The COVID-19 pandemic changed peoples’ going-out habits. For countless months, people had to take a pause on their normal activities, such as going out to bars, restaurants, and parties. Quarantine and social distancing became the new normal. In fall 2021, as people began to venture out more and more, we saw an increase in alcohol purchasing. In the spring of 2022, Americans continue to purchase alcohol. But who is buying alcohol? What trends do they follow? Where are they drinking alcohol? How loyal are they to their tried and true brands? At Provoke Insights, we created our fourth wave of in-house research with the goals of tracking consumer mindsets, purchasing trends, and brand loyalty in several industries, including alcohol.

Alcohol Purchaser Profiles

In the last three months, 73% of Americans purchased some type of alcohol. Let’s break it down by type.

The Beer Shopper

Beer is the most popular choice of alcohol, with almost half (48%) of Americans purchasing it. These shoppers are more likely to be millennials, male, and parents. Interestingly, beer purchasers are also the most loyal to their brands with over half (51%) agreeing that they are only or mostly loyal to one brand of beer. As they have less apprehension about eating out at restaurants than other purchasers, drinking outside the home is not a concern for this group. In fact, one-quarter are ordering beer while dining out, and one-third are drinking beer at bars. 

The Wine Shopper

Wine came in second place, as 44% of Americans have purchased it in the last three months. These shoppers tend to be female and have children. Unlike beer, wine drinkers are the least loyal to a specific brand as nearly three-quarters are open to trying new labels. They are more likely shopping small business and online. 

The Liquor Shopper

42% of Americans are purchasing liquor. These shoppers are very similar to those who purchase beer;  male, parents, and are less concerned about dining out. While other types of alcohol are more often consumed at home or casual parties, Liquor is more commonly reserved for bars and special occasions. 

The Hard Seltzer Shopper

Hard seltzer has yet to become a popular alcoholic beverage of choice as less than one-quarter (24%) of Americans are buying it. Those who are drinking this product are employed full-time and are willing to pay more for sustainably sourced items. Additionally, these drinkers are loyal, as nearly half (48%) have a hard seltzer brand they only or mostly buy. 

In-Store Sales Dominate

Among all the different types of drinks, in-store purchasing is the most popular method of obtaining alcohol. Only 10% or less of shoppers from each category prefer to purchase online. While online shopping for wine was a popular method last year, it has decreased greatly. In 2021, 41% of wine purchasers bought wine on the internet. However, in 2022, this number has gone down to 10%.

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute survey in the spring of 2022 among 1,500 Americans between the ages of 21 and 65. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.

The rapid development of the internet and technology has opened up exciting new platforms and ways of connecting with others like never before. The recent entrance of the metaverse, in particular, has started to get people questioning how the future of social connection will look. Important questions arise, such as:

• What are the ways that people will be interacting with the metaverse?
• How long, if ever, will it take for this platform to become ubiquitous?
• How will the metaverse change the structure of how we socialize in the material world?
• How will the metaverse affect business and consumption?
• How can the metaverse be utilized for digital advertising and market research?

 While many of these questions cannot yet be answered, it is interesting to speculate how this platform will change how individuals and businesses operate. Similar to the effects of social media such as Facebook and Instagram, we could be standing on the precipice of another shakeup to the structures we are so familiar with.

What is the metaverse?

Before getting into the specifics of the effects of the metaverse, it is first important to explain what it is. The metaverse is a virtual reality network in which anyone can join and collaborate with others. Users engage with a headset that immerses their sight and sound into virtual reality. They can do a wide range of activities, from playing games to talking in chat spaces to building worlds, and the capacity for its use is only growing. Every user has a customizable avatar that can be a realistic or unrealistic representation of their identity.

How the metaverse can be a tool for market research

While the metaverse will undoubtedly affect how we socialize, it will also affect less obvious fields, like market research. While little to none of the following examples are in effect now, they all represent possible changes and even improvements to how market research is conducted.

Virtual Focus Groups & Qualitative Research

One interesting direction for market research is the implementation of virtual focus groups and interviews. Instead of meeting on Zoom, as many companies do, individuals could interact with their interviewees through the metaverse. This could make respondents feel more comfortable, as they can maintain their anonymity while still feeling a person-to-person connection with the interviewer. Furthermore, potentially standardizing all avatars to look a certain way may limit the implicit bias of the interviewer because aspects of the respondent’s identity don’t need to be specified.

