One market research report can answer thousands of questions from hundreds of companies. Catering to a wide variety of needs can even be viewed as one of their most versatile benefits, at least for the publisher. But, when it comes to obtaining specialized information, syndicated reports may not give you the depth and/or specification you need for a particular project. So, in attempts to avoid spending unnecessary time sifting through reports that are too general, or too broad, you are forced to consider alternative market research options.
Often, users of market research, whether they are in the marketing department of a large company, the founder of a start-up or the CEO of a Fortune 500 company, want to know:
Should we launch this product?
How do we expand our business?
Is the market for our products growing?
Are we targeting the right audience?
How well do we know our customers?
Despite what some will say, there is not a market research report for every business, every topic and every niche. A good market research report must be narrow enough to answer a customer’s specific question, but broad enough to apply to a variety of companies who might need the information. A quality report will have market size and outlook, a competitor overview, new product trends and consumer insights.
However, sometimes a report covers everything except your specific product. Especially if you’re launching something new, by the nature of it, there is no report.
So, should you take a stab in the dark?
Custom research, however, is a great alternative. Whether you're hard-pressed for time or you are overwhelmed with a number of extensive projects, custom research can give you the specific results you're seeking without costing you too much valuable time.
Don’t be scared. This is not a consulting project where a team comes in for a year-long adventure as you launch a new product. A good custom research report will take the time to understand the specific circumstances of your challenge, but it will also bring the perspective of the broader marketplace so you don’t end up with an echo of your preconceptions.
Start with a syndicated report. It’s the best, first option to get a lay of the land, and, hopefully, it answers your specific question. To learn more about market research, check out our latest eBook.
CEO & Chairman