A research study which is 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.
In syndicated research the research problem and scope of research is formulated by market research companies based on their experience and methodology. Thus they often need refinement when you want to use them in lieu of custom market research.
Now let’s try to understand various factors related to syndicated research like why it’s conducted, what’s its use, who should use it, when to use it and so forth.
Why syndicated research is conducted?
Syndicated research is conducted by market research companies for various purposes:
- To update their knowledge base on key industries on which they specialize or wish to specialize.
- To utilize human resources during slack period.
- To improve visibility of their company by using syndicated research as means to get publicity.
- To show-off the skills of the company.
- To update industry tracker and databases provided to their clients on subscription.
These are the major reasons why a market research company invest its funds and time in conducting a syndicate research without any assurance of recovering its cost.
When syndicated research is used?
Syndicated research is often used during exploratory research which follows an unstructured format. It is also used in following cases:
- When you want to find information about a market before making a plan for 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 you want to create an investor pitch and need various data pointers on short notice.
- When you are running short on your research budget.
- When you need information for use in your research thesis.
- When you are working in news agency and want data for your article or news story.
- You are a venture capitalist or investor and want to be updated about trends happening in various industries, markets and companies of your interest.
Why should you use syndicated research?
Syndicated research reports should be used during exploratory research process to gain more information about a market, industry or company at a lesser cost and in shorter time span. Many companies providing syndicated research reports often provide customization services too. This can really help you identify the companies you should be asking for research proposals in future when you want to go ahead with custom market research.
In short when you are building your knowledge base about a business/research problem and don’t want to spend huge amount or have very less time you should use syndicated research reports.
What’s the cost of syndicated research?
The cost of syndicated research reports varies from reports to reports and publishers (market research companies who conduct syndicated research). But one thing is certain that syndicated reports are much cheaper compared to custom market research. On an average they are almost 10 times cheaper than custom market research studies of the same scope.
The main reason for the lesser price of syndicated research reports is that they are made available to anyone who is willing to purchase them in an open market. Whereas in case of a custom market research the data is only made available to the client and are often governed by non-disclosure agreements.
Thus the company conducting syndicated research prices their reports a lower price point and hope to recover their cost by selling to multiple customers globally.
Where to find syndicated research?
Now comes to question of how or where to acquire syndicated research reports. Well, syndicated research reports can be acquired from any of the following sources:
1. Industry Association
Industry Associations are good sources to find ready-made information about their industry and market. They hire market research companies to conduct study for them and then often provide the results of that study publically for everyone.
They can be a good source when you want to find macro level information about any industry or market but can be very little use if your needs are very specific.
2. University Libraries
University or b-school libraries often have access to digital databases which provide research information and if you have access to them then you can find a vast collection of information. This again has limitations when you are looking for something very specific, but often provide enough information which can help you to a greater extent.
3. Market Research Reports Portals
This is the most convenient way to find and buy syndicated market research reports. You can use portals like Market Research Reports to find and purchase syndicated research reports. These portals distribute syndicate reports offered by many renowned global market research companies.
They can also help you in finding the best suited research for your requirements. Moreover since they work with market research companies directly they can also help in customizing a syndicated report or conducting full-fledged custom market research study.
If you like this article and know someone who’s also passionate about market research as you then please share it with them using links given below.
Think I have missed any major insights in this article? Get thee to the comments and let me know.
Latest posts by Ambarish Kumar Verma (see all)
- What are techniques used in Pricing Research? – April 15, 2014
- What is Pricing Research? – April 15, 2014
- What are different types of Customer Segmentation? – April 15, 2014