At some point, every business owner must assess the benefits and drawbacks of outsourcing. A small business owner can’t hope to grow a business without outsourcing some aspects, or else the entire point of having a business will be lost. Losing all your freedom and making tons of money isn’t what you want. You want to have freedom and a balance of life and a business. Therefore when you want to outsource something, it’s important to look the pros and cons of outsourcing that particular project or task. Let’s start with the cons of outsourcing your market research so we can end on a high note with the benefits.
Cons of Outsourcing Your Market Research
You must give up control
For some people, this might enter into the pros of outsourcing marketing research. However, for most people giving up control is very difficult. You will have some say over the research and what deliverables you want but other than that you’ll have to be hands off and let the experts do what they need to do.
It can be pricey
Hiring experts to conduct marketing research isn’t cheap. But, you don’t want to lowball it either by hiring people who aren’t really experts, because that may cost you more in the long run. If you don’t have the right budget, you may as well do it yourself.
They may survey or reach the wrong people
Research companies often have huge databases of consumers that they use to conduct the research with. This may miss the mark as it might not be your target audience.
They don’t know your business like you do
The fact is, no one knows as much about your business as you do, and you cannot expect them to. When letting go of control over the research you’ll also lose some of the personalization that you can offer.
Pros of Outsourcing Your Market Research
You don’t need to spend the time
The saying that “time is money” is true. If you are busy doing what you do best, it’s going to be really difficult to find the time to conduct market research at all, much less appropriately.
You get an objective source
Another company isn’t going to be as emotionally attached to the outcome of research as you are. Therefore, they may be able to get more accurate results.
Professionals have the right tools
Some research tools are super expensive for one business to pay for. Research companies have to buy software and mailing lists and other services that would not be feasible for one business to buy for its own research.
You can get fast results
Since a market research firm specializes in this area, they will have a team of people on your project and be able to offer fast turnaround times.
Once you write down the pros and cons that are unique to your situation, assess your budget and determine how you will go forward. But, whatever you choose, don’t skip conducting market research. It is one of the main differences between businesses that succeed long term and those that do not.