We will first gain 1 an insight into primary and secondary market research, and explore then the benefits and disadvantages of both types of research when choosing to perform 2 primary or secondary market research. Primary research is the research that a business does on its own, without the help of any previously collected data or information. Primary market research can be done through many methods of which some include — focus groups, face to face interviews, telephone interviews, surveys, questionnaires and observational techniques, etc. One of the main benefits of conducting this kind of research is that it helps to gather only the data needed and no extra information.
If you assembled some of your regular patrons to get their opinions on a new menu item, this would be primary marketing research. Secondary Research Primary marketing research is proprietary, original research that you own. You either conducted the research yourself or paid someone to do it for you.
Primary research produces "trade secrets" that give you a competitive edge. Government agencies, trade associations and marketing research firms that sell research reports are common sources for secondary research data. Primary marketing research is conducted to answer specific questions you have about your business, your customers or your competition.
It is tailored precisely to your needs. Secondary research typically covers broad areas of generalized inquiry and may not be timely.
Primary research can be costly and time-consuming to execute. Secondary research is usually available immediately for no cost or little cost.
Primary Research Methodologies Surveys, interviews, observation and focus groups are the most common methods of conducting primary research. Your primary research can be either quantitative or qualitative.
Think of quantitative research as serious number-crunching research that can be placed on an Excel spreadsheet. Surveys are a common form of quantitative research. Interviews, observations and focus groups are typically used in qualitative research. The Competitive Edge As a small-business operator, primary research can be an excellent way to gain advantage over your competition.
You can use primary research to assess the effectiveness of advertising and promotional campaigns with small groups before you invest substantial amounts in production and media. You can conduct online surveys of current customers and use social media to get feedback on a new product or service idea you may have.
There are countless ways to use primary research to help grow your business. Conducting Primary Research Avoid reinventing the wheel.
Explore secondary data sources before you start a primary research project. Consult with the reference librarian at the main branch of your public library.
The most challenging part of conducting primary research is figuring out where to start. Many business owners start by visiting the marketing department of their local college or university to obtain guidance from one of the marketing professors.
Marketing professors are a gregarious breed. They take delight in helping local business owners with real-world marketing challenges.
References 2 My Market Research Methods: About the Author George Boykin started writing in after retiring from a career in marketing management spanning 35 years, including several years as CMO for two consumer products national advertisers and as VP for an AAAA consumer products advertising agency.
Boykin mainly writes about advertising and marketing for SMBs.Primary market research is tailored to a company’s particular needs and is conducted either by you or by a company that you pay to conduct the research for you. Focus groups, surveys, field tests, interviews, and observation are examples of primary market research.
Benefits of PRIMARY Market Research. Specific data can be found: One of the most important benefits of primary market research is that it can help find information that is customized according to the needs of the business and is highly specific in nature.
The research helps to investigate issues that the business may need to know the most about and is flexible enough to leave out unwanted or useless information. In a nutshell, primary research is original research conducted by you (or someone you hire) to collect data specifically for your current objective.
You might conduct a survey, run an interview or a focus group, observe behavior, or do an experiment. Methods of primary data collection vary based upon the goals of the research, as well as the type and depth of information being sought.
Primary Data Examples In-depth interviews present the opportunity to gather detailed insights from leading industry participants about their . Defining Primary Data in Market Research Primary data is information that you collect specifically for the purpose of your research project.
An advantage of primary data is that it is specifically tailored to your research needs. Video created by IE Business School for the course "Market Research and Consumer Behavior".
In the last Module of this course, you will learn with more detail the various types of data acquired during the marketing research process and how to.