How to choose your ideal market research platform

Market research platforms are highly trending today. It is no surprise that these companies have become dominant players in the world of business, given that they continue to provide solutions for clients seeking growth.

Companies like Majestic MRRS, Tofler, RNB Research, etc. are few of the most brilliant companies aiming to provide insightful data which can help you and your colleagues make business-related decisions. Earlier, analyzing, examining, and collecting data was an exhausting task. Moreover, you would have the setback of hiring a service agency for analyzing this essential data.

Market research platform - image for article 333Hiring an agency to collect and examine data was a time, effort, and money consuming task. Physically meeting face-to-face and calling were added setbacks to this traditional method. However, today, you have the privilege of researching the most crucial and vital data without having to waste a lot of time and money. Market research platforms now offer a hassle-free process for expanding your business with ease. However, remember that not all research companies are meant for you.

It is crucial that you choose the most relevant and reliable market research platform. i.e. one that specifically matches your requirements, So, how exactly can you do this? Let’s look at some useful tips that will help you find your ideal market research platform, and for a price that you can afford.

  1. Effectiveness

The most important thing for you, above all, is that they understand your company’s requirements. Ideally, you should compile a list of your priorities in order of importance, as well as your requirements for growing your business. Look at all factors from both a quality and quantity point of view.

There is a plethora of survey platforms that do full justice to the user. However, different platforms prioritize different aspects. Hence, you should consider features like survey frequencies and functionality before deciding whether to commit yourself further.

  1. Additional requirements

Along with qual and quant measurement methods, there are several other aspects to consider, one of them being community or panel. Panels are highly beneficial as they offer to improve response rates, intensify your research technology, and decrease field time. Platforms like Tofler offer excellent qual and quant methodologies.

Community on the other hand, are for smaller audiences or fewer customers. Choose an appropriate market research platform like Tofler, based on components like community and panel.

  1. Understand and analyze your budget

There is no doubt that market research platforms and other researching methods require a significant investment. Fortunately, there are plenty of platforms out there that can provide valuable and top quality services within your budget.

Don’t blindly trust a firm just because it is expensive. Price does not always go hand-in-hand with quality. Analyze your budget and go through the descriptions and reviews of every company. Above all, you need to select a firm that can offer everything you are looking for, i.e., one that meets the needs of your business.

  1. Examine the analysis software

This component is undoubtedly one of the most vital when choosing a research tool or company. You should start by analyzing the amount of work that you’ll be doing by yourself. Then write down all the essential services that you require.

Most market research platforms offer services ranging from cross-tabulation and advanced data to simple deceptive data researching, regression modeling, and drastically analyze correlations. What matters to you is that they have within their service, components which you require.

  1. Visualization and reporting

Lastly, analyze whether your company requires reporting and visualization. Visualization and reporting both require two completely different systems. However, many people mistake them for one system. This is a mistake you should not make.

Every market research platform offers unique services. Visualization and reporting are two unique services requiring different systems. Not all platforms provide both.

To sum up

We hope that you are now better able to choose a reliable market research company successfully. If you follow our five suggestions, your chances of finding the right firm for your company will be significantly greater.

Tofler helps you strategically analyze your company’s requirements and choose a research platform, and subsequently save you a lot of effort, time, and money.


Interesting related article: “What is Market Research?”