In the healthcare industry – and more specifically in the complex therapeutic segment related to hyperkalemia and hyperphosphatemia where Healthanschauung specializes – companies contemplating the use of market research have the responsibility of weighing custom research against syndicated research.
Syndicated Research vs. Custom Research
The primary distinction between the two lies in who funds it and who owns the data once the study is concluded. Custom research is tailored to and funded by one particular client who will own the resulting data. Syndicated research, on the other hand, is conducted by an industry-specific market research firm and is funded collaboratively by several companies who then jointly own the data.
When a company requires more specific information about a unique aspect of their business, then custom research becomes an alternative solution since it is conducted and uniquely designed for that particular company. It is especially beneficial in gaining more in-depth analysis of the market.
Custom research can provide companies with industry benchmarking and breakdown, segmentation analysis, trade dynamics, economic impact analysis and more. The client-focused approach ensures that the information solely reflects that particular company’s performance within the industry market.
Advantages of Syndicated Research
Syndicated research is especially useful for clients looking to establish market background and goals within a particular field. Although the research firm determines the subject and scope of the study, the purchasers of the data are typically allowed to add exclusive questions to the interview, request that the scope be expanded, or have the study group broadened. This in itself provides the client with broad insights into a market and longer term strategic intelligence, with the option of customizing it in specific areas, to a certain extent.
Other than being cost-effective, syndicated research is also more time effective and can offer valuable market insight:
- Identify industry trends: Companies are able to discern the main issues facing their industry and can develop a greater understanding of the underlying trends in order to better formulate their future decisions.
- Obtain competitive intelligence: By identifying trends and issues, companies can more effectively position themselves against competitors and optimize current and future campaigns.
- Measure Perception of Brand: Through broader market research, companies receive invaluable information about how they may be perceived within their industry. Brand perception is especially important when distinguishing yourself against competitors and measuring your overall effectiveness in target markets.
Which Is Right for You?
Syndicated research is a great starting point for companies that wish to access general data and obtain a big picture of a market: the reports are readily available, more affordable and regularly updated. Should the need arise for more specific information, custom research can be their next step.
Contact us if you want to know more about our hyperkalemia and hyperphosphatemia PROfilers.