For any firm, be it new or existing, the most important task is to conduct market research. Market research companies provide valuable insights into your business like forecasting different market trends, offering a better understanding of your target market, framing marketing strategies and many more. However, the real issue happens when you are unsure of how to select the right research company for your firm. You may feel confused when selecting a market research company because different research companies provide a variety of services like conducting primary and secondary research, market surveys, trend analysis, analyzing the industry content, company profiling, competitor analysis, and so on. Finding the right one that suits your company needs could seem overwhelming at the beginning of your Google search or social media search but choosing the right one can transform your organization.
Market research is the most effective way to receive the specialised, industry-specific information needed to make strategic business choices.Market research is also an important part of designing a marketing plan for businesses since it provides a fact-based foundation for projecting sales and profitability.
The competitive market in which any company operates is becoming increasingly difficult. This may be the most compelling argument of all to include market research in your company's growth plan.
There are various factors that companies have to consider when conducting market research such as:
• Recognize your position in the market
• Make criteria for yourself
• Set yourself apart from the crowd
• Make your marketing approach and messages clear
• Current and new trends should be identified
• Search for new employment options
• Learn about your company’s strengths and shortcomings
• Ideas for tests
• Assisting with investment choices and risk mitigation

Different types of market research as adopted by the market research companies
So, the next thing you'll probably hear is about two forms of market research: primary and secondary.
• The pursuit of first-hand information about your market and the customers that make up your market is known as primary research. It comes in handy when segmenting your market and creating buyer personas (for example, one on one interviews, surveys, focus groups, questionnaires etc). Exploratory and specialised market research are the two types of primary market research.
• Secondary research is all the publicly available information and data that you can use to derive conclusions (for example, trend reports, market statistics, competitor analysis, industry content, sales data and so on). Secondary research is very beneficial when assessing your competitors. Public sources, commercial sources, and internal sources are the three major categories into which secondary market research will fall.

Tips to select the right market research company
To select the right market research company, you need to first determine whether the company can understand your research objectives. Market research companies operate in different ways and have diverse capabilities, such as conducting focus groups, collecting survey samples, researching industry dynamics and so on. Thus, it is important to determine if the market research firm understands your goals. To align the vision and the innovation of the market research company, throughout the entire process, they must adopt your position and look at aspects of the process from your perspective. An effective research strategy begins with an understanding of your business and the niche market that you serve.
• Experience and Capabilities - It is critical to thoroughly assess the market research firm's abilities, expertise, and experience. Make sure they have a lot of experience in this industry so they can deliver dependable and long-term solutions. If they have a lot of expertise, they may use it to help you with strategic planning, reduce investment risk, and boost your market position. It is also essential to check whether the market research company you hire can perform the research using a variety of approaches. If a survey is required, a company that solely performs surveys will be useful, although the approach may differ once the objectives are fully understood. You'll want to have a few alternatives to choose from. It's also sometimes required to use a combination of approaches. You may be confident that your inquiries will be adequately answered if the organisation uses a range of ways.
For example, if a company is looking for regional analysis, in that case, it would be preferable to hire a market researcher that is located in that region.

• Cost – Determine your market research budget and select the market research company to work with based on your needs. By examining the services and related expenses, you may compile a list of potential firms. You don't have to choose an expensive agency; instead, look for one that can demonstrate a wide variety of competencies to do effective market research.
• Timeline – The capability to offer services on time is a vital attribute of a market research company. The success of your product is dependent on introducing it within a specific time frame when it is in high demand. Market research is primarily a time-sensitive activity. As a result, the company must be attentive in delivering services on time.
• Clear communication - A clear communication between your organisation and the market research company should be maintained. They must give all important facts about the project without holding anything back. Before marketing the product/service, it will assist you in identifying potential risks, opportunities, views, and information.

A market research company provides crucial information about your industry and geographic location. It will inform you how your target consumers and the clients you wish to reach perceive your organisation. This can also help you figure out how to connect with them, how to deal with the competition, and how to strategize your next move to gain a competitive advantage over others. By understanding these factors, you can make a difference between making wise business decisions that move your company forward or poor business decisions that compromises and hinders the growth of your organization.
While the importance of market research for any company cannot be overshadowed, there are various types of research companies out there providing different types of services. Hence, it is important to make sure that the objectives of your project align with the services of the research company you are targeting. Most importantly it is crucial to keep 4 things in mind. These are experience and capabilities, cost, timeline and clear communication.

Author Bio
I, Shagun Agarwal, the founder and the CEO of Strategy Here, which is the best business research and strategy consulting company based in Chicago. I am an Alumni of Deloitte Consulting and UBS Investment Bank and I have worked with various big and small-sized companies for over a decade. This has helped me in understanding business, individual challenges and techniques to survive and thrive in tomorrow's world. Strategy Here is a provider of research and market intelligence services. We generate and convert data into information and integrate this with results and strategy to deliver the best recommendation possible. Our analysis and recommendations are grounded in our expertise, research, and facts. Our wide array of services includes the generation of new business ideas and opportunities, competitive landscape analysis, industry growth & trends analysis, product development, geographical coverage and many more. For further details, feel free to visit our official website Market Research Company – Competitive Research & Market Intelligence Solutions (strategyhere.com)