What to look for in a market research company (+ 6 favorites)

Should your brand be working with a market research company? What types of market research companies exist and how can you determine which will best suit your needs?

Understanding the functions and benefits of a market research company will help you decide if working with one can improve your chances of success in your respective market. We all know that the customer’s voice and their wants and needs are the most important pieces of information when it comes to designing a winning product. But how do you tap into your customers? And how do you apply the information you collect?

In this article we’ll go into the benefits of working with a market research company, what types are out there and how they can help your brand and your company shine.

Market research companies use a variety of methods to gather, analyze and interpret data relating to a market’s size, consumer preferences and trends. While some companies choose to do this type of research in-house, working with an experienced market research company has many advantages.

The benefits of using a market research company

1. Market research companies have specialized knowledge

When it comes to conducting thorough market analyses, market research companies bring a lot to the table. Experienced researchers, who understand the elements of a successful study, know how to collect and analyze data, and can interpret their findings into useful insights. Without this expertise, teams can get overwhelmed with their research strategy, pouring vital time and financial resources into an area that isn’t their strength.

2. Market research companies have access to advanced tools and techniques

Beyond expertise and knowledge, market research companies have access to advanced tools, software and research methods that individual companies likely haven’t adopted. Using sophisticated data analysis programs, survey platforms, and databases, market researchers are well equipped to collect and analyze more data in an efficient and accurate manner, resulting in dependable insights. 

3. An external market research company provides objectivity and unbiased perspectives 

Internal biases can skew research results, which can ultimately end in misguided decisions. An external market research company provides an objective viewpoint on both the market and their client’s position within it. This ability to be unbiased proves to be a crucial aspect of market analysis. It’s like asking for a professional diagnosis from a trusted source who isn’t afraid to tell you like it is - and who will give you a prescription for a strategic, data-driven maneuver. 

Now that we understand the benefits of using a market research company, let’s get familiar with the different types of companies there are to work with. 

There are many types of market research companies, but the most common are traditional research agencies, research platforms and syndicated research.

• Traditional research agencies: These types of companies have a long history in market research and have been around well before the automation revolution. Think: focus groups, interviews, ethnography, etc. 

• Research platforms: These market research companies were built post-automation revolution, so they’re tech-driven and often fast and easy to use — offering the opportunity to get quick, one-off answers. Think: surveys and questionnaires.  

• Syndicated research: These types of research companies conduct research on specific topics for public use, presented through ready-made reports or shared data on broad topics. Think: consumer purchasing behavior pre- and post-COVID or top queries searched during the eclipse. 

With options aplenty, how do you know which pro to partner up with? Let’s dig into making the ideal choice for your brand.

Expertise in your industry

Leaning on an expert who has deep knowledge in your industry ensures the research they do on your behalf is relevant and insightful. If you’re developing a new app for banking, you probably want to avoid a researcher who’s only experience is in consumer packaged goods. 

💡 Zappi tip: Look for evidence that the company has expertise in your particular industry  - do they name it as one of their key research sectors?

Advanced tools and software

What technologies does the company use to perform their research? How do they describe their methods for data collection and analysis? When it comes to market research, the how is just as important as the why. Good insights come from good data, which in turn comes from nuanced and specialized procurement of that data. 

💡 Zappi tip: Market research companies should be transparent about how they collect, analyze, and interpret their data. 

Proven track record

Testimonials, case studies and customer success stories should abound when you make your final choice in a research partner. Select a company that provides historical proof of delivering actionable insights that have benefited former clients.

💡 Zappi tip: Read through customer testimonials and case studies to gain a deeper perspective of how past clients have benefited from having a market research partner and get curious about the goals your brand could tangibly achieve. 

With an ever-growing number of market research companies to choose from, making the right selection can be tough. That’s why we’ve compiled a list of the 6 best companies based on use case and category.

Tech + research expertise market research companies

Zappi: Ad and Innovation Systems  

If you’re looking for a platform-based market research solution you don’t have to look any further. Zappi is the only agile market research platform that makes you smarter over time and combines both tech and research expertise. 

“A big benefit of the platform is being able to look back and see what worked and what didn't and theme the learning to focus on better product options in the future. We have learnings we can now apply and get smarter.”

