Should I Hire a Market Research Company in Uganda
Should You Hire a Market Research Company in Uganda?
Opening a new business or launching a new product often means venturing into unfamiliar territory where, having knowledge about your target market beforehand, can be the difference between success and failure.
Prosperous and thriving businesses always endeavour to have robust data and insights into customer preferences, what competitors are up to and emerging trends within their industry. This is the type of information and data that comes through conducting market research.
However, the field of market research in Uganda is not yet a widely adopted practice, thus very many businesses have not or are not keeping abreast of the critical areas that affect their businesses. This is one of the major reasons why 1 in 2 businesses in Uganda fail, according to official statistics.
Market research is ignored by many business owners in Uganda because most are either afraid that hiring Professional market researchers will turn out to be very costly, while others are confident their product or service is flawless or they are certain their business will thrive since other similar businesses may be successful.
For these reasons, you may be wondering whether or not you should hire a Market research company in Uganda. While it may be daunting to choose the right company among the select Market research companies in the country, it is crucial that businesses make this selection, especially since the majority of businesses in Uganda may not have the technical proficiency or capacity to conduct proper market research in-house.
As the leading market research company in Uganda, Researchtec works with data on a daily basis, which we combine with our thorough understanding of local business dynamics and industry best practices across Uganda, in order to give you cutting-edge insights and market intelligence rooted in facts.
This combination of local industry knowledge, coupled with years of in-house functional and analytical expertise, enables our professional market researchers in Uganda to conduct market research that delivers results.
Most companies in Uganda don’t have this kind of expertise in-house, ready to conduct surveys, observe consumer behaviour, study competitors, and conduct face-to-face interviews with businesspeople, politicians and other knowledgeable sources to get the latest information, insights and data that can help their company make the right decisions that will lead to more sales and revenue.
Why should you hire a Market research company in Uganda?
Professional market researchers can help you study your market, consumers and competitors in order to gather critical information you need to make informed decisions.
Here are more reasons why employing the services of a Market research company in Uganda may turn out to be one of the best decisions you’ll ever make for your company.
Provides a renewed and objective viewpoint
If you directly asked your customers for their opinion on your product or experience with your service, chances are, they will very likely give a biased response. Most of your respondents will expectedly give you positive and withhold negative feedback and constructive criticism that could be valuable to your company.
This a scenario that will not happen if you hire a third-party market research agency to conduct market research in Uganda on your behalf. Hiring a third-party market research agency produces more unbiased and honest responses from customers since they will be more comfortable opening up to a third party. This automatically removes bias from any data and insights gotten from such research.
Verified techniques that provide effective insights
If you hire professional market researchers in Uganda, they are trained to employ tried and tested techniques, instruments for analysis and industry-standard principles to deduce the most accurate information and effective insights for your business.
They can leverage their research experience to meet your need for bespoke research and deduce inspired and resourceful solutions to guide your business decision-making process.
Research conducted in Uganda by Market research companies is considered more reliable and credible by the audience since it’s done by a neutral party that is less likely to be swayed by bias. Declaring that the findings were obtained by an objective, professional and reputable market research firm attaches more weight and credibility to the associated results.
A market research project is oftentimes a complex undertaking that goes beyond the mere gathering of information, to designing the appropriate tools, choosing the suitable methodologies, analyzing the data and deriving actionable insights that can influence business decisions and create impact.
Having proficiency and years of experience in conducting market research in Uganda gives a research company authority in the field, leading to more reliable findings.
Audiences are less likely to trust research findings, especially positive research findings if they are generated by your company because they will be viewed as a ploy by your company, to oversell itself.
Imagine a manufacturer of beer in Uganda publishing a study from their public relations survey stating "Our survey shows that Ugandans prefer our beer brand over that of our competitors"
I’m sure you would believe them! Not.
How can a Market research company in Uganda actually help your business?
Professional market research companies in Uganda can analyze your target market, business and industry as well as provide detailed analysis, interpretation and evidence-backed recommendations to build or grow your business. Just because you are able to do market research yourself does not mean you are the best at doing it.
Not only do professional market researchers possess the knowledge and experience, they also have the necessary resources and manpower to handle and successfully implement a comprehensive market research project.
Below are some of the ways a professional research company in Uganda can prove invaluable in conducting your market research.
There are plenty of areas that require special attention when developing, executing and analyzing data from a market research project. Whereas choosing the appropriate methodologies and tools may be a daunting task for the business owner, it is a market research company’s forte.
In other words, to get the best out of your market research in Uganda, you will need to contract the services of a professional research agency.
Finding the sample population
The sample population simply means the people that will be participating in your market research. Time and again, when research is done in-house, there is a predisposition towards sampling from a list of existing customers. This is called convenience sampling because, as the name suggests, obtaining the sample is easy, straight forward and convenient. It, therefore, takes a proficient market research company in Uganda to select the most suitable sample for the most accurate results.
Choosing the questions to ask
Granted that you may know all the ins and outs of your business, choosing the right questions to ask may not be as straightforward. Expert market researchers are those that have mastered the art and are able to formulate the exact questions that need to be asked in order to prompt the answers you require to derive insights.
Analysis and Interpretation
The market research process produces typically a great deal of data. However, it remains unusable and meaningless if it is not analyzed to uncover patterns and relationships that may be embedded within the data. Many businesses may be able to collect the data, but end up facing challenges in analyzing and deriving meaningful and impactful insights from it.
Data analysis and interpretation are one of the specialities of Researchtec. Our professional market researchers in Uganda have the ability to decipher the message the data is relaying, make sense of it and simplify it into more digestible insights that can be used to formulate recommendations and possible solutions.
Whatever Your Market Research Needs in Uganda are, We Can Help. Call Today for a Consultation! Let Our Market Research Experts Give You the Information You Need. Talk to Uganda’s Expert Market Researchers Today.