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, which gives you the ability to measure the effectiveness of your brand, tap into valuable insights and intelligence, as well as create revenue-generating tactics.
Syndicated research is much different than custom market research. Learn more about what it is and the benefits from our NY market research firm.
What is Syndicated Research?
Syndicated research is conducted by a market research firm on an independent basis and then the findings are sold to buyers. The market research firm conducting the research will leverage its available resources and industry experience to outline the subject and scope of the study. It will determine the exact questions to ask as well as the population to target. Most times, the results are offered to multiple clients.
Syndicated research providers often focus solely on a certain type of data, such as online surveys. Their findings are meant to help their customers develop long-term, strategic marketing tactics. Some syndicated research providers specialize in only one industry while others specialize in multiple industries.
Brands often prefer buying syndicated research findings because it's a cost-effective way to acquire valuable data without having to perform the actual research and waiting for the results. This data helps develop market strategies that are pertinent to effective brand positioning.
Difference Between Custom and Syndicated Research
There is a significant difference between syndicated and custom market research. When brands need data on a unique niche, syndicated research is often not of value. With custom research, the studies are tailored specifically for the client's precise needs.
Another difference between custom 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 findings are 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.
Benefits of Syndicated Research
Custom research studies tend to focus on a small subject or population. With syndicated research, the results provide a representative sample of a large population or the overall market. It gives brands the ability to determine who their major competitors are, including whether those competitors are local, global, and small or large businesses.
Syndicated research also gives brands the ability to identity industry trends. The results reveal macro-level insights applying to the industry as a whole, which is especially helpful in understanding the market landscape and how a brand fits into that landscape. When leveraged correctly, syndicated research will help a brand pinpoint issues that are likely to impact it in the future. It can then prepare for those issues to establish a competitive edge.
It's also with syndicated research that companies can measure their brand awareness along with the way customers perceive their brands. This is particularly of benefit because it allows brands to see how their product offerings are viewed by customers in comparison to those of their competitors. More so, it gives them competitive intelligence. When used correctly, this intelligence will shape a company’s marketing methods to ensure it is positioning itself correctly among its competitors.
If you’re limited on funds to devote toward market research, then syndicated research will prove of the utmost value. It also works well for companies that are short on time. Conducting effective market research usually takes weeks to months to coordinate and perform. With a syndicated study, you gain access to data without having to fund the actual research, nor do you have to devote your resources to it. Instead, the market research handles all aspects of the research, including screening and recruiting participants, finding a research facility, and putting the results into an organized report or document.
Drive Research is a NY market research firm located in Syracuse. We work with clients to create custom market research studies to obtain data and answers to the most challenging questions facing their business.
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