Who Needs Market Research Reports?

Aug 27, 2019 12:05 PM ET


Market research reports are of different types. Most of the reports provide information about an industry’s size, competition, growth forecasts, and potential opportunities and challenges. Some of the reports contain information customized to a company’s needs. Market research is based on both qualitative research such as focus groups, in-depth interviews and ethnography and quantitative research such as customer surveys and data analysis.

Buyers of research reports vary according to their needs. Large, medium-sized and small enterprises need market research to stay abreast of the changes in the industries they operate in. Businesses need market information to develop business strategies, capitalize on potential opportunities and avoid threats. Businesses that want to launch new products or services need secondary information if they are launching a product in their existing market or planning to enter a new market segment. Research reports can provide the necessary information to different types of businesses to help them make informed decisions. Market research reports can also enable a business to find out what the customers think about its product or service.

Startup firms need market research reports to gain insight into a market or the feasibility of launching new products or services.

Market research reports are used by venture capitalists, investment bankers and private investors to make investment decisions. Consulting companies and advisors also rely on reports to enhance their understanding of particular markets.

Individuals use reports to carry out their research about a specific market, product or service. For many professionals, research reports save time and effort required to gain the necessary information and also increase the credibility of their work. They allow professionals to gather information quickly and validate information they have gathered from primary sources. Company executives use research reports to get information about industry best practices and updated information about a market. Research reports provide objective information about the market that could lead to better decision making.

Frequently Asked Questions When Purchasing Market Research Reports

Most buyers of market research reports need answers to several important questions since it is a large and critical investment for a business.

Some of the most frequently asked questions have been answered below to help you find and buy the right market research report for your needs.

Will this report answer my research questions?

Buyers want to know if purchasing a market research report will have answers to all of their questions. Usually, potential buyers are allowed to see a sample of the report. Customers also have access to a summary of the report that highlights the important aspects covered in a particular report. Customers can also have a look at the table of contents section to find out if a particular report would address their needs.


Can I purchase a portion of the report?

Sometimes, a customer only needs certain information that is contained in a particular section or chart. Some of the research report providers allow customers to buy a part of the report they want for a smaller price than that of the entire report.

When should I purchase a full report?

Buying a full report would be the right thing to do when information is required for multiple aspects of a market. If you are unfamiliar with an industry or your business is about to enter a new market, purchasing a full report would allow you to educate yourself about the industry and make a better decision.

Who wrote the report?

Customers can choose from several different reports that appear to have the same information. But each market research analyst brings something unique to the table. Customer service representatives can assist you in deciding which of the publishers is the most suitable for you.

Which report is most suitable for me?

Customers often ask sales representative to recommend a report. Buyers should be clear about what information they need to be able to answer their research questions. A sales representative would need specific and detailed information to be able to decide which report would be most suitable.

Can I get a subscription that will allow me to look at all of the reports?

Customers that require a large number of research reports can avail subscription services from some providers.

Can you make a customized report for me?

If customers do not find what they are looking for, they can ask a research provider to carry out the research for them. Customized research can be expensive and time consuming.

What is a global site license?

A global site license allows a report to be accessed across an entire company but it usually costs 2-3 times more than that for a single user. It is useful for large corporations that need to share reports across different departments.

Can I forward the report to others?

Most of the licenses are intended for internal use only. But some publishers occasionally allow customers to share a report.

Critical Guide to Purchasing Market Research Reports

Best Practices in Buying Market Research

Define your business objectives and formulate research questions that would provide the right answers.
Carefully understand the research methodology used in the report before making a purchase to make sure it is based on the kind of data you are looking for.
Collaborate with your sales representative to make sure you have found the report that best answers your research questions.
Use common sense to triangulate your learning and do not rely on one research report if it goes against your internal business research.

Worst Practices in Buying Market Research

Do not expect a single report to answer all of your questions. You will have to supplement your purchase with internal research or additional sources.
Carefully select a report to purchase after getting a fair understanding of what is contained in the report and what other options are available to you.
Make sure the research report you purchase is not out of date. Look for the most recent research on the industry.

Are you finding ways to understand the competition in the market and what steps need to be taken to stay ahead? Are you falling short of resources to research, analyze, and provide reports on the current market scenario and understand the real meaning of the raw data? Then the best option would be to outsource research report services to an experienced service provider.

iCrowdResearch offers a range of research report Distribution services in different network channels that client needs. These include market research report distribution services. These reports are distributed by an experienced team in various channels that are specialists in their fields. Utilizing their services can help you understand how different factors can impact your business.

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Frank Martin

Content Marketing, Extended Distribution, English