A research study that is carried out and funded by a market research firm but is not called Syndicate research for a particular customer. Results from such research are frequently made available for purchase by everyone in the form of reports, presentations, raw data etc.
Market research companies are formulated in union research based on their experience and methodology to formulate the research problem and scope of research. They often need to be refined when they are used instead of custom market research.
Unfortunately, you as a user have no control over the methodology, questions asked, and even how results are divided into one point with syndicated research. You’re 100% responsible for the collection and tabulation of data. Certain platforms enhance the ability to slice and dice the data based on market and demographic areas.
Other research unions simply create reports and sell them as a package that has no data access. Gfk, ComScore, Arbitron, and JD Power are popular research companies.
What are the reasons for which syndicate research is conducted?
- To update the knowledge base of the main industries they specialise in or want to specialise in.
- To use human resources in the slack time.
- To improve their company visibility by using syndicated research to obtain advertising.
- Showing the competences of the enterprise.
- To update industry trackers and customer databases on a subscription basis.
BENEFITS OF SYNDICATE RESEARCH
A Representative Market Overview: Although custom research is often concentrated on smaller subjects, good syndicated research ensures a representative overall market sample. It offers a clear representation of the market players, whether customers, customers or companies. The sample should also be sufficiently large and properly weighted to provide accurate and relevant information.
Identifying trends in industry: Since syndicate research is done on a large scale, a macro overview of the problems a particular industry faces is usually given. Syndicated research is useful for organisations that are interested in understanding the market environment and its position, as well as those that want to get a gap on matters that can affect the industry later in the future.
Awareness, force and perception of brand measurement: Similarly, with this market outlook, multiple firms which invest in union research can see how customers and potential customers see their brands and product offers in comparison to their competitors.
Competitive intelligence offering. By providing insight into macro-level industry trends and a detailed understanding of specific problems in an industry or a market, unionised research can provide a valuable source of information for competitive intelligence professionals to obtain information on how they can best position their firms in a competitive market.
Custom and syndicated research differences
Market research companies generally offer their services in two ways: customised research and syndicated research. The fundamental distinction between the two is who funds it and who owns the data. The individual custom research is conducted and funded by a single customer company and the results are exclusive to the customer; however, the research firm owns data from unionised studies.
Cost efficiency is a major advantage of syndicated research. Since several companies buy the same research results, the costs of the research are spread among these companies.
The best unionised research provides insight into how to act. The organising can reinforce its position in planning specific strategies and take actions leading to growing and revenue growth through representative analysis of the market, the customer and the behaviour, product use, emerging trends and other industry topics. Organisation, by investing in syndicated research, has the opportunity to gain this critical knowledge for maximum returns.