Market research is an integral tool for the development of a comprehensive business strategy. It primarily entails the accumulation of data in order to learn more about consumers and target demographics. Through this, a brand can market itself more efficiently, and ultimately thrive in a competitive space.
When dealing with market research, businesses opt for diverse approaches with the principal objective of acquiring a vast array of insights into the targeted industry. Researchers are often presented with the two most extensively utilized forms of market research. These include custom research and syndicated research, with each possessing its own unique advantages.
But, how do you know which type of research would work well and yield the best results for your business? Let’s find out –
Syndicated Research vs. Custom Research: How are they different?
The main distinction between syndicated research and custom research lies in who funds the study and who owns the data upon the conclusion of the analysis. This form of research is independently conducted by an industry-specific market research company. Also, it is jointly funded by numerous firms who collectively own the data.
On the other hand, custom research is personalized for and funded by one specific client, who then attains sole ownership of the subsequent data. The client company can also dictate and direct the requirements of a research campaign, establish the qualifications of participants, and cater to specific needs.
Understanding Syndicated Research – A Detailed Walkthrough
A syndicated research provider exclusively concentrates on specific data types, including product launch analysis and surveys, in order to validate long-term strategic assessments and insights. For instance, Inkwood Research delivers syndicated information as a tactical approach for gaining a broader view of your brand’s product or service milieu.
Simply put, the advantages of working with syndicated market research include in-depth market strategies and brand positioning, as well as holistic industry insights. Beyond comprehending the demographics’ size and disbursement, syndicated research also ascertains relevant context on macro-level trends.
We believe that syndicated research is an excellent starting point for brands with the objective of accessing general information and acquiring a holistic perspective of the market. Several businesses also use syndicated or ‘off-the-shelf’ research as the first step towards garnering wide-ranging data for various industries. However, in case your business requires more specific, thorough, and distinguished data for fulfilling the brand’s strategic needs, custom research can be the next best approach.
Custom Research – How Does it Benefit Your Business?
Custom research is best suited for dealing with research beyond the nascent stages, such as explanatory and exploratory research. The client possesses the liberty to design a survey campaign, tailor-made to its proclivity and suited for its specific requirements. Hence, it is also ideal for acquiring a more thorough and detailed assessment of the target market.
A unique benefit to working with an expert custom research firm, such as Inkwood Research, is that your business plays an equal role in directing the project’s needs. In this regard, all data, evaluation, and results are accommodated within the brand’s needs, as well. Undoubtedly, the choices pertaining to custom research are interminable since they are uniquely designed and personalized for the company commissioning them.
When a business is at a critical juncture, one that mandates immediate, yet actionable insights, custom research is objectively the better choice. This is mainly because, unlike syndicated research, which specializes in offering general solutions, custom research delivers intricate data as precisely to a company as possible.
Choosing the Right Market Research Provider
While narrowing down upon the best-suited research type, it is pivotal to consider fundamental market research necessities, ranging from the highest priority to the lowest. Hence, businesses must choose the ideal market research provider wisely. Inkwood Research believes that although strategic insights and competitive business intelligence are the prerequisites of upgrading a business, market research is the ultimate driving force. As a result, we provide our customers not only with expert consulting services but also syndicated as well as customized research reports. Our in-depth market knowledge enables clients to make calculated, informed decisions via fact-based research studies collected from myriad industry verticals.
Through our years of experience and expertise in the avenue of syndicated and custom market research, spearheaded by a dedicated team of analysts and researchers, we effectively deliver strategic objective insights about the market with acute professionalism and competence. Inkwood Research delivers solutions for when it matters. Expand your business the right way by getting in touch with us here.
Which type of research works best for content marketing strategies?
Custom research is the ideal solution for content marketing strategies since individual researchers, as well as client companies, are not obligated to publish or share their insights with other entities.
What are the advantages of syndicated market research?
Syndicated market research enables enterprises to identify key trends, in addition to the central issues pertaining to a specific sector. Moreover, it also enhances a company’s visibility, facilitates a broader understanding of the market landscape, and delivers competitive intelligence across the industry.
Is custom research more client-specific? If yes, how?
Yes, custom research is more client-specific since it incorporates a client-centric approach. As a result, the insights and findings are particular to the brand and its customer intelligence requirements.