Market Research Vendors – The Good and the Bad
Market research vendors are an important part of market research. They are a bridge between the buyers and the sellers. They familiarize themselves with the needs of the organizations and collect the relevant information from the consumers. A 2015 Corporate Research Report discussed a few complaints that clients generally have with their 4 Primary Steps in the Market Research Process. Many people reported being dissatisfied with their market research vendors. Based on the responses received, here is the differentiation between the qualities of a good vendor and a bad vendor.
Let’s first see the traits of bad market research vendors
They do not spend enough time studying their clients
The market is an enormous place to work in. There are so many options for the recipient that it is impossible to make the right decisions. This has created a pressure on the market research vendors of offering variety in their work. The solutions provided by them are pre-designed. They do not customize their work according to the client because they don’t study the client enough. There is nothing more resenting to clients than the market research vendors not knowing them.
They Consider Clients as an ATM
It is true that businesses are run for making money but considering clients as a money-making machine is the worst thing a market research vendor can do. Instead of converting the business deal into a personal relation, such vendors land with broken contacts. Clients dislike this quality the most as they always look out for deep and lasting relations with their colleagues.
They give solutions without knowing the client’s requirements
This is a little similar to the first bad quality but it is accounted as a different problem altogether. Market research vendors deal with so many clients every day that the feeling of knowing everything takes over them. This leads to them focusing more on saying than listening to the client. The client pays the vendors to listen to their problems and then offer solutions. They never desire pre-assessed solutions.
Qualities of a Good Market Research Vendor
Provide a trustworthy staff
A good vendor will always supply his best staff to all his clients, whether old or new. This staff is extremely reliable so as the clients do not have to worry about their work.
Make relations not money
Successful market research vendors aim at achieving bigger goals. This drives them to accept losses only to save a relation. They care about their profit as much as they care about the relationship with their client. This attitude ensures them regular business from their clients.
Accept mistakes and mend It
It is important to accept a mistake and strive to fix it, irrespective of what field you belong to. Apologizing for mistakes makes the clients want to do more business with the market research vendors, simply because of their acknowledging behavior.
Market research vendors should gain trust with every new project that they work on. Successful vendors believe in talking less and doing more. This differentiation is extremely important to understand as it helps to create better market research vendors as well as an improvised market environment for everyone involved.