Primary Market Research: Why Do It?
The two forms of research that are typically used in market research are primary and secondary, Primary Market Research is an analysis carried out by you (or hiring someone to do it for you.) It entails speaking with a source directly to collect information, typically clients and potential customers in your target market. Primary Market Research cases include:
- Interviews (telephone or face-to-face) (telephone or face-to-face)
- Surveys (online or mail) (online or mail)
- Questionnaires (online or mail) (online or mail)
- Focus sessions
- visits to the locations of rivals
Primary Market Research
Two types of information are commonly gathered when conducting primary Market Research :
Exploratory. In-depth interviews with a single person or a small group are frequently conducted as part of this comprehensive and open-ended research project.
Specific. The exploratory study highlighted the problem that is being addressed by this more focused research. More formal, structured interviews are part of it.
Primary research typically costs more, and takes longer, but produces more conclusive results than secondary research.
Primary Market Research that has already been prepared, gathered, organized, and published by others is secondary research. It comprises research and reports from government organizations, industry trade groups, and other companies. Most research is often secondary for small organizations with tight resources because it can be acquired more quickly and cheaply than primary research.
By just typing in search terms and phrases for the kind of material you’re looking for, you may easily find a lot of secondary research on the Internet. You can gather secondary research by visiting a reference library, reading articles in periodicals, trade journals, and industry publications.
are a great place to find secondary research data, which is frequently available for free. On the other hand, accessing data made available by private companies may require your consent and occasionally include a price.
Market research: Why Do It?
The market research gives you vital knowledge about your industry and competitive environment. It can inform you of how the target clients and customers you want to reach view your business. It can show you how you compare to the competitors, aid in understanding how to interact with them and guide the planning of your subsequent actions.
In the process of creating your goods and services, putting them on the market, and promoting them to customers, market research can be quite helpful. Here are some ways market research can assist in guiding your company’s strategy:
It may provide you with an accurate picture of your company and its industry. For instance, you can assess how your competitors are seen in relation to you and what they are doing to draw clients.
You may use it to figure out who your consumers are, where they are, and which ones are most likely to buy from you. (In fact, market research gives you the chance to find out why clients say they don’t want to do business with you.)
It may show you how current and potential customers feel about your company and products, as well as whether or not you are satisfying their demands. You might even learn some opinions about your company and/or products that you were unaware of.
Based on how similar products have fared in the market, you may determine whether a new idea for a business or product will take off, or in other words, if people will find it appealing.
You can use it to make smart choices about marketing strategies, product packaging, and promotions.
Since it gives firms a fact-based framework for estimating sales and profitability, market research is often a critical element in creating a marketing plan. It really can make a difference.