An effective market research report is one that demonstrates a clear understanding of research goals, utilizes proper research techniques to draw meaningful insights and maintains a steadfast respect for the people requesting it. It helps a company anticipate obstacles and address emerging opportunities. In a competitive market, where consumer needs and business resources can change quickly and dramatically, a quality market research report can serve as a company’s crystal ball, capable of directing success and mitigating failure.
There are countless types of market research reports; good market researchers match the report to the client, making the possibilities endless. But for simplicity’s sake, take a look at three general types of custom market research reports:
Typically the least expensive type of market research report, topline reports (also known as executive summaries, briefs or dashboard reports) provide an overview of the market in question, as well as a quick evaluation of that market’s primary contributors. Key findings, along with recommended actions, are highlighted without unnecessary technical jargon in the hopes of pointing businesses to critical issues that need to be quickly addressed. A topline report does not provide detailed data nor explain methodologies but is an appropriate option for companies needing a broad summary without point-by-point explanation.
Full Market Report
Businesses wanting more precise information about a market and its subcategories typically opt to spend more funds to secure a full market report. Full market reports delve in to the specifics of why, how and when a market might change. They seek to forecast developments by identifying market trends and important market contributors. They include comprehensive findings, including verbatim qualitative responses to research questions, as well as a thorough disclosure of all metrics, methodologies and models used during the research process. This heightened focus on research method often means that the production time to deliver a full market report is extended and the end product is more taxing to understand and act upon.
Product Detail Report
The product detail report expands the full market report by also focusing on one or more specific offerings within an industry. Overall market strengths and weaknesses are described, but focus is pointed to the performance of individual products in certain regions or locations. The product detail report is typically the most expensive and focused type of market research report. It is also the most detailed, tailored for industry experts and not the masses.
But What about a Non-Custom Option?
Of course, companies crunched for time or on a budget can choose to start with syndicated market research reports. These types of reports are created and sold by independent market research firms and provide a general overview of a market. While they don’t provide customized findings, syndicated reports can be viable alternatives for businesses that are looking for data but don’t want or need proprietary detail.
Ready to Learn More?
To learn more about which type of market research report might be right for your business, contact our co-CEO Colson Steber at Communications for Research (CFR). Based on your budget and time constraints, as well as the breadth and depth of insights you need, we can help you choose the right type of research for actionable results.
For more information on the value of market research and how it can be used for your company, download our FREE eBook: