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3 Reasons Multiple Sources Are Necessary for Market Research Projects

Posted by Caitlin Stewart

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Mar 31, 2015 9:00:00 AM

MarketResearchReports_Featured on www.blog.marketresearch.comWhen making important decisions that will impact your business, it’s critical to have accurate information that supports your conclusions. One of the biggest problems entrepreneurs and small business owners face is acquiring syndicated research that provides all the specific market and competitor data they need to support their decision for a price that is affordable, yet without sacrificing the value of using multiple sources.

But, for market research teams utilizing syndicated reports, referencing multiple sources can be critical. For big picture business questions, the more data and information you have to back up your decisions, the better off you will be.

Here are three reasons using multiple sources can strengthen your next market research project.

1. Different reports offer different data.

When using secondary sources for market research, like syndicated research reports, it’s important to understand they do not all have the same information. Reports can be written to focus on a number of different things, including: industries, competitive analysis, customer service reports, and even simple information such as data summaries of surveys or web analytics. Because not all reports on an industry offer the same information, you may find that you need a bit of information from several sources to get a comprehensive answer to your questions.

2. The more perspectives the merrier.

Even a simple business question or challenge has numerous angles from which you can approach it. You must look at it from all sides. This means that consulting multiple different perspectives can be crucial to your companies’ biggest decisions. Utilizing different resources can allow you to compare and evaluate data to gain a full understanding of your market and industry. This also will help you prepare for all potential risks you might face later.

3. You have to convince investors to invest.

When approaching investors for your company, it is no secret that they are interested in more than just how great your product or service is. They want to hear that your product can not just survive on the market, but that it can thrive and ultimately make them money. And they don’t just want to hear it; they need to know it for a fact. That means, you need enough data to convince them. Investors are going to want to see data from multiple sources that support your proposal. If you only come with one source saying your idea might be profitable, you are taking a risk that the investors won’t bite.

It’s easy to stop your market research project when you find a secondary source that provides you with the answer that you want. But, you need more than that. And, it’s important to remember that even the information that counters what you want to hear is important to your company.

MarketResearch.com’s newly upgraded Profound solution is tailored to these types of situations. Profound now offers subscription levels that allow entrepreneurs and small business owners to sift through more than 800,000 syndicated market research reports and extract individual sections of information that is tailored to their research needs, including individual chapters, tables or charts. In doing so, you can now get the data you need, from multiple sources, without paying the high cost of buying multiple full-length reports.

To learn more about Profound and see it for yourself, visit our site and sign up for a free trial.

 Profound for Individuals

Thanks for reading!

Caitlin Stewart
Marketing Associate
MarketResearch.com

 

Topics: Market Research Strategy, Profound

    

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