Virtual Meetings with Clients

Another way to utilize social interaction in the metaverse is virtual meetings with clients. Again, the metaverse can make the meetings more personable than Zoom while still serving to eliminate bias. Especially in the age when clients and vendors meet less often in person, it could function as a better substitute than Zoom.

A New Way to Survey

A way of integrating surveying into the metaverse is through virtual product testing. This could mean having users enter a virtual supermarket and monitoring which products they would purchase on an average shopping trip. Different simulations could include various iterations of the product design. Instead of simply asking participants what items they would choose to purchase, one could get a more realistic understanding of habits and brand perception by seeing how people act in a simulated setting.

Increased Opportunities for Market Segmentation

The introduction of the metaverse opens up a whole new market of people to target. Marketing efforts designed to target metaverse users could help businesses with product differentiation and brand awareness among a new population segment. For example, companies could pay to have their product placed at a virtual event or integrated into a game. 

Rediscovering Universal Truths

As the metaverse gains popularity, it will be interesting to find points of differentiation between how users engage with products online versus in virtual reality. For example, people will often purchase products that align with their self-perception. It will be interesting to see how this applies to the metaverse, as users can choose a potentially new avatar and persona.

Conclusion

As the metaverse changes how people interact with their environment, it opens up new market research and business directions. Perhaps as we continue to transition more interactions and services online, there will be a pendulum swing back to in-person socialization. Perhaps digital product testing will not be applicable to the material world, given users’ perception of the metaverse as intrinsically fantastical. However, the possibilities are endless now, and the metaverse might be the next big thing.

Interested in reading more on market research? Check out our other blogs here. 

• How to Spot Bad Survey Respondents
• The Pros & Cons of Hiring a Market Research Firm
• The Pros & Cons of Media Research

Are you interested in our market research capabilities? 

• Take a look at our research strategies here.
• Email us at [email protected].
• Sign up for our newsletters here. 

When the COVID-19 pandemic hit, consumers were forced indoors but found that they had more time to focus on themselves. As boredom grew and the walls of homes closed us in, many took respite in the outdoors with activities like running, walking, hiking, biking, and golfing. As many now return to offices and schedules become packed again, are people still prioritizing their fitness like they were during the peak of the pandemic? Who is still exercising and buying fitness gear, and how are they making these purchases? Provoke Insights’ designed our fourth wave of in-house research to track consumer mindsets, purchasing trends, and brand loyalty in several industries, including fitness.

Americans are Active

Americans choose to get moving in their free time. Over half (51%) of Americans report that they exercise as a hobby. Additionally, outdoor activities remain popular, as many Americans continue to enjoy activities like camping/hiking (31%) biking, and golfing (13%.) 

Despite being active, fitness gear tends to be a more infrequent purchase. Few Americans have bought these types of items in the past month (12%). This is slightly down from 2021. The fitness purchaser remains to be a coveted consumer target. They are likely affluent, employed full-time, and parents with children in the household. While they report being optimistic about their future, they remain concerned about the impact of COVID on their health.

Where are Fitness Shoppers Shopping?

Although in-store shopping for fitness gear is strong, online purchasing continues to grow more popular among this target audience. Over half (55%) prefer buying from e-Commerce sites or the brand’s website, compared to 44% who would rather purchase in-stores. While many consumers are confident to shop in person again, the convenience and ease of shopping online is a growing trend that many fitness brands should consider when targeting this audience.

Brand Loyalty is Low

Brand loyalty for fitness gear has room to improve. Out of 15 industries that were scored by brand loyalty, fitness gear ranked 11th with a score of -8.39. However, fitness gear ranked higher for loyalty compared to outdoor gear (-11.89) and general apparel (-15.99). 

Among those who purchased fitness gear in the past month, one-third say that they only or mostly purchase one brand. Since the remaining two-thirds (68%) are open to purchasing new brands, there is an opportunity for these brands to win over this audience in the early stages of the consumer journey. 

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute survey in the spring of 2022 among 1,500 Americans between the ages of 21 and 65. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.

Travel suffered immensely during the start of the COVID-19 pandemic is it halted vacations, holidays, and business trips indefinitely. However, as social plans and business trips begin to re-emerge, consumers are (very) slowly beginning to increase their travel again. Who are these travelers? Where are they headed? What are their perceptions of the airlines, cruises, and hotel brands they book? In Provoke Insights’ fourth wave of in-house research, we aimed to gain insights into consumer mindsets, purchasing trends, and brand loyalty in several industries, including travel.

