With so many exciting innovations happening every second, the "need" for customized research will never die, However, it is also time to leverage syndicated research in India for smaller and growing companies to be more competitive.
Most Market research firms get their income from two types of business models.
1. Customized Research and 2. Syndicated research.
Customized Research, is when a client comes to you with their marketing problem or information requirement. And we as an agency develop a tailor made solution for the client and provide them their answers, this information is exclusive to that client and they pay for the full price.
Syndicated research is when the agency deciphers the information gaps in a required industry, conducts the research and then shares the data with different users who require this information. The data collected by the agency would become their asset and they can decide who to share it with. In developed countries most users of research prefer Syndicated studies, mostly for the following reasons
- A broad based research, both in terms of the range of insights and the coverage of markets, is essential for any strategic initiative. Syndicated study serves this purpose effectively.
- Cost sharing enables wider coverage/large sample sizes - this in turn facilitates more analysis and hence more insights can be derived
- Different research users/clients would share their inputs and information requirement during the research design stage - this makes the output more reliable, readable and interesting.
- Helps in providing Insights with business implications and more value for the price paid.
Indian Market Research Industry, especially start-ups venturing into MR have a huge potential to grow if they look towards developing capabilities in Syndicated Research. The current data that is being referred to by most research users are being sourced from international agencies. They charge a premium for very basic information that many small and growing Industries find it very expensive.
With so many exciting innovations happening every second, the "need" for customized research will never die, However, it is also time to leverage syndicated research in India for smaller and growing companies to be more competitive.
Written by Sunil Mukkath (sunilmukkath@elastictree.com)
Lets us a senior researcher at Elastic Tree. Let us know what you think about this article. Submit your queries comments at info@elastictree.com.
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