What to Look for in a Market Research Company

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Market Research
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Australia is a country of diversity. The population is a mixture of various ethnicities and cultures. Sydney is the most populous city in not only Australia but also the whole Oceania region. Thus, the Emerald City is the epitome of Australian diversity. This trait makes Sydney ideal for both established and up and coming businesses. Why? Because a heterogeneous population tends to be more open-minded about new things. 

You can easily see that in Sydney’s food culture. Go to Darling Harbour, and you’ll find a plethora of seafood from different cultures. If you’re in Central Sydney, you can get lost in the colors, sounds, and aromas of Chinatown. Stroll your way through Liverpool street, and you may think you’re in Spain.

Such acceptance for new things makes Sydney a hub for startups with fresh ideas or established companies looking to broaden their market. Whichever your business may be, both have the same need: Marketing. Sydney’s diversity is a great marketing opportunity, but it can also be a challenge. You need the right marketing to reach as much of the city as possible. To do that, you may need the help of market research companies in Sydney

Stand Out

If you are a startup in Sydney, you may have the edge over big business. However, you’ll also be competing with other startups. The Emerald City has 35% of the country’s startups. Sure, you can argue your product and branding are fresh, but that is something that every business, new or old, is trying to do. 

Thus, you need to be more than a sore thumb to stand out. When you seek the help of market research companies in Sydney, you need to pick one that will not just spew out new information for the sake of having content. They need to do comprehensive research that will involve both the business and the social sciences like psychology, sociology, linguistics. Only then can you produce a marketing plan that will stand out above the noise.

What Market Research Should Accomplish

Choosing a market research company is a huge investment. You’ll pay for the services of people with the hope, not guarantee, that you will make sales. Thus, you need to be careful when choosing one. On top of the list that they should be able to do is understand your objectives. 

Are you launching a new product? Then your objectives may be to create awareness. Or are you rebranding an old one? If so, then not only should you want to get a new audience, but you should also reinvigorate your current one. If the company you choose to know your objectives, then they have direction.

After they know your objectives, they need to know your demographic. Knowing so will help them decide on what actions to take to reach your demographic. If your target is people in their 50s or older, then a subtler approach may be more appropriate. If your target is on the younger side, then they may be more elaborate to breach through the noise.

Once they know your objectives and demographic, they should know your company and brand. This information will help them set the tone and personality of the strategy they will create. When they have a plan that they executed, they need to know how it is doing. Thus, they need to have some measures of effectiveness. It can be reposted on social media, views, etc.

Lastly, they need to know how to handle money. As you read above, you will pay the market research company for services that you hope will give you sales. If they can deliver with the least amount of money, then that is a huge green flag. Even if the cost is high, if the gains are significantly higher, then it’s worth it.

Sydney is ripe for business. Whether your business is old or new in Sydney, make sure to correctly choose among the market research companies in Sydney.

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