What is Syndicated Research & Why Should Companies do this?
What is Syndicated Research? Market research is the systemic gathering of information about and analysis of the factors that influence an industry. With a detailed and elaborate market research, we can envision emerging trends, customer behavior, brand positioning, product usage, etc. Market research can be of various types depending on the need, funding, and ownership of the raw data.
A research study which is undertaken, conducted and funded by a market research firm but not for any specific client is called a syndicated research. The result of such research is often provided in the form of reports, presentations, raw data etc. and is made available in open market for anyone to purchase.
The basic difference between a syndicated research and a custom research is that the former gives a broad overview of a particular industry neglecting the specific requirements of an individual company or organization. Second the ownership of the data is claimed by the publisher (the market research firm) and not by the client. Third, since the research is not customized and the market research firm had the liberty to do the research as per their own wishes the price of such a research report is much less compared to a customized research.
Why is syndicated research conducted by market research firms?
There are myriad of reasons as to why a market research firm invests its funds and time in conducting a syndicate research without any assurance of recovering its cost. Below are some of those reasons that will underline why do they do it.
- To keep themselves updated with the prevailing trends and technologies.
- To update their understanding and knowledge base on key industries on which they specialize or wish to specialize.
- To utilize human resources during slack period.
- To demonstrate the skills and expertise of the company.
- To improve visibility of their company by using syndicated research as means to get publicity.
- To update industry tracker and databases provided to their clients on subscription.
When is syndicated research used?
A syndicated research is done in below mentioned cases or in other words we can say is that a syndicated research report is used in these situations.
- When someone wish to get information about a particular market before investing on a full scale custom market research.
- When you want to use data pointers and charts during presentations and have no-time to conduct custom research.
- When we pitch an angel investor to get funding and need various data pointers in a short period of time.
- When we are short of funds and budget is a constraint for detailed research.
- When we wish to include credible information in our research thesis.
- When you are working in news agency and want data for your article or news story.
The Benefits of Syndicated Research
- A well designed syndicated research provides a representative overview of the market
- It helps in measuring and gauging brand awareness, strength, and perceptions
- It helps in identifying major trends in a particular industry
- It offers competitive intelligence to clients about an industry or product
- A well-crafted syndicated research help companies develop business-building strategies
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