If you find yourself in a situation where you don’t have the funds or time to complete a custom market research study, syndicated data is a great alternative.
It is a form of secondary research that allows organizations to find insights into products, services, industries, competitors, and markets through existing information and sources.
In this article, we’re going to explain what syndicated data is, how it works, and share some examples of it in practice.
Syndicated Research: Definition
Syndicated data is when a third-party company designs, administers, and tabulates the data in an attempt to sell the report and data to multiple clients.
End-user companies buy "access" to the research, which gives them the ability to…
- View the data in their market
- Make comparisons
- Trend the data
Syndicated research vs. primary research
There is a significant difference between syndicated and custom market research.
Most market research projects are customized studies, designed uniquely for an organization.
This is a form of primary research.
They help draft questions, design the survey, streamline findings, as well as several other components.
When brands need data on a unique niche, syndicated research is often not of value. With custom research, the studies are tailored specifically to the client's precise needs.
They receive very useful data but often spend more to obtain it.
So, a more cost-friendly alternative is using syndicated data, which is a form of secondary research.
Neither decision is bad, but sometimes it’s only possible to do a customized study based on the project’s objectives.
Syndicated Data Examples
There are various types of syndicated research available for brands to purchase, though all with the same objective.
Instead of these organizations paying for the entire research process (i.e. the survey design, fieldwork, reporting), they only pay for the base findings.
Below are a few examples of syndicated data.
1. Syndicated panel data
This type of syndicated data is gathered from market research panels. A market research panel consists of people that sign up to take part in surveys, focus groups, etc.
An example of syndicated panel data is our Voice of Influencer Report.
Our online survey company polled 100+ social media creators from our influencer market research panel.
The objective of the study was to learn more about content creators’ preferences when it comes to brand partnerships. Brands can choose to purchase the report for $299.
It provides insights into…
- Factors influencers believe are most important when choosing brands to work with
- Areas of opportunities for brands to stand out among competitors
- Compensating content creators (and when they'd be willing to work for free)
- Best methods of communication for reaching influencers
Again, this report is much cheaper than the alternative of brands conducting custom market research with content creators.
All while still offering actionable data-driven insights that can fuel their influencer marketing strategies.
2. Syndicated market data
Syndicated market data collects information to provide a comprehensive market overview of a specific location, such as cities, counties, and zip codes.
The syndicated market data report shared…
- Key demographic information of potential customers of the proposed liquor store, such as gender, age, and household income.
- Consumer expenditure or how much money households in the area spend a year on alcoholic beverages.
- What competitors existed in the area and how much revenue they generate annually.
- Marketing tactics or where consumers consume media that drive them to make purchases.
All of this information is based on secondary research compiled by our market research team.
3. Vast-industry approach
A common syndicated data study is one that can be utilized by companies in different industries.
For example, Drive Research could conduct a holiday shopping study among U.S. consumers to gather shopper preferences ahead of the holiday season.
The data may be used by a variety of retail sectors such as tech companies or clothing retailers.
4. Industry-specific approach
Syndicated data tools could simply provide information for specific industries or sub-industries.
Drive Research may design a study aimed at capturing the attitudes of automobile owners and purchasers. So, the targeted buyer of the report could include automakers or auto dealerships.
However, we could also include questions about the current interest rates of auto loans.
Then, financial institutions such as banks or credit unions could also become buyers since they can find value in the data.
Additionally, syndicated data topics can be formed by repetitive events such as holidays or subjects that are trending like electric vehicles.
5. Ongoing competitive research
Maintaining a competitive edge is a difficult task for many brands. It requires staying informed of the latest industry trends, which, of course, can be time-consuming and costly.
A solution to sustaining a competitive edge can be found through syndicated research.
This gives you the ability to...
- Measure the effectiveness of your brand
- Tap into valuable insights and intelligence
- Create revenue-generating tactics
For example, Drive Research administers a monthly study that analyzes credit card rates among credit card companies.
Prospective companies that could utilize the data could include credit card companies as well as banks and credit unions.
Benefits of Syndicated Research
Syndicated data provides many important benefits to a company or brand.
