Sometimes I am quite overwhelmed by Google search results which constantly pumping press release about markets sizing/forecasting from newly published research reports from a raft of untraceable companies.
Some of these press releases are about quite niche topics which surprised me whether there would be any buyers for such research. Surprisingly, there is also very thin content available under the report ToC. Sometimes it feels that the ToC can fit any topic or industry as they all seem generic and superficial.
I would not be worry where the company is located as companies are now outsourcing from around the world. However, my main concern is how these companies can publish hundreds of reports, of about 100 pages, on a monthly basis.
Do they know the market? Do they follow proper research methodologies? What are the techniques they use for forecasts? Do they spend quality time on each report? Is it worth taking the risk to spend a few thousand dollars on such a report?
If anyone encountered such companies, please share your experience.
Indeed there are so many companies calling themselves market research companies. But I am afraid their quality of work is well below the industry average standards. They do not care about their clients. Probably, these fake market research companies neither want to exist nor aim to be an authority in the industry.
Some of these fake companies operate a few brands simultaneously from different locations and registered under different companies’ names. To show the world that they are unrelated companies, they operate different websites.
When an analyst finishes a report, then the umbrella company recycle the report contents into different formats and re-publish them under these ghost brands. They usually publicize their reports through third party press releases.
Some companies only have ToCs ready, and when a client places an order, then they quickly reassemble the content from here and there. Sometimes, they have a generic report format and only replace the keywords in the report. So, the report can be ready within a few minutes.
I also heard that some fake market research companies even use Excel-macros for changing the numbers and creating charts and tables. So, in no time market assessment, forecasts, tables and charts can be ready for a report.
These companies are looking for hot topics, and one analyst can cover various industries. Mostly these are fresh graduates.
You should do thorough due diligence to find out more about the company and the report. It is essential to know about the company, report contents and the report writer. I usually do the following to better understand the value of the report:
I usually would not give much importance to the following:
I hardly trust the so-called unbiased and independent market research companies.
Currently, there is so much stuff online that you no longer need to buy an off-the-shelf report from a third party. Just give the task to one of your employees or hire a freelancer to do the job according to your set requirements.
Have you heard about Visiongain? This fake company tops the chart. Read this article:
I like to see the fake reports.
And also let me know how we can stop companies like Visiongain
Below is the YouTube link for further details.
One of the options would be to look at the revenue of the market research companies. If its sales are small, it may also reflect its limited potential business exposure/influence in the market.
I always prefer to talk or even do a video conference call before spending.
In my opinion, which may be wrong, some of these companies are the byproduct of tier-1 research companies. Nowadays, the top consulting and market research companies giving away tonnes of their premium contents for free to lure new customers. In the past, such premium intelligence was well guarded, now these are sprayed across the internet. Small and cheap research companies are recycling such intelligence and are helping themselves to improve their analysis.
A friend recently purchased a report from one of these companies. The numbers were irrational and the “product analysis” was text copied verbatim from various websites. They disputed the with their credit card company. I helped them with easily verifiable data to help them prove it was a scam report. But they lost the dispute because the scam research companies terms included the following:
“[COMPANY NAME HERE] will be under no obligation to refund any part, or all, of the fees paid for its products and services; and if payment for the services has not been received in full, you remain liable and responsible to make the full payment.”
So the scam research firm could literally have sent anything as long as the title of the report matched what was on their invoice.
I did a web search for the refund wording above and the following companies all have it:
“Industry Growth Insights”
“360 Market Updates”
“360 Research Reports”
“Up Market Research”
“Market Reports World”
“Industry Research Biz”
“Market Growth Reports”
“Business Growth Reports”
“Industry Research Co”
So the take-away is buyer beware. Ask for a previous year’s report (not a sample with redacted info) and know their refund policy.