What Is A Syndicated Market Research And What Are Its Benefits?
Posted by Andrew Thomas on February 21st, 2019
To make a mark in the industry, it is essential to measure the effectiveness of one’s brand, create sustainable business strategies and build up competitive intelligence. For this, companies must invest in syndicated market research. Companies can use the information to make precise decisions that will get them the maximum return on investment. Companies even undertake market research to stay updated on the latest trends and technologies and improve their visibility, despite the competition.
Syndicated market research is done by market research companies without a specific request from a client, but might be of interest to multiple organizations within a specific industry. International market research companies sell these syndicated research reports to businesses that need an overall understanding of the state of the industry. Custom research, on the other hand, is tailored and funded by one client, who will have ownership over the results. When a company requires specific information about a unique aspect of their business, then custom research is conducted for that particular company. Custom research follows a client focussed approach and provides an in-depth analysis of the market.
Syndicated market research provides a number of benefits if used correctly. One of the greatest benefits of syndicated research is cost efficiency. As the same report will be purchased by several companies, the cost of performing this research is spread among several organizations. The lower price is an added advantage for companies that are running short on their research budget. They are able to get good information from syndicated research. Syndicated market research is good for businesses that are short on time as well. It may not contain the specifics of a custom market research report, however, knowledge of the general trends will add weight to the presentations and help prove a point.
Syndicated research provides clear information about the overall market and all the key players, be it clients, competitors or even other businesses like their own. Syndicated research is extremely useful for companies who wish to understand the market landscape and their position it, as research takes place on a large scale, one can get a macro-level overview of the issues plaguing the specific industry. Syndicated research can warn the business on issues that will affect the industry in the years to come. Syndicated market research helps a business view their brand and products through the lens of their customers and prospective customers, and how they are faring in comparison to their competition. This gives the business either a boost if they are performing well, or acts as a wakeup call if there are areas which require improvement. It helps in identifying the major trends in a particular industry. Well-Crafted syndicated research helps companies in building long term strategies.
Sometimes, a macro look at the data is more helpful than an in-depth custom research report. It is important to look at the overall picture to make sure that one’s company is moving in the right direction and not lagging behind too far.
