DIY In-house Research- Is it worth it?

A prevailing question in the minds of a business owner is “Is DIY in-house research a better option?” Quite a pertinent question considering the ease of doing research as well as the effectiveness of cost. Yet, the answer to the question is not that simple.

Let’s look at the situation this way:

01. Large Scale Research: There are plenty of in-house activities that an organization has to look at. Conducting market research under such circumstances may not be ideal since key details of research run the risk of being overlooked. For consultancies, however, the job is market research. So, the chances of details being missed due to parallel concerns are significantly reduced.

02. Customized Requirements: In the customization of requirements, in-house research may fall prey to biases. If an error occurs at the level of customization, the whole research is bound to be unsuccessful. A consultancy acts as a third party that takes an objective view and eliminates bias.

03. Limited Time: On some occasions, you may simply not have the time and resources to invest in market research. Market research follows a tedious sequence of activities pre, at, and post-study. Moreover, collection of data is not enough, you will also need someone to target the right customer base and interpret the accurately and efficiently.

04. Analytics: Market research professionals have sharpened skills and an agile mind honed just for market research. Such expertise can only be found among those who specialize in this field. Oftentimes, in-house researchers either lack the knowledge or the informed support staff necessary to execute plans and analyze data.

05. Focus: An organization’s focus is usually divided into many tasks at hand. This may or may not allow time for the kind of focused study that market research demands. A consultancy has experts who devote complete focus to research alone. As a result, the data accumulated and the analysis is close to perfect.

Market research is accurate, effective, and better when done by experts in the field. Any lapses can lead to severe consequences such as inaccurate targeting, wastage of resources, lower sales, and loss. It is up to your discretion to make a wise decision measuring the pros and cons of both forms of research.