What to look for when hiring a market research company in Uganda
If your business decides to come up with a new advertising campaign, launch a novel product, or simply want to look out for new business opportunities, conducting market research can be the one thing that separates the winners from the losers.
One of the biggest reasons why so many businesses in Africa fail is that very few have grasped the role of getting feedback from the market.
Business is a two-way communication between a seller and buyer. The seller must listen to what the buyer wants, then act accordingly. Market research is the means by which two-way communication occurs between sellers and buyers. Market research is thus about businesses listening to buyers of their products or services.
Market research is extremely common in developed economies such as the USA and Europe because business leaders in developed markets understand market research is an important aspect of every successful business development endeavor, whether you're working on a startup, introducing a new product, or rebranding.
Lack of proper market research is one of the most critical problems faced by businesses in Africa. Many businesses in Africa have failed to grasp the importance of capturing accurate research on their markets, consumers or competitors, which is critical in preventing business failure.
Nevertheless, the decision to carry out market research in Uganda is just the starting point. An equally important decision, once the decision to undertake market research is finalized, is what to look for when hiring a market research company in Uganda.
Finding a market research company in Uganda can be a daunting and exhausting process and yet choosing one on a whim is a grave mistake that will be to you and your business’ detriment.
It is therefore imperative that you carefully comb through the numerous market research companies in Uganda for the perfect fit for your unique needs.
Qualities a Market Research Firm in Uganda Should Have
As you cross-examine and explore various market research service providers, you may find difficulties knowing exactly what to look out for. For this reason, therefore, we bring you the topmost qualities to look for when hiring a market research company in Uganda.
Recent relevant industry in a wide range of industries
While many market research companies in Uganda will not waste their bragging rights for accumulating years of experience in an industry, you ought to search an inch further to uncover what sets the firms apart from one another. This can be accomplished by taking a closer look at the company’s research projects in your industry over the last two years.
They may hold several years of experience in your industry but if they haven’t been acquainted with your industry over the last two years, then your industry’s needs cannot be undoubtedly claimed as being an area of their expertise.
What's more, a number of market research companies in Uganda merely specialize in a given industry, and yet market research is among the fields in which having experience in more industries is always better. For instance, many market research companies in Uganda specialize in social research or political & governance research. This type of research is geared toward governmental institutions and NGOs rather than private businesses. Such a research company will have skills geared toward social or political policy rather than market, consumer, or competitor analysis.
With that being said, seek out a research company with a wide range of clients encompassing both B2B and B2C, with a broad variety of industry sectors. Remember to also request to view their client list as well as a few case studies.
Recent and relevant Real-World Research Methodology experience
Start out by enlightening the research company about your specific research question in order to see the methodologies they will recommend. Following the identification of a methodology, find out whether the company can name a similar study in which they applied this very methodology to arrive at a comparable objective.
If evidence indicates that they possess broad practical experience with these methodologies, then this company will be capable of deriving the most insight from a study using that very methodology.
Tailored process/design for each research project
The ideal market research company in Uganda should offer to design a personalized market research project for you by adapting their processes to your specific needs bearing in mind your research question, budget, and business goals.
Look out for boutique companies having researchers with several years of qualitative research experience as larger firms tend to offer standard project designs. Make sure to also inquire about the onboarding process you will be subjected to. It should entail meeting up or reaching out to you personally to get a deeper understanding of your needs as opposed to an assurance by the company that everything will be handled, which often indicates that they plan to subject you to a generic research process they’ve used before.
Pass on value to your company
As you choose among the market research companies in Uganda, be sure to select one that does not just bring data but also offers value to your business. Value can be seen from case studies which can reveal financial results as well as profits of former clients.
Another way to discover the value the research company has brought to other customers is to request for testimonials or references.
A team of experienced qualitative and quantitative researchers
While knowledge in the areas of qualitative and quantitative research can be acquired in an academic setting, it can only be perfected through continued practice in the real world. Research activities such as study design and moderation of focus groups require experienced researchers that have been in the field longer and hence gained exposure to multiple industries and varieties of studies.
Dedicated Team Members & Project Managers
Market research is hardly an isolated process but is however an involved one. You must therefore make sure you have a point of contact at the research company to deal with all the questions you may have, provide updates and also provide a progress report.
Inquire about the person who will specifically be your point of contact at the market research firm and endeavor to be sure that they are the right fit.
Finding the best market research company in Uganda for your business does not happen overnight. To increase your chances of choosing a top market research company such as Researchtec Global, look out for the qualities mentioned above to ensure you choose one that is proficient and reliable enough to achieve your business goals.
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