Written By DJS Research Ltd a leading UK market research company
What is client and team research?
Professional services firms decide on how to complete market research and provides information on how to run a research project. This includes the following:
-Define the research;
-Identify the different applications of survey research;
-Identify how to develop a survey sample;
-Identify how to complete desk research to search for published information;
-Identify how to complete qualitative research to understand the needs of clients;
-Identify how to complete quantitative research particularly to segment clients needs;
-Identify how to complete internet surveys;
-Know what are effective response rates in survey research;
-Identify how to develop question wording;
-Identify how to design a questionnaire;
-Identify how to interpret research results;
-Using an external research company;
-Know how to develop an effective business relationship with an external research company;
-Know what team surveys are used for.
Professional Services Firms market research is essentially business to business research – one business accessing information on another. This is research which is amongst clients, suppliers, other stakeholders or a team who are involved in running the business. The research includes desk research, brainstorming, qualitative and quantitative research – the key aspect is to help a firm to understand how to keep clients satisfied or develop new business.
Locating respondents in business to business research can be hard and sometimes there are “gate-keeper” intermediaries such as personal assistants or secretaries intervening between them and the person completing the research. The respondents can also be quite geographically dispersed, but the internet and the use of online research has improved accessibility in recent years.
What is important in Professional Services Firm research is to develop a relevant survey. Sector knowledge and familiarisation with technical terms are important for researching financial, technical and features of products and services being provided. It is therefore important to design a questionnaire in the “language” acceptable to the financial manager, to understand how a client expresses positive or negative satisfaction.
Therefore the survey questionnaires need to take into account the intricacies of accounting, financial management, auditing and also the research processes and techniques which can elicit the right information related to complex decision making and client firm relationships.