Custom Market Research as a tool for Business Development

The difference between two organizations often lies in their strategic formulations. The way an organization plans its practices and policies often affects its market standing. The guideline to an optimized if not ideal strategic setup is thorough knowledge of the market, industries, national and global environment, technological changes and last but not the least the organization itself. This is where the importance of a good research lies. These researches can be general research conducted by a market research organization (syndicated research) or a study performed to study product, process or department of a particular organization (custom research). 

The article elaborates custom market research in detail.

• What is Custom Research: 

Custom Research is the research conducted by a market research organization in accordance with the specific requirements of its client. Every aspect of this research is carried on in collaboration with the client. The scope of the research, the data collection methods, the segment of the client to be considered for the sampling, the area or region  

 under consideration are some of the many ways in which the research can be guided by the client. Since, this kind of study involves high level of client involvement at different levels of the research process these normally involves a higher budget as compared to syndicated researches. 

The scope of customization of the study can range to any research stage including but not limited to hypothesis formulation, research style selection, data collection methodologies, sample identification and so on and so forth. 

• Possible aspects of Custom Research:

• Market Analysis: Market Analysis might involve the study of market sizing, the level of market penetration, market share, market segments, market trends and more. This would assist in designing interactive marketing campaigns so as to ensure brand loyalty and goodwill of the organization.

• Product or Technical Analysis: This study would assist an organization to study its products and services in terms of their market standings, their life- cycle stages, their technological background and its alignment with ongoing technologies to list a few, so as to keep the R&D of the organization informed about the customer demands and requirements.

• Domestic and Global Environment Analysis: The establishment, survival and success of a project highly depends on the domestic and global fiscal and monetary policies, the changes in the tax structure, export and import laws and regulations, wars, calamities  among others. So a study in advance of any changes in the industrial environment might help in the timely resistance policy formulation by the top- level management.

• Variance Analysis: Variance Analysis is the study of each of the companies’ activity in a way to determine if it adds or subtracts value from the final product or services. The two main benefits of variance analysis is cost reduction and product differentiation. This can be done by identifying the activities which needs to be studied and comparing them in terms of either cost or competitive advantage.

• Feasibility Analysis: A feasibility analysis of all the aspects affected by the change would help the strategists to identify if any changes made to the product and processes are worth it. The typical feasibility analysis involves checking of the feasibility on technical, economic, legal, operational and scheduling aspects.

• Competitor Analysis: Also known as the intelligence or benchmarking analysis studies the market competition on all aspects including but not limited to the design, features, technology, customer support and after sales services, marketing campaign and strategies, environmental and sustainability strategies of the competitor.

• Productivity or Departmental Analysis: As less important as it may sound but it is a crucial topic to hold the organization in long run and also boost its sales. The ideal departmental analysis allows the organization to outsource its tasks that does not directly contribute to the organizational growth and free up the top- level management from an unproductive hassle.  Additionally it helps in cost cutting and right distribution of manpower. 

• Benefits of Custom Research: 

• Targeted Information: Custom research is conducted for the sponsor on the basis of his requirements. Thus, it helps in properly identifying the focus areas and addressing specific issues.

• Deep Insight: Custom research is conducted with a specific problem in hand and with the added ability of choosing the research styles it gives the intended level of insightful solutions to the top- level management.

• Budget Flexibility: The budget is proposed to the sponsor at the very beginning of the research thus providing the client to allocate a desired range of budget to the process. 

Thus, considering the infinite possibilities that custom research provide the sponsor to grow in the market and be the next industry leader it is highly preferred in the present business scenario, giving rise to a number of market research organizations round the globe. The motive of these organizations is to provide their clients with research reports which assist the top- level management in strategic policy formulation. 

• Custom Market Research with Orion Market Pvt. Ltd.:

OMR is helping its clients to develop custom research reports in a variety of fields including agro chemicals, biotechnology, advanced material, medical devices, food and beverages, 

transportation and logistics, semiconductors etc. and helping them grow. We provide a customer centric custom research solution from discovery call till final delivery of the study. 

Our analysis include but is not limited to competitive landscape, tailored market sizing and forecasting, feasibility study, pricing structure and modelling, market trend analysis, go to market analysis, R&D strategy roadmaps, product expansion strategy, innovation studies on emerging markets and emerging potential markets for M&A.