Great market intelligence can transform your business. It opens up new market opportunities, drives intelligent, evidence-based decision making, ensures your strategic plans have a strong foundation, and makes a strong case to investors that they should back your business.

However, not all market intelligence reports are the same and it’s important to make sure you’re aware of the differences between products and the risks of choosing the wrong research for your specific needs. Using incorrect or outdated analysis can send you down the wrong path and potentially harm your business.

Here are some common mistakes to avoid when choosing market intelligence reports and providers:

1. Buying from a generalist provider when you need specialist information

Some companies provide market reports on everything – from automation to zoology – which makes you question if they have any real industry expertise. These vendors are great if you want to purchase a high-level report with a top-level overview of an industry, but it’s not recommended for strategic decision making for businesses wanting success. These reports are often produced by analysts with little or no real industry experience, with a ‘cookie-cutter’ approach, in which all reports and forecasts look the same.

2. Buying before talking to the analyst team

Purchasing market intelligence before speaking to the analysts that worked on the report is one of the biggest mistakes you can make. Before buying, take the time to evaluate their expertise and understanding of the industry. Analysts who really know their subject matter will speak with authority and enthusiasm about it and should give you confidence in the robustness of their research.

3. Using outdated research

Before you invest in a market report, find out how fresh the data is. From the Covid-19 pandemic to the Ukraine and Gaza conflicts and US tariffs, the events of recent years have taught us the vital importance of keeping data and forecasts fresh. Look for providers that are able to offer updated market forecasts as the global outlook changes. The best market intelligence firms will be consistently talking to people in the industry to understand “on-the-ground” trends.

4. Buying research without a clear methodology

Transparent methodology is essential to good market intelligence. Avoid companies that can’t explain their methodology to you or how a report has been built. Be wary of companies that use buzzwords such as PESTLE as an explanation and ask questions such as:

• Where the underlying data comes from
• What data and information is used to build forecasts

Avoid companies that only rely on secondary research for their reports. Many companies – particularly those offering cheaper products – use internet searches only or AI to compile their reports. These tend to offer little value or real insight and data quality is often poor.

5. Using a firm that doesn’t give you access to the analysts post purchase

If you are investing in market intelligence, speaking to the people behind it and getting their unique and expert understanding of your industry can be instrumental in steering your company on the right course. A major red flag is when a provider isn’t willing or proactive in giving you access to the analysts.

A good research firm will make access to the analysts easy and transparent. Be wary of those companies that want to charge you for analyst time to answer questions after you’ve received a report or if you need clarification or information.

Interact Analysis offers expert market intelligence across the supply chain automation industry. Our teams bring years of specialized knowledge and are frequently invited to share insights at global conferences, trade shows, and thought-leadership events. We employ a rigorous, primary research-driven approach which always involves speaking directly with users, suppliers and thought leaders. We also offer direct access to our analysts both pre- and post-purchase, enabling customers to get additional bespoke consultancy as needed.

If you need assistance in finding research that is relevant, analytical and granular, please speak directly to one of the experienced analyst team at Interact Analysis. For more information or to discuss your market intelligence needs please contact us.