What is an ad-hoc market study?
An ad-hoc market study is a type of research designed to respond to a specific need of an organization at a specific time. Each ad-hoc study is a unique and independent project, which is tailored to the objectives to be covered. To do this, the target audience is chosen, the sample is selected and the most appropriate data collection technique is chosen. Based on the conclusions of the study, other studies can be carried out to complement the first one, but they will be different studies, that is, other ad-hoc studies.
Advantages of ad-hoc market studies
Opting for an ad-hoc market study has clear advantages:
Optimal design. Since it has been gambling data korea phone number created to solve a specific need, all the characteristics of the ad-hoc market study are adapted to the objectives of the research.
Greater flexibility. The organization that commissions the study has full control over the definition of the study and can make all the decisions it wants so that the sample, the questionnaire, or any other component of the study fits perfectly with what it wants.
Greater ability to take action. Most ad-hoc market studies are designed to support specific decision-making. This makes it much easier to convert the information collected into decisions or actions that help the company improve its position in the market.
The client is the owner of the data. The study has been custom-commissioned by the organization and all the results obtained are the property of the client who has paid for them.
Most common types of ad-hoc studies
Ad-hoc market studies are widely used by all types of companies to resolve their information needs. These may be related to innovation processes – concept tests or product tests – advertising – advertising pre-tests and post-tests – branding, customer satisfaction and many other issues.
Depending on the research technique chosen, an ad-hoc market study can be carried out using quantitative methodologies – such as online market studies – or qualitative ones – such as focus groups or in-depth interviews . It is also possible to use more innovative methodologies such as online communities or neuromarketing .
What is a syndicated market study?
A syndicated market study is a type of research that is conducted by one organization and offered to multiple companies that pay to access the resulting data and analysis. Unlike ad-hoc studies, which are designed and conducted to address specific questions or problems for one company at a particular time, syndicated market studies are designed to cover a broad range of needs for many companies.
Advantages of syndicated market research
Immediate access. The vast majority of syndicated studies are continuous or periodic, with data delivered at regular intervals. Thus, when a company decides to opt for a syndicated market study, the data is already available and can be delivered in a very short period of time.
Shared cost. One of the main advantages of syndicated market studies is that they are financed through contributions from different companies, which do not pay the full cost of the study. This allows them to obtain data at a lower cost than if they were to carry out the study themselves. This is especially important in large-scale studies, which would be unattainable for any one company alone.
References for a sector or to cover certain types of needs. Some syndicated market studies are used as a recognised source of data when analysing certain sectors. As they are financed by various clients, there are more resources to be able to obtain large samples and more complex operations can be put in place to obtain greater definition.
The main limitation of syndicated market studies is that the information provided may not be as specific or relevant to each company's particular needs compared to an ad-hoc market study. Ad-hoc studies are specifically designed to address your specific questions or problems. That's why syndicated studies are often a good guide to understanding the generalities of the market, but they are not as practical to support specific decision-making.
Most common syndicated market studies
In Spain and in many other countries there are market studies with a long tradition and which are acquired by many companies:
TV audience panel or audience measurement panel. This is the panel used by television stations, media agencies and advertisers to quantify the reach of television campaigns.
Retailers panel or distributors panel. It collects information on sales made in the country's major distribution chains and is the reference point for market share of all consumer products.
Consumer panel. Collects information on consumer purchases. Unlike the retail panel, the information does not come from the supply side (the stores) but from the demand side (the buyers), which allows for a very well-defined image of their profiles and of the total shopping basket, including products purchased in small shops.
