The systematic process of collecting information about the factors that might affect any industry along with the statistical analysis of the same is known as market research. The detailed market research would enable a company to know about customer behavior, emerging trends, product usage, brand positioning, etc. Market research can be of several types based on a number of factors. Syndicated research is that market research is carried out by a research firm but it is not limited to any specific client. The conclusions of such reports are often sold in the market in various forms such as raw data, presentations, and reports. Anyone can buy such a report.
Why Syndicated Research is Conducted?
Then the question arises as to why does market research firms conduct syndicated research? There are several reasons as to why syndicated research is carried out by market research firms. Some of them are listed below:
- To be aware of the latest trends and technologies in the industry.
- To widen their knowledge on the key industry on which they want to specialize.
- To develop their human resource base so that they could help during the slack period.
- To get the required publicity through the usage of syndicated research.
- To showcase the skills that the company specializes in.
- To update the clients about their databases.
When is Syndicated Research Needed?
The next big question is when syndicated research is needed or used? Syndicated research is utilized in the situations mentioned below:
- When a company or an individual wants data about a particular industry prior to investing in complete custom research of the market.
- When there isn’t much time to conduct detailed custom research for charts and data pointers needed for a presentation.
- When the company needs to pitch to an angel investor for funding, various data pointers could be accumulated in a short period of time with the help of syndicated research.
- When the company is running low on budget to carry out complete custom research.
Primary Benefits of Syndicated Research?
Some of the key benefits of syndicated research are listed here:
- It presents an overview of the industry.
- It helps to calculate and analyze the strength and perceptions of any company.
- It helps to be aware of certain technologies and trends prevalent in the company.
- It provides all the details about the market and the product to the clients.
The above-mentioned points clear all doubts about syndicated research and why it is so important for any industry. It also states why it is the future in the field of research which helps the particular industry in several ways.
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