The reason for efficient and effective market research is to determine the objectives of the market research study. Each study must be able to seek solutions to a well-defined problem in the market sector, about customers, competitors, and distributors. In this article, I will explain everything about market research companies, the b2b, and the top market research companies in the USA. Let’s get into it!
What is Market Research?
Market research is an attempt through which customers’ behaviors are properly understood. In essence, it is the systematic collection of different data about an organization, productions, customers, and other individuals in the market sector. Thus, after collecting this data, it is properly analyzed for a better understanding of the needs of either the organization or a group of people.
Advantages of Conducting Market Research:
- To identify the actual problems of business.
- Create good strategies for the smooth running of the business.
- To be able to make well-informed decisions about the goods produced and about services.
- Create and set achievable targets for sales. Also, to promote sales.
- For a proper understanding of customers’ needs and areas made for expansion.
- To understand market trends.
- Used to determine the viability of a particular good or service.
What Are the 4 Types of Market Research?
#1. Quantitative research
In quantitative research, data is collected through points of purchase(purchase transaction) and surveys in different modalities such as phones, online, and paper. Additionally, quantitative research helps to quantify a problem which most times consist of statistical analysis. It is a significant way of measuring the growth of the market.
#2. Qualitative research
Qualitative research focuses on descriptive symbols and words. It is research that involves talking to customers and asking them different questions about their service or product consumption experiences in the market sector. Examples of qualitative research are observation, indebt interviews, bulletin boards, etc.
#3. Primary research:
Primary data is the original data collected firsthand by a researcher. Examples of primary research tools are; observation, interviews, surveys, etc
#4. Secondary research
Secondary research refers to data already collected by a researcher from the primary data and made available for use. Benefits of the secondary research are: It is quick and fast to conduct, data is also easy to access and provides one with an understanding of a topic easily and quickly.
Market Research Companies
Market research companies consist of both small and large corporate businesses all over the world. They are classified based on the customers they take up rather than based on the market research they undertake.
In other words, market research companies are companies that specialize in collecting and analyzing different data about competitors, customers, market trends, distributors, etc. Also, they collect data to meet the needs of customers and for the growth of the market sector. This research is usually conducted in-house or by a third-party company that centralizes market research.
How do Market Research Companies Make Money?
Market research companies make money from their clients. However, the needs of their clients may differ from each other. Their payment is basically defined by the long and short-term goals, the budgets, and the size of the companies of their clients.
How do I Start my Own Research Company?
These are the number of ways through which you can start your own research company.
- Properly plan your market research company.
- Turn your market research company into a legal entity.
- Register your market research company for taxes.
- Define your brand.
- Create your own market research company’s website.
- Set up a business phone system.
- Open a business bank account for transactions.
- Set a good accounting for your marketing research company.
- Get the necessary license and permit.
- Get a market research company’s insurance.
What are the 5 Ps of Market Research?
The five Ps of marketing are used as a good guild for marketing strategies and keep marketers focused on the appropriate things. Here are the five Ps of marketing and there are:
#1. Product
This refers to the goods that an organization offers to its potential customers such as branding, quality, packaging, benefits, etc.
#2. Price
Price refers to the considerable amount of money charged for goods and services. It is also the amount of money at which consumers purchase goods and services. In addition, Price comprehends the promotional offers, the cost, and profits margins at which products are bought and sold.
#3. People
People totally refers to the individuals involved in the production process of goods and distribution. It also involves the potential customers that are involved in the consumption of goods and services rendered.
#4. Promotion
Promotion is one of the strategies most companies use in promoting their products and services. It includes digital marketing, personal selling or talking to customers, advertising, sales promotion, etc.
#5. Place
Place refers to the location where goods and services are produced and finally distributed to the final consumers.
Top Market Research Companies in the World
Here are the top influential market research companies all over the world. These are:
#1. IHS Markit
IHS Markit is a top market research company that provides information services before it finally merged with S&P Global in the year 2022. As of 2019, the IHS Markit research company made 2.11 billion in revenue. However, this company is not a jack of all trades, but it’s certainly close because it helps a lot of industries around the world carry out research. Additionally, it has helped different industries like, financial tech, defense and security, aerospace, and automation carry out market research.
#2. IPOS
This company is a popular name in the marketing world and is also one of the top and largest market research companies in the world. It was founded in 1975 by Didier Truchot. Its headquarter is in France, and Paris. In 2019, IPOS made 2.24 billion in revenue. In addition, IPOS is better known for business consulting which is also supported by a cache of data.
#3. IQVIA
IQVIA is also one of the top market research companies in the world founded in 2016. In addition, IQVIA is a massively profitable industry. overall, it made about 4.14 billion in revenue in the year 2019. Also, it has over 800 million non-identifiable sales information, prescription data, and patient records.
