Custom Research and Syndicated Research: A Basic Understanding

Market research plays an essential role in the development of a sound business strategy. Many businesses use syndicated research to gather general data for many industries and gain deep insights, while others rely on Customized Research Reports.

A syndicated research services provider focuses on the particular type of data such as surveys, scan data, and product launch analysis and offers a clear picture and long-term strategic insights. A company can specialize in research for one industry only and may spread across multiple industries. Businesses utilize syndicated information as an affordable way of gaining a broad view of their services and products.

Some major benefits of using syndicated market research include overall market insights, strategy and brand positioning. Beyond getting information about the size of the population and spend in a given market, syndicated research delivers context on macro-level trends.

For example, a soft drink company can buy a passport subscription that envelops all domains in which their business may overlap, like hot drinks, soft drinks, retailing and consumer food service, to check how well their competitors are doing. This vital information can help them in developing viable Customized Secondary and Primary Research Reports for an adequate market entry strategy and decide which types of products are needed to be launched in the market. This data is useful, but because it’s syndicated, it’s delivered to all other buyers of the passport database, creating not opportunities for more profound insights or customization.

So, what if the information a business needs is exclusive and niche, that syndicated research doesn’t fulfill strategic business needs? When syndicated research isn’t capable of delivering the best insights, there is no better option than custom research.

Custom research provides a tailored and sophisticated approach for researching professional topics. For instance, if a company wants to acquire information on snack bars beyond their traditional brand shares and wants to check product formulations and enhancements to see whether it’s possible to increase sales, custom research would be the best choice for gathering such information.

The benefit to using custom research is that you can control the requirements for a project, making sure that all data, results, and analysis fit specific needs. A food package company can have a chat with a market research provider or use Procurement Research Services to design projects to explore an existing portfolio. The same company could also choose custom research to reveal greater details about given key players, the supply chain or alternative distribution channels.

So, these are some of the significant aspects you need to keep in mind when choosing a research type. Penterra Analytics has a team of some qualified experts who provide you with the best in class services related to competitive intelligence and market research services.