Market research is a key part of any business growth strategy. By knowing your market and how your products and services can add value, you can meet and exceed your customer’s needs and wants. Market research can take many forms, but every business has their own needs. Let’s see which for is the best for you and your business, in-house or outsourced?

While it can sometimes be difficult to directly link market research to an organization’s return on investment (ROI), its ability to help firms achieve their goals is a strong argument for why your organization should make use of it.

What is Market Research?
Market research is the collection and analysis of data on what is happening in the market, the needs of the customers and competitors’ activities. The data obtained by market research is used in the development of marketing plans, advertising campaigns and product development. Market research helps decision makers to understand potential problems and opportunities related to their product or service and their competitors.

Market research can be performed in-house by the company itself or it can be outsourced to specialized companies that perform market research, offer market research services, organize and conduct market research surveys, etc.

What is in-house market research?
In-house market research is a critical part of understanding your customers. In-house research is different from other forms of market research in that you rely on your own people and outside resources. The value in using in-house market research is that your entire team is better equipped to gather on-the-spot information and draw valuable conclusions from it. Of course, there are downsides to in-house market research. One is that having your own people running a survey or gathering data at a focus group can lead to bias. The key to making in-house market research work is to ensure that all parties involved have the same understanding of the brand image, that all data is collected in a uniform way and that all findings are interpreted in a way that doesn’t skew opinions.

What is Outsourced Market Research?
When you are planning to get a product or service to market, it is vital you know how likely people are to use your product successfully. Researching this can help to cut down costs, improve your brand and develop a viable product your customers want. India can help you find the answers to these questions and more. India has consistently been the capital of outsourcing for several industries. The opportunity to outsource market research abroad is a great opportunity for anyone looking to save time and money from their research. When you hire India, you’ll receive high quality, thorough research and you’ll receive it quickly and at an affordable price.

Advantages of In-house Market Research
The biggest benefit of doing research in-house is cost. For many businesses in the UK, the cost of commissioning a dedicated third party to do the work for them is simply not feasible. By doing the research in-house, businesses can save a significant amount of money.
Startups and small businesses will often times have to make do with free or inexpensive online tools, social media, surveys and competitions to gather the data they need; unless they have resources beyond their size. Even for larger businesses though, creating a team of in-house researchers is more cost effective than commissioning an agency.
Having a team of data crunchers gives organisations the ability to constantly assess and schedule research projects with total clarity. Research is ‘always on’, free from delays caused by negotiating fees and project parameters. In theory, companies with their own teams can get more work done over time.
When it comes to business, there are always opportunities to cut costs and increase work volumes while also maintaining control. However, the decision to insource your research function comes with a few risks that should be carefully considered before deciding either way.
Disadvantages of In-house Market Research
The skills and experience of in-house staff need to be varied and broad to keep up with the fast and ever-changing world of digital marketing. The skills and experience of in-house teams are unlikely to be as broad and varied as those of a professional advertising agency.
A big reason why companies decide to outsource their marketing responsibilities to a third party is to focus on the core business. In house teams only create promotions for their firm whilst advertising agencies work for a big range of companies so are likely to have more industry experience. And with their expertise, creative and technical team, you know your campaign is in safe hands.
Market Research firm or agencies usually have the resources and experience to produce high quality campaigns faster than in house teams. In house teams often must rely on their own resources and do not have the ability to hire more people to help meet their deadline.
So, if you’re looking for marketing expertise and you’re not sure about your in-house team, give us a call and we’ll be able to help.So, if you’re looking for marketing expertise and you’re not sure about your in-house team, give us a call and we’ll be able to help.

Advantages of Outsourced Market Research
The value that you receive from a market research firm is the fact that you work alongside experts who have years of experience in market research. There are many companies that are willing to put their trust in agencies, because they know that the experts will do a good job. This means that you’ll be able to create more effective marketing campaigns and increase your profit margins.
Market research firms are a key part to any successful business. You can have all the best products and your prices are unbeatable, but these things are of no use if you don’t know what your customers are looking for. Hiring a market research firm will help you to know your customers way too better.
Original research isn’t easy to do, but market research firms can provide original, credible research that can be used to differentiate from the competition and is more trustworthy by viewers. Hiring a market research firm will allow you to expand your brand’s thoughts on a particular subject (such as your product or service), understand how customers feel about your brand, and give your business more credibility to your customers and potential customers.
Disadvantages of Outsourced Market Research
Conducting research is an important part of the marketing strategy and can be the difference between success and failure. To begin with, firms need to decide on what they want to study and why, who they want to study, and how they want to analyze the results. Then, they need to choose a suitable research method to carry out their study. After, they will need to analyze the results that they get and create a strategy and then execute the plan that they formed. It’s a lengthy process but firms can’t afford to skip a step, or they could end up with weak results or an ineffective strategy!
There is a strong correlation between investing in market research and having a successful business. In fact, the right research can have a positive influence on a business’s bottom line. It might be costly, but it’s worth the money.
That’s why it’s crucial to work with a market research firm that has the resources and experience to conduct quality, effective research customized to your company.

With the amount of time, effort, and money companies put into market research it’s important to be certain that you are using the right approach for your industry and type of research. In most cases this comes down to the type of research you intend to undertake. There is no one answer to the question of which is better, in-house, or outsourced market research, it is a decision that depends largely on your company and the type of research you require.

When it comes to business, the in-house market research vs. outsourced market research debate is one of the most common topics of discussion. We hope you found this article informative and that it gave you a better understanding of the differences between the two approaches.

If you have any questions about this blog, please don’t hesitate to reach out. We are always happy to help and contact Philomath Research for Market Research, the premier market research company. Visit us at www.philomathresearch.com