Market research refers to the activities of collecting, analyzing and interpreting information about the market, consumers, competitors and the environment to help companies understand market needs and trends and formulate or improve products, services, prices, channels and promotion strategies. Market research can help companies identify opportunities and threats, assess their strengths and weaknesses, develop targeted marketing goals and strategies, and monitor and evaluate marketing effectiveness.

However, market research is not an easy task, it requires professional knowledge and skills, as well as a lot of time and resources. If the company conducts its own market research, it may face the following challenges:

Lack of specialized personnel, equipment and methods results in poor quality or inaccurate data collection and analysis.

The lack of an objective and neutral perspective leads to biased or misleading data interpretation and recommendations.

Lack of sufficient time and energy leads to untimely or incomplete data update.

Therefore, many companies will choose to cooperate with market research companies to obtain higher quality and more efficient market information and analysis. A market research company is an organization that specializes in providing market information and analysis services. Market research companies usually have the professional personnel, equipment and methods to design and execute market research projects of various types and sizes according to the needs of customers. Working with market research companies can bring the following benefits:

Improve the quality and accuracy of data collection and analysis.

Provide objective and neutral data interpretation and recommendations.

Save time and resources and increase productivity.

Champ Consulting (Shangpu Consulting) is an organization focusing on international strategy consulting services for Chinese enterprises. In the process of cooperating with domestic and foreign customers, Shangpu Consulting often needs to conduct transnational and cross-cultural market research to understand the market conditions and consumer behavior in different countries and regions. In order to ensure the quality and efficiency of market research, Champ Consulting usually works with local market research companies to leverage their expertise and resources. In the process of cooperating with market research companies, Shangpu Consulting has summarized the following best practices, hoping to provide some reference and suggestions for other enterprises.

Choose the right market research company. The quality and level of market research companies are the key factors that affect the results of market research. Therefore, when choosing a market research company, we should examine their background, qualifications, experience, expertise, reputation, service scope, price and so on. When selecting a market research company, Champ Consulting will screen and evaluate it in the following ways:

Refer to the certification or recommend of an industry association or authority.

Check the market research company's website or promotional materials to learn about their history, team, customers, cases, and more.

Contact the representative or person in charge of the market research company and ask them about their understanding, method, time, cost and other details of the project.

Ask the market research company to provide relevant sample reports or reference materials, check their data sources, analysis methods, report formats, etc.

Based on the above information, compare the advantages and disadvantages of different market research companies and choose the partner that best meets your needs and budget.

Develop reasonable market research objectives and scope. Market research objectives and scope refers to what kind of information and answers to get through market research. The development of reasonable market research objectives and scope can help market research companies better understand the needs and expectations of customers, and more effectively design and implement market research plans. Champ Consulting will follow the following principles when setting the objectives and scope of market research:

Clarify the purpose and significance of market research, that is, what kind of problems or challenges to solve.

Determine the object and content of market research, that is, to understand what kind of market, consumer, competitor or environment.

Define the time and space of market research, that is, what time period and region to cover.

Describe the requirements and expectations of market research, I .e. what type of data, amount of data, data quality, etc. are to be obtained.

Effective communication and coordination. Communication and coordination refers to effective information exchange and work cooperation with market research companies. Communication and coordination can help both parties build trust and understanding, as well as identify and resolve problems in a timely manner. When communicating and coordinating with market research companies, Shangpu Consulting will pay attention to the following points:

Establish a fixed contact or team responsible for daily communication and consultation with the market research company.

Develop a clear market research plan and progress, including data collection, data analysis, report preparation, report submission and other stages of the time node and responsible person.

Regularly communicate and feedback with market research companies to understand the progress and situation of market research, put forward opinions and suggestions, and solve problems and difficulties.

After the market research, summarize and evaluate with the market research company, express gratitude and recognition, and make improvements and suggestions.

Evaluate and utilize market research results. Market research results are reports or other forms of output provided by market research companies that contain market information and analysis. Evaluating and utilizing market research results can help clients test the quality and effectiveness of market research and translate market research into practical action and value. When evaluating and utilizing market research results, Champ Consulting will pay attention to the following points:

Carefully read and understand market research reports or other outputs, focusing on data sources, methods, quality, accuracy, and reliability.

Communicate and discuss with market research companies, ask or explain unclear or unclear places, and propose or accept amendments or supplements.

Compare and analyze market research results with your own goals and strategies, find out where they are consistent or inconsistent, identify strengths or weaknesses, and identify opportunities or threats.

Develop or adjust your own marketing goals and strategies based on market research results, and develop specific action plans and implementation plans.

Implement action plans and execution programs, monitor and evaluate marketing effectiveness, continuous improvement and optimization.

In short, cooperation with market research companies is an effective way to obtain market information and analysis, but some best practices need to be paid attention to to ensure the quality and efficiency of cooperation. In the process of cooperating with market research companies, Shangpu Consulting has accumulated some experience and methods, hoping to provide some reference and suggestions for other enterprises.