Recommendations for Market Research Buyers
How to Choose a Suitable Market Research Provider
Considering the hurdles in achieving accurate and reliable results of Market Research in China, proper selection of a Market Research firm or provider should be carefully made. The firm should be able to address the actual condition and the issues associated with the target population. The following are some points to consider:
Contacts or Connections
A good Market Research firm should have multiple respected and talented local Chinese contacts that will help in contacting reliable sources of firsthand information to research. Local Chinese contacts guide researchers on laws regarding data collection and other procedures affecting a particular Market Research project. These local contacts could also help in pooling subjects for surveys and interviews, and verify the accurateness of translated questions in surveys. Local Chinese contacts do not only pertain to individuals but also to a partner research provider locally doing business in China. Engaging with local contacts is important in a Market Research project in China in the sense that local Chinese subjects are more likely to participate when someone in their locality is involved. Local contacts or connections are also beneficial in identifying regions in China that may be vital to the attainment of research objectives.
Reputation
A Market Research provider should have a good reputation in the Chinese business community and with the Chinese government. Established reputation of Market Researchers in China win the trust of Chinese businessmen and receive privileges in accessing vital company and market information, opening a gateway for extensive data collection significant in the establishment of the research agenda.
Tested and Proven Methods
Choosing a suitable Market Research provider would mean selecting a firm with reliable and tested performance in the industry. Efficient application of research methods and sampling based on experience is an edge that established Market Research firms in China enjoy. If the Market Research firm or provider is yet to identify the precise means of conducting Market Research in China, auxiliary costs could be an issue tempting them to slice costs for the conduct of standard research activities. As a result, outcome of research will not reflect the current and actual trends of behavior, feelings, and conditions of the local people.
Consider the Experience of Market Research Firms and Familiarity of the Indigenous Way of Life
Familiarity of Market Researchers in the indigenous way of life is a big plus to the effective conduct of Market Research in China. This is a significant factor which implies that working or conducting research on familiar grounds would translate to a greater advantage. The more exposed a Market Researcher is in developing a research project in China, the more likely they are to find appropriate ways of overcoming the problems or issues. This exposure will also provide opportunities to test the Market Researcher’s skills and techniques for the effective minimization, if not, prevention of inaccuracies.
Consider that the Market Research Provider is Cost Effective and Results-Oriented
The decision to engage with the services of a Market Research provider in China also requires the assessment of their cost-effectiveness and objective accumulation of research information. Unbiased judgment makes the conduct of research a likely representation of the population. There are several Market Research providers in China but choosing one would be a difficult task. Analyzing their performance frameworks would be a good thing to consider before any contracts are signed.
Pick a Provider Who is Familiar with Western Culture, Business Practices, and Languages.
China’s fast economic growth and low labor costs made the country an attractive prospect for investments. In preparing to invest in China, MNEs and investors pour much of their resources to Market Research in order to understand market trends, investment regulations, and culture. MNEs and other investors see the significance of being knowledgeable in all aspects of China’s market. Although much effort is needed in drawing conclusions from research, Market Research providers should also be well-informed with their client’s culture and business practices. Knowledge in these areas would allow Market Research providers to effectively supply reliable Market Research information. In addition, knowledge in Western language will facilitate the effective relay of communication avoiding confusion and waste in time.
Build a Trust Relationship
Success in doing business in China is anchored on trust. Prospective investors pay much attention on this aspect as many others have failed or are having difficulties with how to win the trust of local Chinese counterparts. Respect and being true to your words are few ways to effectively build trust relationships with Chinese businessmen and locals. Investors should be committed not only to the delivery of results but also on how one managed to come up with such results. To simplify, the delivery of credible results should be at par with how such results were compiled including respect for local customs, practices, and religion. Research instruments and design should match the delicate nature of Chinese cultural orientation in order to win their trust and build better business relationships.