Market Research Book:
Checking Agency References and Follow-Up
by By Kathryn Korostoff, Research Rockstar LLC
(part of Chapter 7: Market Research Agency Selection)
While you should always check a research agency’s provided references, it’s also smart to look for more objective sources who can attest to a firm’s capabilities. In addition, the way in which a market research firm follows-up their proposal submission says a lot about their communication skills and style.
Read on to learn about checking market research agency references, and other steps you can take in choosing an agency.
Checking References
Ultimately, part of the proposal review process is calling references. Of course, keep in mind that the references offered in proposals are cherry-picked. Although they can still be valid, it does mean that you have to be a little bit skeptical.
I always prefer to check the provided references and seek other unofficial references who can speak to the companies’ abilities. Maybe you have a contact who has worked with this firm in the past. Maybe you use a business-specific social networking site that you can leverage to find unofficial references. Many MR firms have a page on their website that lists client names. It is worthwhile to peruse that list in case you happen to know anyone at these companies.
Not sure what to ask during these calls? Here are five questions that will get to the heart of the matter:
- Would you hire this firm again? (Listen for “Yes, but . . .” responses.)
- What type of project did it do for you? What methodology was used?
- What could it have done better on your project? (Listen carefully for between-the-lines inferences.)
- What did you think of its final deliverables? (This is where the rubber hits the road on most projects; a firm might do well throughout, but then its reporting or presenters disappoint, which can derail an otherwise well-run project.)
- What did you think of your project manager? (Listen for comments that might help you assess your potential style fit with the firm.)
Follow-Up
The last step of the proposal review process is assessing the degree to which the company has done a good job of following up. Did it just send the RFP response by email and leave it at that? Did it do a good job of following up with phone calls? Did it ask for the opportunity to present its proposal in-person? It’s surprising how many MR firms really don’t do a good job of following up. Does it really matter? I think so. If it doesn’t have time enough to follow up, does it have time for my project? Is this firm resource-constrained?
Responsiveness during follow-up is also a good way to assess potential fit. How somebody responds to your questions during the sales process can be indicative (although not always) of how he or she will respond to your questions should you engage them. A good way to get a sense of the agency’s work ethic and client focus is to ask questions after you read its proposal. Now, after you read the proposal you probably will have questions, but if you need a little inspiration, here are some questions that might be relevant:
- What will your sample source be (if not specified clearly)?
- How much time do you suggest for the final presentation, and what is the format you recommend?
- Can you share an example of another project where you (insert relevant example: Gathered data from our specified countries? Did in-depth interviews with recent college grads? Had to provide a focus group moderator well versed in social media topics)?
- How will we collaborate on questionnaire/discussion guide design?
- What challenges do you anticipate? At what key points will we have the greatest risks?
How Long Should I Give a Market Research Firm to Respond to an RFP?
The answer to this question varies a lot by an RFP’s complexity. At the low end, four to five business days are a minimum. After all, the agency is going to need a day to get the RFP into its pipeline to work on the proposal, and two or three days, even for a basic proposal, to make sure that it puts together the fee estimates and the methodology appropriately.
A large study, say $100,000 or more in size, with a multinational component, is very complex to design and cost out. In that kind of scenario, you need to give an agency at least 10 business days to respond. If you give them less, their response will be rushed—you won’t get the best pricing or the most thoughtful recommendations.
What if I need pricing now?
It happens to all of us. Every once in a while, we have an urgent need for MR and we don’t have time to go through a formal RFP process. In such cases, there is nothing wrong with calling a few select firms, giving them a broad-brush idea of what you need, and asking them to give you a rough price range for budgeting purposes. In the agency world, we all are asked to do that from time to time, and as long as you set realistic expectations and understand that the pricing could be plus or minus 20 percent, it’s absolutely fine to do.
This is an excerpt from the book, "How to Hire & Manage Market Research Agencies," which is available on Amazon. Published by Research Rockstar LLC. Copyright © by Kathryn Korostoff. All rights reserved.
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Browse "How to Hire + Manage Market Research Agencies" by section
Intro: Maximize Success: Know The Risks
Understanding Market Research Challenges
Chapter 1: Know Your Goals
Planning Your Market Research Project
Defining Appropriate Goals For Your Market Research Project
Practical Market Research Planning Considerations
Questionnaire Design Risks: The Challenge of Staying Focused
Defining Project Goals Through Questionnaire Real Estate
Chapter 2: Defining Your Project's Scope
Project Scope: Product Concept Testing and Message Testing
Project Scope: Market Segmentation
Project Scope: Customer Loyalty and Win-Loss Research
Project Scope: Brand Awareness and Needs Discovery
Revealing Sponsorship of Your Market Research Project
Planning For Your Target Population: B2B or B2C?
Chapter 3: Considering Internal Audience
Understanding Your Internal Audience: Research Receptiveness
Dealing With Hard-Core Market Research Skeptics
Chapter 4: Leveraging Existing Research
Leverage Existing Research
Chapter 5: Planning Your Agency Relationship
Building a Relationship With Your Agency
Hiring a Market Research Agency: Managing Your Budget
Chapter 6: RFIs and RFPs
The Benefits of RFIs
The RFP: Finding Great Research Partners
A Few Helpful Reminders on RFPs
Chapter 7: Market Research Agency Selection
Tips For Reading Market Research Proposals
Checking Agency References and Follow-Up
How to Check Market Research Agency Credentials
Choosing the Right Market Research Agency
Chapter 8: Managing the Agency
Project Management Planning
Keeping Your Market Research Project On Track
Chapter 9: A Successful Deliverables Strategy
Planning Your Market Research Deliverables
Planning a Great Presentation of Research Results
Presentation Tactics and Options
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