Good business starts with Syndicated Market Research
Companies have recently begun using this new form of data in their work, called syndicated data. But why is it a big deal and where does it help?
It’s definitely different in nature and a step away from the information that analysts normally use. Usually, they would extract insights from the databases that the company owns, or even from pilot tests, depending on what kind of industry that company belongs to. In some cases, syndicated data is purchased from research companies like Neilsen, Research On Global Markets.
Syndicated research is a broad overview of an industry where one can get insights about it, as a whole as opposed to the tailored insights that they get from custom research. For example, it is often used for analyzing grocery industries and consumer products.
What is syndicated data?
Let’s take the retail scene to highlight this. Syndicated data about a retailer would include data such as market share, taking into account parameters like sizes, popular products, and growth categories. Then, it might even include the sales numbers generated by certain other retailers.
Such information can be collected via research studies undertaken by market research firms, but not for any particular client. This data is then organized in the form of a report, presentation, data sheets and then published in an open market for interested buyers.
Syndicated Market Research report is important in retailing and consumer goods industries too. They buy this data primarily to build their strategies, get updated on technologies or trends concerning their markets or the ones they specialize in and keeping an eye on the competition.
How it can be used?
If this kind of report is available for all, does it really have any impact on any business? Syndicated Market Research is used by marketers who are trying to find ways to reach specific audiences. They collect a report from a third party, process it and then send back what they find to associated parties. So, if a marketer was selling laboratory equipment, he could use this data to find a list of medical research companies in a certain part of the country, perhaps.
Then, manufacturers who make consumer goods can’t get a clear idea of what their finished goods are selling for if they don’t have syndicated data. Obviously, they know what prices are marked on a box of goods sold at wholesale rates, but not the prices that retailers could be selling them for. This is how they get a better idea of what’s happening in stores, by combining their information with syndicated research.
The same goes for when, and how much product was sold to retailers they’re connected with. In fact, consumer goods manufacturers look at their competitors from this point of view too. For example, they have a clear outlook on the market shares earned and lost by direct competitors, and what they did to get there such as introducing new products, or innovative coupons, co-advertising, shelf displays, and other trade spends that worked for them.
These are valuable insights that one can get from a market report with syndicated data.