In the world of primary research, there are notable advantages to being an industry-specialized company rather than a generalist. Focusing on a specific industry allows a research firm to develop a better expert panel, have a clear understanding of what can be delivered in terms of the number of respondents (N), and assist more effectively in the development of a questionnaire. These key benefits ultimately lead to more insightful and actionable research findings.
Developing a Better Expert Panel: When a research company specializes in a specific industry, it can develop a more refined and knowledgeable expert panel. The scope is narrower, making it easier to identify and vet the experts as the research company is familiar with the industry’s intricacies and knows what knowledge and expertise the experts should possess. This ensures that the panel consists of professionals with a high level of expertise, leading to more accurate and insightful responses.
Understanding What Can Be Delivered in Terms of N: Specializing in a particular industry allows a research company to have a clear understanding of the market size and the potential number of respondents that can be reached. Since the market is their ‘home turf,’ specialized research firms have a better grasp of the available pool of experts and can set realistic expectations for the number of respondents (N) that can be achieved. This ensures that the research is conducted with a sufficient sample size, leading to more robust and reliable findings.
Ability to Help with Development of a Questionnaire: A specialized research company has a deep understanding of the market, its jargon, challenges, and trends. This knowledge is invaluable in helping clients develop questionnaires that are precise, relevant, and capable of yielding high-quality data. The expertise of a specialized research company ensures that the questionnaires capture the nuances and complexities of the industry, leading to more comprehensive and insightful research findings.
In conclusion, being an industry-specialized primary research company offers several compelling advantages over being a generalist. The ability to develop a better expert panel, understand what can be delivered in terms of N, and assist with the development of a targeted questionnaire all contribute to delivering more insightful and actionable research results for clients. And this is exactly what we do in Agama Data.
