What Is a Custom Market Research Firm? | Nearly 80% of internet users conduct product research online. As a business, it’s important for you to conduct research, too. Otherwise, you could fail to meet the customer’s expectations.
They’ll turn to a business that better understands their wants and needs instead.
By working with a custom market research firm, you can gather the research you need. Then, you can use that information to make informed decisions for your business. You can develop a stronger marketing or business strategy as a result.
What exactly is a custom market research firm? How does custom research differ from syndicated research? What benefits can you experience by gathering custom market research?
Keep reading to find out! In this guide, we’ll reveal the answers to these questions and more. Keep reading to learn more about custom research today.
Custom Research vs Syndicated Research
First, let’s answer the question that’s likely on your mind: what exactly is custom market research?
Custom research is produced by a single client. A client can fund the research, ensuring the results are proprietary to them alone.
Gathering this research is a collaborative effort between the customer and the custom market research firm. A custom market research firm can create a study or survey. Then, they’ll gather results that answer the client’s specific questions.
Custom research reports can include:
- Segmentation analysis
- Market analysis
- Market entry and export market development
- Supporting IPO
- Economic impact analysis
- Competitive analysis
- Industry benchmarking
- Merger and acquisition screening
- Partner search
- Trade dynamics
- Advanced modeling and analytics data
- Competitive landscape analysis
You can choose to focus on quantitative or qualitative data as well.
Each report is designed based on your specific needs.
Working with a custom market research firm can give you specific insights. Otherwise, you’re left using published market research reports. These reports might not provide information about your niche audience.
You might struggle to gather information about your competitors or market as well.
Syndicated research, on the other hand, covers multiple subjects of interest. They’re usually broad industry overviews.
Syndicated reports are purchased by multiple organizations. The cost to produce these reports is stretched out, making it more cost-effective. However, you can’t always gather the specific information you’re looking for.
Syndicated research might include:
- Scan data
- Product launch analysis reports
They provide long-term strategic insights. You can choose to learn about a specific industry or multiple industries. Gathering syndicated research can help you gain a broad view of your market.
Custom vs Syndicated
Syndicated research is ideal for a macro-level view. Custom market research, on the other hand, is more precise.
A custom market research firm can give you tailored research. The research firm will help you control the requirements for a project. You can ensure the data fits your specific needs as a result.
Otherwise, the broad view from syndicated research might not give you the specific details you need.
When You Need Custom Research
Working with a custom market research firm can help you address a number of challenges. You can better inform your business strategy or content marketing strategy.
Here are a few reasons you might consider working with a custom market research firm.
Consider the goals you want to accomplish as an organization this year. Before you can establish these big-picture goals, you need more information about:
- The company’s current position
- Your competitors
- The market as a whole
- Your niche industry
You can gather custom market research to better inform your strategic planning for the year.
For example, you can develop a market share analysis. You can also request historic and forecast demand across different segments. Maybe you want to look at the demand across different regions as well.
You can also gather a comprehensive assessment of the current competitive environment.
These reports can help you make more informed decisions as you establish your goals for the year.
You can see custom market research in action with good research companies.
Geographic Market Expansion
If you want to emerge into new markets, you’ll need in-depth market research. Otherwise, you might struggle to recognize opportunities and potential threats.
Custom market research can help you:
- Identify the best opportunities within your market
- Evaluate current and potential pricing patterns
- Gather competitive intelligence
- Assess the current supply and demand
Your custom market research firm can help you gather this information. Then, you can plan for a more successful geographic market expansion.
New Product Development
Before you develop and launch a new product, it helps to understand the consumer’s current needs. Otherwise, you could make assumptions while developing your product. The product might fail to help customers as a result.
They might decide they don’t need your new product. Instead, they’ll turn toward a brand that can better understand their needs.
You can gather custom market research before developing your new product. This research can help you:
- Evaluate current and future demand for the product
- Estimate manufacturing costs
- Identify possible bottlenecks during product development
- Pinpoint regulations, technology, and trends that are impacting the market
- Determine customer purchasing criteria and behaviors
Then, you can develop a product consumers actually want and need.
You might need financial data as well, to use for:
- Annual reports
- Initial public offerings
- Bond offerings
- Investment memorandum
- Investor presentations
These reports can help you learn more about the market size and outlook. You can determine barriers and drivers that might impact growth. You can determine the market share for each major industry participant, too.
Mergers and Acquisitions
If you want to assess a potential acquisition, you’ll need data. Custom market research can help you determine:
- Detailed competitor profiles
- In-depth value chain analysis
- Current and potential demand
- Estimated profitability
- Customer and channel partner perceptions
- Product breakouts
You can use this data to make a more informed decision before planning for a merger or acquisition.
Content Marketing Strategy
About 74% of online consumers get frustrated when website content has nothing to do with their interests. Another 63% expect personalization as a standard now.
In fact, over 30% will leave a business relationship if they find the personalization is lacking.
Consumers even expect personalized experiences now. About 73% expect brands to understand their needs and expectations.
Before you can personalize your marketing strategy, you need to know who your customers are. Gathering more information can help you appeal to the consumer’s needs. You can establish a stronger connection with customers as well.
Appealing to consumers on an emotional level requires empathy. To empathize with customers, you need to understand their pain points. Then, you can offer your product or service as the solution they need.
A strong content marketing strategy can establish you as a thought leader in your industry. You can build your credibility and stand out in the market. In time, brand trust and loyalty will grow.
Brand loyalty will help you retain long-time customers. They’ll make repeat sales, improving your ROI.
A strong content marketing strategy can set you apart in the industry.
You’ll need custom market research if you want to discover everything you need to know about your customers.
Before you make an investment or plan to expand, consider gathering custom market research. Your custom market research can help by providing:
- Competitor profiles
- Current and forecast supply versus demand
- Market size analysis
- Pricing reports
You can determine whether or not it’s financially safe to make the investment.
Before you can develop a strong business strategy, it helps to learn more about your competitors. Otherwise, you could strategize based on false information.
Your research firm can help by completing a SWOT analysis. They can also help you understand customer perceptions regarding your competitors. You could recognize new opportunities in the market as a result.
About 70% of marketers use a documented content marketing strategy. Before you can create any strategy for your business, you need research.
Custom market research can save you valuable time and money. You won’t have to make uninformed assumptions about the market anymore. Instead, you can gather the valuable data you need to make stronger decisions.
Custom research is a little more expensive than syndicated market reports. However, the information you’ll gather is more precise to your needs. The firm can work within your budget to create a study based on the answers you need.
The firm’s recommendations can help you better utilize your budget.
You’ll gain deeper insights into your customers as a result. You can gain insights your competitors lack. That way, you can make more informed decisions regarding your business strategy.
Remember, syndicated market data is broad. Custom reports, on the other hand, are laser-targeted. You can get answers to unique questions and gain a competitive edge in your industry.
What is a Custom Market Research Firm?: Your Guide to Strategic Planning
Don’t make assumptions about your market, competitors, or customers anymore. Instead, consider working with a custom market research firm. They can create the customized reports you need for more effective strategizing.
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