Syndicated research is the best choice for enterprises that want to reap the benefits of market research within a budget. This type of research can help growing businesses stay updated about emerging market trends, product usage or customer behavior. Read this blog post on the FAQs on syndicated research to understand more.
The research funded by a market research company and then made available in the open market for any business that wishes to purchase it is known as syndicated research. The results of syndicated research are provided in the form of raw data, presentations or reports. In syndicated research, the scope and problem of the research is formulated by the market research enterprise based on their methodology and experience. Hence, syndicated research will often need refinement before usage.
Let us explore the frequently asked questions about syndicated research like why it is conducted, who should use it, when to use it and what is the use of this type of research.
1. Why is syndicated research carried out?
Market research companies carry out syndicate research for various purposes like
- To keep their knowledge base updated on key industries on which they specialize
- To update the databases of research offered to customers
- To showcase the skills of the company
- To increase the visibility of the company
These are a few reasons why a market research company may wish to invest its time, funds and resources into conducting syndicated research.
2. When should syndicated research be used?
Very often syndicated research is used during business research which is exploratory in nature and which follows an unstructured format. For instance, syndicated research could be used when:
- You want to find information about a specific market before investing in custom market research
- You want to use charts or data pointers during a presentation but do not have the time to carry out custom research
- You want to develop an investor pitch and require several data pointers on within a short time frame
- You have a limited budget
- You need generalized information to use in a thesis
- You require data for a new story or a business article
- You want to be updated about the latest trends happening in your industry, market or among your customers
If you want to gain more understanding about a market, industry or a company at a lower cost and within a short time that is when you should use syndicated research. It is the best research to use when you are building your knowledge base about a particular research issue or a business market and you wish to do it within a budget.
4. What is the cost advantage that syndicated research offers?
Syndicated research reports are much more affordable than custom market research. On an average, syndicated research would be ten times cheaper when compared with custom research. The cost is lower because syndicated research is made available to anyone who is ready to buy the research. Custom research on the other hand is specially customized for the client and is kept confidential with an NDA agreement.
5. Why opt for syndicated research?
One of the biggest benefits of opting for syndicated research is the cost efficiency. Since the same research results are bought by several enterprises, those companies share the cost of carrying out the research. Investing in syndicated research is an affordable option for enterprises that want to gain valuable market insights within a budget.
6. What are the advantages of syndicated research?
- Get a macro-level overview of the issues faced by a particular industry
- Understand the overall market landscape and your position in it
- Evaluate clients, customers or businesses
- Find out how best to position their brand in a competitive market
- Find out how your brand is performing and how your customers are viewing your brand
We hope these FAQs gave you a better understanding about syndicated research. At Outsource2india, we can help your business develop its business strategies by providing you with actionable insights. Through our expert syndicated research services, you can avail in-depth information about emerging market trends, product usage or customer behavior. Based on syndicated you can strengthen the position of your brand and come up with the right business strategies, which in turn will lead to better growth and revenue. Find out more about our syndicated research services and give your business a competitive edge!
Did you like reading this post? Has your business invested in market research before? Do you prefer syndicated or custom research? Let us know by leaving a comment in the box below. We, at Outsource2india love to hear from you!
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