Well, the first thing to keep in mind is that market research is a must for any business hoping to succeed.
Market research is the process by which you ascertain who your product is for, what those customers are after, how many potential customers are out there, what the competition is doing, and more. Without collecting and analyzing those kinds of information, you’ll basically be relying on blind luck to launch a successful product. Most businesses do some amount of market research.
This is relevant because, in most cases, a business isn’t choosing between working with an agency or doing no market research at all. The choice is more often between outsourcing market research and doing it in-house. And if the business in question doesn’t have team members with experience in the field, chances are they are operating based on a very rudimentary understanding of the market.
The main advantage of working with a market research agency is taking that understanding of the market to the next level. As this website shows, market research agencies like Kadence International have a wide range of specialized tools they can use to help a business learn more about their customers, as well as learn more about the market in general.
This is information that can be used to determine which products you should launch, which departments you should expand, how you should spend your marketing money, what you can do to overtake your competitors, and much more. It is also information that can be used to help you more accurately assess your position in the market and your growth potential.
Another advantage of working with an agency is — of course — not having to do it yourself. Members of your team may be wasting precious time doing market research that yields questionable results. Outsourcing this task lets your team focus on making your clients happy and performing the core function of your business.