Marketers need to upgrade their research skills from time to time before stepping towards anything new. Whether you have taken on a new project, are planning to dive into a new product or are starting a new campaign for any new venture, you should do it in the planned way. The process is simple. Always make well-informed decisions to have the best set of benefits. This is the biggest benefit of doing market research.
Primary Data vs. Secondary Data Market Research Methods
A single mistake or any step-skipping can act as your biggest drawback, as it can clutter the most important data and hinder important decisions.
If you understand the importance of market research, you will gain the much-needed information that can completely support the marketing and product upliftment part. It also somewhere convinces investors and creditors to invest in your business to earn the success you have been waiting for!
Here, it becomes important to understand the importance of primary and secondary market research.
Primary and Secondary Market Research Are the Same or Different
The source of the research and the people behind that research decide if it is primary research or secondary. Primary research can be defined as the first research on anything, and here, the data is collected directly from the source. Many firms and brands commonly use market research services to collect and preserve their insights.
Secondary market research uses the research of others, especially governments.
Primary research is processed by some other person, and one can use it later as per the requirement for secondary research.
The biggest similarity between primary and secondary research is the fact that both are quantitative and qualitative. These two can be compiled together for your research. You can compare your findings through it, which omits any confusion about double work.
Primary Market Research
Primary market research is the first research on anything. The sources of the research are gathered by the one who does this research. This information is collected from sellers, users, suppliers, manufacturers and more. One can do it individually or take assistance from external and internal teams to collect diverse sources. This process might help you to collect raw data and interpret it as per the requirement. Use it the way your research demands.
Advantages Associated with Primary Research
Talking about the advantages of primary research, the main advantages you are going to experience are as follows:
- Relevant Answers to reduce the time taken during the research is the major advantage of primary research.
- Primary research is time-specific as it is done for any specific moment that is important to you. The market changes instantly, and the primary research during that time overcomes any possible pitfalls.
- You are the owner of the data you obtain, and you can control it however you want. You can use it to make informed decisions with it.
Ways to Process Primary Market Research
There are several processes by which you can process primary market research, and you can choose the right one depending on your project. They are as follows:
- Surveys
- Interviews
- Targeted Audience View
- Experiments
- Observation
Secondary Market Research
Heard of desk research before- it is nothing but secondary market research. In this, one uses the research already conducted by other researchers. You need to be careful while selecting the source to get the correct data.
Advantages Associated with Secondary Research
A list of advantages is there with secondary research. They are as follows:
- One can use it at the beginning of the research as it provides the option of exploratory research.
- The research under this is more economical. Some cost too little and some are free too!
- You get access to a wide array of information.
- Time-saving is the biggest advantage.
- Less complicated than primary research.
Ways to Process Secondary Research
The options are huge as one works on the already existing data. Some of them are as follows:
- Researched Database like Science.gov, ResearchGate, and Google Scholar
- Statista
- McKinsey
- Google Trends
The Bottom Line
Primary and secondary research are important in their way. You need to be updated with the latest trends so that you can always make the right decisions in your venture or for your clients.