As we head into 2021, the Australian economy seems to be well on the road to recovery from the global pandemic. With extended periods of time in between new COVID-19 cases and the efficient rollout of new vaccines, there is a sense of optimism within Australia’s communities that has been boosting the confidence in the country’s economic endeavours. With a consumer confidence score of 109 per cent, the Australian economy reflected positively with strong retail spending over the holidays.
It begs the question, how can businesses ensure that this positive trend in retail endures well past 2021? How and where can one acquire accurate and reliable information about the dynamic market? Know your options: should you build your own research team or hire an Australian market research agency to do the task?
In-house Market Research
In-house marketing research applies to studies conducted by organizations using their own employees and internal resources. Bigger companies that can afford shoulder-to-shoulder expenses usually have dedicated marketing teams to regularly conduct market research on behalf of the organization.
Benefits of In-house Marketing Research
One of the obvious advantages of having your own market research team is how much you save on ongoing reports. With your own team, you won’t have to undergo the tedious process of finding reliable third-party market researchers.
Unfortunately, sourcing for members on your own might mean you end up with in-house researchers with less experience in your field and may be less efficient compared to good outsourced specialists.
- Field Expertise in the Services and Products in Study
Another benefit to having your own in-house research team is that you can be sure that the researchers you employ have enough knowledge about your business’ products and services.
The downside is that an in-house team might lack objectivity, resulting in biased results that might prove troublesome in the long run.
Outsourced Market Research
If building an in-house team is not an option, don’t be afraid to outsource your research team. With good research and some patience, you can narrow down your choices and find the best Australian market research agency that can cater to your specific business needs. Third-party service providers make up for the distance in flexibility and skill and come with the advantage of an outside perspective that an in-house team might lack.
Benefits of Outsourced Market Research
- Unparalleled Experience
Top market research agencies are experts at gathering relevant information on market trends with an efficiency difficult to replicate, thanks to their years of hands-on experience.
- Strategically Created Questions and Surveys
A seasoned research company knows exactly what questions to include in their surveys and what best research methods to use. Experience gathering data and efficiency in turning results into timely reports is crucial to getting the best service.
- Credible Study
Last and most importantly, working with a seasoned, professional research team is an added assurance that the data collected for you is accurate, legally-obtained and credible. After all, it’s the company’s reputation on the line.
Finding the best research company to suit you ultimately depends on your company’s goals and objectives. Different research companies might have different specializations or employ a work structure that’s incompatible to your team. Though it may feel like a risk to outsource your research, connecting to experienced and skilled market research experts can only help you in the long run.