Only efficient market research is vital

Please read first at:

www.marketresearchbulletin.com

Top B2B Tips For Emerging Markets

These are my comments:

I especially like the tip that market research is vital and the need of using independent sources.

Still many believe what can be found for free (internet) is better because it is for free. The fact this info is out of date, increase labor costs or can harm results seems of lesser importance.

On top who is best? What market information provider really makes a difference or has done a good job the past 12 months?

I have no doubt many have good knowledge about certain industries or call themselves sector experts.

Still predicting a trend is not the same as explaining one.

Therefore I believe professionals using market research have to divide this in two groups:
1. One for all information directly related to the core business, i.e. industrial analyzes and competitive intelligence.
2. One for all information about the operational countries, especially those where it is hard to find reliable macro data.

For 1. there is a wide range of providers. Most of our clients use one of them or even let them overlap to secure each specialty per provider (for their core business).
For 2. they have our macroeconomic consensus forecast reports because they do not want to rely on single sources (1.) only for different scenario planning.

Furthermore without 2. more valuable research time is spent during core business hours and already time limited professionals are further cut back or delayed.
On top every one complains about costs. Well, in a cost driven climate you should look for more efficient tools and not postpone a small investment.

Unfortunately even the smallest investments on market research are examined or are simply postponed / canceled because the upper management can no longer fly first class or spend corporate money at fancy restaurants.
This is a time for solutions and every contribution should be welcomed.

Now those not being able to use our reports will spend 10, 20 and sometimes even 100 times more the coming 6-12 months in extra labor costs, hence not even including the risks on the results of bad data.
Imagine you can choose between spending 5K or 500K? Would you not go for the 5K and impress your upper management with the cost saving?

Finally emerging markets remain volatile, unstable and less predictable. Still some have clearly become more developed but the information stream remains difficult in regards to economic forecasts.
This cannot be solved (only) by the other steps mentioned by Matthew Harrison.

There is also no one-stop-shop for market research. Like with doing your private shopping also for corporate shopping you must change and become a smarter spender.
Look around or look at our website. I look forward to send you a copy of our global regional reports or any country in special.

Yes, market research is vital but those the one which is most efficient. Or otherwise do not complain about lost revenues due to the crisis.
When for macro intelligence there is no interest in improvements, what is then to worry?