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As discussed in a previous blog post, a business may use several types of market research to learn more about a market or create strategy and expansion plans. As businesses turn to multiple sources and external data providers, they find providers that have differences in their data. Common questions they may have to ask include: Why does it differ from—or even contradict—other sources? Which version is correct? What process does the provider use to acquire data?
Businesses need to invest time in understanding the differences between research providers to ensure that the data used in their business planning is accurate.
Although market research providers may cover the same industry topic, providers can track different measures at different times, using different methodologies and definitions, for different purposes. This is why there are so many providers within the market research space.
Each of the criteria below needs to be considered when trying to understand data discrepancies.
It is important to ask the following questions when reviewing numbers from multiple research providers.
These questions are important, because each answer brings a different set of data and greater possibility of data discrepancies.
Ask these questions of both your own organisation and the market research provider. Market research companies will have different norms depending on their methodology, client base and goals, thus reconciling sources is a necessity.
It is crucial that a business takes time to assess each source and its respective methodologies. Do not be afraid to ask providers how they conduct their research and how that research can assist in overall planning. There is no one-size-fits-all approach to research, and using sources with sound, easy-to-understand methodologies is key to success.
Euromonitor International syndicated research tracks 30 industries and services, as well as detailed economic and lifestyles data, with teams based in 80 countries around the globe. We apply a solid, proven and transparent research methodology, involving both primary and secondary research. The products tracked, the channels they are sold into and the criteria used are all clearly defined, so that our research is fully cross-comparable, from sector to sector and country to country. All of our data is updated annually, with some renewed monthly or quarterly. All the information necessary to answer the fundamental points above is available online, and users are supported 24/7 by dedicated account management teams. For more details, visit: http://www.euromonitor.com/research-expertise.