Finding the right market research agency can be daunting. With the rapid growth of the alcohol industry in the United States today, choosing a reliable and competent research agency is a must. Here are the top 10 things to consider if you are looking to hire an alcohol market research agency:
1. Clear Understanding of the Alcohol Industry – It’s important for the research agency to have a clear understanding of the alcohol industry. How the industry operates, the types of alcoholic beverages that are available to consumers, and emerging trends. The agency should also have a working knowledge of the regulatory landscape surrounding the alcohol industry, particularly for franchisees and companies that are looking to expand operations.
2. Comprehensive data Sets – A good market research agency should have access to and be able to provide comprehensive data sets that provide details on sales, trends, and competitors. This data should be current and include regional and local information. A good research agency should also be able to provide sales trends from specific regions and local characteristics, such as type of outlet, pricing, and competitive advantage.
3. Access to Valuable Insights – The research agency should have access to valuable insights that include in-depth menu data and restaurant technology coverage. This insight should be able to help current and potential franchisees uncover areas of opportunity and potential risks associated with expanding operations.
4. Market Intelligence – A market research agency should have access to market intelligence that is tailored for the foodservice industry. This intelligence can include current pricing and consumption trends, what channels are most used by consumers, and emerging alternative products.
5. Deep Industry Knowledge – An agency should have a deep knowledge of the food service industry. This knowledge should include insights on product production, product distribution, national and local markets, pricing strategies, and industry trends.
6. Ability to Provide Data-driven Insights – A market research agency should be able to provide data-driven insights and analytics that are tailored to the specific industry. This can include target marketing to specific audiences, conversion analysis, and consumer segmentation.
7. Innovative Technology Offerings – A good market research agency should be able to provide innovative technology solutions that streamline production and strategically expand brands. This can include tailored data solutions, predictive analytics, and pricing tools.
8. Cost-Effective Solutions – When hiring a research agency, it’s important to consider the cost-effectiveness of the solutions that it can provide. A good agency should be able to provide insights that support the needs of the industry at an affordable price.
9. Project Management – A good market research agency should be able to provide strong project management that outlines the scope of the project, timeline, budget, and resources available. There should also be a plan for mitigating risks and addressing any gaps in the project.
10. Comprehensive Reports – Finally, a market research agency should be able to provide comprehensive reports that outline its findings and provides an actionable summary of the research. The report should also include recommendations for next steps and additional actions that could be taken to improve the effectiveness of the research.
When it comes to finding the right market research agency for an alcohol franchise, the top 10 considerations above are important to consider. By understanding the needs and considerations of the franchise, an agency can be chosen that best meets the needs and provides insightful data-driven solutions.