Lately, it seems as though multi-client, off-the-shelf market research reports are being treated like a commodity. This is flawed thinking. When you purchase a GOOD market report, you are purchasing an up-to-date, accurate and thorough analysis of a market or industry–a report where the analyst has taken time to really dig deep and understand the market’s drivers, factors affecting demand, the market’s structure, basis of competition, and more. A lot of thought goes into the forecasts and the identification of key trends. The report saves the buyer a LOT of time and effort, so he/she doesn’t have to start from scratch or reinvent the wheel doing research himself.
However, too many marketing managers today treat these reports as “commodities” and try to obtain major discounts from publishers–like they are buying a sack of tomatoes at a farmer’s market. I think the reason they feel this way is because there is a glut of new titles flooding the market, from newly emerged companies and solo analysts in India and elsewhere. Marketing managers (especially younger ones) wrongly assume that these reports are all the same and the only difference is price.
Au contraire! As I’ve explained in previous posts, all reports are NOT the same. Quality varies tremendously. Take the time to research the company, how long they’ve been tracking your market, and look at the report’s table of contents to see if it covers all the information and analyses you need. What forecasting methods do they use? How accurate have they been in the past?
Market research should never be treated like a commodity. We’re not talking about hog bellies here.
Note: To view ongoing business posts by Marketdata’s President and Research Director, John LaRosa, and to learn about our various market & industry reports, and to obtain free Press Releases, visit marketdataenterprises.com, or email: firstname.lastname@example.org.