- Amanda Addison, Senior Manager, US Menu Insights, McDonald’s

With Zappi, you can run quality research fast, early and often, using dedicated solutions for each step of the design process. So whether you’re looking to test out a brand new idea, find the pros and cons of an existing product, or learn exactly what consumers think of your video ad or packaging in a particular market, Zappi’s flexible and easy-to-use platform puts the insights and metrics you need at your fingertips.

“With Zappi’s platform, we have a collaborative workspace where we all have access to the same tests with one click of a button. We have the analysis in one agile space, where we can adapt and change as per your analysis needs.” - Georgina Farmer, Global Insights & Analytics Manager - Intimate Wellness, Reckitt

Besides its practical and robust platform features, Zappi’s quantitative-based research is co-created with leading brands and based on the most progressive thinking to optimize and deliver cutting-edge solutions. From consumer packaged goods and quick service restaurants and dining, to finance and technology, Zappi’s ever-improving research is accessible to a broad range of verticals. 

🔍 Request pricing on Zappi solutions

Traditional market research companies

Kantar

If you’re searching for a market research company with a focus on traditional research, Kantar is a great option. Kantar’s unique sets of benchmarks are based on critical metrics including customer loyalty, purchase occasions, sales, and market penetration. 

Operating in over 80 countries with a team of more than 30,000 experts, Kantar provides a broad spectrum of services. From deep market research and advanced analytics to strategic consulting and measuring media effectiveness, they excel in uncovering actionable insights. Whether it's understanding public sentiment, optimizing retail strategies, or refining advertising approaches, Kantar empowers businesses to make informed decisions that drive growth and success in today's competitive landscape.

Ipsos

Ipsos offers a deep dive into consumer behavior and attitude. Its adaptable approach to consumer insights enables brands to efficiently navigate market trends while quickly adjusting strategies. Their suite of tools is aimed at providing insights into understanding of consumers, product testing, and creative assessment and development, among other services. 

Government and public sector entities, media and advertising agencies, brands and corporations, healthcare organizations, and consumer goods companies are examples of the types of customers Ipsos regularly supports.

Syndicated research

Nielsen

Working with companies across the consumer goods, retail, media, and technology sectors, Nielsen employs a variety of digital market research tactics. Some of their standout features include audio measurement and tracking across radio, streaming and podcasts, as well as metadata analytics for audio, sports, and video content.

With an array of solutions, Nielsen’s core offering is audience measurement along with data and analytics. Nielsen is a great option for media, sports and games brands.

Platform market research companies

Suzy

Suzy is an innovative market research platform that empowers businesses to make data-driven decisions quickly and effectively. Utilizing artificial intelligence and real-time consumer insights, Suzy enables brands to gather feedback from targeted consumer groups within hours, rather than weeks or months. This rapid turnaround time is particularly beneficial for industries such as consumer packaged goods (CPG), retail, media and entertainment, technology, and healthcare. 

Suzy's platform facilitates agile market research, allowing companies to test product concepts, assess advertising campaigns, and understand consumer preferences swiftly. By democratizing access to actionable insights, Suzy helps businesses stay ahead of market trends and make informed decisions that drive growth and competitiveness in their respective industries.

Toluna

Toluna is a leading provider of digital consumer insights and market research solutions, known for its robust platform that integrates survey and analytics capabilities. Serving clients across various industries globally, Toluna specializes in delivering real-time consumer feedback and actionable insights. They support sectors including consumer goods, healthcare, automotive, technology, and media, offering services like brand tracking, product testing, advertising effectiveness measurement, and market segmentation. 

Toluna's strength lies in their ability to gather and analyze data swiftly through their online community of millions of members, enabling businesses to make informed decisions that drive innovation, enhance customer experiences, and optimize marketing strategies in competitive markets.

Working with a market research company provides immense benefits, including having the deep knowledge of experienced researchers, access to sophisticated tools and methods, and unbiased and objective perspectives. 

Knowing the different types of market research companies available is an important step to determining how to best capture and use high quality data for your business goals. 

You can identify the best type of market research company for your business by considering their expertise in your industry, whether they have advanced tools and software that meet your needs, and if they have a proven track record in delivering successful solutions and actionable steps to other companies. 

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