Custom market research is a research method in which a company or organization conducts tailored research efforts to gather specific insights that are relevant to their product or business. In contrast, canned market research reports are pre-packaged reports that are typically created using generic data and are not tailored to the specific needs of a particular company or product.
There are several reasons why custom market research is superior to canned market research reports. One of the main benefits of custom market research is that it allows you to tailor your research efforts specifically to your product and target market. This means that you can focus on the specific questions and concerns that are most relevant to your business, rather than relying on broad, generic data that may not be as applicable to your needs.
For example, let's say you are launching a new medical device that is designed to improve the accuracy of diagnoses in the emergency department. With custom market research, you can specifically target emergency department physicians and nurses to gather insights on their current diagnostic processes, pain points, and the types of devices they currently use. This information can then be used to inform the marketing and sales efforts for your product, as well as help you to identify opportunities for further product development and innovation.
In contrast, canned market research reports typically do not allow for this level of customization and focus. They are often created using generic data and may not be as relevant to your specific product or target market. As a result, they may not provide the level of insights and actionable recommendations that you can get from custom market research.
Another benefit of custom market research is that it allows you to gather more current and up-to-date data. Canned market research reports are typically created using data that may be several years old, which can be less useful in today's rapidly changing market. With custom market research, you can gather more current data that is specific to your product and target market, which can help you to make more informed decisions about your business.
Custom market research is also typically more flexible and responsive than canned market research reports. Because you are in control of the research process, you can make changes or add additional questions as needed to ensure that you are getting the insights that you need. With canned market research reports, you are typically limited to the data that is included in the report, which may not always be sufficient to meet your needs.
In conclusion, custom market research is generally superior to canned market research reports because it allows you to tailor your research efforts specifically to your product and target market, gather more current and up-to-date data, and be more flexible and responsive in the research process. By leveraging the power of custom market research, you can gain a deeper understanding of your market and make more informed decisions about your product and business.