Market research has two vital segments. Currently, everyone is focusing on primary methods. But, there are several companies that also leverage the use of syndicated research.
The fact is that gathering information from as many sources as possible will only help build a better portrait concerning real insights and can also exceed the effectiveness of marketing and product better marketing strategies.
Moreover, it even helps in building a better understanding associated with other industries or sectors. Any market researcher must know the difference between primary and syndicated research, but how to use them together can only be possible through the practical efforts executed by the researchers.
Introduction To Syndicate Research
Syndicated research or distributed exploration is a form of secondary exploration. It is research that is conducted and published independently and sold by market research companies. A third-party company administers and tabulates the data to sell the report and data to multiple guests.
Syndicate research is frequently conducted, on a yearly basis. Some crucial benefits of Syndicate research include competitive intelligence (CI), benchmarking capabilities, and more.
The use of syndicate research is for two primary purposes: exploration and context. Firstly, when there is a need to look into and explore a specific industry and to understand competition, syndicated data can aid with comprehension on better opportunities, it can even help in spark fresh and new ideas for research.
In the matter of context, it provides insight on trends in the industry that help with understanding what the current market situation is.
There are some deliberations with syndicate exploration, in general. Since it’s not primary research, it does not act as a resource to give primary observations. This is due to the fact that syndicate research needs a larger target audience, different methodologies, and can have varied kinds of data.
It is also called custom research. Primary research needs to be used as a substitute to syndicated research as that information does not answer questions that are business-centric. Primary research is conducted by a brand that addresses its own research topic and strategy.
Primary market exploration is used to find out unique objectives that are associated with unique requirements. Thereby, offering a more customized approach to the research itself. It can enclose a broad aspect of methodologies as well, but with varied targeted viewers.
A brand even has additional control over what questions can be asked and what can be the results that are offered in the final deliverable.
Pairing Syndicate Research And Primary Research
There is definitely a symbiotic relationship between them and how the two characteristically distinct research methods can be used mutually.
- An obvious distinction between them can be seen in the specifics of objectives, target market, and reporting. Syndicate research is more vast and wide, whereas primary exploration is more definitive and precise that is developed in the business that conducts the research.
- Data is generally confidential to the client only that requests it for the purpose to conduct primary research, whereas, in most instances, syndicated research can be bought by anyone.
- Syndicated research gives comprehensive reports, it is frequently more vast in data points (extra questions will be asked, and more extensive reports are designed in order to interest as many marketeers, businesses, organizations, etc as possible).
- Primary research is done by a businessperson or internally, whereas, syndicate research is done exclusively by a businessperson as it needs access to plenty of data and requires considerable and substantial analysis.
Apart from their differences, the two types of research give an aggregated view of the landscape of research.
The syndicated research provides an understanding of an industry which gives a clear idea about where and how to give time and effort. Organizations use this research material to identify market trends, to understand not only the consumer’s needs and wants but their needs as a company to help strategize and define their market strategies. The primary research will then filter out data from the syndicated research that specify what is unique to a business’ requirements and what makes sense for it.