Staying informed of trends and opportunities in your industry is an ongoing and time consuming process, but it is essential to measure the effectiveness of your organization’s brand, build competitive intelligence, and create sustainable and revenue-generating business strategies.
Market research is the systemic gathering of information about and analysis of the factors that influence an industry: emerging trends, customer behavior, brand positioning, product usage, etc. The data generated through market research is an invaluable tool for professionals working in brand marketing, competitive intelligence, or business strategy. Armed with information produced by sound research practices, companies can make data-driven decisions to ensure maximum return on investment (ROI) from their marketing spend, focus their efforts on the right market segments, and prepare for future developments and changes in the market.
Syndicated research is research that is independently conducted, published and sold by a market research firm. The market research firm leverages its industry expertise and experience to determine the subject and scope of the study, including the questions asked and the populations targeted, and offers its results and analysis to multiple clients.
Generally, market research firms offer their services in two forms: custom research and syndicated research. The basic difference between the two is who funds it and who has ownership of the data. Custom research is specifically conducted for and funded by a single client company, and the results are proprietary to the client; whereas the data from syndicated studies is owned by the research firm.
One of the key benefits of syndicated research is cost efficiency. Because the same research results are purchased by several companies, the cost of performing the research is spread out among those companies. Investing in syndicated research is an often a cost-effective solution for firms seeking to gain valuable market insight.
The best syndicated research produces actionable insights. With representative information and analysis about a market, customer and behavior, product usage, emerging trends, and other industry topics, an organization can strengthen its position to plan specific strategies and take actions that will lead to growth and increased revenue. Organizations have the opportunity to gain that critical knowledge for maximum ROI by investing in syndicated research.