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12 Nov 2021

Redefining Market Research and the Value of Market Reports

Doing market research can be overwhelming with the amount of information and data available. It's difficult to decide where to start with so many resources available. Also, it often takes serious time and effort to find what you are looking for, to begin with. It may seem straightforward to purchase extensive market research reports to get all the information you need, but the challenge often is to find the report, and if you do—does it have what you need, is the publication data recent enough, and at what cost?

Chances are you get lost or can't find what you want at all. Or worse, you spend hours searching for market intelligence, find a report and pay for it, and get disappointed by the outdated or irrelevant content.

But what if you could very easily find the expert in the field with virtually zero effort? What if you could speak directly with the expert who is a thought-leader in the industry? And this expert is able to talk you through the relevant market insights, and knows what is happening in the industry right now? Speaking with an industry expert can help you save tons of time doing market research, and is in most cases significantly more cost-efficient.

We outlined the top 6 reasons why expert interviews may be better than market reports and hopefully will show you why we are so excited about what expert interviews can do for you and your clients—potentially changing how you do market research for good.

6 Reasons Why Expert Interviews Are Better Than Market Reports

1. Forget old data points: expert insights are in 'real-time'.

Market reports can often be dated and not as applicable to current market trends as insights directly from an expert actively immersed in the industry. As processing data and publishing research can be a long process, by the time market research reports are published the data they are based on may be two or more years old. With ever-changing industries and markets, you need the most up-to-date information you can find, which often comes directly from experts within their fields.

2. Get an edge with unique insights not found elsewhere.

Answers to your specific questions to understand market dynamics are not usually written up specifically in market reports. Companies are innovating, launching new products, moving into other markets as consumers' needs and buying behaviors constantly change. Market reports are written to address the largest possible audience (arguably they want to sell as many reports as possible) and thus can be too general. Meanwhile, expert interviews can be as niche as you want and provide unique knowledge not readily available from sources you would be able to find doing desktop research. Expert interviews give you a competitive edge as you gain access to insights others don't have, directly from the source.

3. Reports don't talk. Experts do.

Market reports don't talk back and they don't tell you what's not there. Experts are the source of market reports, so why not ask the source directly? Especially if you have specific questions, an expert can elaborate on anything and answer your questions. Through expert interviews, you can discover other sources of market data that you may have not been aware of, or may take you to unexpected discussions on, for instance, market opportunities or threats. None of which you would have gotten from a market report.

4. Save money: an expert interview is 9x cheaper (yes really).

Market reports are significantly more expensive than expert interviews. Reviewing 50 recent market reports from various sectors (published in 2021) the average price is $3,500. Expert interviews on average cost around $400 per hour at Expertwired. This is considerably cheaper and even allows you to do several expert interviews and still be spending less than on one report. Be cautious though, most non-technology-driven expert networks would charge you much more for expert interviews. See why we can offer the best industry prices here.

5. Save hours of your time (and your printer cartridge).

When you buy market reports, you also pay for the information you don't really need. Market reports often have hundreds of pages of useful insights but also loads of information that is irrelevant to your specific market research needs or background information that is very generic and not of value or worth spending your time on. By speaking with experts you get the information you need and can focus on just the relevant topics. You only pay for what you need and spend your time doing market research much more efficiently.

6. Access to more data: an expert often knows where to find reliable and recent market data.

If you are really hungry for data points on market developments, industry experts are often able to point you exactly to the most reliable market data sources that you may need, leaving you well equipped to be more efficient in your research. And if needed you can always buy that specific market report.

Comparative Analysis of Market Reports and Expert Interviews

To give you some more evidence-based information, we did an analysis of the difference between market reports and expert interviews. As an example, we collected data across 6 different industries and their top market research reports. The pie chart below shows how among a sample of 50 market reports published in 2021, 74% of data used in the report was at least 1 year old (from 2020) and 12% of reports had the most recent data in the report dating 2 years back (from 2019 or older), so in total 86% of the market reports used aged data at least a year old. Only 14% of market reports published in 2021 have current (partial) year actuals from 2021, having been updated with data and market insights during the year.

Pie chart of market reports with aged data

This timeline illustration helps to explain the typical process of market reports and how they compare to an expert's current and unique insights. Market data is often only compiled and released months after year-end. Market reports using that market data have to be generated based on analysis of full-year data, with market participants' quotes and viewpoints added, then edited and reviewed, and only then can be published. Therefore, it's impossible for publishers of market reports to be covering real-time or even recent market movements. However, by speaking with an expert directly you'll get access to current market insights without delay.

Timeline graph of market reports vs. expert interviews

In terms of price, we found out that the 50 market reports we looked at cost on average $3,500. The price comparison bar chart below shows the big price difference between the average prices of Expertwired expert interviews and market reports. Expert interviews typically cost around 10% of what market reports cost. Ultimately, if you want to make your market research process more efficient and fruitful you'll greatly benefit from expert interview insights!

Bar chart showing average price of market reports vs. Expertwired

Our Mission Is to Redefine How You Do Market Research

Our mission is to redefine how you do market research and enable you to speak with industry experts, available at your fingertips for any (niche) market and geography. We are a disruptive tech company and for good reason—we have a fast-growing client base since our launch last year. Among our notable clients are the Big Four consulting firms, private equity, large corporates, and even academic researchers at respected institutions such as Harvard University.

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Redefining Market Research and the Value of Market Reports


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