What Is Syndicated Research And What Are Its Benefits?
When it comes to doing market research, you may have more options than you think. Many people assume that getting custom market research performed for their business is the only path to take, but in certain circumstances, it can actually be more beneficial to use what’s known as syndicated market research.
What’s The Difference?
The two forms of research may be right for your business at different times, or they can be used in conjunction to provide maximum insights.
Custom market research is a more granular approach that’s tailored to a specific goal or niche that your company wants to learn more about. It can offer in-depth research on a specific need that your company has or your competitor landscape. Custom market research can be a great option for businesses that know what data they need and want a deep dive into that consumer data. For example, if your business wants to know about the effectiveness of your advertising on one of the consumer segments you target, you would use custom research.
There’s also a second option—syndicated market research. Syndicated market research is done by market research companies—without a specific request from a client. It’s generally a broad overview of an industry that can provide insights about the industry as a whole, rather than the more tailored insights that come from custom market research. Market research companies sell these syndicated research to businesses that need the research to better understand the overall state of their industry. It isn’t only available for one business, as would be the case with custom market research.
What Are The Benefits Of Syndicated Research?
Syndicated research provides a host of benefits when used properly. For one thing, it can be used as a good general starting point for businesses that know they will want custom research done in the future, but don’t have a good idea of what they want just yet.
Rather than immediately diving into more research, they can take their time and figure out which areas deserve a closer look. This is also due to the fact that syndicated research is an affordable way to take a first step into the research process. As the research is available for purchase to multiple companies and organizations, the cost is spread out between several buyers, unlike with custom research. Several different businesses might use the same syndicated research simply because it gives them the same important overview.
The lower price makes syndicated research a good option for when you’re running short on you research budget. You’ll still be able to get plenty of good information from syndicated research, and you can then formulate a plan for custom research you want done when you have the budget for it.
But syndicated research isn’t just great for those who are short on budgets. It also works great for organizations who are short on time as well. Even the fastest custom market research will take some time to perform, and there are many cases where businesses and individuals need usable data at a moment’s notice.
For example, if you are working on a presentation and need relevant information for data pointers and charts, then using syndicated research may be just what you need. A presentation or speech without any solid data behind it just doesn’t have the same effect as it does when you can point to research to back up your claims. Using syndicated research is a quick way to add weight to your arguments and presentations.
The same goes for any other situations when you’re strapped for time, but need solid market research in your corner. Syndicated research is available immediately, but still provides actionable insights. It may not have the specifics of a custom research project, but the general trends will still be there to help prove a point.
How Can Syndicated Research Help In Your Decision Making?
Syndicated market research generally provides a broad overview of an industry or segment. Often times, this macro look at the data is just as helpful as a more in-depth custom research project. You’ll see the overall trends in your industry, which can help you understand where your brand sits in the bigger picture, what may be coming in the future, and how past trends have affected your industry.
Looking at small niche portions of an industry or consumer segment can lead to great insights, but sometimes it’s necessary to step back and look at the overall picture to make sure your company is moving in the right direction. It’s more challenging to make informed decisions about the future of your company if you don’t have data that provides you with a view of the market as a whole.
That’s the missing piece that syndicated research can help you find. And when you have a better overall view of your business and it’s position in market, your custom market research will be more effective, too.