What to Watch Out for When Choosing to Work with a Market Research Agency: Top 3 Red Flags

In this article, we present the essential aspects to consider when selecting and collaborating with a market research agency.

At the same time, you will learn how collaborating with MKOR provides access to data that measures the perception and experience of your brand’s consumers, data that will help you better value market opportunities.

To ensure the long-term success of your company, it is essential to understand the market and consumer behavior. Conducting a proper market study, done in collaboration with a marketing research agency, can provide valuable insights.

However, to fully benefit from this collaboration, it is important to know what to look for when working with such an agency.

So, how do you know which aspects ensure a successful collaboration and which are the red flags to watch out for?

Well, we might be a bit biased, but let’s present MKOR’s perspective. 😊

The Importance of Diversity in Research Methods

Today, you can find a wealth of information just a click away. But none of it is personalized and tailored to the specifics of your business (note, not just your industry), just like market research should be. To obtain relevant results, it is essential for market research to be based on a variety of research methods.

At MKOR, every collaboration starts with understanding your business objectives for which you want to conduct market research. Then, we take care of defining the right methodological mix for your research project.

Through diversity in research approaches, MKOR ensures that we can collect quality and relevant data, considering the varied perspectives of consumers.

Within our research agency, we have specialists capable of implementing a wide range of techniques and approaches to collect and analyze data. These methods include both quantitative and qualitative research: surveys, interviews, focus groups, observations, mystery shopping, and secondary data analysis (sentiment analysis). Each method has its own strengths and limitations, and combining them can offer a more comprehensive understanding of the studied phenomena.

Moreover, we have developed a research tool to discover consumption habits in Romania: Consumer Trends.Live. This is the first ongoing market study offered in real time in 7 industries: IT&C, Fashion, Jewelry & Watches, Personal & Cosmetic Care, Furniture & Decorations, Electrical & Electronics, and DIY.

Each business needs complex research approaches. At MKOR, we take into account these aspects and ensure we develop the best methodological mix to address the specific needs of each client and deliver personalized results.

Expertise, Communication, and Data Quality

The three major aspects to analyze when choosing to work with a market research agency are:

• Reputation and expertise in the field;
• Communication and collaboration with the agency during the offer period;
• Data quality and access to a nationally representative sample or respondents relevant to your business.

You can evaluate the first two criteria by analyzing the available information online, reviews on the Facebook page or Google Review, and by analyzing the agency’s website and social media presence.

Analyzing the website of a marketing agency to verify its reputation and expertise in the field is an essential step before deciding to collaborate with that agency.

Here are some steps to perform this analysis:

• Evaluate the research portfolio: Look for detailed case studies describing the agency’s previous projects. Check the diversity of clients and industries they have worked with.
• Reviews and testimonials: Look for the testimonials section on the site or testimonials left by clients in articles presenting case studies.
• Experience and qualifications: Check the “About Us” section to find information about the agency’s history, mission, and core values. You can even go further and analyze team members’ profiles, including their previous experience, qualifications, and specializations. A team with diverse skills and vast experience is an indicator of a trustworthy agency.
• Offered services: Compare the services offered by the agency. An agency with a wide range of services is more versatile and adaptable to various marketing needs.
• Published studies and educational resources: Check the blog section or resources for articles, case studies, guides, and other informative materials. Consistent publication of valuable content indicates a high level of expertise.

Further, check the online presence and social media activity of the agency you want to collaborate with. Consistent activity and valuable content are good signs.

To verify how communication and collaboration go during the offer period, contact the agency to evaluate the quality of customer service. Prompt and professional responses are a good indicator of seriousness and commitment.

Also, if the agency offers an initial free consultation, take advantage of this to discuss your needs and evaluate the agency’s knowledge and approach.

In general, this is something we strive to offer at MKOR. Before any project, we have a face-to-face meeting (for those in Bucharest) or online to understand your research needs and how our team of experts can add value through the market study we can conduct together.

Regarding data quality and access to a nationally representative sample or respondents relevant to your business, it is important to have a discussion about data sources to understand the primary and secondary data sources used by the agency.

The quality of data sources ensures the relevance and timeliness of the information obtained, especially with correct sampling and national-level representativeness.

Moreover, pay attention to preliminary discussions, as well as the agency’s website analysis, to assess their ability to provide actionable insights.

