If you are reading this, chances are you are in search of reliable market research companies to help your SME make better business decisions or perhaps, you wish to stop relying on guesswork when it comes to understanding your market and customers. Whatever the case may be, you’ve come to the right place.
In this comprehensive guide, I have covered 10 market research companies in Lagos and Abuja that can help your SMEs scale smarter. From my research these companies provide data-driven insights that make your business expansion and growth decisions less risky and more profitable for small and medium enterprises across Nigeria, especially Lagos and Abuja.
10 Market Research Companies in Lagos and Abuja
The following covers the different market research companies with examples of what they do best.
#1. Astute Business Consult (Abuja)
Astute Business Consult is Abuja-based and known for blending research with business planning, strategy, and compliance support to help SMEs make smarter growth decisions. They don’t just give you market research data, they also help you create business plans and ensure you’re following all the right regulations. It is a fantastic choice for SMEs who want complete business support, not just research.
#2. Phillips Consulting
Phillips Consulting combines strategy consulting with in-depth research tailored for Nigerian industries. They know how Nigerian markets work and can tell you exactly what consumers in different states want. This makes their research very useful for SMEs who want to expand or launch new products without wasting money.
SMEs trust Phillips Consulting because they don’t just give you data and leave. They explain what the research means and help you use it to make better business decisions.
#3. Sarabell Consulting
Sarabell Consulting is strong in consumer market surveys, feasibility studies, and brand insights. If you want to know whether your product will sell or how much Nigerians are willing to pay for it, they can give you the answers. They understand what makes Nigerian consumers buy and what makes them walk away.
This company works well with small businesses because they know SMEs don’t have big budgets like multinational companies. They offer research packages that won’t break your bank but will still give you the information you need to succeed.
#4. KASI Insight
KASI Insight is a Pan-African market intelligence firm with presence in Lagos, specializing in fast SME-friendly consumer data. They can get you market information quickly, which is perfect for small businesses that need to make decisions fast. Whether you want to know what’s trending in Lagos or how consumers in Abuja shop, KASI Insight can deliver the data in weeks, not months.
SMEs like working with them because they understand that small businesses can’t wait forever for research results. They focus on giving you the most important information first so you can start making changes to your business immediately.
#5. TNS RMS (now Kantar Nigeria)
TNS RMS, now known as Kantar Nigeria, brings global research expertise with local offices in Nigeria. They are trusted for detailed surveys and brand audits that help SMEs understand exactly where they stand in the market. If you want to know how your brand compares to competitors or what customers really think about your products, Kantar Nigeria can tell you.
This company is good for SMEs because even though they work with big international brands, they also understand the Nigerian market very well. They can give you the same quality research that multinational companies get, but in packages that make sense for smaller businesses.
#6. NOIPolls
NOIPolls is Abuja-based and famous for public opinion polling, but they also help SMEs understand consumer sentiment. If you want to know what people are saying about your industry or how they feel about certain products, NOIPolls can give you those answers. They are very good at measuring what Nigerians think and feel about different topics.
SMEs find them useful because understanding consumer sentiment can help you position your products better. Instead of guessing what customers want, NOIPolls can tell you exactly what people are talking about and what matters to them when they buy.
#7. Agusto & Co.
Agusto & Co. is a Lagos financial and market intelligence powerhouse with SME-relevant sector reports. They know the Nigerian business environment inside out and can tell you which industries are growing and which ones to avoid. If you want to understand market trends or see where opportunities exist, their reports can save you a lot of time and money.
This company is particularly good for SMEs planning to expand or enter new markets. Their sector reports show you exactly what’s happening in different industries across Nigeria, so you don’t have to learn the hard way through expensive mistakes.
#8. Infotrak Research & Consulting
Infotrak Research & Consulting provides data gathering, competitive analysis, and consumer insights across Nigeria. They can tell you exactly who your competitors are, what they’re doing right, and how you can beat them in the market. It is a very useful service for SMEs who want to stay ahead of competition.
#9. Veraki Africa
Veraki Africa is Lagos-based, focused on SME strategy, innovation, and market positioning. They help small businesses figure out how to stand out in crowded markets and find new opportunities for growth. SMEs trust them because they combine research with practical strategy that you can actually use to grow your business.
#10. ResearchWorx Nigeria
ResearchWorx Nigeria specializes in targeted SME research, brand audits, and customer experience analysis. They can tell you exactly what your customers think about your products and services, and where you need to improve. It is a very good option for SMEs who want to understand their customers better and increase satisfaction.
How Market Research Works
Market research is performed to assess the potential of a new product or service. The findings may be utilized to improve the product design and the strategy for introducing it to the public. This may include information obtained to identify market segmentation. It also helps with product differentiation, which is utilized to adapt advertising.
To finish the market research process, a corporation performs a variety of duties. It collects data based on the market segment targeted by the product. This information is then examined, and important data points are interpreted to determine how the product might be best created and sold to the intended market niche.
It is an essential component of the research and development (R&D) phase of a new product or service launch. Market research can be done in a variety of ways, including surveys, product testing, interviews, and focus groups.
Benefits of Market Research
Market research is vital for building brand loyalty and customer happiness. Because a product is unlikely to appeal to all consumers, a strong market research study can assist in identifying the key demographics and market segments that are most likely to use a specific product.
Market research is also useful for designing a company’s advertising strategy. For example, if a company’s market research shows that its customers are more likely to use Facebook than X (previously Twitter), it might tailor its marketing to one platform rather than the other. Alternatively, if they find that their target market is more value-sensitive than price-sensitive, they might focus on improving the product rather than lowering pricing.
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