Understanding why your business needs market research is one thing.
Understanding which types of market research you need for your business can be a bit more complicated.
Here’s the thing, different types of market research provide different types of information. By knowing where to pull certain pieces of data, you are not only saving your company money and time, but you are setting up your business for success.
- What type of market research is the best?
- Why are different types of market research necessary for my business?
- Why is custom research so expensive?
The answers to these and other questions will help you understand the role that various types of market research plays in your business, which in turn gives you the information you need to pick the right type of market research for your goals.
Think of your market research strategy as a pizza.
This pizza is the compilation of your market research. Your crust is your custom research. The sauce is syndicated research. Cheese? That would be customer surveys. And the toppings are the compilation of Google searches conducted on understanding your market and target audience.
Hungry yet? Me too. Let’s dig in, shall we?
Your Crust– Custom Market Research
Custom research is your foundation, or as it is in this case crust, to the rest of your market research. Without it, you can’t have a pizza. It’s the individual-focused market report that figures out all the details that will impact your company directly. The reason custom market research is expensive is because it is so tailored to your company’s specific market, needs and goals. But it gives you an insight into the future and that is invaluable information for business planning purposes. Not sure if this is right for you? We go into more detail in this blog post.
The Sauce – Syndicated Market Research
Syndicated research is an essential part of your pizza. It isn’t the aspect that most people focus on, but you’ll notice if it’s missing. It’s the report that gives you the insight and details in a specific industry—revenue data, competitor analyses, future market trends and more—and there is a lot of benefits to reap from that.
But because the syndicated report is broad, it is best when paired with custom market research. This becomes a powerful duo that ensures that all other information gathered on your business is as valuable as possible. In other words, the crust and the sauce may not be the tastiest, but it is the catalyst for the deliciousness that is to come.
All the Cheese – Customer Surveys
Is a pizza a real pizza without cheese? And aren’t customer surveys the same as custom market research? The answer to both questions is “Not quite.” First of all, a pizza needs cheese because otherwise it’s a sad pizza. Also, while custom research focuses on the intricacies of the market and how it relates to your business, customer surveys give you a better understanding of what your customers currently like and dislike. They don’t have an understanding of what they’ll be wanting in five years (like syndicated market research). But they will give you a good idea of the current satisfaction levels of your product or service.
Pepperoni and Veggies – Google Searches
Let’s not underestimate the power of Google. And just like having a good ol’ cheese pizza, you can do without it. But staying updated on the latest trends and competitors through internet searches is the topping you need to make sure your marketing strategy packs the flavorful punch it needs. If you’re armed with the information from the previous ingredients, you’ll know better how to navigate your web searches to find the exact information you’re looking for.
A word of caution. Don't rely too heavily on the toppings It is far easier to stumble upon misinformation via google than it is through primary or syndicated research. So, while there is a lot of useful information that the internet can provide, it’s important to make sure it’s supported by a solid foundation of market research.
And there you have it. A better understanding of the different types of market research and how they can function in your business.
Schedule a free trial of our market research library for your business. We recommend ordering a real pizza while you explore. Just a suggestion.