Domestic Travel

So what is the current consumer sentiment over travel? While over one-third (37%) of Americans are still concerned about vacationing due to COVID, Americans are increasing their domestic travel. In fact, in the last 3 months, almost one-fifth (21%) of Americans took a domestic vacation. Looking ahead, more than one-third of Americans (34%)  have domestic travel plans in the next three months. 

Americans who are planning on domestic travel are significantly more likely to be married. When it comes to values, they will pay more for sustainably sourced items. 

While we all know traveling often comes with a hefty price tag, these travelers are also purchasing other high-ticket items like cars and investing in their homes.

International Travel

While domestic is ramping up, International travel is far less popular. Only 4% of Americans vacationed internationally in the last 3 months. However, a larger pool of travelers (7%) are planning to break out their passports in the next few months. 

So who are the world travelers? They tend to be affluent families. While they are likely optimistic about the future, they still harbor concerns about the pandemic’s effect on the economy. 

Loyalty to Travel Brands

Americans are traveling, and this necessitates purchasing various products such as airplane tickets, cruise trips, and hotel stays. In the last month, 21% of Americans booked a hotel stay, 15% of Americans purchased an airplane ticket, and 2% of Americans bought a cruise trip. The question is: are American consumers of these products loyal to a specific brand?

For airlines and cruise lines, the answer is YES! Consumers are loyal, meaning they tend to stick to one brand when purchasing these products. However, consumers are not very loyal to a specific hotel and are more open to sampling multiple brands. Hotels certainly have their work cut out, to gain travelers’ trust and repeat business!

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute survey in the spring of 2022 among 1,500 Americans between the ages of 21 and 65. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.

While the pandemic may have halted some areas of life, many consumers have returned to treating themselves to the finer things. Even as most Americans continue to work remotely, some still purchase luxury products, such as jewelry and watches, despite these products not being a necessity. Who is still buying these products, and what motivates them to shop for luxury? How have their shopping habits changed due to the pandemic? In Provoke Insights’ fourth wave of in-house research, we set out to track consumer mindsets, purchasing trends, and brand loyalty in several industries, including jewelry/watches.

Who is Buying Jewelry/Watches?

Although luxury shoppers are more optimistic about the future than non-luxury shoppers, they still harbor some concerns. Interestingly, they tend to worry more about their health and jobs because of COVID. 

Cost does not seem to be a large concern for these luxury shoppers. Many are purchasing other big-ticket items like electronics, skincare products, and subscription services. These shoppers are also environmentally conscious, as more than half (55%) are willing to pay more for sustainably sourced products.

Supporting local shops is also important to this group, as half (49%) prefer to purchase from small businesses.

Luxury Shopping Shifts to the Web

Despite rating the in-person shopping experience very positively, luxury shoppers are moving toward online purchases. Compared to those who didn’t make luxury purchases, jewelry/watch purchasers are more satisfied with the cleanliness of stores, customer service, and product availability. Although they are significantly happier with product availability in person, they still tend to head online to purchase these luxury items. 

These kinds of purchases were once made predominantly in-store, but things are changing. Over half of luxury buys (53%) are now made online using e-commerce sites and brand websites. Jewelry and watch brands must account for this technological shift when targeting their average consumer.

Customer Loyalty to Luxury Brands

Brand loyalty is quite mixed in the fine jewelry/watch industry. Less than half (44%) of these luxury consumers are loyal to a specific brand; however, half (49%) are open to purchasing many different brands in this category. 

While consumers are most loyal to autos, there is room for luxury brands to become more top of mind. Consumers are three times more loyal to other retail categories like electronics and skincare. 

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute survey in the spring of 2022 among 1,500 Americans between the ages of 21 and 65. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.

Surveys can help researchers with many aspects of understanding a given market and answering important questions such as:

• How have trends changed?
• What does a brand’s target audience look like? 
• What’s the best way to segment a market?
• Which segments are the most important to target?
• What are potential areas for market expansion?

Because of the weight that surveys hold on informing business recommendations, it is so important that the survey responses are accurate. As this type of research is used to represent a specific population, a large number of respondents are needed to complete the survey.  Most of the time respondents are incentivized to participate in the study.  While in a perfect world every respondent is truthful, sometimes people are more focused on receiving an incentive than answering the survey truthfully.  A few bad seeds also have created survey bots, which is a way for one person to collect multiple incentives quite quickly. 

