Market research provides valuable insights that can help businesses make informed decisions about their products, services, and marketing strategies. However, one of the biggest decisions that companies face when it comes to market research is whether to conduct it in-house or outsource it to a professional agency. What are the pros and cons of these two?

1. Cost
At first glance, in-house market research seems cheaper, since companies don’t have to pay for external services associated with hiring an agency. But, it needs to be noted that the employees in research department are fully aware of the company’s internal goals and concerns, which may affect their objectivity and distort the results. As we know, mistakes cost money.
2. Expertise
Although companies that conduct market research in-house can develop expertise in this area, which can be valuable for future projects, professional market research agencies have access to the latest research tools and techniques, and can provide holistic insights from their experts.
3. Time
The research process, data collection, and analysis can be time-consuming. Outsourcing market research will save companies time, as they have dedicated teams to conduct research projects.

How do you do your market research? Share your thoughts down below!