The benefits of syndicated research [+ Practical tips]

In a world where data is key to making smart business decisions, having access to the right research can set you apart from the competition. 

Whether you're looking for market trends, consumer insights or industry benchmarks, custom and syndicated research both offer a wealth of information. But how do you choose which is right for you? 

In this blog, I’ll dive into the role of both custom and syndicated research, the commonalities, differences and advantages, as well as share some practical tips on where to find valuable data sources for your business.

Custom research is invaluable for businesses because it provides insights tailored specifically to their unique needs. Unlike syndicated research, which provides general market data, custom research is designed to answer specific questions relevant to a particular company, product or market segment. 

By digging deep into specific market segments, customer preferences and competitive landscapes, companies can make smarter decisions that give them an edge. Whether it's fine-tuning a product or adjusting a strategy, custom research helps ensure that every move is based on solid data.

When it comes to advertising, custom research is a game changer. It allows businesses to really understand their audience, from what they care about to where they spend their time. This makes it easier to craft ads that resonate and reach the right people. Plus, by testing messages and tracking campaign results, companies can refine their approach and continually improve their advertising efforts.

Custom and syndicated research share some key similarities, but they also differ in important ways. Both types of research aim to provide businesses with valuable insights, whether through surveys, interviews or data analysis. 

The end goal is the same: to help companies make informed decisions and understand the market. Whether it's identifying trends, consumer behavior or competitive dynamics, both custom and syndicated research serve as critical tools for business strategy.

Custom research could involve a tech company conducting surveys and focus groups to gather specific feedback on a new smartwatch concept from fitness enthusiasts aged 25-40. This tailored study can help them refine the product and marketing strategy based on direct input from their target audience.

On the other hand, syndicated research could involve a retail company purchasing an industry report from a research firm that provides data on consumer shopping trends across various demographics. This broad report offers valuable insights into market behaviors and industry benchmarks that can guide the company’s marketing and sales strategies.

Here’s a deeper breakdown of the similarities and differences between the two: 

Commonalities between custom research and syndicated research

• Data collection methods: Both custom and syndicated research use similar techniques like surveys, interviews and data analysis to gather information. The methods are consistent, whether the research is broad or focused.

• Purpose: Both aim to provide valuable insights that help businesses make informed decisions. They assist in areas like market understanding, strategy development and identifying opportunities.

• Market insights: Both types of research offer insights into markets, trends and consumer behavior, helping companies stay competitive and informed.

Differences between custom research and syndicated research

1. Focus and relevance:

• Custom research: Tailored to address specific questions and needs of a single company, making the insights highly relevant and actionable.

• Syndicated research: Provides broader, more general market data that’s useful for multiple businesses, but not as specific to any one company.

2. Exclusivity:

• Custom research: The data and insights are exclusive to the commissioning company, offering a competitive advantage.

• Syndicated research: The research is available to multiple businesses, so the information is shared and not exclusive.

3. Cost:

• Custom research: More expensive due to its tailored approach and exclusive focus.

• Syndicated research: More affordable, as the cost is spread across multiple buyers.

4. Flexibility:

• Custom research: Highly flexible, allowing businesses to adjust the study’s design and approach to fit their needs.

• Syndicated research: Pre-designed with little room for customization, so businesses must work with the data as it’s provided.

Syndicated research offers several advantages, particularly for businesses looking for cost-effective and reliable market insights. Here are some of the key benefits:

1. Cost efficiency: Since syndicated research is conducted on a broad scale and sold to multiple companies, the cost is shared among many buyers. This makes it more affordable than custom research, providing valuable data without the high expense.

2. Broad market coverage: Syndicated research often covers a wide range of topics, industries, and demographics. This makes it useful for businesses that need general insights into market trends, consumer behavior, and industry benchmarks.

3. Time-saving: Syndicated research is typically pre-conducted and ready for purchase, meaning businesses can access data quickly without waiting for a custom study to be designed and executed. This is especially beneficial when timely insights are needed for decision-making.

4. Reliable and standardized data: Syndicated research is usually conducted by reputable research firms with standardized methodologies. This ensures consistency and reliability in the data, making it a dependable resource for strategic planning.

5. Comparative benchmarking: Because the data is available to multiple companies, syndicated research allows businesses to compare their performance against industry norms and competitors. This helps in identifying strengths, weaknesses and opportunities for improvement.

6. Comprehensive insights: The wide scope of syndicated research means it often includes a wealth of data that might be overlooked in more narrowly focused studies. This can provide a broader perspective on market conditions and help identify emerging trends.

Overall, syndicated research is a cost-effective, timely and reliable way to access broad market insights, making it a valuable tool for businesses looking to stay informed and competitive.

Here’s a few tips on where you can find syndicated research:

1. Explore free statistics and data sites 

Websites like Statista, the U.S. Census Bureau, and World Bank provide free access to a wealth of syndicated data on various industries, demographics and economic trends. These platforms are great starting points for broad market insights without the need for a subscription.

2. Use SaaS tools with integrated market research 

SaaS companies like Zappi often provide access to syndicated data as part of their service offerings. These can often include industry reports, consumer trends and competitor analysis that can be useful for market research.

3. Check academic and government resources Universities and government agencies often publish syndicated research and reports. For example, academic journals, research papers and government publications from agencies like the Bureau of Labor Statistics can offer valuable insights at little or no cost.

4. Subscribe to trade publications and industry newsletters 

Many trade publications and industry newsletters provide syndicated research as part of their content. Subscriptions to these resources can keep you updated on the latest trends and data relevant to your industry. 

At the end of the day, both custom and syndicated research offer valuable benefits for your business. Custom research gives you detailed, tailored insights that address your specific questions and needs. On the other hand, syndicated research provides broad, cost-effective data that helps you keep up with market trends and industry standards. 

By understanding what each type of research can offer and knowing where to find reliable sources, you can make smarter, more informed decisions.