Three Ways To Determine Whether You Should Do Market Research Internally or Externally

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Information about Three Ways To Determine Whether You Should Do Market Research Internally...
Marketing

Published on February 25, 2014

Author: ColemanWick

Source: slideshare.net

Three Ways To Determine Whether You Should Do Market Research Internally or Externally Part Two of an Eight Part Series on Successful Research Engagements www.colemanwick.com

There are many factors that go into deciding whether to do market research internally or externally. For instance, you may have a budget that prohibits having a market research team on staff or your company is growth oriented and could use the perspective of an outside firm to ensure you are not overlooking any critical opportunities. Here are some scenarios you may face when making this decision. 2

1. If your company already has an internal market research department, you may want to weigh your options based on each specific project. Here are some of the advantages and disadvantages of utilizing your company’s internal market research department.  Advantages:  Pace is set internally and the department can react quickly to a change in business needs  Can be lower costs associated for small projects  Able to work with other departments in real time  Disadvantages  It may be difficult for an internal team to think outside of the company’s cultural beliefs and it may also be difficult to spot new opportunities or threats emerging due to the limited scope of research knowledge they have within the company.  May not have access internally to databases, tools and people with relevant expertise and experience  Geographic restrictions 3

2. Even if your company has an internal market research department, it is sometimes wise to utilize external help for special projects.  If you do not have a specific capability, area of expertise or technical tool inhouse, hire outside to fill the gap.  If the project holds your company accountable to outside stakeholders, it can be beneficial to provide research from an external source so as to ensure credibility and take the liability off of your company. 4

3. Many companies do not have the resources to have their own internal market research department and would benefit from having an external firm resolve their research needs.  This way, a company can benefit from the full knowledge and resources of a market research firm without making the long term investment of hiring an experienced team and acquiring the proper tools. 5

Odds are, the best choice for your company will vary with your company’s age, budgetary constraints, access to human capital, and market research needs. Weigh all of your options before making a decision and don’t forget to do your research! 6

Contact Information ColemanWick, LLC. 13125 Shaker Square, Suite 202 Cleveland, OH 44120 Phone: 216.991.4550 Email: info@colemanwick.com Website: www.colemanwick.com www.colemanwick.com

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