Beware the market research company that does all types of market research. Most companies don't actually do all types of Market Research at all, least not well. And the few that actually do conduct all types of research and do quality jobs of them all, tend to be very, very high end companies with very large staffs and with prices that are not reasonable for most startup companies. Those companies spend money like IBM - full service groups, or like the SAP implementation.
The smart way for smaller businesses who have decided to conduct some inexpensive market research to verify a few assumptions in their business model to ensure that they're not headed in the exact wrong direction. The challenge is that to get the most from your research dollars you need to find a market research company that already understands the product or services that you intend to offer, and they've conducted research with similar deliverables before (so they, with your pocketbook, are not reinventing the wheel).
It's actually not that difficult to find a small market research firm that 1) knows your industry and 2) specializes in the type of research that you need to conduct.. However it's very important if you want to get the most out of your research dollars, and find a partner who really cares about providing quality, actionable information. Often times these smaller companies will take a personal interest in learning more about your business, your competitive situation and put together a much broader and better research presentation than a much larger company who feels that their impressive credentials more than make up for the homework that they don't have to do.
For my startup I'll find a smaller company that really does want to become a partner and help you through any research projects that might come up. If you have any trouble finding such a company, send me an e-mail and I'll do a little bit of homework on your behalf to help you find a few appropriate market reseach vendors that that fit the bill.
Chris Hawkes
Chawkes@MarketResearch101.com <a href="http://www.marketresearch101.com">MarketResearch101</a>.
