Doing right things at the right time is a well known and beneficial fact. Applied to business, this translates as key to a profitable business is to make the right decisions at an appropriate time. Market Research plays an important role in helping take these decisions. It is an important factor to maintain competitiveness in current markets that move constantly, as businesses aim to have a clear understanding of all stakes involved from a strategy perspective. With the increased complexity of the business environment, it is no longer sufficient to make key decisions using a ‘gut-feeling’ approach alone. Decisions need to be supported with reliable data as well as factual information and market research helps support this process. Decisions taken based on genuine market research data and information help in reducing the level of financial risk attached with investment decisions.
Syndicated Market Research Reports
A syndicated report predominantly covers two types of market research data – Primary and Secondary.
Primary Research involves gathering data in form of new research through the root and original source of data / information. This data can be gathered in quantitative and/or qualitative format.
- Quantitative research is based on numbers using which, decisions can be made with confidence. This can include methods like ‘surveys’ and ‘field research’ that provide actual/live feedback and numbers in terms of customer reactions, competitive data, geographical and SWOT analysis and more.
- Qualitative research helps answer the ‘why’ questions in addition to ‘what’ and ‘how much’ questions answered by quantitative research. By getting answers to ‘why’ questions along with facts and figures of quantitative research, qualitative analysis helps in seeking and understanding multiple reactions to optimize and finalize one of the many options. ‘Focus groups’ that provide practical insights and ‘depth interviews’ are common methods of qualitative research.
Secondary Research is also known as ‘desk research’. This research relies on data that has been collected by another organisation/institute/business entity to provide market information. It is a fact and data based overview of the market. Example sources of secondary research include data and information from multiple government departments, geographic and demographic information available through specialist agencies, official websites of companies being studied, their financial and annual reports, organizations like chamber of commerce and business associations (formal / informal) that offer information on members, etc.
It is important that a syndicated or any market research is well controlled to ensure that the data collected is valid and reliable. The end result should not just help decision makers foresee the level of demand / scope of their products and services but also help set revenue generation expectations to ensure profitable business.