Raise your hand if you don’t enjoy doing a market research.
Raise your hand if you don’t have time to do a market research.
Raise your hand if you don’t know how to do a proper market research. Did you have enough hands? 😊
If you raised your hand to one of these questions, then you might need help with doing a market research.
Most of us would rather work on our business, promote and sell it rather than invest valuable time on market research.
We can all agree that market research is important and essential for the business, but we can all agree that it requires a lot of resources that sometimes as a business, we just don’t have.
Why is market research so important?
Market research is important because it helps define the business opportunities and create your marketing strategy.
If you have done a proper market research, then you will be able to promote your product to your target customers and provide them what they need.
After doing a proper market research, it will be clear where you can find your target customers and how to reach them.
A good market research will provide you key insights and relevant information about the market you are going to operate in. It will help you understand your customers and your competitors and what opportunities you have, but also what you need to avoid doing.
So now that we agree that a market research is needed, how do we make sure we get the most reliable data about the market?
In order to do a market research, you can either:
– Do it yourself
– Use the services of a market research company
– Buy a prepared report online
Since the first two options are the most time-consuming and usually most costly, I will focus in this article on the third option. Buying a syndicated report.
The problem is that it is not easy to trust such reports, or the companies behind them, since there are many low-quality market research companies out there.
It’s hard to know if these companies are providing the right projections and estimations on the market you are researching. Some of these companies can provide wrong projections on the market, groundless information on data and are simply unreliable.
So, how do we know which company we can trust to provide us a reliable report?
You should do thorough due diligence to find out more about the company and the report. I know it might sound absurd to do research on the research you need.. On it’s own it can be time-consuming… but it is essential to know about the company, report contents and the report writer.
You don’t want to find yourself paying thousands of dollars on a report that will provide unreliable data and wrong estimations.
Here are some tips that might help you identify better which company is reliable and which might be a scam:
Calling the company or asking them to call you and talk to a real person
Sending an email with relevant questions about the report such as:
Asking for samples pages or some data from the report
Asking about the sample size used in the report
Asking how the data was gathered, what methodology was used
Evaluating if the questions that are asked are relevant for your research
Searching on LinkedIn or other platforms about the company, such as number of employees, location of their employees, location of the company, when the company was founded. Also find an employee from their list and search on him/her in LinkedIn to verify it is a real person that has the relevant skills you’d expect for his/her role
Checking if the company is a recognized authority in the industry by checking if it was cited on known sites or online magazines for example
Once you have the information you can compare between the different offers and select the one that suits you best in terms of budget, timeline and data.
If you are still not sure about how to do a market research or maybe you think a syndicated report is not enough or maybe you don’t have the time to ready a 300 page report, reach out to us, we can help you!
We specialize with market research and with analyzing and reviewing the data from the market so you get the bottom line of your market needs and market trends.
We can also provide our own recommendation based on the research, on which market you should approach YOUR business and which strategy is better for YOUR business.
Finding truthful, powerful market research data is crucial to the success of your business. Be sure you are using the most trustful data available so you can rest assure when you finally launch your product to the market, it will be a success!
About the Author
The Indispensable Role of a Product Manager (inhouse or outsource) in Launching a Medical Device – or why you need our services
Launching a medical device is a complex and multifaceted process that requires meticulous planning, coordination, and expertise.
If you are reading this post I’m assuming you already have an idea for a medical product you want the world to know about. Maybe you even have a prototype, maybe you talked to some users or experts but do you know what is your product strategy?
Let’s first understand what is product strategy and why you need to have one.