Listen to this articleNeed a market research database provider to help you get industry insights fast? Check out our article comparing two of the best, ReportLinker and Euromonitor, and start making marketing gains.
Companies use market research in order to be able to accurately access the state of the market in their niche and ensure that they are doing the right things to attract their target audience and compete in their niche. That’s why it’s so important that they’re able to gather the most accurate data and information about their prospective customers.
Traditionally, market research was conducted by professionals who would talk to consumers, surveying them about their likes and dislikes, or running focus groups to see what the target demographic made of the products and services a company was looking to market. This could be expensive and time-consuming, albeit a necessary step in the process of selling goods and services.
Today, things are much different, and although many businesses still use traditional market research practices as part of their data-gathering efforts, more businesses are using market research database providers instead.
What are market research databases?
Market research databases are cataloged pools of data that are used for the storage, management, and retrieval of a body of information. Typically, market research databases contain information on things topics such as market insight, consumer research, and data analysis on numerous industries in the business world. This means they can provide insights that are both broad in scope and narrow in their reach, even going so far as to be able to provide detailed market research data on a specific company.
The average market research database contains written reports and/or statistical accounts, which can be accessed by companies or individuals who are looking to research the market for a product or service they wish to promote.
Market research databases use DBMS – database management systems – to ensure access to any data they contain is safely controlled with a high level of security, and to also ensure that databases can be recovered effectively after system failures.
Basically, market research databases are a simple way of collating and accessing a huge amount of market research data and analysis, making the whole process far simpler than it used to be.
Below we are going to take a look at two of the most popular market research database providers currently available:
1- ReportLinker
ReportLinker is a prominent market research database or search service, as it is sometimes known, that collates data and reports from the deep web. It used more than 25,000 trusted information sources as diverse as government agencies and international trade associations to collect useful information for use by third-parties, who can use it to gain valuable market insights for over 5000 industry sectors.
ReportLinker has over 150+ million pieces of actionable information across pretty much every business sector in its database. This is all information they have taken from sales forecasts, production figures, and marketing reports amongst other things. Although all of this information is technically already out there in the public domain, trying to find and analyze it by yourself would take a considerable time investment. ReportLinker puts it all together in one neat little package, so you don’t have to worry about spending hours on Google just to find the detailed information you need to improve your marketing prowess.
How is ReportLinker Different from other services?
Many other market research database providers only offer private reports, with access to each one being kept behind a paywall, meaning they can get pretty expensive to use pretty fast. ReportLinker, on the other hand, provides an extensive amount of information from thousands of sources and millions of pieces of actionable data, for one reasonable monthly subscription cost.
ReportLinker’s search system also used advanced semantic technology to hone right in on the most useful data to your business in a way that many competitors simply are not able. Their system used a targeted indexing function to provide data that other market research database providers simply are not able to access.
How easy is ReportLinker to use?
Very easy indeed. All you have to do is enter the business sector you need information on or the exact query you need to find answers for and ReportLinker will do the rest for you, almost instantaneously furnishing you with a list of free reports and sources of data that are highly relevant to your search.
Once you have the results, you can easily narrow them down even further based on your required location, industry, publication date, and more besides. If you’re looking for a fast way to find the data you need, ReportLinker is certainly the one!
The service also offers a range of additional premium listings such as industry forecasts and estimates but for the most part, you can find the information you need with the free reports, and ReportLinker is always clear about laying out exactly what each report contains before you buy.
ReportLinker Pros and Cons
Pros
● Extensive industry and regional coverage
● Industrial markets and B2B Covered
● Tons of proprietary data: market size, forecast, estimates
● Intelligent insights from industry experts in real-time
● Daily updates
Cons
● Pricing model designed with research firms in mind
2- Euromonitor
Euromonitor is a market research database with a global reach. Offering insights on consumers, industries, and economies across the globe, it can be used to help individuals, corporations and other interested parties, to identify future, trends, analyze market context and ensure that they stay ahead when it comes to marketing products and services, protecting their businesses from economic changes and much more besides.
How is Euromonitor different from other services?
