In our daily practice in our sector, the process of conducting a market study is very familiar to us. However, for new brands and companies, the task of requesting a service in this field can be somewhat overwhelming. At first, it may seem that there are predetermined solutions for every scenario. However, this is only one aspect of the entire range of possibilities within the world of people and market knowledge.
We agree that each requester has unique needs. Therefore, the service that will meet each case must be personalized. So, how should we request a project? Although some agencies have forms that facilitate the first contact, it is a good idea to be clear about the data and information that define your case. Therefore, this week we want to list four basic items for quoting a market research project.
Need to be covered. Investing in a study of this type is not an ordinary expense. They are not just purchased on impulse. When you consider hiring an agency, you need to define the main objective to be addressed. Some of the most common scenarios include establishing the basis for a bank investment, establishing a business plan, entering a foreign market, or evaluating a specific aspect of logistics and operations.
Questions to be answered. Once you have defined the previous point, you should make a list of factors you want to explore through the advice of analysts. A common exercise is to define a list of hypotheses and questions that can help clarify the current uncertainty. In this step, you can consider as many topics as your needs dictate. The more specific you are in this step, the better the results will be, because your supplier and your brand will speak the same language.
Budget. We would like to be able to meet all our needs in a single presentation. As with almost everything, this step is determined by the amount available to invest in a study. You may not be able to cover the full scope of your objectives initially, but you can break them down into strategic stages to begin the process as quickly as possible. Depending on this item, you will be able to access one or another solution, as it will define the resources you will be able to use.
Schedule. In an ideal environment, meeting our needs can be scheduled because these are non-urgent matters. In other circumstances, unforeseen events will arise that require immediate responses. This can go hand in hand with very short response times. Although there are times when short-response solutions can be offered, you should also be aware that certain solutions invariably require longer lead times.
We have written on this topic in the past. In certain situations, you may use the internal briefing or format provided by market research agencies to take the first step. However, having the points in this post resolved can save you time and will make it easier for the companies considered in your quote to provide you with a prompt and relevant proposal. In any case, you can always count on the opportunity to receive feedback in the form of in-person and virtual meetings.
At Acertiva, we are familiar with this situation thanks to our more than two decades of experience in the segment. We have a presence in key Latin American countries with a team of analysts and strategic partners. We invite you to request your free fifteen-minute consultation so we can help you quote your first market research. This first step could be the start of your next success story.
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