Syndicated market research reports are a fast and cost-effective way to get a handle on an industry, and help you build your business plan. However, companies that find themselves requiring deeper, niche or cutting edge market information may find benefits with proprietary research. We spoke with Carol Laverty, Director of Custom Research at BCC Research, to understand how custom market research services can help companies get the information and business intelligence they need.
Let’s just start off with the basics... What is a “custom” market research project?
A custom project is research that is produced for a specific client, with the results being proprietary to that client. The scope of the research is defined through a collaborative effort with the company and the analyst, in order to address the specific questions and needs.
What sort of needs? Are there specific problems or questions you see that aren’t solved by syndicated research?
Our syndicated reports are great for getting your hands around the existing and emerging trends in an industry, so many of our customers use our market research to quickly get up to speed on an industry or technology where they may not be familiar. Custom projects arise when a company finds they need deeper information or more granular analysis.
A great example of this is region. We have worked with companies that were only interested in a particular geographic region, for example, China, and they only want to know about the trends, supply chain and competitors in that region. That is something a custom project can answer.
Another popular problem is forecasting for a market that does not yet exist. We have seen where having an industry expert conduct the research to uncover the market has greatly expedited the time it took for a company to get their product to market.
Every company is going to have slightly different needs, and a custom study ensures that the information being gathered is as relevant, and as succinct or as detailed, as the client requires. It’s like getting a bespoke suit, versus one off the rack. You can be sure that it’s going to fit.
How does BCC tackle a new propriety project?
The first step is always a brief, confidential conversation to discuss the need. In the initial discussion, we look to learn the requirements and scope, with just enough detail to pinpoint which of our experts could lead the project.
For a confidential discussion about your needs, email email@example.com.