So how can you prevent bad or fake respondents from getting into your survey?  There are several methods to help make your survey as accurate as possible. 

Tips for Catching People Mindlessly Speeding Through Surveys 

How Long it Takes Respondents to Answer a Question

The simplest way to tell if a person is speeding through the questions and not taking the time to read them is by looking at how long it takes them to complete the survey. After the researchers have determined a normal time to go through the questions, they can weed out the respondents who took an absurdly short time to answer. For example, respondents who take less than a second to answer each question are red flags. 

Straight Lines and Patterns

Often, respondents rushing through the survey will fill out the same answer to every question. For example, if it is a grid-style question where respondents are asked to indicate, through a scale, how likely they are to do something or agree with a statement, they may choose neutral for all responses. The phrase Straight Lines gets its name because, for a grid, the shaded-in responses will form to create an image of a straight line column going down the page. On the other hand, instead of a straight line, respondents filling out the survey in a patterned format may also indicate that the questions aren’t being fully read. These responses may look like Christmas trees or triangles.

Selecting All Possible Responses

Sometimes survey questions will ask respondents to select all the answer choices that apply. For example, a question might ask what the respondent has purchased in the past month. Possible choices could include fifteen choices such as a house, car, watch, and groceries. If the respondent chooses all of the possible choices, which appears highly unrealistic, this may indicate that they are not spending enough time going through the survey.

Tips for Catching Respondents that Answer Surveys Illogically or Incorrectly

ReCaptcha In Surveys

This is the feature that is added to prevent bots from entering the survey in the first place. It is an interface that determines if the user is human based on cursor movements and clicks. Think of when you’re asked to confirm “I’m not a robot” and then to choose all the pictures that include a specific object, such as a stop sign or a certain color car.

Opposite Answers

Respondents that answer survey questions that directly contradict something they have previously recorded are important to look out for. For example, if a respondent records that they are vegan at the start of the survey and then subsequently answers a question indicating that they eat meat often, that is a red flag. 

Red Herrings

Researchers often throw in unrelated questions or answers to surveys to ensure that the respondent is paying attention. For example, surveys might include a trick question, where the statement will say, “Pick Neutral to show that you are paying attention”. It also might be a simple arithmetic question such as, “what is three plus four”. A third example is including ridiculous examples for answer choices. A question could ask about what the respondent has done in the past month and give an improbable choice such as “winning $1 million from the lottery”. All of these questions or answer choices are used to weed out participants who aren’t paying good enough attention or are zoning out. 

Tips for Open-Ended Questions in Surveys

Nonsense Open-Ended Questions

When surveys ask open-ended questions like, “Why are you optimistic about the future” and the answer is something that doesn’t make sense or is just a series of randomly generated letters or words, it is most likely a bot. Even if it isn’t a computer-generated response, respondents who answer nonsensically should be deleted regardless because they aren’t taking the survey seriously. 

Duplicate Responses

When responses to open-ended questions are generic and seem repetitive among different respondents, they are probably bots. Especially when the answers don’t exactly fit the question, such as the answer “I am optimistic” to the question above, “Why are you optimistic about the future”. Additionally, instead of hand-sorting through the responses, many companies will use IP address blockers to prevent a single device from submitting the survey more than once. 

Conclusion

It is important to review and “clean” the data after receiving all of the survey responses to ensure that the conclusions are as accurate as possible. Also, it is worth mentioning that if the survey response meets one of the criteria mentioned above, it isn’t necessarily grounds for an instant deletion of the response. It is important to go back and check through the whole survey to determine holistically if the respondent is suspicious. 

Interested in reading more on market research? Check out our other blogs here. 

• Testing 1…2…3: Quality Assurance in Launching a Survey
• What’s the Difference Between Primary and Secondary Market Research?
• Why Market Research is a Must for Businesses

Are you interested in our market research capabilities? 

• Take a look at our research strategies here.
• Email us at [email protected].
• Sign up for our newsletters here. 

Market research can help with so many marketing and strategy initiatives, including:

• Generating product concepts or ideas
• Launching a new product or service for the first time
• Understanding your brand vs. the competition
• Assess your target audience and prospects
• Rebranding a product or service
• Assess current or potential advertising 
• Monitoring the current market landscape
• Providing thought leadership

Brands mustn’t overlook the importance of market research. Lack of market research or conducting research too late can lead to brand failure, as it has for brands as large as Coca-Cola, P&G, and Microsoft. Timing is critical during every step of a product launch, and all brand strategists and marketing professionals should make research a priority. If market research is pushed to the bottom of the list, potential problems could arise that could have been easily prevented. Also, research helps a brand target initiatives, ultimately improving ROI. 

