Top Successful Market Research Companies for Startups in London in 2023

Market research is gathering inputs, opinions, and feedback from potential consumers. This information helps companies identify target market, products, and services. It involves two types of research, namely primary and secondary. The blog talks about what market research companies do, how much do companies pay for market research, and why companies carry out market research. Additionally, the blog talks about a few market research companies start-up entrepreneurs can contact to up their business.

Market Research helps determine the value of a product through research and surveys conducted with potential customers. The data collected through such research provides critical insights for companies to make well-informed decisions. It involves collecting information about the consumers for a business to perform effectively and succeed in the market. Market research is imperative for any business, be it big or small. It aids startups in making critical decisions during the initial setup.

Startups must perform research ahead of commencing the venture. They can either do it by using existing information about the industry or conduct their research by engaging a market research firm directly. There are five fundamental reasons for startups to conduct market research: market need, business location, competition, customer need, and marketing practices.

There are several types of Market Research. It can be primary market research, secondary market research, qualitative, quantitative, branding, customer (loyalty, satisfaction, segmentation, etc.), competitor and product research, etc. Combining data across primary, secondary, qualitative, quantitative, and the critical area of product/reason for the research in an effective marketing strategy is essential. Primary research is when self collects information, and Secondary research is data collected by a third party like surveys, websites, etc. 

Research provides excellent insights into your business and the broader marketplace and helps enhance your customer base, improve your business and reduce customer churn.

Are you wondering about what market research companies do?

Market research helped startups collect and analyze customer data, competitors’ performance and strategies, distributor information, and other factors to promote a successful business.

Let us see how much companies pay for market research.

The cost of research could vary based on the method or type. For example, online surveys in the UK could cost around £1,000 depending upon the number of participants. Likewise, focus groups of ten persons could cost about £500 for a 60-minute session. Telephone interviews cost around £35 each.

The UK is the largest startup nation in the region, attracting massive funding through venture capital. Several market research agencies have supported such businesses with exponential growth in startup firms. Let us look at some of the popular market research companies in the UK.

Here are top successful market research companies for startups in London: