As the national and international markets grow, any business needs to know where they stand in the market. Market research is a necessary need that each business needs to complete. While the job sounds simple, it can be harrowing. This is one of the reasons why various businesses opt to hire market research companies instead of conducting the research on their own. Just like digital transformation is the need of the hour, similarly, market research is also an integral part of a company’s growth and expansion.
The market research services provided by these companies cover various industries and markets. The results are displayed in hard analytics which can be used to assess the company’s current position. There are various advantages to conducting market research regularly.
Advantages of Market research
1. Easy to hire
Market research services of any market research company are easy to hire. They only require details of the project and what type of data you expect out of the report.
2. Strengthen the position
Conducting market research regularly can help any business optimize its digital marketing strategy. The regular reports can further solidify their position in the market.
3. Identify threats
The future growth of a market or fall of the market is difficult to predict. But with market research, any business can stay on top of the market trends. This can help identify future threats for any business.
4. Strategic planning
For any business to succeed in the market, a detailed plan of action is a necessity. With market research, any manager or CEO can develop a detailed plan of action that is backed up by hard facts.
5. Emerging trends
In the digital era where everything is based on numbers, analysis of these numbers can determine future market trends. These can then be leveraged to overcome competitors and gain an edge.
These are only the top five advantages of completing regular market research. Hiring market research companies to do the research is the simplest way to save money and optimize the business. Most market research companies have years of experience in the field and can provide detailed reports. As industry experts, they can use various techniques to complete market research.
Types and ways of market research
There are two types of market research:
Primary market research: This involves getting the data directly from the customers. Market research companies often conduct interviews and surveys of the customers directly to understand the perception of the brand.
Secondary market research: Secondary market research uses data that is gathered by other agencies. For example, labour unions, government agencies, or media sources provide their clients with the information.
The type of market research required depends entirely on the project. However, to complete this research, market research companies use various methods. This includes:
Surveys are the most inexpensive form of market research and can be conducted both online and offline. They impart direct knowledge about the customer’s requirements and perceptions. The surveys
These are usually one-on-one and can be time-consuming. However, they’re often used to gain insight into the customer’s mindset and generate empathy.
3. Focus groups:
This type of market research is expensive but is an excellent technique if you wish to gain insight into a large group. It can be used to gain deeper insight into customer bias.
4. Customer observation:
Customer observation is the most powerful market research tool and is often used as an alternative to focusing groups. This can be used to see how individual perceptions about the brand can affect the group as a whole.
Top Market research companies in London
There are thousands of market research companies in the UK. However, those in London stand out because they provide a fast turnaround and swift report delivery.
In London, the top market research companies can be divided into four types:
1. Syndicate market research companies:
These companies produce reports for the open market and therefore anyone can access them.
2. Custom market research companies:
These companies produce reports according to their client requirements and only the client can access them.
3. Speciality market research companies:
These companies focus only on one industry or market. For example Pharmaceutical or Metal industry.
4. Online market research companies:
These companies partner with website owners and digital marketers to analyze digital data.
These are the four major categories of market research companies. Let’s look at the top market research companies in London.
List of top 10 market research companies in London
Here is the list of the top market research companies in London:
Nielsen is a popular player in the media industry. They are a global market research company that provides services in various countries other than the UK. They are headquartered in New York but have various offices all around the world. They provide market research services on various platforms including podcasts, streaming TV, and social media. Nielsen is an S&P registered company with a reach to over 90% of the global population, making their market research extremely thorough and updated.
2. Pharma Intelligence
Pharma Intelligence is one of the top market research companies located in the UK. They provide market research services to a small niche in the industry. Their services can be hired for pharmaceutical, MedTech, and clinical research organizations. They also provide consultancy and data analysis services for their clients and through these services aim to guide the digital transformation or the reception of the product in the right direction. They’ve served over 3,000 companies since their inception.
Kantar is a market research platform that can be used by anyone in the world. The platform contains powerful analytics that can be used to swiftly reach conclusions and analyze the data. Their services are popularly used by individuals or brands that are either launching their brand for the first time or re-launching their brand. Kantar has networks in over 90 markets and has built a library of over 2 billion data profiles. They’ve catered to over 25,000 customers since their inception.
4. 8x HQ
8X is widely known as a competitor research firm. Their market research services are used to analyze the digital marketing strategies of a business’s competitors. They also help companies break down these marketing strategies and the data obtained from the research to reverse engineer a marketing strategy that will benefit their client. They provide a wide array of marketing services including PPC, SEO, content marketing, and SWOT analysis of competitors. They provide a free initial consultation that can be used by all.
Dunnhumby is included in the list of the top market research companies in the UK because they provide exceptional services. Their services are usually used by retailers and brand dealers who want to analyze the current perception of the brand and influence in any manner. They are the leading experts in analyzing customer data and have a team of over 2000 experts and 500 data scientists. Their offices are located in 29 different countries and have analyzed over 600 billion dollars worth of international sales.
Euromonitor is an excellent market research company that tracks customer trends. Their excellent team is capable of identifying both temporary and permanent trends in any data stream. They have access to over 17,000 countries, industries, and company reports which can help any of their clients get an accurate idea of their company’s current standing in the market. The company provides market research services in over 25 industries and 210 markets. They have 1,200 on the ground data scientists in over 10 locations to help provide their services.
7. Ipsos Mori
Ipsos Mori was built to provide reliable market information to all their customers. Founded in 1975, they have served over 5000 clients. They have conducted over 47 million interviews to gather market information. With access to over 90 markets, they provide comprehensive market research reports to their clients. They provide advisory services, brand positioning, and growth as well as shopper research services to their clients to help them understand the current market situation.
8. Acacia Avenue
Acacia Avenue is a strategic market research consultancy. They provide quantitative and qualitative market research services to both national and international clients. This company is one of the oldest market research companies in the UK, started in 2002. They have provided market research and consultancy services to various popular brands including Camelot, British Land, AA, McDonald’s, Netflix, and Money Super Market. Acacia is preferred by high-profile clients especially because of its excellent customer service and privacy.
9. Sample Answers
Sample Answers is a market research and data collections company that provides dedicated services to all its clients. With over 25 years of experience in the services, Sample Answers is one of the preferred market research companies in the UK. They provide fast turnaround and cost-effective services to all their clients. They have two offices: in London and Amsterdam, which helps them cater to both national and international clients. Sample Answers’ unique selling point is that they can provide detailed market research reports to their clients in any industry within 24 hours.
In the on-demand economy, Toluna delivers real-time insights in real-time. The insights they provide are unlike anything else on the market. With a panel of over 30 million consumers, they combine award-winning technology, award-winning research design, and proprietary expertise. They enable you to tailor a research program to meet your needs, whether you want self-service or full consultancy. The process is built on quality, so you can trust your insights. In addition, this allows for a scaled approach.
How does a company conduct market research?
Most market research companies conduct four types of market research: individual surveys, interviews, focus groups and customer observation. The data from this is submitted as a market research report to the client.
How does one use a market research report?
The use of the report depends upon the type of data collected. For example, the market research report helps to change the digital marketing strategy or advertisement strategy of the company. Or, it helps to alter a product before launch.
What is the market research process?
The market research process is a six-step process. It includes:
- Defining the problem
- Defining a strategy
- Research design formulation
- Data collection
- Preparation and analysis
- Reports and presentations
How long does market research take?
The time required for market research depends entirely upon the size of the project and the method employed. It can take anywhere from one day to a few weeks.
Why should I hire a market research company?
There are various advantages of hiring a market research company. This includes:
- Access to a wider customer base
- Research is thorough and detailed
- You can focus on other activities.