Before starting market research, it is essential to understand the two types of research: primary and secondary. 

Secondary Research

What is Secondary Research?

Secondary research, often called meta-data analysis, involves compiling and analyzing already available information. Information can be obtained through online databases, libraries, and online searches. With a range of readily available resources, including articles, studies, and even past studies, secondary research can arm brands with available knowledge, as well as map the white space, so brands are not echoing research that already exists. Along with traditional resources, a brand can look at innovative ways to get data, such as visiting a museum or online sources that assess your competitors’ websites. 

Some areas you can analyze using secondary research include trends and competitive analysis. In an ever-changing market, this methodology can assess how e how social, cultural, economic, political, and environmental trends impact your business. It can also be used to analyze all aspects of your competition, including market situation, promotions, channels, messaging, and touchpoints.

Map the White Space 

Although the name may be misleading, secondary research can be the first step in conducting market research. Brands that commission secondary research can gain a better understanding of their industry, including top competitors and trends in the market.

Secondary research can be cost-effective and provides a broad range of information. Additionally, if your brand is thinking about conducting primary research, commissioning secondary research first can guide your initiative and prevent duplicating efforts (e.g., producing research already out there). 

Behind a Paywall

While there are many free and public-facing resources, many valuable databases can only be accessed through subscriptions. It is important for brands considering secondary research to partner with a research firm that has access to information that may be behind a paywall. This proprietary knowledge gives brands an advantage over the competition, as they will be better armed with insights that will make a real impact on the next phase of their custom research. 

Primary Research

What is Primary Research?

Primary research is research that is not already out there; it produces original, fresh data for a range of initiatives. So how do you collect primary data? Depending on the objective of the research, you may conduct qualitative research, quantitative studies, or a combination of the two. 

• Quantitative research, also called descriptive, is designed to help project what a population looks like (e.g., demographically, behaviorally, attitudes). It is number focused and ideally has over 250 respondents in the analysis to be statistically representative of the population. Surveys are the typical methodology to execute this type of data. Typically this methodology includes mostly close-ended questions. Quantitative research is great for projecting market potential, developing audiences, and assessing brand equity or advertising campaigns. 
• Qualitative research, also called exploratory, is directional in nature and focuses on gaining ideas and insights. This is often done through focus groups, in-depth interviews, ethnographic research, and online boards. Qualitative guides mostly include open-ended questions. The research also includes a moderator to help guide the conversation and probe for additional information. Qualitative is useful for product or advertising idea ideation, as well as helping you walk in your consumers’ shoes. 

Conclusion

Both primary and secondary research can be highly useful when successfully launching a new brand. Overall, both types of market research in your brand’s business plan are crucial for success.

Interested in reading more on market research? Check out our other blogs here. 

• Why Primary Research is Necessary When Launching a Brand
• The Importance of Secondary Research When Launching a Brand

• Why Market Research is a Must for Businesses

Are you interested in our market research capabilities? 

• Take a look at our research strategies here.

• Email us at [email protected].
• Sign up for our newsletters here. 

A brand name needs to stick in consumers’ minds; it should be unique, memorable, and fit with the product or service image. Name testing can be conducted qualitatively or quantitatively. When a company is at the beginning stage of name development, qualitative research can determine where they begin. This kind of research guides a firm on which areas to focus on regarding naming for a brand.

If the company has a few names already developed, a survey can help narrow down which name most resonates with the consumers. Typically this type of research includes open-ended feedback and a list of criteria to analyze each name. Following the assessments, the target audience often ranks the names by preference. Research can also help discover names that could be offensive or misunderstood. 

Here are some pros and cons to consider when naming a brand: 

The Pros of Brand Naming Research

Connect With Consumers

A brand name should spark emotion in consumers, which draws them toward the product. If the name connects well with the consumers, there is a higher chance that the brand will remain at the top of the target audience’s mind. Brand naming research will help a brand find that perfect name that consumers will love. A good brand name also unifies the brand across all advertising and promotional materials.

