Should You Use a Syndicated Market Research Report?

As an entrepreneur, there’s no doubt that at some point you will need to research your market. Launching a new business — pitching your idea, arranging for capital, hiring personnel, etc. — is a risky endeavor made even more precarious when it’s done blindly without much deliberation or forethought.

Although a good product or service certainly boosts your chances at success, there’s really no substitute for a solid understanding of consumer needs. Indeed, good market research can mitigate a lot of the risks inherent to any new business, making it easier to understand and anticipate public demand and, thus, make profitable decisions.

Market research comes in a variety of forms. In addition to custom research options, companies can also buy syndicated reports. While customized research will invariably offer more personally applicable insights, nonspecific market information can be a valid choice, not only when budgets and time are tight, but when certain conditions have already been met.

Take a look at four times you should think about using a syndicated market research report:

When You Want Basic Market Information

Syndicated research is a great way to get an overview of an industry without spending a lot of money. Basic information gathered in these types of reports allows entrepreneurs to get a feel for existing market players, identify major industry trends, review consumer needs and access critical market data figures and graphs without having to spend money collecting it all themselves.

When You Need to Verify Facts

Conducting customized research is often expensive. If you only need data points to validate commonly known facts, you should buy a syndicated report and save your money.

It’s like using a secondary source to develop a better understanding so that your subsequent primary research can be better focused (such as when you go to the U.S. Department of Homeland Security’s website to learn about specific EB-1 requirements before you begin writing a term paper about priority immigration law).

A syndicated market research report can provide general facts and figures about a market, enabling you to use your budget for fleshing out more specific objectives in the future

When You Have a Limited Amount of Time

You know that a syndicated report can save money, but it can also save time. A syndicated report provides basic background information that’s already gathered, sorted and presented, permitting you more time to focus on your own business-specific research.

When You Want Unbiased Data

Custom market research can often fall prey to unintentional partiality (or prejudice), either from the people asking the questions or from those responding. Syndicated reports, however, are usually conducted via an objective third party who has fewer biases than one who works with (or for) a specific company. This can be particularly valuable for companies wanting to explore brand awareness and consumer perceptions without any subjective constructs skewing the results.