Information about markets and target groups is essential for successful business management. But not all companies can afford their own market research department. However, they can make use of the advantages of an external corporate market research department. This is a team of experts that supports companies in all questions related to corporate market research.
This team works like internal corporate researchers and has the know-how to generate crucial information about markets and customers using the most effective tools and research service providers.
That’s why external market research departments work closely with companies and manage the research process with a focus on the company’s goals. To do this, they develop and implement a customized market research plan that includes suitable methods and instruments for data collection. They translate business goals into research questions, monitor the quality of market research in collaboration with research institutes, and help transfer the research results into marketing strategies.
5 Advantages of the External Market Research Department
Below are five key advantages that speak in favor of using an external market research department:
1. Quick availability and flexibility: The managers of the external market research department are available at short notice and can be deployed quickly to handle urgent projects or temporary bottlenecks. They offer flexibility by being engaged only for the required period. This means no long-term commitments for the company.
2. Experience and expertise: The interim managers often bring extensive experience and specialized knowledge from various industries and projects. This expertise can help optimize market research processes, implement innovative approaches, and introduce best practices into the company.
3. Objectivity and fresh perspectives: As external professionals, the interim managers of the external market research department have no preconceived opinions or internal blind spots. Their objective viewpoint and fresh perspectives can help find new solutions and effectively address existing challenges in market research.
4. Cost control and efficiency: The external market research department works within clearly defined timeframes. This allows for better cost control, as payment is only made for the actual period of need. In addition, they can become productive quickly and work efficiently, as they focus on their core tasks and do not require long onboarding phases.
5. Change Management und Transformation: Interim managers of the external corporate market research department are often experienced in dealing with change processes and can help manage transitions, introduce new systems, or implement structural changes in the market research department. They support the company in adapting more quickly and successfully to changing market conditions.
Frequently Asked Questions about the External Market Research Department
1. When should a company hire an external market research department?
When your internal market research team is overloaded and too many projects and studies are running simultaneously. When you don’t have a market research department at all, or when you quickly need support from a strong and competent partner. That’s when you should bring in external experts.
2. What is the benefit of external market research managers when working with research institutes?
External researchers bring specialized expertise to identify the research offer with the best price-performance ratio and to align methods with strategic questions. They select the right research partner and ensure that the recommendations can be translated into strategic action. Throughout the research process, they conduct thorough quality checks. This creates a solid foundation for marketing decisions.
3. Wie lange dauert es, bis die externen Partner unser Geschäft verstehen?
External market research departments quickly familiarize themselves with the specific requirements and characteristics of your company. This takes no more than half a day, as they are used to jumping into new environments and industries. In addition, their fresh perspective offers valuable insights that internal teams may overlook.
4. What does an external market research department cost?
External departments are often more cost-efficient than setting up and maintaining an in-house team. They avoid fixed personnel costs and related investments in training and technical infrastructure. You can book external interim managers at package rates or daily rates. These vary depending on the manager’s level of seniority and the duration of the project. Over the course of a project, their fee may even pay for itself more than once through efficient use of the research budget.
5. How secure is our internal data when working with external partners?
The same data protection regulations apply to external market research departments as to all other internal and external service providers. These are, of course, followed carefully. You can be confident that your business matters and strategic data will not be disclosed. You can further increase security by providing protected company laptops for the duration of the assignment.
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Neutral market research consulting – BESTVISO
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