Available to B2C and B2B Clients, Euromonitor has clients in over 106 countries and bills itself as the world’s leading independent provider of strategic market research.
Euromonitor employs a far-reaching network of in-country analysts who are able to provide a depth of information that you don’t often find with other market research database providers. When using Euromonitor, you can be sure that all information will be consistent and reliable. They use a team of analysts, who are located all over the world, to collect all of their information first-hand. This is a huge boon when you want to ensure that any measures you implement have as much backing as possible.
Similarly to ReportLinker, Euromonitor is a subscription-based service, which means that it is way more affordable than many other market research options out there. Information you can access with a subscription to Euromonitor includes:
● Industry forecasts and reports
● Company profiles
● EI analyst opinion pieces global reports
● Country reports
● Videocasts
● Podcasts
● Datagraphics
As you can see, this is a pretty extensive offering from the company, which makes it an excellent choice to use for all of your market research purposes.
Not only that, but Euromonitor uses a powerful database that can, just like ReportLInker, return an astonishing amount of information for you to sift through. Although there are tools to help you refine your searches, it isn’t quite as simple to do this when using Euromonitor as it is when using ReportLinker.
How easy is Euromonitor to use?
Once you get the hang of it, Euromonitor’s software is pretty simple to use. On the homepage, you will find lots of the latest information in various industries, which can be an interesting read in and of itself. You can choose the information you’re interested in reading by selecting Industries or economies and consumers and then choosing from a dropdown list of categories within your chosen niche. Although this information can be very useful, if you’re looking for something specific, you’re going to want to perform a search which you can do by selecting/categories topics to filter, and typing in a specific query. Your data and analysis will then be cherry-picked to suit you and you can further refine it as you see fit.
Every step of the way, you are provided with clear instructions that make the whole process pretty near faultless.
Euromonitor Pros and Cons
Pros
● Reports are all built using the same structure
● Access to 6-year historic market size data across 330 consumer products in at least 52 countries
● 5-year forecasts
● Market data by country, consumer lifestyle, statistics and business risk reports
Cons
● Focus on consumer products = limited coverage
● Only updated annually
● High price
Which is best?
It’s natural to wonder which is best between the ReportLinker and Euromonitor product, but this can be a difficult question to answer, not least because the answer will be different for each person/ company looking to use their services.
For example, if you are only interested in consumer product marketing data, you’d likely get on very well with Euromonitor because it focuses on that area and tends to have a huge amount of reliable data relating to consumer products at any given time, However, it doesn’t always have the most up-to-date information, unlike ReportLinker, which means that the latter may be more useful to you on the whole.
On the other hand, if cost is likely to be the main factor in your decision, Reportlinker is probably going to be the ideal solution for you because although their premium plan will set you back $2400, their standard plan is only $89. In comparison to Euromonitor’s between $2000 and $200,00 price tags, depending on the industry you’re interested in, is a real steal.
That being said, we’ve put together a hand table that should help you to get a better handle on the situation and hopefully make a firmer decision:
Who is the winner?
As you can see, it might not be as simple as declaring a clear winner because both market research database providers offer solid services. The determining factor, as I mentioned earlier, maybe what exactly it is you need them to do for your own purposes.
That being said, we’re going to go out on a limb and say that if you are looking for a high-quality, affordable subscription-based service, chances are you should plump for ReportLinker, which is definitely the cheaper option, but which still offers a similar level of functionality to Euromonitor.
With access to millions of pieces of data from more than 25,000+ trusted sources and subscriptions starting from $89, there’s a good chance that you’ll be able to get what you need from ReportLinker when you need it. Because it’s updated daily, the insights it provides are also far more likely to be of use to you.
Where Euromonitor comes into its own is when you need highly-accurate hand-curated data, from a range of sources, in the consumer product industry – if that’s your bag then Euromonitor is definitely worth paying out for if you can afford it, but otherwise, stick with ReportLinker for now.
It’s just unfortunate that Euromonitor doesn’t offer a free trial. This would be a really helpful edition that would enable you to really nail down which platform works best for you, by testing both before making your decision. A useful update to think about for the future!
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