How do you compare market research reports? (2024)

I have noticed lack of trust among companies conducting market research. Experts or participants don't respond to survey requests due to previous bad experiences, confidentiality reasons or never getting the promised compensation by some firms. Such reasons often demotivate respondents and they don't bother to provide true information. Many frustrated analysts provide guidance or clues to respondents for getting completes in the required quota even though the respondent is miss fit for the study. Above mentioned reasons have forced research companies to employ tactics for reducing such incidents, which have made data collection more difficult than ever. Trust should be the primary way forward to get information from credible sources.

Because people are being treated like data and not humans people are catching up to what that is worth to companies in a post pandemic environment with no national oversight on data privacy and consumer protections other than companies that are publicly traded and do business in the EU or third party hanging or exchanging data

I suppose that this is important if you are sourcing "market" reports from suppliers who compile this. Yes, the credibility and reputation of the firm(s) providing the reports is critical to their usefulness.However, if you're comparing custom research reports, it's more important to understand the methodology first. If this is a multi-wave effort, understand the periodicity and target for these reports, as well as the selection criteria for inclusion.

When it comes to comparing market research reports, it's important to take a close look at the source. Some key factors to consider include the reputation of the organization or individual who conducted the research, the methodology used, and any potential biases that may exist. It's also a good idea to look at the data and analysis presented in the report to ensure that it is relevant and accurate. Ultimately, the goal is to gain a comprehensive understanding of the market and make informed decisions based on reliable information.

A good report should let you know upfront what are counted and what are not, and how you counting them. You have to clearly define the market. For example, if you are reporting the size of the residential housing market, define it first. Are you including residential buildings managed by professional management companies? Often, that’s counted as commercial, not residential. Also, are you measuring revenues or total assets? I have seen reports where numbers are thrown out left and right but the author just throw out some vague definitions that does not tell me what are counted. I have met analysts who make me think that they have no idea, not care, about the numbers are about - they just needed a number.

It is so tricky to evaluate the quality of reports but with so many changes in society I would always question how relevant a report is to me and my target audience whilst reading it.For example, you can get a lot of reports in relation to habits and trends, BUT, are these trends applicable in the current state?

Prior to purchasing any third-party reports, it's helpful to review the table of contents. Does the author provide actual analysis and commentary, or have they merely aggregated data from public sources? Many budget reports repackage government statistics and add little value, whereas true research agencies have a more robust methodology and include proprietary data.

Take note of the objective of using a research report. This objective will vary vastly basis your role and would fall in one of the 2:1. Testing a hypothesis: Simplistically, you know the question and you are looking for an answer. You will have to look for such studies and they may be niche. You only have to ensure the validity and integrity of the report and not really compare with another one2. Gain an exploratory perspective: You are looking at exploring (say) the state of a sub-industry. You will need a lot of insighting and story-telling skills to make sense of this report for your use. In such cases, check for research that ask right questions to respondents, have a fundamentally strong plan, and don't overcomplicate data analyses.

When you are comparing research reports I would actually take notes of each in an excel report, including things like when the report was published, sample size, markets, research organisation etc etc. And then compare against each report to find a narrative to help with your task.