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.
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.
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.
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.
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.
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.
Customers that require a large number of research reports can avail subscription services from some providers.
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.
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.
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
Worst Practices in Buying Market Research
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