Read this blog post to find out if your business should choose syndicated research or custom research.
As you would already know, market research is an essential tool that is an absolute requisite for a winning business strategy. When it comes to research, organizations are confused if they should start with syndicated research or custom research. Which type of research should you use and why? Let us find out.
To start with, syndicated research focuses only on specific types of data like surveys, product launches analysis or scan data. This gives companies a bigger picture to look at and showcases long-term strategic insights to the company. Syndicated research is a cost-effective means to obtain a broad view of your product/service environment.
If your business opts for syndicated research, you can expect better overall market insights, good brand positioning and effective market strategy. Not only will you be able to understand the size of the population and the spend in a given market, but you can also stay up-to-date with macro-level trends.
Is your small or midsize business looking out for a new market to sell your products/services? If yes, what you need is market research from an expert who can evaluate your sales and customer data. Once that is done, all you need to do is follow these easy steps to identify a new market and start selling your services/products to a new audience. Let’s have a look at the steps:
Meticulous evaluation of sales and customer data
Use your customer relationship management system (CRM) and enterprise resource planning (ERP) to run reports on who are currently buying your products, along with their location. If need be, this information can be calculated manually with the help of a spreadsheet to extract and sort out the data. This will give you a clear picture as to why these specific customers are particularly attracted to your products/services. If you are able to find a pattern, you will be able to find new target audiences to which you can apply a similar pattern.
If you are keen on running a successful business, then you need to learn more about your competitors, your customers and your industry. The best way to understand your market is to use market research. With the aid of market research, you can analyze data to help you decipher which services or products are in demand and how to get more competitive in the market. Apart from this, market research can also give you valuable insight on how to:
Minimize your business risks
Identify upcoming and current problems in your industry
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