There is big business in being able to advise and provide data for companies on their competitors, the market surrounding them, and the upcoming trends that will be impacting their business. Sales teams in market research businesses have to be on the pulse of information, and to do that, having streamlined operations and the best tools that let them work at their full potential is the way to go. In this article we look at an overview of the market research industry, and some of the key challenges sales teams in this area are facing. We then look at how automation and the right Customer Relationship Management (CRM) applications can make an enormous difference in achieving profitable results.
Market research is a huge industry that spans every different type of niche and corner of every single market. The potential for growth and profit is driven by what the company handling the research is capable of, and how well they perform.
According to ESOMAR the global market research industry was forecast to generate around $140 billion (USD) in 2024, up from $88 billion (USD) in 2019, and the three leading countries for market research turnover are the US ($48 billion USD), UK ($9.1 billion USD) and China ($2.88 billion USD).
Statista places the leading players of the industry and their research revenue as being:
A huge portion of market research is carried out remotely or online, with Qualtrics stating that 87% of researchers say at least half of their research is done this way.
It is therefore unsurprising to find that many market research companies are looking to improve their overall digital infrastructure and are focusing on ways to streamline and improve internal processes with modern technologies such as automation and Artificial Intelligence (AI).
TEB Apps makes full use of smart and strategic automation combined with an intuitive and easy to use structure to boost sales teams performance and to allow sales teams the ability to work seamlessly together whether they are in the same building, out and about with clients, or working from home.
In order to build a high-performance sales team for your market research company, you need to be aware of some of the key challenges that can get in the way.
These might include:
When you work with the right CRM you can bring your team together through information sharing, ease of access, and a real-time level of engagement that allows them to work smarter and more efficiently.
Automation then takes this even further by reducing the need to spend time on necessary but not necessarily profitable processes, allowing you and your team data-driven support that not only covers the basics, but gives you reliable and actionable data at the touch of a button.
Using automation and CRM to support your sales team can allow you to benefit from:
Market research requires you to know exactly what you are talking about, and to use data to its fullest in order to benefit your client. As a market research business, it makes complete sense to practice what you preach and utilise your data in a way that maximises efficiency, utilises modern technologies such as AI to improves sales opportunities, and allows you to get more done with the resources you have.
In order for your team to work together at their full potential, they need to be supported by a structure that gives them the tools and functions they need as soon as they need them.
Streamlining your business processes and relying on TEB Apps to provide you with the crucial service and functionality you need will allow you to make the best use of your time, budget, and resources, as well as benefit from:
When you work with TEB, you are not just bringing in a service, you are being supported by a wealth of knowledge, technology, and a team that wants you to succeed as much as you do! Book your demo today and take your sales to the next level of supported excellence.
