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.
Top Successful Market Research Companies for Startups in London
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.
Top Market Research Companies for Startups in London
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.
- Founders: Dave Savage
- Founded In: 2000
- Employees: 101-500
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.
- Founders: Darren Mark Noyce
- Founded In: 1995
- Employees: 100-150
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.
- Founders: Didier Truchot
- Founded In: 1975
- Employees: 500+
Ipsos covers almost all the major industries and adopts techniques like communities, online qualitative, immersive research, open exchanges, labs, curation, workshops, custom panels, etc. The company serves more than five thousand clients across several industries and the globe.
- Founders: Vincent Nolan
- Founded In: 1989
- Employees: 51-100
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.
- Founders: Mark Squires
- Founded In: 2012
- Employees: 51-100
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.
- Founders: Wendy McDougall
- Founded In: 2010
- Employees: 51-100
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.
- Founders: Ben Marks
- Founded In: 2004
- Employees: 21-50
YouthSight specializes in entertainment, education, training, alcoholic drinks, online media, sports, leisure, etc. They use several techniques like interviews, mystery shopping, online communities, online surveys, panels, qualitative, quantitative research, questionnaire design, etc.