Making a Case for Hiring Marketing Strategy & Research Firms: Unknown Unknowns

Photo credit: Valerie Everett on Flickr.Businesses need to make some tough decisions when allocating their marketing budgets.

With the current economic conditions, it is tempting for businesses to attempt to save money by cutting back on their marketing strategy and research spend.

All of the inexpensive Do-It-Yourself (DIY) market research tools out there make it even more enticing for businesses to attempt to do their market research in-house.

However, I would argue that the money spent on hiring a quality marketing strategy and research firm to help you with your marketing strategy and research needs can often have a greater positive impact on your business’s bottom line in the long run than the money that you save by doing your market research in-house. (If the data that you are collecting in-house isn’t valid, are you actually saving your business any money?)

Unknown Unknowns

As the former United States Secretary of Defense, Donald Rumsfeld, once said, “There are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know.”

No matter what your political affiliation is, most people should be able to recognize that this is a very profound statement.

In fact, identifying the unknown unknowns is one of the main reasons why businesses hire marketing strategy and research firms and business consultants in the first place.

In other words, businesses not only hire marketing strategy and research firms and business consultants so that they can gain from their knowledge and insights and find answers to the questions that they want answered, but they also hire them to identify potential issues that they are unaware of that can have an effect on their bottom line.

The Importance of Specialization

One of the benefits of hiring a marketing strategy and research firm to help your business with its marketing strategy and research is the fact that this is what they live for.

As a result, marketing strategy and research firms will generally hire people with the proper training to handle your specific business needs. This is their area of expertise and how they make their living; therefore they have a vested interest in keeping up with the current trends and issues that can have an effect on their clients’ businesses, including yours.

Furthermore, their experience working with other clients will help them identify key issues that are common in all businesses. In other words, you can benefit from their experience and avoid making some of the same mistakes that other businesses have made in the past. As you know, this can save you time and money.

Never Underestimate the Value of Collaboration

Marketing strategy and research firms often have several people working on similar projects, giving your business access to even more knowledge.

Therefore, even if a new issue is identified that the people who are working on your project haven’t encountered in the past, there is a good chance that one of their colleagues has.

This is a resource that most likely wouldn’t be available to your in-house staff.

Conclusion

Some difficult decisions need to be made when businesses allocate their marketing budgets.

With the current DIY market research tools out there, it is often tempting for businesses to try to do their market research in-house.

However, the money spent on hiring a quality marketing strategy and research firm can often have a greater positive impact on your business’s bottom line in the long run than the money that you save by doing your market research in-house.

With the current economic conditions, having accurate and timely information to base your business decisions on can potentially make the difference between success and failure.

When you hire a marketing strategy and research firm to help your business develop its marketing strategy, your business will gain access to knowledge and experience that will help you solve your current problems, as well as help identify some of the unknown unknowns.

As an added bonus, when you hire firms to help with your marketing strategy and research, you can use the time that you save to focus on what you do best.

Keep in mind, I’m not saying that all of your market research needs to be outsourced. There are several factors that you should take into account when deciding whether or not to hire a marketing strategy and research firm.

However, what I am saying is that there are definitely benefits to hiring a quality marketing strategy and research firm.

I plan to add supporting evidence to my argument in future blog posts. (To find those blog posts, search for “Do-It-Yourself (DIY) Market Research” in the blog topics.)

For now, if you have any thoughts or comments, please let me know in the comments section below.

Photo credit: Valerie Everett on Flickr.

Chad Thiele

Marketing analyst and strategist, content curator, applied sociologist, proud UW-Madison alumnus, and an Auburn-trained mobile marketer. My goal is to help businesses identify trends that will help them achieve their marketing objectives and business goals. I'm currently looking for my next career challenge. Please feel free to contact me anytime at: chadjthiele@gmail.com.

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