Hay Research International

What Hay Research International does

Hay Research International is a Canadian boutique market research firm founded in 1986 and headquartered in Burlington, Ontario. The firm specializes in custom research studies and advanced analytics for clients across financial services, retail, packaged goods, B2B, and not-for-profit sectors, with selective project work extending into the U.S. market. It operates with a small team of 11-50 employees and has completed over 500 studies for financial services clients across its history. Principal Alastair Hay also teaches market research methods at the University of Toronto, reinforcing the firm's academic orientation.

The firm's core offerings combine syndicated subscription products with project-based custom consulting. Its flagship product is the Canadian Financial Services Switching Study, a syndicated tracking study that has measured consumer switching behavior among Canadian banks since the late 1990s and was formally launched in 2005. It also offers the Rational-Emotional Brand Audit, a proprietary methodology that maps 40 emotional states using facial imagery, and the Canadian Lifestyles Targeting System. Underlying analytics rely on advanced multivariate statistics rather than AI/ML methods, and the firm partners with external fieldwork vendors such as Q.Quest, Twenty-Ten, and Dine & Associates to scale project execution.

The business model is anchored by recurring revenue from bank subscriptions to the Switching Study, supplemented by project fees for custom research engagements. Major Canadian banks including RBC, TD, CIBC, BMO, and Scotiabank represent the primary client base, with Canadian Tire cited as a retail reference and additional work spanning packaged goods, B2B, and not-for-profit organizations. In 2026, Environics Research assumed leadership of the Switching Study, representing a significant transition for the firm's signature product.

Name

Hay Research International

Legal name

Hay Research International

Website

https://hayresearch.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

Hay Research International is a Canadian boutique market research firm founded in 1986, offering syndicated tracking studies and custom research across financial services, retail, packaged goods, B2B, and not-for-profit sectors.

Ownership category

akta.pro rank

Product category

Market Research Services

NAICS

Marketing Research and Public Opinion Polling (54191)

akta.pro primary industry

Industry & Sector Research (Syndicated/Custom) (BPAHALAE)

akta.pro secondary industry

Syndicated Market Research (Panels, Omnibus, Tracker Studies) (MPAAALAB)

Keywords

• Custom market research
• Brand equity research
• Consumer segmentation studies
• Syndicated research products
• Multivariate analytics services

Headquarters

HQ city

Burlington

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Custom Research Studies: Project-based custom research engagements for clients across financial services, retail, packaged goods, investments, B2B and not-for-profit sectors. Projects include segmentation studies, brand equity research, customer satisfaction studies, and advertising testing. Revenue generated through consulting fees for research design, execution, and analysis.
2. Syndicated Research Products: Subscription-based syndicated products available to industry participants. The Canadian Financial Services Switching Study is subscribed to by most of Canada's main banks. Generates recurring subscription revenue with deliverables including overall reports plus detailed product-specific reports.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Hay Research International is a full-service market research firm that designs and executes custom research studies and syndicated research products for enterprise clients. Its flagship syndicated offering is the Canadian Financial Services Switching Study, a biennial tracking study of bank-switching behaviour across nine product categories subscribed to by most of Canada's main banks. The firm also delivers proprietary brand equity, lifestyle segmentation, and advanced multivariate analytics engagements for clients in financial services, retail, packaged goods, B2B, and not-for-profit sectors.

Product overview

Hay Research International is a full-service market research company offering a portfolio of syndicated research products and custom analytics services. The core product portfolio includes The Canadian Financial Services Switching Study (signature syndicated product tracking bank switching behavior across nine financial product categories), The Rational-Emotional Brand Audit (brand assessment using emotional dimension analysis with facial imagery), and The Canadian Lifestyles Targeting System (lifestyle-based consumer segmentation). These are complemented by Advanced Analytics services (multivariate statistical procedures including cluster analysis, conjoint analysis, and structural equation modeling) and Custom Studies for specialized research needs. Environics Research now leads the Canadian Financial Services Switching Study.