From cost-effectiveness to competitor awareness, the data obtained is designed to give brands an edge against opposing companies.
Below, we share the advantages of this type of research that you may not receive from a customs study.
1. Cost effective
Another difference between custom market research and syndicated research lies in how they are funded.
A custom research study is funded by a single company with the research findings being proprietary to that company.
A syndicated study is funded by the market research firm, and the data is owned by the firm and then sold to buyers.
This is where the cost advantage comes into the picture.
Because the same research findings are bought by multiple buyers, this spreads out the cost of performing the research among those buyers, therefore, reducing the purchase price of the results.
2. Quick results
If you’re strained on time to dedicate towards market research, then conducting syndicated research is the perfect solution.
Running an effective market research study usually takes several weeks to complete and requires meaningful financial investment.
Whereas, purchasing syndicated data can be achieved in days.
Plus, you can access the data without having to waste additional resources on it.
A market research company handles all aspects of the research such as:
- Designing survey questions
- Finding survey respondents
- Summarizing the results into an organized report or document
3. Measure brand awareness and perception
Measuring brand awareness along with the way customers perceive a company’s brands is another key benefit.
It allows brands to see how their product offerings are viewed by customers in comparison to those of their competitors.
Recent studies showed that companies with consistent branding can increase sales by 23%. That's likely because over 1 in 4 customers are more likely to buy from brand they are familiar with.
Syndicated research can help your organization hone in on factors like this.
Furthermore, it provides competitive intelligence. When used correctly, this intelligence will shape a company’s marketing strategy to ensure it is positioning itself effectively among competitors.
4. Larger representative sample
Custom research studies tend to focus on a small market or population.
With syndicated data, the results are representative of a much larger sample or population.
5. Landscape of competitors
Because of the larger sample, syndicated research can give brands the ability to determine who their major competitors are, including whether those competitors are local, global, and small or large businesses.
6. Identify industry trends and threats
Syndicated data also gives brands the ability to determine industry trends.
The results reveal macro-level insights applying to the overall industry, which is very helpful in understanding the market landscape and how a brand fits into the picture.
When leveraged properly, conducting syndicated research will help a brand detect potential threats that are likely to impact it in the future. Such research then lets brands prepare for the issues and develop a competitive edge.
The Downside of Syndicated Research
There are always pros and cons to any market research study.
Unfortunately, with syndicated research, you as the user have no control over the type of methodology, questions that were asked, and even how the results are broken down to a point.
You are 100% at the mercy of how the data was collected and tabulated.
Some platforms allow a better ability than others to slice and dice the data based on market areas and demographics than others.
Other syndicated research companies simply create reports and sell those as a package with no access to data.
What is a Syndicated Research Firm?
A syndicated research firm, such as Drive Research, is a specialized market research company that conducts extensive studies and collects data on various industries, markets, and consumer trends, pooling together the information and selling it as comprehensive reports to multiple clients.
These research reports, often covering a wide range of topics, provide valuable insights, statistical analysis, and strategic recommendations, enabling businesses and organizations to make informed decisions, identify opportunities, and navigate the dynamic landscape with confidence.
Syndicated data is a type of market research that involves compiling existing information from various different sources (the Internet, census data, market reports, etc.).
Brands sometimes prefer buying syndicated research findings because it's a cost-effective way to acquire valuable data without having to perform the actual research and wait for the results.
This data helps develop market strategies that are pertinent to effective brand positioning.
Although, other organizations like the opportunity to customize. There is no right or wrong answer.
Though, sometimes, there is no need to spend extra dollars on customizing something that suffices as much as something generic.
With syndicated data, organizations are able to obtain most of the same data from a custom study for a lower cost.
Conducting syndicated research can be a great cost-effective alternative to custom studies.
Our team can help your business obtain valuable data to accomplish its goals, whether it’s buying into a syndicated report or designing your own custom project. There is no wrong decision!
Interested in learning more about our market research services? Reach out through any of the four ways below.
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
George is the Owner & President of Drive Research. He has consulted for hundreds of regional, national, and global organizations over the past 15 years. He is a CX-certified VoC professional with a focus on innovation and new product management.
Learn more about George, here.