BUYER’S GUIDE 6 Strategies to Find the Right Market Research Report As more market research companies enter the field, it’s becoming even harder to find the report that truly meets your needs. Not only do you have to determine whether that specific report has the data point you’re really after, but you also have to make a judgment call about which company is producing data and reporting you can rely on. This Buyer’s Guide will help you ask and answer critical questions about expertise, approach, scope, and pricing so you can purchase your next market research report with confidence. 1 2 3 Who can you trust? Is more extensive really better? How reliable is the data? Assess the market research company Find the report with the rightsize scope Get clarity on the research methodology 4 5 6 What’s a reasonable price? What should I ask for? Is there a guarantee? Understand how report costs are calculated Make the most out of customizations Learn more about why service guarantees work www.grandviewresearch.com | Toll Free: 1-888-202-9519 1 Who Can You Trust? Assess the market research company The market research landscape is saturated with low-cost companies driving down prices — along with the quality of reporting. How do you know who to trust? 6 Questions to Ask ASK LOOK FOR How long have you been in business? Companies with more than 7 years’ experience Who founded the company? What is their background? Review the founders and their backgrounds by checking social media profiles, like LinkedIn How big is the company? What resources does it have? Check the company’s LinkedIn page to understand how big and established they really are Who are your clients? Do you have testimonials from them? Ask for a list of clients and client testimonials. Some companies post fake testimonials by using terms such as ”client details confidential,” “privacy requested,” “one of the biggest manufacturers,” etc. The reality is while some companies do request for privacy, most do not. Is the company up-to-date with compliance and privacy regulations? Ask for certifications to confirm that they are in compliance with regulations designed to keep your information private, such as GDPR, CCPR, etc. Can I see a sample report? Look for samples where there is less redaction or censorships www.grandviewresearch.com | Toll Free: 1-888-202-9519 2 Is More Extensive Really Better? Find the report with the rightsize scope Myth: The more extensive the scope, the better the report. Reality: More extensive, less focused reports lead to inaccurate data and problems in segmentation. How does this happen? Most firms follow a templated approach to writing reports, and, by default, include a large number of segments and countries. For countries in Latin America, Middle East and Asia, extensive trade data or information is obscure and, therefore, may be inaccurate. This can lead to problems in reporting such as: Absence of market, when countries listed in research reports do not even have a legitimate market. Overlap of segments, when companies make mistakes while categorizing the market. What You Can Do Ask for sections on these smaller market spaces, especially those categorized as developing and underdeveloped (i.e. lesser-known Middle Eastern, African or Asian countries). Talk to the analysts to understand why have they included certain sections or countries. Unsure? Talk the analyst. They can answer specific questions that will help you purchase the right report. www.grandviewresearch.com | Toll Free: 1-888-202-9519 3 How Reliable Is the Data? Get clarity on the methodology Most firms use the same set of generic terms to describe their approach: Bottom-up, top-down, mix of primary and secondary sources — when in reality, every market is different and requires a specific approach to produce reliable analysis that’s relevant to your field and needs. 6 Questions to Ask Could provide a couple examples of how you arrived at a specific number with exact sources and statistical models? What does the market signify? Are you estimating TAM (Total Accessible Market) or SAM (Serviceable Accessible Market)? For instance, anyone who smokes is susceptible to lung diseases. Therefore, companies look at the total number of smokers to arrive at TAM. SAM only accounts for the total number of people with lung diseases. How many interviews did you conduct? Were they paid or free? How did you arrive at company market shares? Is your estimate based on demand or supply? How did you arrive at the average selling price? (wherever applicable) www.grandviewresearch.com | Toll Free: 1-888-202-9519 4 What’s a Reasonable Price? Understand how report costs are calculated New entrants to the market research landscape try to win customers by offering the lowest report prices, leading to sub-standard and inaccurate reporting with a negative ROI. How can you determine the right price for a report? First, you have to understand how report costs are calculated: Analyst fees Relevant education, experience, team composition (experienced analysts, industry experts) Database access CleverX, Hoovers, LinkedIn database, EXIM data, Macroeconomic statistics, Bloomberg etc.. The cost is amortized and a percentage of it is reflected in every report Primary interview costs Access to KoLs, domain experts and conducting paid discussions for quality assessment, opinions and access to key statistics. Typical costs range from $50-600 per hour, depending on designation. For example: $50 for operations manager $250+ for someone in charge of strategy 5 Questions to Ask Why are your prices lower/higher than the competition? Please explain your cost structure Who are your analysts? How many years and what expertise do they have? What database do you use for primary interviews? (The best-in-class database include Bloomberg, Hoover’s, CleverX, LinkedIn Sales Navigator) What’s the average fee paid to the primary respondents? Does it align with industry standards? When was the report published? Which version of report is this? Tally the version of the report with the number of years the company has been in business. www.grandviewresearch.com | Toll Free: 1-888-202-9519 5 What Should I Ask For? Make the most out of customizations When personalizing or customizing a report — that is, requesting add-ons to the standard report — be sure to do these two things: Always share your objective in buying the report This helps the analysts create a report more appropriate to your requirements. 6 Understand the numbers Companies quote hours or percentages to quantify free customization. Understand what those numbers mean and what can you get done within the quoted hours. Is There A Guarantee? Learn why service guarantees work Even when doing due diligence about where and from whom to purchase a report, things may not go to plan. Author influence A market research report is heavily influenced by the perspectives and understandings of the analyst. As with any knowledge service provider, no one is always right. You may disagree with the analyst. Having a service guarantee protects you in the event that you fundamentally disagree with the analyst conclusions or approach. Quality you can trust Look for companies offering service guarantees. This will help you get your money refunded in case the report ends up disappointing you. Still have questions? We’re here to help. After nearly a decade serving the market intelligence space, we know how difficult it can be to scope and select the right report. Call 1-888-202-9519 or click here to email a sales associates for more assistance. www.grandviewresearch.com | Toll Free: 1-888-202-9519
