Conducting research and gathering information from multiple sources help a business build a better picture of the insights. It can enhance the effectiveness of marketing strategies. Syndicate research is needed to explore a particular industry and understand the competition.
The reports of the research are extensive and include details about industry trends and the current market landscape. It is also cheaper than ad hoc research because the costs involved are shared by many organizations with whom the results are also shared.
This form of research is necessary to understand the dynamics of marketing strategies, brand positioning, and competitive intelligence. Good knowledge of the trends and opportunities in your industry is essential to analyze the effectiveness of your brand and design sustainable revenue-generating strategies.
The research is conducted by a market research firm that leverages its expertise and experience to do the research. The results are in the form of presentations, reports, and raw data. With the results obtained from the research, your organization can plan strategies that can lead to growth and increased revenue.
Need for research
Syndicate research is usually exploratory research done in an unstructured manner to collect information about a market before doing custom market research. If there is no time or budget to do custom market research, it is easier to use the data from syndicated research.
The research firm decides the direction, scope, and methodology of the research, but you can make requests when you are a partner in funding the research.
Unique benefits
The sample usually constitutes the general population who are less specific about a particular goal. The size of the sample can be broadened to include more participants and get better results.
Only the organizations that funded the research can access the results. It is possible to expand the scope of the research and focus on specific topics. The results obtained are more robust in data points and are helpful to many businesses in the industry.
The reports are cost-effective because they are premade. It is very beneficial to new organizations as they get information on the existing market research and save much time.
Once the research and analysis are completed, you can access and download the reports immediately.
The sample taken for the research is large enough to provide relevant results accurately. The results help to know the market position and gain knowledge on issues that can affect the industry in the future. It can improve the visibility of your organization and amplify publicity.
The research is comprehensive and evidence-based and doesn’t rely on data from external sources. Researchers do in-depth analyses that can enable you to decide better. The reports help you to ascertain the current size of the market and estimate the future potential. It also shows the various forces that play a role in shaping the market.
The services offered by the research firm include information analysis, data collection, reports design, and report writing. The research provides an overview of the market and a clear representation of the players like clients, customers, and other businesses.
The demand for syndicated research is high because it helps to influence target audiences at a relatively low cost. In addition, it gives a detailed understanding of specific issues within an industry and charts out a way to position your business perfectly in the competitive market.
