The market is made up of a large number and types of participants. This reality applies to both consumers and brands. Regarding the latter, it’s a cliché that companies that can afford the services of market research agencies are large corporations that have sufficient resources to outsource these processes. However, in the real world, many of these participants prefer to keep these tasks in-house and only outsource very specific tasks.
On the contrary, medium-sized or very small companies may encounter many obstacles in accessing the findings and advice of consulting firms in our segment. It’s generally difficult to find options within the timeframes and budgets of these market participants. Given this scenario, standardized products have emerged that cover the most common areas. These studies are known as canned or syndicated. Therefore, this week we list four characteristics of this type of product.
Non-customizable. When fast fashion became popular, there was a need to establish sizing charts. This way, everyone who needs a shirt or pair of pants must find out which size fits them best and learn this information for future purchases. There is a parallel in this regard with syndicated studies. Since these are research projects with characteristics unilaterally defined by the supplier, consumers are prevented from participating in the design of the protocol. However, by eliminating this parameter from the purchasing formula, it becomes accessible to more brands.
Limited topics. Following the previous point, previously, if a tailor or personal clothing designer could be afforded, it was practically possible to order any clothing design that was feasible within the budget and the prevailing standards of beauty. By applying this circumstance to canned studies, we must abandon research on more specific topics in favor of more generalized ones. Despite this barrier, many companies can find some of the data and information they need in these documents.
Affordable prices. A customized product is often more expensive than its industrialized counterparts because the costs related to creativity, retail purchases of raw materials, and individualized fixed costs are subtracted from the manufacturing investment. On the other hand, by switching to products and services manufactured on production lines that sometimes resemble the Ford model, it is possible to access products that meet the most in-demand requirements at a lower cost.
Wholesale. As if the reduction in investment weren’t enough, some agencies that offer syndicated studies offer subscription packages. These packages allow you to stay up-to-date on knowledge in a field in exchange for a scheduled payment over a set period of time. The advantage of this package is that it allows you to further reduce the amount of money required to access the same number of deliverables if they had to be purchased individually.
As time goes on, the range of options for different parties interested in accessing Market Research solutions expands. Although it’s advisable to choose customized alternatives, a good start can be to gather a group of brands with similar needs to jointly purchase the type of reports discussed in this blog post. By making decisions based on solid findings, your company can scale more quickly and reach the next level.
At Acertiva, we specialize in offering customized options. However, we’re open to hearing about the goals of your group of allied brands or your own. We offer you more than two decades of experience in the sector within LATAM. Thanks to our team of analysts and strategic allies, we can meet your needs in this area. Request your free fifteen-minute consultation now. This first contact could be the beginning of your next success story.
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