How Custom Market Research Can Help You Make Strategic Decisions
To gain important insights into a variety of industries, many businesses rely on syndicated market research reports, but sometimes a more personalized approach is required for strategic decision-making, known as custom market research.
What Is Syndicated Research?
Syndicated market research reports are intended to address common questions about a particular market that most businesses need to know, such as the overall size of the market, market structure, market outlook, market share of leading businesses, industry dynamics, drivers, and restrictions.
The types of "off the shelf" reports provide a syndicated study example. For example, a syndicated report might cover the retail market for pet food in the United States, or the global roofing market with analysis of every major geographical area and type of product.
They can be a simple and cost-effective way to access business-critical information since these ready-made reports are meant to be purchased by several organizations. Syndicated research, however, might not always be enough to address every need for business.
What Is Custom Market Research?
Custom market analysis, on the other hand, goes beyond the boundaries of a typical published study to include tailored market insights designed to suit your requirements and objectives precisely. For your exclusive use, custom market research is produced and is held confidential.
More primary research, such as in-depth phone interviews and online surveys to gain extensive and relevant insights from leading market participants, can be used in custom market research. This focused intelligence can be particularly useful for tough-to-size markets, or for very specific consumer segments with little published information available.
For pivotal decision points where much is at stake, custom analysis solutions are perfect, and businesses need an impartial third-party viewpoint to obtain more granular perspectives, confirm conclusions, and analyse contradictory knowledge.
What Insights Can Custom Market Research Provide?
Custom market research can provide mission-critical insights concerning:
- Market sizing, segmentation, and forecasting
- Technology trends, industry drivers, and regulatory factors
- Market share analysis
- Competitive intelligence and profiling
- Acquisition candidate identification and due diligence
- Channel analysis
- Value chain analysis, including profitability and level of integration
- Voice of market, such as unmet needs and purchasing criteria
When Do You Need Custom Research Solutions?
Custom market research services can help businesses navigate a number of business issues more effectively, offering accurate and actionable information to support decisions where the cost of making the wrong choice is high. In a number of scenarios, tailored custom research engagements will ensure you have the right market intelligence to help strategic decision-making, including:
- Long-term strategic planning
- New product development
- Geographic market expansion
- New vertical market expansion
- Mergers and acquisitions
- Competitive benchmarking
- Capital expenditures
Custom Research Example
Here's a real-world custom research illustration to demonstrate how custom research projects can operate in reality.
A Japanese manufacturer was seeking to extend a product for building and construction into the U.S. market. The company had to define the demand opportunity of each U.S. state of order to establish a viable market entry strategy, better understand the competitive environment, and define any variables that could help position their product effectively.
To help them collect the necessary details, the company hired a custom market research company. In response, an experienced team of custom research analysts conducted in-depth interviews with key market participants, developed targeted demand estimates and forecasts, presented key product specifications, such as price and performance, with voice-of-market statements and evaluated the competitive positioning of suppliers in the market.
In order to formulate a strategy to bring its product to the US market and compete against existing players, the customers used these insights.
What Clients Should Expect from Custom Research
It is important for custom analysis analysts to take a collaborative and advisory approach in an engagement like this. Analysts need to take the time to thoroughly understand the motives of the client and then develop a project that is sensitive and geared to the performance of the client.
It can also ensure that you get superior qualitative and quantitative perspectives with the use of rigorous methodologies. A wide variety of research methods, such as in-depth interviews with key market participants, comprehensive secondary research and development of engagement-specific market sizing models, should be used in custom market research projects.
It can also give you a competitive edge by depending on experienced experts who are already deeply acquainted with your industry and have access to a comprehensive research knowledge base.