Desk research can deliver the Market Landscape [market size and growth, key competitors and products, channels of distribution, technology trends, etc.] Desk research includes government data, published data from journals and syndicated reports and data on the web.
- Pros: it is cost effective and fast to deliver
- Cons: rarely will desk research give a complete picture of the market size and competitive landscape
Qualitative Research or in-depth interviews [either face to face or telephone interviews] with key opinion leaders, suppliers, distributors will add direction to the market sizing as this information will augment the desk research and add direction to the desk research.
- Pros: delivers “rich” insights from the industry stakeholders
- Cons: does not deliver the rigor of quantitative research
Quantitative Research [telephone or online interviews] will add “precision” to the desk and the qualitative research. This degree if precision is necessary to determine the current market size and to forecast the potential market over the next 3, 5 and 10 years.
Pros: delivers market sizing typically +/- 10% of the true market size
Cons: is expensive and can take up to 4-5 weeks
Application of Statistical Methods to the Data
We recommend the application of statistical methods e.g. the Monte Carlo Method and other models for more precise market sizing.