How do you update your market research outsourcing plan to changing conditions?

1 Assess your current plan

The first step is to review your current market research outsourcing plan and evaluate its performance, relevance, and alignment with your business goals. You can use various criteria, such as the quality, timeliness, and cost-effectiveness of the deliverables, the satisfaction and feedback of the stakeholders, the communication and collaboration with the vendors, and the impact and value of the insights. You should also identify any gaps, challenges, or risks that your plan faces or may face in the future.

2 Monitor the market trends

The second step is to keep an eye on the market trends that affect your industry, customers, competitors, and regulations. You can use various sources, such as industry reports, news articles, social media, surveys, or web analytics, to gather and analyze data on the market dynamics. You should also consult with your internal teams, such as sales, marketing, product development, or customer service, to understand their needs and expectations from market research. You should look for any opportunities, threats, or changes that require a response or adjustment from your outsourcing plan.

3 Update your objectives and scope

The third step is to update your objectives and scope for your market research outsourcing plan based on your assessment and monitoring. You should define what you want to achieve, why, and how with your outsourced market research projects. You should also specify the scope of work, deliverables, timelines, and budget for each project. You should align your objectives and scope with your business goals, market trends, and stakeholder needs. You should also communicate your updated objectives and scope to your vendors and ensure that they understand and agree with them.

4 Evaluate your vendors and contracts

The fourth step is to evaluate your vendors and contracts for your market research outsourcing plan based on your updated objectives and scope. You should assess the capabilities, expertise, and reliability of your vendors and compare them with your requirements and expectations. You should also review the terms and conditions of your contracts and check for any clauses, such as confidentiality, liability, termination, or renewal, that may affect your relationship or performance. You should negotiate with your vendors and contracts if you need to make any changes or improvements.

5 Implement and track your plan

The fifth step is to implement and track your market research outsourcing plan according to your updated objectives, scope, vendors, and contracts. You should establish a clear and regular communication and collaboration system with your vendors and stakeholders to ensure that the projects are executed smoothly and effectively. You should also monitor and measure the progress and results of the projects using various tools, such as dashboards, reports, or feedback forms. You should also review and adjust your plan as needed based on the feedback and outcomes.

6 Learn and improve your plan

The sixth step is to learn and improve your market research outsourcing plan based on your implementation and tracking. You should collect and analyze the data and insights from the projects and evaluate their impact and value for your business. You should also solicit and incorporate the feedback and suggestions from your vendors and stakeholders to identify the strengths, weaknesses, opportunities, and challenges of your plan. You should also look for any best practices, lessons learned, or innovations that can help you optimize your plan for the future.