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.
Syndicated research can help a business successfully develop a viable market entry strategy and can also help companies decide which type of new products to release into a new market. Although such data and analysis is useful, the drawback is that the same syndicated research will also be offered to other companies, thereby offering no opportunity for customizations or even a deeper insight into a company’s goals.
Since the information provided by syndicated research is not unique or niche, it may not fulfill the strategic business needs of your company. When syndicated research is no longer capable of offering the best insights, that’s when a company may look forward to custom research, as an alternative solution.
Custom research, unlike syndicated research can offer businesses with a tailored approach for conducting research on niche topics. Custom research can give businesses information beyond their traditional brand share. With custom research, a business can look at possible product formulations and enhancement to find out if it is possible to maximize the sales for their brand. Such valuable data can only be obtained through custom research.
Through custom research services, you can control the requirements for a project and make sure that all the results, analysis and data fit the exact needs of your business. Custom research can help you uncover more information about the key players in your field, the given supply chain and alternative distribution channels that you can choose.
Some additional custom research project can include market analysis, segmentation analysis, competitive analysis, economic impact analysis, industry benchmarking, competitive landscape, acquisition and merger screening, trade dynamics and partner search to name a few. The options for custom research are endless and can provide you with quantitative and qualitative data for a variety of topics. Unlike segmented research, custom research will be uniquely designed for each individual company.
Which to choose and why?
Several companies start by implementing business strategies by using syndicated research and then move on custom research when their business strategies advance. Sometimes, a company could even opt for a mix of both custom and syndicated research to address all the hurdles in their business strategy. While custom research can give laser-targeted information, budget flexibility and deeper insight, syndicated research can help you identify industry trends, measure brand awareness, obtain a market overview and understand specific issues.
If you business wants to start outsourcing research services, make sure to choose a market research provider who can offer you both syndicated and custom research. We, at Outsource2india can offer you both custom and syndicated research. We are a one-stop destination for any type of market research services. From using the latest tools and technology to hiring only the best researchers in the country, we do our best to provide you with market research services that will take your business to new heights. Read more about our market research services.
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