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What are the key considerations when selecting a market research firm for global business operations?

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If you are running an import/export business, you need to understand the global market trends, customer preferences, and competitive landscape. To do that, you need reliable and relevant market research data from different regions and countries. However, not all market research firms are created equal. How do you choose the right one for your global business operations? Here are some key considerations to keep in mind.

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Industry-specific expertise:

Opt for firms that deeply understand your sector and target markets. This ensures they can offer insights tailored to your unique challenges and opportunities.### *Innovative methodologies:Choose firms utilizing cutting-edge tools like AI and machine learning. Advanced techniques provide more accurate, actionable data to drive your global strategies.

本摘要由 AI 和以下专家提供支持

Marina Alozian

| Import and Export Manager at BYCOP…
Vishal Pathak

Head of Business Research | Business…

1 Experience and expertise

The first thing to look for is the experience and expertise of the market research firm in your industry and target markets. You want a firm that has a proven track record of conducting high-quality research projects for similar clients and sectors. You also want a firm that has in-depth knowledge of the local cultures, languages, regulations, and business practices of the markets you are interested in. A firm that has a global network of partners, affiliates, and consultants can also provide you with more access and insights.

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Marina Alozian

| Import and Export Manager at BYCOP SAL | MBA & MSc in Supply Chain Management | Internal Audit Specialist | 14+ Years in International Logistics
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When picking a market research firm for global operations, we need to keep these points in mind: 1) Look for a company that understands different cultures and markets worldwide. ?? 2) Find a firm that knows your industry inside out. ?? 3) Make sure they use solid research methods. ?? 4) Check their track record for accuracy. ?? 5) Choose a firm that can adapt to your needs. ?? 6) Look for firms using advanced tools for analysis. ?? 7) Check if they have a wide network for global research. ?? 8) Go for a company with positive reviews. ?? 9) Ensure they follow ethical guidelines. ???♂? 10) Make sure you're getting value for the money you're spending. ??

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Vishal Pathak

Head of Business Research | Business Storytelling, Data Storytelling
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One of the top considerations when selecting a market research firm for global business operations is the data quality it offers; it is hard for a non-research background guy to quantify the quality, so the onus lies on the market research firm to repose that faith and offer the best possible insights and data. If the client company can make a rational decision based on the data, it drives the effectiveness of the research conducted.

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Mohammad Mahdi Masoudi

Head of Commercial Department at Fankam Group | Business Consultant and Lecturer | Official Customs Broker
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When choosing such a company, you should consider the following: - Have work experience similar to your requirements. - Getting to know the industry related to you - Adequate knowledge of target markets (including culture, dos and don'ts, manners and customs) - Ability to analyze the market

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Omar Pharook Usuph

FinTech
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This is absolutely true incase things goes wrong, you have an insured plan to cover up any unforseen circumstances. We learn everyday and this contribution is from experience

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2 Methodology and tools

The second thing to consider is the methodology and tools that the market research firm uses to collect, analyze, and present the data. You want a firm that uses a variety of methods and sources, such as surveys, interviews, focus groups, online platforms, databases, and reports. You also want a firm that uses advanced tools and techniques, such as artificial intelligence, machine learning, data visualization, and predictive analytics. A firm that can customize its approach and deliverables to suit your specific needs and objectives can also give you more value.

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刘南齐

数据 | 金融 | 欧洲工商管理学院
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The landscape of market research has changed and is changing very rapidly, especially around data collection, sourcing and derivation. My take on data has always been data are almost always present with certain context and taken out of context is a very dangerous thing, just like how a line out of interview can sound very different out of context. While we should look for cost effective methods involving AI and fast data, we should always look at the underlying methodology and source of data - these are foundations and once mistakes are made at this level, all outcomes are impacted and you may end up with something that looks good but doesn’t work.

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3 Quality and credibility

The third thing to evaluate is the quality and credibility of the market research firm and its data. You want a firm that follows the highest standards of ethics, professionalism, and transparency. You also want a firm that adheres to the best practices and guidelines of the market research industry, such as the Code of Conduct of the European Society for Opinion and Market Research (ESOMAR). A firm that can provide you with references, testimonials, and case studies can also demonstrate its reputation and results.

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4 Communication and collaboration

The fourth thing to assess is the communication and collaboration skills of the market research firm and its team. You want a firm that communicates clearly and regularly with you throughout the research process. You also want a firm that listens to your feedback, questions, and concerns, and incorporates them into the research design and execution. A firm that can work well with your internal and external stakeholders, such as your employees, suppliers, customers, and partners, can also enhance your relationship and trust.

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5 Cost and value

The fifth thing to compare is the cost and value of the market research firm and its services. You want a firm that offers competitive and transparent pricing, without compromising on quality and timeliness. You also want a firm that delivers actionable and meaningful insights, recommendations, and solutions that can help you achieve your global business goals. A firm that can measure and demonstrate the return on investment (ROI) of its research can also prove its worth.

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6 Innovation and adaptability

The sixth thing to check is the innovation and adaptability of the market research firm and its capabilities. You want a firm that keeps up with the latest trends, technologies, and opportunities in the global market. You also want a firm that can adapt to the changing needs, challenges, and expectations of your business and your customers. A firm that can offer you new and creative ways to conduct and use market research can also give you a competitive edge.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the key considerations when selecting a market research firm for global business operations?

1

2

3

4

5

6

7

1 Experience and expertise

2 Methodology and tools

3 Quality and credibility

4 Communication and collaboration

5 Cost and value

6 Innovation and adaptability

7 Here’s what else to consider

Import/Export Operations

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What are the key considerations when selecting a market research firm for global business operations?

1

2

3

4

5

6

7

1 Experience and expertise

2 Methodology and tools

3 Quality and credibility

4 Communication and collaboration

5 Cost and value

6 Innovation and adaptability

7 Here’s what else to consider

Import/Export Operations

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