#4. Gartner
Gartner is one of the top marketing research companies in the world founded in 1972 and has been consistently providing industry managers with the best data right from its conception. Additionally, Gartner gives companies access to a giant constantly increasing database of research data and contents. Also, in 2019, Gartner made about 4.25 billion in its revenue and has remained one of the top market research companies in the world.
What are the 2 Main Types of Market Research?
There are various types of market research conducted by different researchers. Here are the two main types of market research carried out by most researchers.
- Qualitative market research: qualitative market research focuses on descriptive symbols and words. Qualitative market research involves talking to customers and asking them different questions about their service or product consumption experiences in the market sector. Examples of qualitative research are; observation, indebt interviews, bulletin boards, etc.
- Quantitative market research: Through quantitative research, data is collected through points of purchase(purchase transaction) and surveys in different modalities such as phones, online, and paper. Additionally, quantitative research helps quantify a problem which usually consists of statistical analysis. Also, it is a significant way of measuring the growth of the market.
B2B Market Research Companies
The b2b market research company is a company that makes use of the business-to-business marketing research strategy to help its clients obtain and achieve their short and long-term goals. The b2b market research companies specialize in providing research for clients who want to build in the market sector.
Here are the b2b market research companies. There are:
#1. Geo Strategy Partners
The Geo Strategy Partner is one of the b2b market research companies that centralizes in business-to-business and industrial market research and strategy. Also, specializes in requiring access to hard-to-reach decision-makers.
#2. Adience
The audience is also one of the best market research companies that specialize in international research of projects in a variety of b2b markets such as logistics and transport.
#3. Trc Market Research
Trc Market Research specializes in product development, pricing, segmentation, loyalty, online communities, brand equity research, and conjoint analysis.
#4. B2B International
B2B International is one of the top and largest market research companies with offices in the US, Germany, Asia Pacific, and the UK. The B2B Research has carried out over 4,000 b2b research studies across the world for different companies.
#5. Vernon Research Group
Vernon Research Group gives industries the opportunity of working with advanced degree analysts. In addition, they provide industries with the insights needed to make sound decisions and well-developed plans.
#6. Remesh
Is one of the top market research companies in the world, founded in 2013, located in New York. Remesh is best for concept testing, civic engagement, employee engagement, employee experience, product issue identification, shelf placement, consumer insights, collective intelligence, etc.
What do Market Research Companies do?
They specialize in collecting and analyzing data about customers, distributors, industries, competitors, and other actors in the market sector.
How to Work in a Market Research Company?
One of the responsibilities of a market analyst is to provide businesses with the ability to communicate as effectively as possible with potential customers. Here are the necessary qualifications and how to work in a market research company:
- Get a degree in the field.
- Get solid foundational work experience.
- Obtain certification. One of the common certifications among analysts is the Professional researcher certification (PRC). In essence, obtaining a certification can help and provide you with competency in market research analysis to prospective competency.
Top Market Research Companies in the USA
There are more than ten top market research companies in the USA but here are a few of them. There are:
#1. Attest
Attest is one of the top market research companies in the USA. Generally, it allows different companies to collect data from over 125 million diverse respondents in 58 countries. Additionally, Attest gives its customers access to expert research advice.
#2.Remesh
Is one of the top market research companies in the USA, founded in 2013, located in New York. Remesh is best for concept testing, civic engagement, employee engagement, employee experience, product issue identification, shelf placement, consumer insights, collective intelligence, etc.
#3. Pollfish
Pollfish was founded in 2013 and is located in New York. It is one of the top market research companies in the USA. Also, Pollfish is a modern survey research platform that makes good use of artificial intelligence to help customers create surveys in seconds. In essence, Pollfish is best for, Advertising testing, brand diagnostics, brand awareness, logo testing, and brand perceptions.
#4. Suzy
Suzy is also one of the top market research companies in the USA and the top leading qualitative market research software with the capacity for iterative research. Generally, one of the best parts of Suzy is that it offers qualitative market research solutions such as advertising, behavioral insights, tracking, and measurement.
#5. Bixa
Bixa is a market research studio that centralizes custom UX research services and mobile youth research. Also, offers both quantitative and qualitative research to people trying to validate new markets and understand the target audience better.
#6. Murray Hill National (Dallas)
Murray Hill offers a wide range of both quantitative and qualitative research services such as five-star focus group facilities in Dallas and other forty partner locations.
Which Company is Best for Market Research?
List of the top and best market research companies one can use. These are:
- IRI
- Gartner
- Dynata
- Westat
- Intage
- GfK
- IPOS
Conclusion
Market research is an essential way for developing customer satisfaction and brand loyalty. Also, it is very crucial in promoting a company’s advertising efforts.
Related articles
Reference
