Market research can help you learn a lot about the cannabis industry, as well as your competitors. It can help in your product development decisions, your products’ introduction to the market, and in marketing them to customers.
These are just some of the many important things market research can do for your business. So making sure you outsource such an important task to a good market research firm should be your priority.
If you’re looking for a cannabis market research company in New York, here are the following things you should look into.
Experience and Expertise
You want to make sure they have relevant experience in your industry. To find out how they can genuinely help you, ask about their recent relevant experience. This can be demonstrated using data from prior studies in your industry or with the same target group that will take part in the market research you have in mind.
The research company should be able to offer relevant work they’ve done in the last two years, at least. If they have not handled any cannabis market research in the last two years, then it can’t be their expertise.
Because customer research can assist your organization in making informed decisions, it’s critical to pick a research firm that can provide real value to your company. Check if they have delivered real results to other companies by looking at reviews from past clients.
Requesting testimonials or references might help you discover how much value they’ve given to other companies. Case studies can also be indicative of a company’s reporting and what results they can deliver in terms of profits.
Market research has a reputation for being expensive. However, it is possible to do cost-effective market research, and there are market research firms in New York that can conduct them. Low pricing does not always mean poor quality or lengthy turnaround times.
So, find a research partner that can collaborate with you to come up with an approach that will answer your questions while remaining within your budget.
If the quote exceeds your budget, look for a company that will work with you to reduce the depth of the report to match your budget.
If the market research firm truly wants to collaborate with you, they will make it happen.
While some market research firms excel at research, they fall short when it comes to analysis, insights, and recommendations. You don’t want to receive a report full of charts and graphs with little to no narrative, takeaways, or next steps.
Charts and graphs are important, but they should not be the primary focus.
When fieldwork is finished, many market research firms consider the market data file to be the final stage. But it isn’t, as it’s only the beginning of the research.
An executive summary summarizing significant topics, insights, and takeaways about your cannabis consumers should be included in the market research reports.
Make sure the firm you want to hire can perform research using a variety of methods. If a survey is required, a firm that solely performs surveys will be useful, but remember that the approach may change once the objectives are fully met.
You’ll want to go with a firm that can handle other research methodologies. It’s sometimes required to use a combination of research methods and you’ll only feel confident that your questions have been fully answered if the firm used a variety of methodologies.
Some of these include focus groups, in-depth interviews, mystery shopping, and more.
Contact ISA Group
If you need a cannabis market research company in New York, contact ISA Group. This market research company specializes in cannabis research and they have a team of experts who are not only good at data gathering, but also analysis.
They have been in the business for many years and have helped many companies – like yours – improve their cannabis products and their company as a whole. Get in touch with them now.