Editor’s note: Parivesh Kumar is head, project management at Spade Health. This is an edited version of an article that originally appeared under the title “Why customer market research is essential for your business.” 

Research is a crucial part of creating winning strategies because it gives brands and marketers the data they need to increase their impact, boost sales and generate leads. Custom research helps brands gain a better understanding of their target markets, trends and current and potential customers as well as rival goods and services. It’s essential to consider why and how custom research can support business initiatives, whether you’re launching your brand’s marketing or aiming to become a successful marketer.

Custom market research goes beyond the bounds of a conventional published report to offer targeted market insights created specifically to meet your needs and objectives. Customized market analysis is created for your sole use and is kept private.

In-depth phone interviews and online surveys may be used as part of a custom market research study to gather more primary data and valuable insights from top industry players. In particular, hard-to-size markets or extremely niche market segments with scant published data can benefit from this targeted intelligence.

Custom research solutions are ideal for pivotal decision points when a company needs an unbiased third-party perspective to gain more granular insights, valid assumptions and data interpretation.

Custom market research services can support businesses in making decisions where there is a high-cost of making the wrong one. These services can also help businesses more successfully navigate a variety of business challenges. With the help of targeted custom research engagements, you can make sure you have the necessary market intelligence to support strategic decision-making in several situations including: