Boiler room scam of epic proportions
I’m working in one of Big Four accounting/consulting firms. We do a lot of in-house market research and regularly buy/subscribe outside market reports. Lately, I see a number of old and established boutique market research firms to close their offices in the face of increased competition from fake market research cottage industry sprouted mostly for the Indian city of Pune.
Freshly baked Indian MBA’s are churning out thousands of new market reports weekly, playing SEO game on any meaningful word combination. The “analysts” in the Indian (don’t blame me, racist I’m not) sweatshops have never left their city or village in their life, less so worked in the industry they write about. In SEO game quality does not matter, only quantity.
The small US or European market research boutiques that rely on analysts with extensive industry experience, do time-consuming surveys and interviews, dig in corporate reports and publish or maintain a few dozen report topics on annual basis are loosing in this brutal spam onslaught. It’s like going old Western style with 6-loaded Colt against hydraulically driven seven-barrel Gatling-type aircraft gun spitting 3,000 round per minute.
Market research spammers clogged not only production, they clogged also all arteries of market research PR and distribution. Take a look at this press release distribution site — OpenPR.com, it’s a dump of market report announcements written under the same template, you will not find there in-depth analysis, original insight, or unconventional wisdom because they are not there.
They have different names — Transparency Market Research, MarkertsandMarkets, and countless others. Try to search in Google “market research Pune” — you’ll get the picture. They turned useless largest distributors of market reports MarketResearch.com and ResearchandMarkets.com, into a huge unmanageable pile of garbage.
The bottomline question is how to recognize spam. It’s easy and it’s not by country of origin which is hidden behind London’s or Boston’s bought address. No market research publisher, with the exception of the respectable industry giants like Gartner and Forrester, can research in depth, publish and maintain thousands of reports, not in a week, not in a year, not in the lifetime. Look for market research companies that cover specific niches and have in the portfolio a few dozens of reports.
Mass production of low quality market reports
Transparency Market Research
Persistence Market Research
FMI Future Market Insights
Let us address the elephant in the room. The market research as we knew it is dead. The future is AI-powered market research.