Market research agencies: how to stand out amongst the competition

Competition is fierce in the market research industry. If you want your market research agency to thrive, you need to find a way to stand out. It can be tough, but with the right strategy, you can set yourself apart to attract more business and retain your valued customers. Here are some tips on how to do just that.

1. Use technology to offer innovative market research solutions
2. Spend more time with your customers to help them understand their results
3. Deliver market research results faster than the competition
4. Tell a compelling story with the data
5. Static vs. Interactive reporting: give power back to your clients

1. Use technology to offer innovative market research solutions

In today’s tech-savvy world, clients are looking for market research agencies that can offer innovative solutions that make use of the latest technology. If you attended any of the European or North American market research conferences last year, I’m certain you will have seen a number of creative solutions on display. From reimagining survey research by using WhatsApp to collect data, or building 3D & VR environments to mimic real-life experience concept testing, there is no doubt that the market research industry is evolving.

While these examples might seem a bit daunting if you don't have access to a team of developers, you can always start by striking up a partnership with an agency that has an offering adjacent to your own, or purchasing access to technology that already exists. If you can show them that you’re using cutting-edge tools and techniques to gather and analyze data, you’ll be one step ahead of the competition.

2. Spend more time with your customers to help them understand their results

One way to set your market research agency apart from the competition is to offer a higher level of customer service at the results stage. At the end of the day, your client wants to understand their results. They want to know what it all means and how they can apply it to their business.

Picture this: you deliver the typical PowerPoint report and maybe even offer a 1-hour debrief. For most research agencies that's it - project delivered, invoice sent - but you take it a step further. You have a 2-hour session booked with your client 2 weeks after the project has been delivered. In the session, you discuss how they've used the results from the project, any questions they have, anything they would have done differently, and any insights they feel they are missing.

By adding this extra step, you're showing that you're committed to helping them implement the findings and make a positive impact on their business. This extra level of customer service will not only differentiate you from the competition but will also build trust and deepen your relationship with your clients.

You never know, you might uncover some unanswered questions that require deeper research.

3. Deliver market research results faster than the competition

You may have read the point above and thought, "That sounds great, but where are we going to find the time to do that?". At Indico Labs, we know that when it comes to market research, time is of the essence. That's why we've developed a platform that allows researchers to build their reports directly from the data tables.

Indico Labs Report Builder takes care of the annoying and time-consuming formatting and base note creation, so your researchers can deliver insightful reports more quickly. This way, you'll be able to stay ahead of the competition and deliver market research results that are accurate and timely.

Take a look at our video tutorial, showing you how to create a top-line summary report from your survey data in under 5 minutes with Indico Labs.

Request access to the Indico Labs Report Builder:

4. Tell a compelling story with the data

With the time that your researchers have saved on charting and formatting, they'll have more time to focus on developing an insightful narrative around the data.

Storytelling is key in delivering compelling market research reports. The ability to take data and turn it into a story that makes sense of the numbers and resonates with the client is a skill that not all market research agencies have.

When writing a report, consider what the key takeaways are and craft a narrative around those points. Start with the most important insights and work your way down to the smaller details. Remember to focus on how the data can be used to improve the client's business, or to help them make a decision - that's what they're interested in.

If you can tell a story that is both informative and engaging, you'll be sure to impress your clients and stand out from the competition.

5. Static vs. Interactive reporting: give power back to your clients

We've all delivered a report to a client, only for them to return asking to update the whole document based on a new audience. With the Indico Labs switch data functionality it's easy to update the report in seconds, but why not consider giving power back to your more data-savvy clients?

Until now, interactive reporting in the market research industry has been limited to clunky and expensive dashboards, or uninspiring results portals.

With DashBox from Indico Labs, you can turn your reports into interactive data presentations, allowing your client to explore the data in a way that suits them. DashBox is easy to use and interactive, making it a breeze for clients to understand their data.

Generating DashBox links for your customers is so quick and easy that you can make interactive reporting accessible and affordable for any project. Whether it’s a big budget, international tracker or a one off Omnibus project, you can create stunning interactive reports that will engage your clients and help you win more business.

Contact us today to learn more about DashBox and how it can help you take your market research agency to the next level.

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‍Key takeaway

Standing out from the competition as a market research agency can be difficult, but it's not impossible. By delivering results faster than your competitors, telling a compelling story with data, and giving power back to your clients, you can set yourself apart and make an impact on your clients' businesses.

At Indico Labs, we specialize in providing market research solutions that help our clients win more business.

Ready to take your market research agency to the next level? Book a demo with us and find out how we can assist you on that journey!