What is your rule of thumb for when to rely on industry-specific reports for insights on your market versus conducting your own research in-house?

Frankly, #1 is cost. Industry reports tend to be expensive and often times too generic. I find that they're only worth it when there's a large organizational (wider than Marketing) need for basic industry or segment knowledge, like when the company as a whole is assessing new markets. Start with your research question - what exactly are you trying to answer? You'll realize that often times you can take that report cost and allocate it towards research that can answer your question much more directly. In order to justify the cost of production for there reports, research firms need to cater to the lowest common denominator to make them relevant for the largest audience possible! 

I don't think it's a question of industry reports VS in-house research, It's "And" and looking at both to get the full picture. Oftentimes big publications, or analysts will run industry reports which can be great for broad market understanding and numbers but in-house research can help fill-in specific details.

If you have a subscription with an analyst firm, I'd recommend checking out the research they offer for broad market understanding. Also, if you regularly connect with specific analysts ask for their input on competitors and the broader market -- they often have good feedback.

For in-house research I prefer to use it to tailor that understanding of the market to your company and your position within the market. Whether that's deeper research on pain points, positioning, personas/ICP, campaigns, and user research.

Effective market research begins with a comprehensive understanding of two key elements: (1) the objective and (2) the target audience. It's essential to align on these foundational components, before selecting any specific methodology, such as in-house research or industry specific reports.

In-house research demands significant resources compared to utilizing industry-specific reports for insights. Generally, if the research is pivotal for brand and product, conducting in-house research or engaging a vendor may be warranted. For instance, when substantiating claims, customers often seek company validation, positioning it as a product differentiator, and therefore, conducting research would be relevant.