How to Select a Market Research Supplier.

Here are some things to consider.

Develop a list of potential suppliers to bid on the research. Some companies may already have a list of approved vendors for research services, or you may need to develop your own list. Business directories and Web searches are useful sources for finding companies if this is your first marketing research effort. Ask your colleagues about companies they have worked with and their experiences. See if there are suppliers that offer discounts to association members.

Request information on the company's background and industry experience. How many years has the company been in business? What percentage of their work is in the financial services industry? If it is a local company, take the opportunity to visit the supplier's facilities,

Identify your point of contact at the supplier organization. Who will be your main contact and what are his/her qualifications?

Inquire about the use of subcontractors. Will the supplier's employees do the work or will portions be subcontracted out to other companies? If subcontractors are used, find out about the supplier's relationship with the subcontractor. How long have they worked with the subcontractor? What type of quality control measures does the subcontractor have? What will your relationship be with the subcontractor (i.e., will you need to interface with the subcontractor or will the supplier manage the relationship)?

Request a written proposal for any research work, outlining the supplier's recommended methodology, a timeline and the costs. Ask the supplier to include examples of the final deliverables or outputs of the research. Find out whether the design of the final deliverables can be customized or if they follow a standardized format.