Market research is the systematic collection and analysis of data on the factors that influence an industry, such as emerging trends, customer behaviour, brand positioning, product usage, and so on. For professionals involved in brand marketing, competitive intelligence, or business strategy, market research data is a valuable resource. Companies can make data-driven decisions armed with information generated by sound research practises to ensure maximum ROI from their marketing spend, focus their efforts on the right market segments, and prepare for future market developments and changes.
What is Syndicated Research?
Syndicated research is research that a market research firm conducts, publishes, and sells independently. The market research firm determines the subject and scope of the study, including the questions asked and populations targeted, using its industry expertise and experience, and then provides its findings and analysis to a variety of clients.
In This blog will discuss syndicated research, its benefits, and its roles in market research.
Custom vs syndicated research
Custom research and syndicated research are the two main types of market research conducted by market research firms.
Unlike syndicated research, custom market research is funded and carried out exclusively for one Client Company. Furthermore, the client will own the results of the custom research.
Syndicated research findings, on the other hand, are owned by the market research firm and will be sold to a variety of clients.
The difference between the two is based on who will profit from the research and who will own the results.
The low cost of syndicated research is one of its primary advantages. Because its findings will be sold to a variety of businesses, the overall research cost will be split among them.
The Benefits of Syndicated Research
Providing a Representative Overview of the Market:
Custom research often focuses on a narrower subject/issue or population, whereas good syndicated research ensures a representative sample of the overall market. It clearly depicts market participants, whether they are customers, clients, or businesses. The sample size and weighting should be large enough to provide accurate, relevant, and actionable intelligence.
Identifying Industry Trends:
Due to the large scale of syndicated research, it frequently provides a macro-level overview of the issues confronting a specific industry. Syndicated research can assist organisations in understanding the market landscape and their place within it, as well as individuals who want to get a head start on issues that will affect the industry in the future.
Measuring Brand Awareness, Strength, and Perceptions:
Similarly, by investing in syndicated research, multiple companies can see how their brands and product offerings are perceived by customers and potential customers in comparison to competitors.
Offering Competitive Intelligence:
Syndicated research can be a valuable source of information for competitive intelligence professionals looking for information on how to position their companies in a competitive market, as it can provide insights into macro-level industry trends as well as a detailed understanding of specific issues within an industry or market.
When to use syndicated research?
Syndicated research not only saves companies money, but it also provides valuable insights into the market industry. To be more specific, here are some of the ways it can benefit a business:
Measure brand awareness
Syndicated research can provide data on how various companies’ offered products or services are perceived. It includes feedback from current and prospective customers, as well as comparisons to competitors.
Access competitive intelligence
Syndicated research is an excellent source of competitive intelligence because it provides valuable information on specific macro-level industry trends.
Furthermore, it provides companies with in-depth knowledge of various customer experiences and current issues in specific industry sectors.
Determine current industry trends
Syndicated research is typically conducted on a large scale, providing organisations with more accurate information on the needs and demands of their customers. Furthermore, it informs businesses about specific issues that are likely to affect their industry in the future.
Get insights into the overall market
Custom research focuses solely on a specific topic and on a smaller population. Syndicated research, on the other hand, provides significant information on the overall market industry.
Furthermore, it provides insights to all market participants, namely customers, businesses, and clients.
Where to acquire syndicated research reports
Syndicated research can be obtained by businesses from the following sources:
Market research reports providers
Market research report portals are a great place to start looking for and purchasing syndicated research reports for businesses. These portals frequently collaborate with well-known global market research firms.
Market research report providers can also assist organisations in locating the best research for their specific needs.
Industry associations
Additionally, various trade associations can be a reliable source of syndicated research relevant to a given industry.
These trade associations frequently employ market research companies to carry out their own research. They typically make the study accessible to the general public.
University libraries
University libraries typically have access to various research studies on various digital databases. Organizations with access to these university libraries have the option of drawing from a large database of research studies.
Conclusion
Syndicated research that offers practical insights is the most valuable. Representative data and analysis of a market, consumer behaviour, product usage, emerging trends, and other industry themes can help an organisation develop specific plans and measures that will lead to growth and higher income. Organizations can obtain this essential knowledge for the best return on investment by investing in it.
So, if you’re looking for syndicated market research services, get in touch with our team at sales@spaderesearch.com
