Our client requested to do a competition analysis on the big market research agencies.
As per their request, we did create a competition analysis report. To start with, we took the top 5 market research agencies and did an in-depth overview of each. That involved an in-depth analysis of the financial aspect, services they offer, then the type of clients they serve, and even social presence and traffic to the website. The focus was on quality rather than quantity. The main goal was to benchmark against these 5 companies.
Afterwards, we did research on existing research frameworks. There were many frameworks out there, so we needed to find the top 5-10. For each, we decided to identify templates, existing literature, and examples – so it will be pretty clear how to use it and when.
We also created diagnostic questions for clients. Meaning, that based on the existing frameworks, we created a questionnaire.
Then, data gathering techniques. Within secondary research, we pointed out sources of data that they can use for research (for Saudi Arabia). And within primary research, we did make an overview of tools and approaches they can use in order to collect the data. We added advantages/disadvantages for each technique – and when it is best used.
Data processing. Once the data is gathered, depending on the type, they need to be processed. Interviews are processed differently than questionnaires.
Presentation of results. The last step was to show the client our findings, in a way that is summarized and understandable.
Finally, the 5 market research agencies that were closely observed were: Software Testing Help, The Manifest, Clutch.co, Investopedia, and Statista.
To showcase the analysis of these five market research agencies, a Google Spreadsheet was created, where the specifics of the companies were presented.
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