Later, if you select a research agency to collaborate with, be careful about:

• The frequency and details of intermediate and final reports;
• Clarity and transparency in presenting the results;
• The agency’s ability to understand and adapt to your project’s needs;
• Responsiveness to feedback and adjustment of methodology as needed.

Top 3 Red Flags – Time to Run

#1. They have superficial expertise in research and your field of activity

Pay attention to how the agency presents itself online, the number of years it has been in the market, and its clients and collaborations. If you can’t find this information, it might be time to look for another market research agency.

Experience cannot be replaced 100% by technology or the use of artificial intelligence. The best way to learn is through practice. Also, the size of the research team is very important. Try to find out how many researchers will work on your project.

An equally important aspect here is to discuss with the marketing agency about research methods and try to discover what they know from a methodological point of view.

Make sure that any data source is representative or relevant. The accuracy of methodological approaches is a constant concern at MKOR.

For obtaining reliable data, we are interested in the rigor of the objectives, research design, sampling, and data interpretation, as well as reporting.

#2. The way the agency presents itself online is negligent and sporadic

Analyze their social media presence and the information presented on their website. If a market research agency does not have a consistent and relevant online presence, it does not mean it is super-busy with its clients. This can indicate negligence in evaluating and presenting results obtained for clients.

Also, if you cannot find detailed information about client portfolios or industries for which they conducted market studies, it might be that they do not exist.

The way a market research agency presents itself tells you a lot about the expertise and attention to detail they have.

#3. The agency does not seem interested in understanding your business and research needs

If during the discussions, the market research agency is more interested in talking about themselves, about their clients, or how dynamic their team is, this can be a warning sign.

You need a market research agency that seeks to understand your needs and provide solutions. They might not do this if:

• They do not ask questions to understand your business;
• They do not propose research objectives aligned with your business goals;
• They do not try to get to know your clients.

At MKOR, discussions go both ways. We are interested in getting to know our clients to offer the best solutions tailored to their needs and the profile of their business.

How MKOR Works in Market Research

The first step in planning a market research study is to define the research objectives, based on what you want to achieve and obtain for your business or the company you work for.

Together, we ensure that the research objectives are relevant to your business strategy.

Depending on the research objectives, we establish the research design, the methods used, sample selection, and data collection.

Sample selection is one of the most important aspects of research because the results of the research depend largely on the quality of the sample.

At MKOR, all data is collected in a standardized way so that comparisons can be made between different samples and studies.

After the data is collected, we analyze and interpret it with the utmost care to highlight valuable information about your brand, consumer perceptions, or other data obtained based on the type of market study conducted.

Subsequently, we present the research results in easy-to-understand and clear reports, so that you can use them to develop business strategies and impactful marketing.

We like to create concise analysis reports, presenting information extracted from the study in an easy-to-understand format that can generate clear marketing actions for your business.

We will present a written report and can organize an in-house session or at your company’s headquarters for a more detailed presentation to plan other studies we can conduct together.

In general, our presentation includes the following information:

• Context and objectives of the study;
• Methodology used in the research;
• Sample of respondents and their demographics;
• Key findings of the research, including strengths and weaknesses;
• Recommendations.

MKOR reports are creative, including graphics, diagrams, and other visual elements to make the information easier to understand and retain.

Additionally, the explanations that accompany the graphics are clear, specific, and detailed enough to transform them into actionable steps for your next marketing measures and business strategies. Moreover, our practice at MKOR is to send a one-minute follow-up care package covering future action directions.

Discover how MKOR can transform your market research into a competitive advantage. We are just a click away.

Are You Ready to Focus on Your Business Potential?

MKOR is an innovative and agile research agency. We firmly believe that information collected directly from the market about consumers and their perceptions of your brand offers a clearer picture of the potential, as well as the challenges, of the company you work for. Agility and empathy in business are our superpowers.

Schedule a meeting with us today for a personalized study, tailored to your organization’s research needs.

With well-defined objectives, we can achieve:

• Consumer studies, including studies that evaluate consumer experience;
• Brand tracking studies;
• Consumption behavior studies through the interactive platform – Consumer Trends.Live.

We help you better understand the preferences and needs of your employees to become a top employer and attract the most valuable people to your team.

Moreover, we help you get clear and actionable business answers quickly through Agile Research.

Agile Research is a flexible market research service through which you can address 3-5 specific questions, having access to a nationally representative sample.

Ultimately, this might be the best starting point for developing a long-term partnership with MKOR.