While the market research landscape is broad, one of the most visible sources of market research are analyst reports created by research firms. These secondary research sources are available in virtually every major industry, sector and field, and for a wide range of issues (e.g. risk management, customer acquisition, employee collaboration, and so on).
However, in addition to being rather expensive -- a typical report runs into the thousands -- these sources and the firms behind them cannot, by definition, cater to what most businesses need more than anything else: customized advice.
This is because market research is a not analysis of an issue or issues; regardless of how in-depth and comprehensive the investigation might be. Rather, market research is a form of business intelligence. That is, businesses that use market research do not just want to know problems and solutions might look like. They need to understand how to overcome their specific problems, and achieve their unique objectives.
In simpler terms: while secondary market research is ACADEMIC, custom market research is ACTIONABLE. This is because:
- Custom market research focuses tightly on a business’ marketplace and not on the “market in general” – which is vital, because what may be insightful or applicable in one part of the country, state or city, may not be the case in another. Custom market research makes this distinction, while secondary research fundamentally cannot.
- Custom market research identifies and targets all of the different departments and groups that need answers. This is important, because for each business the issues faced by sales (for example) will not be the same as those faced by product development, finance, operations, customer service, and the list goes on. Custom market research makes these distinctions and gives different groups the practical relevant information they need on their terms.
- Custom market research is not speculative or abstract, but practical and data-driven – which makes it a safe spend. Conversely, spending thousands of dollars on a general market research report may or may not be a good investment. What’s more, without in-house expertise to interpret and activate the information, the report will be yet another document stored in a folder or sitting on a shelf.
- Custom market research is cost-effective, because specific data gathering methods and overall processes are aligned with key priorities. For example, if a business is struggling with excessive customer churn, it can allocate its market research investment to addressing that issue.
To learn more about the importance and value of custom market research, contact the Communications For Research team today. You’ll have a quick chat with our co-CEO Colson Steber, who will learn more about your business and help you identify any custom market research opportunities that could better your company.
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