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:
Market Research Companies
Research Now SSI
Research Now SSI company offers a comprehensive suite of online research services, including online surveys, sample solutions, and data collection. With over 6 million panelists in more than 40 countries, Research Now SSI provides startups with access to a large and diverse pool of potential customers.
Toluna is a global online market research company that helps startups gather insights from consumers around the world. Its platform allows you to create and distribute surveys, analyze data, and collaborate with other members of your team in real-time.
Nielsen is a global leader in market research, offering a range of services including online surveys, in-person research, and data analysis. With a presence in over 100 countries, Nielsen can help startups gain a global perspective on their target market.
YouGov is a leading market research company that specializes in public opinion research. With a panel of over 9 million people in the UK and millions more globally, YouGov can help startups understand what consumers think about their products, services, and brand.
Ipsos MORI is a leading market research company that has been helping startups and established businesses make informed decisions for over 75 years. With a wide range of research services, including online surveys, focus groups, and data analysis, Ipsos MORI can provide valuable insights into your target market.
GfK is a market research company that specializes in providing data and insights to help businesses make better decisions. With a wide range of research services, including online surveys, in-person research, and data analysis, GfK can help startups understand their target market and make informed business decisions.
Kantar Millward Brown is a leading market research company that specializes in brand research and advertising effectiveness. With a range of research services, including online surveys, focus groups, and data analysis, Kantar Millward Brown can help startups understand how their brand is perceived by consumers and make informed decisions about their advertising strategy.
Harris Interactive is a market research company that offers a range of online research services, including online surveys, sample solutions, and data collection. With a global network of panelists, Harris Interactive can help startups understand their target market and make informed business decisions.
Survation is a market research company that specializes in public opinion research. With a focus on online surveys, Survation can help startups understand what consumers think about their products, services, and brand.
Opinium Research is a market research company that specializes in online research, including online surveys and data analysis. With a panel of over 200,000 people in the UK and a focus on fast, accurate results, Opinium Research can help startups understand their target market and make informed business decisions.
C Space covers automotive, electrical goods, fashion, FMCG, retail, telecom, travel, tourism, etc. They use face-to-face, focus groups, group discussions, online communities, workshops, etc., to gather information.
Skopos supports in-home entertainment, business, personal finance, online gambling, interactive entertainment, media, technology, telecom, etc. In addition, they use mobile surveys, online communities, online focus groups and surveys, user experience, etc.
2CV focuses on government, charities, alcoholic drinks, entertainment, fashion, FMCG, media, etc. They perform in-depth, executive, face-to-face interviews, focus groups, mobile surveys, qualitative, quantitative research, etc.
Watermelon is a customer experience, insight, and fieldwork specialist. They adopt multiple techniques like in-depth, face-to-face interviews, focus groups, in-store/exit interviews, user experience, workshops, etc., to study consumer behaviour, experience and loyalty.
The Firefish Group is a contemporary strategic insight consultancy. They use Adhoc, ethnography, semiotics, tracking, user experience, etc., and support industries like FMCG, energy/utilities, fashion/clothing, in-home entertainment, food, healthcare, online retail, toys/games, telecom/mobile/internet, etc.
There are many successful market research companies in London that can help startups gather valuable insights into their target market. Whether you’re looking for online surveys, focus groups, or data analysis, these companies can provide the tools and expertise you need to make informed
If you are interested to learn more about current developments in the environment of London Startups, we have the ultimate London Startups ecosystem report ready for you.