Ensure Success

Testing names through survey research helps brands discover which names are winners or losers. Consumers will love some names, but they might associate others with negative attributes that could hurt the brand’s success. Some brand names may be perceived as high quality and memorable, while others may be offended. Brand name research has saved companies from disastrous launches with names that may not resonate with the consumers. A great name may not be right for the product, as consumers may not relate the name to the product. Testing a name before launch decreases the risk of something going wrong.

Eliminating Uh Ohs

While a name may sound good to internal stakeholders, the consumer may have a different perspective. Name testing can ensure that the name is appropriate for the brand. For example, it doesn’t sound too babyish or sexist. Unknowingly, a name may incite another imagery. For example, once when conducting research many years ago, a technology firm wanted to use the name “vistro.” However, many consumers thought it reminded them of food because of the word “bistro.”

The Cons of Brand Naming Research

Takes Time

As with any research, surveying brand names is a process that takes time. It cannot be done overnight. There are many steps, such as developing the questionnaire, administering the survey, analyzing the data, and writing a report. For companies in a time crunch, this is a consideration that must be taken into account.

Added Cost

Another consideration is that research is not free; it costs money for a market research vendor to correctly conduct these exercises. It can be costly to pay for the experience, resources, and time needed to conduct quality, effective research customized to your company. 

Conclusion

Research for brand naming is extremely valuable when launching a new brand. It helps companies find a brand name that will resonate with consumers and lead to the brand’s success. While time and cost must also be considered, the benefits of brand naming research are undoubted.

Interested in reading more in our Pros and Cons series? Check out our other blogs here. 

• The Pros & Cons of Hiring A Market Research Firm

• The Pros & Cons of Media Research

• Pros & Cons of B2B Market Research

Are you interested in our market research capabilities? 

• Take a look at our research strategies here.

• Email us at [email protected].

• Sign up for our newsletters here. 

Market research is vital for business growth and expansion. Understanding the market and the consumer helps build brand image and develop effective marketing strategies. To excel beyond the competition, it is essential to be aware of what’s happening in the industry, what’s being said by the public, and how this could impact your brand. However, not all businesses have the expertise or ability to do their own market research, which is why hiring an outside firm can be beneficial. Here are the pros and cons to assess when thinking about hiring a market research firm.

The Pros of Hiring a Market Research Firm

Proven Methods Deliver Highly Accurate, Reliable Results

Market research firms specialize in research, so they have the necessary tools and knowledge to provide your brand with highly accurate, in-depth information. Many researchers have academic training and have worked in the industry for several years. Using their past experiences and data, they can uncover tailored research needs and brainstorm creative solutions. They will know what methodologies to use to craft the most impactful story for your brand launch, strategy shift, or marketing campaigns. 

Less experienced individuals may conduct research that results in inaccurate data.  As a result, their findings may tell an inaccurate story and create an ineffective strategy. 

Unbiased, Third-Party Opinion

Your brand can gain a neutral, unbiased opinion from an outside firm. The firm can provide ideas on research methods and marketing strategies. Since they are not part of your company, they will rely on objective research and expertise to develop unique recommendations tailored specifically to your brand. In addition, consumers may be more open about their opinions and experiences when responding to an independent research company, rather than a brand representative.

Credibility & Engagement

The press loves original research. Hiring a market research firm gives brands original, credible research that can be used to differentiate from the competition and is seen as more trustworthy by viewers. Additionally, content that contains original research generates more website traffic, social shares, and mentions online.

The Cons of Hiring a Market Research Firm

Costly

Hiring a market research firm is not free. It can be costly to pay for the experience, resources, and time to conduct quality, effective research customized to your company.

While it can be expensive, research had proven the ROI.  Research can refine your market strategy, tell you which advertising creative is most effective, and even give you a concise go-to-market plan.

Requires Time

Firms cannot conduct meaningful research overnight. It takes weeks and even months to analyze the results, create a strategy, and execute the plan. Although research plans can be made for a certain timeframe, it is simply not possible to get immediate results, especially when hiring an outside research firm that is conducting research for various clients at once.

Conclusion

Market research is incredibly useful for growing a business, but there are many factors to consider. Hiring a market research firm can be extremely beneficial to gaining an expert, unbiased, and credible view. However, one must keep in mind the limitations of cost and time.

Interested in reading more on market research? Check out our other blogs here. 

• The Pros & Cons of B2B Market Research

• Behind the Scenes of a Successful Insights Panel

• The Pros & Cons of Media Research

Are you interested in our market research capabilities? 

• Take a look at our research strategies here.

• Email us at [email protected].

• Sign up for our newsletters here.