow at a CAGR of 30.25%.
Companies are turning to offshore custom market research firms to augment their existing knowledge of their specific market and gain new insights to support their decision-making capabilities. Businesses need definitive answers to critical market-based questions, and actionable insight about competitors, customer preferences, and potential product and service launch opportunities.
Assigning internal resources to the task can be time-consuming, expensive, and error-prone, and require technical support that isn’t usually readily available in-house. Offshore Custom Market Research Firms provide valuable, trusted market insights that are unique to your business and enhanced by trained researchers, cutting-edge analytical technologies, and experience across diverse industry sectors.
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Custom Market Research across Industries and Business Models
- According to the American Marketing Association, “As the retail market transforms, brands must stay up to date on disruptors, emerging trends and channel developments across the retail landscape to develop an effective go-to-market strategy.”
- “In a study of high growth professional services firms… professional services firms that do systematic, structured research on their target client groups are more profitable and grow faster.”
- Additionally, market research isn’t solely for new businesses. Accurate evaluation of the market and development of an intelligent plan is crucial to the success of both new and existing businesses across all industries.
What to Expect from a Custom Market Research Firm
Before partnering with an offshore Market Research firm, organizations should have an understanding of what to expect when engaging their services, and what types of business value Custom Market Research can provide.
- Tactical Planning Historical and forecasted demand across varying segments and regions, market share research analysis, complete valuation of diverse, competitive environments.
- Launching New Products & Services Gain insight about the market forecast for product and service launches, and avoid potentially expensive mistakes. Evaluate the cost of product manufacturing, analyze technology, trends, and regulations within the market that affect your product development; understand customer purchasing patterns and behaviors.
- Competitive Intelligence Better understand your competitor’s position within your shared market with analysis of their product pricing models, customer perception, and preferred retail channels.
- Geographical Market Expansion Identify prospective new markets, evaluate supply and demand for products and services, and assess current and future pricing patterns for products and services.
- Customer Intelligence Gain insight into customer demand for products and services, their satisfaction level regarding prices and quality, and how they feel about your competitors.
Furthermore, market research is performed in organized steps to ensuring the deepest level of insights to gain improved ROI:
- Identification of the research problem and objectives
- Designing of a research plan
- Data collection and analysis
- Communication of the research findings and delivery of Custom Market Research Report
- Business utilizes the findings to support decision making
The Offshore Advantage
Businesses need the advantage of the competitive leverage that’s pertinent to their specific industry and market. Offshore Custom Market Research enables businesses to reduce overhead costs, save money and promote efficiency, have the support of flexible staffing options when needed, better operational control, and versatile continuity and risk management options.
To support market research objectives, offshore Custom Market Research Firms also provide the following benefits:
- Strategic Business Support For identifying development and expansion opportunities, and supporting product launches, geographical market expansion, and finances.
- Experience Experience working directly with Custom Market Research, rather than featuring multiple organizational departments where only a single department is dedicated towards research and analysis.
- Cost Savings & Scalability Flexible and scalable pricing and engagement models to suit a variety of market research goals.
- Robust Insights and Skills Access to advanced tools and technologies, and possess targeted skills sets that enable a deeper understanding of the market from trained experts who are adept at finding answers to critical questions.
- 24/7 Support Multiple language capabilities, and around the clock support to accommodate clients in all time zones and regions.
Offshore Custom Market Research Solutions and Support
Companies looking for the value and support of accurate market data can rely on Research Optimus, a trusted global research firm backed by over a decade of proven experience. Our highly skilled professionals, twenty-four-hour support, customized approach to research and analysis, and exposure to diverse sectors enables us to extend accurate, high-quality solutions for businesses of every model and industry.
As a valuable outsourcing partner, Research Optimus is positioned to provide Custom Market Research support for both long-term, and ad-hoc projects. For more details on our market research offerings, contact us.
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