Deciding which market research report will be the best fit for your research needs can seem like an overwhelming task. With several, hundreds, or even thousands of relevant reports to choose from, depending on your industry size and level of topic specificity, how do you know which one to pick? At first glance, some reports may seem too similar to even matter which you choose. However, every market research publisher and analyst bring something different to the table. So, it is important to understand which aspects of a report are most influenced by those that produce it.
The information in a report can be written with different segmentation depending on a publisher's focus. Some publishers will break the information down by application while others will segment by product type, and, yet, still others will concentrate on geographic segmentation. As an example, for patient monitoring you can segment by application (blood pressure, diabetes, respiratory), by product type (external, implantable), or by geography (US, EU, JAP, ROW). Some reports may have all of these things, but knowing which publishers focus on what can save time in finding exactly what you need. And, although this may sometimes seem like an obvious distinction, two reports with different focuses may both answer your questions. So, you may want to consider your long-term research goals and decide which focus and organizational style will be the best fit for your needs.
The research approach is another way in which reports can vary based on their publisher's and analyst's influence. Each publisher is going to differ, even if only slightly, in the way they approach gathering and presenting information.
Approach to Gathering Information
An analyst writing a report will always use a mixture of primary and secondary research to produce accurate information and conclusions. The question is really what combination of the two is best for you.
- Primary research is information gathered through surveys, interviews, and other direct contact with industry experts and participants. So, if the analyst has contacted the CEO of several top medical device manufacturers to get their opinion on where the market for their products is heading, that would be primary research.
- Secondary research is information gathered from previously published information. This includes analyzing company reports and searching trade association documents and industry journal articles. So, looking at the top medical device financial filings would be an example of secondary research.
No matter what information is needed, both primary and secondary research will have value, and almost every report is a mix of the two. So, it is about selecting the report that will strike the right balance and allow you to make the most effective business decisions.
Approach to Presenting Information
The way an analyst approaches the presentation of information will also vary from publisher to publisher. Is the information interpreted and presented in a more analytical or statistical way? This is important because how the information is presented will affect how (not if) the report answers your research questions. In order to choose the report that is the best fit, you must consider the nature of research questions you are asking. Are they more qualitative or quantitative?
- Qualitative questions like: Why is the industry moving in a certain direction? or How is this going to take place? are most often answered through primary research. Having someone gathering up to the minute information from key experts within an industry is a very effective way to get accurate feedback on trends and developments.
- Quantitative questions like: How large is the market? or How much has this market segment grown compared to other segments? are more numbers oriented and are usually best answered through secondary research. Published numbers from an industry are often the most concrete data that can be used to estimate the size and projected growth of a market.
Having trouble deciphering what report by which publisher is going to be the best fit? Contact one of our research specialists, who can help you dig deeper into a report to determine if it meets your research needs.
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