10 things to consider when outsourcing market research

  • Are you preparing to expand your business and operations to the next level?

Most companies outsource market research services (such as computer-assisted web interviewing, or CAWI, and panel surveys); we list the benefits of doing so below:

Benefits of outsourcing analytics and market intelligence:

Economist Adam Smith says in his treatise The Wealth of Nations, “If a foreign country can supply us with a commodity/service cheaper than we ourselves can make it, better buy it of them.” Outsourcing as we know it today is, therefore, merely a progression of an idea that has existed since the early days of trade.

Potential for survey outsourcing: Survey outsourcing is a critical source of gaining a competitive edge. The main driver of survey outsourcing has, therefore, now shifted from cost to enhancing strategic issues such as core competence and flexibility.

Survey processing is evolving into new dimension: Cost optimisation is no longer a top priority; it has been overtaken by disruptive outsourcing brought about by technological advancements. This transformation has given organisations a competitive edge (such as by making them more agile and efficient). Many are now considering and adopting disruptive outsourcing technologies such as robotic process automation (RPA; 72%), as the following charts show.

Industry participants are, however, concerned about whether it is right to outsource surveys. We list below questions that would help them decide and design survey outsourcing.

Ten questions to ask yourself before you outsource:

  1. Discuss with the project’s decision makers. To avoid misunderstanding and infringing on anyone’s, the extent of control the employees of the outsourcing company can exert over the project should be communicated clearly.

The market changes daily, so it is vital to keep abreast of changes in terms of end-client need and technological reform. In such a scenario, a technological partner that is capable and reliable can augur well for success.

How Acuity Knowledge Partners can help:

We have a wide range of tailored solutions and capabilities including primary research, data collection from a large number of respondents and focus groups through CAWI/panel surveys. Our clients have also benefited from our survey programming (such as ConfimIT and Qualtrics) and data analysis (using R, Python, Tableau, SAS, and Excel Automation and Dimension).

The following are key value-add services of survey outsourcing:

  • Custom envelope design and mailing services

Originally published at https://www.acuitykp.com.

About the Author

Amandeep Singh Rekhi, Delivery Manager, joined Acuity Knowledge Partners in Feb 2013. During his tenure with Acuity, he has supported and managed several research engagement for diversified clients across varied geographies. He is part of the data analytics, survey programming and end-to-end project management for past 6 years, supporting an industry dedicated employer branding client. Previously, he has supported various market research activities like data collection, quality checking, resource management and cost efficiency for numerous clients.

Prior to Acuity, he has worked with a broking firm, where he was involved in global product arbitrage and identifying the potential opportunity of spread in currencies and metals. Amandeep holds an MBA degree in Finance and Marketing from New Delhi, India and a Bachelor’s degree from Ramjas College, Delhi University, India.

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/