Differentiator

Problem solved

Functional benefit

Products and services

• The Canadian Financial Services Switching Study Syndicated, biennial research product tracking why approximately 6 million Canadians switch financial products annually across nine categories (savings, chequing, GICs, credit cards, loans/LOCs, mortgages, RRSPs, investments, TFSAs). Subscribed to by most major Canadian banks and delivered as a Main Report plus 9 in-depth product-specific reports covering 7 major markets.
• The Rational-Emotional Brand Audit Proprietary brand audit system that captures 40 emotional states across 10 essential emotional areas via facial imagery, linking emotional responses to specific aspects of the brand experience; research indicates emotional dimensions can predict up to 50% of customer loyalty.
• The Canadian Lifestyles Targeting System Lifestyle segmentation system that identifies broader patterns across product categories to expose the underlying life-motivations driving consumer choices, enabling marketers to position brands against the way people actually live.
• Custom Studies Bespoke research projects applying specialized design and analytical skills to brand equity, segmentation, customer satisfaction, loyalty, and advertising-testing engagements for clients in financial services, retail, packaged goods, B2B, and not-for-profit sectors.
• Advanced Analytics Full-service multivariate statistical analysis covering correlation and regression, structural equation modelling, factor analysis, correspondence analysis, automatic interaction detection, cluster analysis (K-means, Hierarchical, Hybrid, Fixed Start Point), conjoint analysis, logistic regression, and multidimensional scaling.

Quantifiable outcome

• Emotional dimensions can predict up to 50% of customer loyalty
• +5 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Environics ResearchcoreStrategic or Co-development PartnerEnvironics Research now leads The Canadian Financial Services Switching Study, marking a significant evolution in the signature product. With Environics' deep expertise in market and Social Values research, this partnership ensures financial institutions continue to receive high-quality insights. Heidi Wilson is also involved in leading the study alongside Environics.
• Q.QuestminorStrategic or Co-development PartnerTrusted research partner for qualitative research phases. Conducted stakeholder perception research for stock exchange repositioning project. Also partnered for CFO advertising testing study.
• Twenty-Ten Inc.minorStrategic or Co-development PartnerNorth American research organization partner for U.S. magazine segmentation project. Hay Research worked alongside Twenty-Ten to develop crisp, life-like profiles of subscriber segments.
• Catherine DineminorStrategic or Co-development PartnerStrategic partner for segmentation work on CPM marketer project. Partnered on analytical process involving multiple clustering runs and reliability testing.
• Dine & AssociatesminorImplementation/ SI/ Consulting PartnerRetained as qualitative research practitioners alongside Heads Up for Canadian Tire male consumer study. Provided innovative and unusual qualitative research followed by quantitative validation.
• Heads UpminorImplementation/ SI/ Consulting PartnerRetained as qualitative research practitioners alongside Dine & Associates for Canadian Tire male consumer study. Specialized in innovative qualitative research methods.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Pollara Strategic Insights: Full-service Canadian market research firm with deep financial-services and public-sector practice; comparable in size, custom-study orientation, and direct enterprise sales motion.
• Environics Research: Canadian-owned market research and social values firm that has assumed leadership of Hay Research's signature Canadian Financial Services Switching Study, making it the most directly comparable peer in terms of clientele, methodology, and product scope.
• Leger: Canada's largest Canadian-owned market research firm, providing custom and syndicated research across financial services, retail, and consumer brands — directly comparable in offerings, geography, and enterprise sales motion.
• Maru/Blue: Canadian insights and analytics firm operating Maru/Business Advisers and consumer panels; overlaps with Hay Research's segmentation, customer satisfaction, and loyalty engagements across banking and retail.
• Angus Reid Institute / Angus Reid Group: Canadian public-opinion and market research organization with panel-based syndicated and custom capabilities; overlaps with Hay Research's consumer insights and financial-services research offerings.

Emerging players

• Abacus Data: Canadian research and strategy firm with a strong focus on brand, communications, and public opinion research; comparable in custom-study orientation and analytics-driven segmentation offerings.

Broad incumbents

• Ipsos: Global market research and analytics firm with a substantial Canadian financial services practice; competes for the same bank and enterprise research budgets but at a vastly larger scale across multiple research categories.
• Nielsen: Global research and analytics incumbent serving consumer, retail, and financial-services clients with syndicated panels and custom studies; overlaps with Hay Research in custom segmentation and brand equity work but on a global scale.
• Kantar Millward Brown: Worldwide brand equity and communications research specialist (including the BrandZ and Link databases); competes head-on with Hay Research's Rational-Emotional Brand Audit-style brand equity engagements for large enterprise clients.

Regional players

• Forum Research: Canadian polling and market research firm focused on public opinion, consumer, and corporate research in Canada; competes in overlapping segments like consumer behavior and financial services consumer research.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hay-research-international

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hay Research International