by Lee Steinbock
August 20, 2024
Learn about custom market research, how it differs from syndicated research, and its critical value to organizations.
Custom research is typically a one-off research engagement from an independent source that focuses on the specific needs of the client. As opposed to syndicated market research reports, which can be viewed as more transactional, custom research tends to be more consultative in nature, have a higher level of collaboration, and cost (considerably) more, making it one of the largest professional expenditures someone will undertake.
Custom research provides tailored insights and strategic advantages that can significantly impact decision-making and business outcomes. As such, custom research can be viewed through the lens of purchasing a car or a house in your personal life—you want to do your research and trust you are going with the correct option for you.
The situations under which a client might approach us for a custom engagement are as varied as the clients themselves.
Nearly all of FCR’s engagements include at least one of the following elements: market sizing and forecasting, competitive landscape and market share, or voice of the market analysis.
The tasks and actions that FCR undertakes to do all of these projects will vary based on the specific client needs, but generally, we are utilizing secondary and primary resources to support our analysis. The secondary sources that are utilized include resources such as company websites, government statistics, industry associations, published market research reports, and trade publications, among other resources.
However, there are often limitations to relying solely on secondary sources, especially if you are interested in a niche product or a new technology. In these cases, the information may be outdated or not accurately reflect the industry situation as a whole. In this case, FCR relies on primary resources, or information that is collected specifically for your purposes, directly from people who are involved in the industry that is being examined. FCR specializes in two types of primary research: in-depth interviews and surveys. It is the synthesis of both primary and secondary research that allows FCR to perform its analyses.
The results that our clients have achieved from our analyses are typically used in strategic decision-making. For instance, the chemical manufacturer discussed above utilized the information from our analysis to support construction of a new facility, while the equipment manufacturer used the details provided to adjust its sales strategy to better address growing demand in specific geographies and certain products. Voice of the market results tend to be used to adjust factors in the business strategy that are more qualitative in nature, such as brand equity or pain points.
If custom market research sounds like something that could help support your business, please don’t hesitate to reach out! Schedule a meeting with me to get your questions answered.
With more than 20 years of experience conducting primary and secondary market research, Freedonia Custom Research is a leading industrial research firm that specializes in client-specific, value-added market research. Our work-for-hire research is never shared with others and provides mission-critical insights for key industry players across the globe.
About the Author: Lee Steinbock is Co-Director at Freedonia Custom Research, where he co-leads a team of researchers who provide detailed market intelligence in support of strategic business planning. He earned an MBA from Weatherhead School of Management at Case Western Reserve University and a JD from Case Western Reserve University School of Law.