Market research is a resource-hungry industry; it needs qualified professionals and financial resources to produce quality insights backed by credible sources. Having qualified professionals improves the quality and credibility of research reports, driving more traffic to your business. For a primary research firm, financial resources carry just as much importance as human resources, as getting insights from first-hand sources requires significant investment. 

 

Outsourcing is a great way to manage resources in hand and to keep the business on track. The management team and the employees are often busy performing core operations to ensure revenue for the company. But often comes the time when the management team is busy driving leads, talking with clients, and establishing collaborations while employees are busy producing research reports. During such a busy schedule, it is difficult for the management to handle core operations, and employees are inexperienced in dealing with such situations. 

 

Because of such hurdles and entry barriers, many market research firms get assistance from firms located in developing countries. Developing countries are economically feasible and offer cheap yet skilled labor. Such practices significantly reduce the final cost of services while keeping the revenue intact or even pushing it to regular values. Thus, the market research industry has seen a significant rise in outsourcing activities. Having an outside team managing secondary operations leaves enough room for the management team and employees to efficiently manage core operations and operations that ensure revenue. 

Things to consider while outsourcing:

1. Find the right firm for outsourcing.

The best way to find the right firm while outsourcing is to make a list of firms as experienced, budgeted, and new entrants. Experienced firms have a proven track record in the market but charge a premium for the services they offer. Budget firms have the record to back their quality claims and budget to suit your requirements, but it can be a hit or miss while getting the final outcomes. New entrants, on the other hand, are hungry for opportunities as they pay extra attention to client requirements, quality guidelines, and client satisfaction. 

 

1. Assign quality guidelines to the outsourcing firm.

Setting quality guidelines prior to collaborating with an outside firm can be beneficial for both parties. It offers a set of guidelines for producing outcomes that reflect your requirements and quality standards. 

Make sure that the outside firm;

• Has skilled professionals that share similar values as your firm
• Has the experience and capability to produce well-informed solutions to the problems at hand. 
• Have set a single point of contact to keep you updated with proceedings without you having to intervene in the workflow.
• Is confident towards quality and on-time delivery of outcomes. 

 

1. Final evaluation of the outside firm

Before partnering with the firm in mind, evaluate the following parameters to ensure that you are making the right decisions.

• Ensure that the firm is easy-to-reach or contact with
• Evaluate the time they take to address your queries
• Evaluate clarity in communicating the project development
• Check if the quality requirements were met or were the outcomes matched with your end goals. 

 

Outsourcing is a great tool to ensure cost efficiency and produce quality outcomes. Once you get past the initial hurdles and find the right partner to outsource your work to, you’d be surprised to see how much outsourcing can benefit you in the long run. Asian countries have an affordable yet skilled workforce which is exceedingly beneficial for Western firms due to economies of scale. Many Western companies are already outsourcing their manufacturing operations to firms in China, India, and other Asian countries. The market research industry has also shifted to outsourcing its basic needs, such as survey programming, customer satisfaction studies, feasibility studies, in-home usage tests, PR surveys, employee surveys, etc. India is becoming the hub of outsourcing for global market research firms. 

 

VM Insights is one of the renowned market research firms which has served many global players since its inception in 2021. We are part of VMR, a globally renowned market research company and one of the market leaders. We have forged long-lasting relationships with our clients with our 24x7 support to address their queries. If you have any business queries or questions or would like to work with us, you can reach out to us via:  

 

Email: info@vm-insights.com

Phone No.: +01 (202) 792 6160