BUYER’S GUIDE
6 Strategies to Find the Right Market
Research Report
As more market research companies enter the eld, it’s becoming even
harder to nd the report that truly meets your needs. Not only do you have
to determine whether that specic 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 condence.
www.grandviewresearch.com | Toll Free: 1-888-202-9519
Who can you
trust?
Assess the market
research company
1
Is more extensive
really better?
Find the report with the
rightsize scope
2
How reliable is
the data?
Get clarity on the
research methodology
3
What’s a
reasonable price?
Understand how report
costs are calculated
4
What should I
ask for?
Make the most out of
customizations
5
Is there a
guarantee?
Learn more about why
service guarantees work
6
www.grandviewresearch.com | Toll Free: 1-888-202-9519
Who Can You Trust?
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?
1
Assess the market research company
6 Questions to Ask
ASK LOOK FOR
Companies with more than 7 years’
experience
How long have you been in business?
Review the founders and their backgrounds
by checking social media proles, like
LinkedIn
Who founded the company? What is
their background?
Check the company’s LinkedIn page to
understand how big and established they
really are
How big is the company? What
resources does it have?
Ask for a list of clients and client
testimonials. Some companies post fake
testimonials by using terms such as ”client
details condential,” “privacy requested,”
“one of the biggest manufacturers,” etc.
The reality is while some companies do
request for privacy, most do not.
Who are your clients? Do you have
testimonials from them?
Ask for certications to conrm that they
are in compliance with regulations designed
to keep your information private, such as
GDPR, CCPR, etc.
Is the company up-to-date with
compliance and privacy regulations?
Look for samples where there is less
redaction or censorships
Can I see a sample report?
They can answer specic
questions that will help
you purchase the right
report.
Unsure? Talk the analyst.
www.grandviewresearch.com | Toll Free: 1-888-202-9519
Is More Extensive Really Better?
Myth: The more extensive the scope, the better the report.
Reality: More extensive, less focused reports lead to inaccurate data and
problems in segmentation.
2
Find the report with the rightsize scope
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.
How does this happen? Most rms 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.
6 Questions to Ask
www.grandviewresearch.com | Toll Free: 1-888-202-9519
How Reliable Is the Data?
Most rms 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 specic approach to
produce reliable analysis that’s relevant to your eld and needs.
3
Get clarity on the methodology
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.
Is your estimate based on demand or supply?
Could provide a couple examples of how you arrived at a specic number with exact sources
and statistical models?
What does the market signify? Are you
estimating TAM (Total Accessible Market) or
SAM (Serviceable Accessible Market)?
How many interviews did you conduct? Were they paid or free?
How did you arrive at company market shares?
How did you arrive at the average selling price? (wherever applicable)
5 Questions to Ask
www.grandviewresearch.com | Toll Free: 1-888-202-9519
What’s a Reasonable Price?
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:
4
Understand how report costs are calculated
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.
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?
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 reected 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
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