Syndicated market research is a business service that provides overall market insights, assisting clients with market strategy and brand positioning.
At its core, market research gathers information and analyses external influences on an industry such as economic data, trends, customer behaviour and brand positioning.
Market research is imperative in the development of a sound business strategy. However, many organisations either skip the research process or are unsure of the types of market research that best fit and support their business plans. Businesses contemplating the use of market research in their strategy should consider syndicated research as a starting point.
A syndicated market research provider focuses on specific types of data or industries. Some market research firms may focus solely on specific type of data such as scan data, surveys or product launch analysis or provide bigger picture or long-term strategic insights. A firm can specialise in research for one industry and others may cover multiple industries.
Syndicated research provides overall market insights, assisting businesses with market strategy and brand positioning. Beyond understanding the size of the population and spend in any market, it provides context on macro-level trends. And if a business is looking to better understand their industry, future trends and where their product or services falls in the spectrum, this type of research can also provide actionable insights. It is easy to see that syndicated research is a reliable way to gain insights for business strategies, but how do businesses decide on a syndicated research partner?
A benefit to working with market research providers covering multiple industries or countries is their methodology, applied to any area that they research, providing reliable cross-comparable data. Cross-comparable data can be difficult to find because it requires analysts and data-checks in countries across the globe. Not many companies have the staff or resources to provide that type of research and methodology. As such, market research partners providing cross-comparable data are a go-to source for any country or industry as a company begins to expand product lines or sales locally, regionally or globally.
If you’re interested in learning more about market research and best practices, please read our posts on market research versus Google and the different types of market research. You can also sign up for our latest research resources in the subscription center.