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There’s no substitute for custom market research. Specificity of the research question (which goes hand in hand with customized research) enables a company to more fully identify the unique factors affecting its own business practices. But sometimes customized research is simply not possible. Time and money constraints, as well as limited manpower, can individually or collectively serve as limitations to true proprietary insight. In the absence of custom market research, however, there are resources that you can use that provide meaningful — even if general — feedback. Syndicated market research is one example. Take a look:
There are two basic forms of market research: custom and syndicated. The first is created for and owned by a specific company, designed with the company’s own unique products, policies, issues and resources in mind. Syndicated research, on the other hand, is not restricted to any one company. Instead, it aims to shed light on general market conditions, with data results owned by the firm conducting the research and the costs of the research shared among multiple interested parties. This type of research provides cost-saving benefits and basic market insight to the companies who buy it, but no true proprietary details.
Typically, a market research firm offers either custom or syndicated research services. Some offer both. When offering syndicated market research, the firm gathers market information on an ongoing basis, analyzes it and then sells it to interested companies wanting general market intelligence. Sometimes, interested companies will come together and commission a syndicated market research report in advance; when this occurs, it’s possible that they influence some of the research firm’s questions and that some portions of the results are made available only to them. The broader information gleaned from the research endeavor is still available to any syndicated market research buyer, though. In this way, all purchasers of syndicated market research are able to acquire data that reveals widespread market trends and common customer behavior, allowing them to forgo the time and cost of customized research but still have valid and accurate information with which they can begin to strategize their own business decisions.
Syndicated market research is a great starting point for businesses. It offers:
Our researchers at Research America understand the value of all types of market research. To learn more about syndicated reports, as well as custom market research projects, and how leveraging the two together can yield even greater business insight, please contact us today.