One wrong decision can result in a disaster. In short, it may ruin the whole business, but who plays the most important role in it? No other tool is as powerful as primary market research to design the right strategy through the researched insights. These insights are based on consumers’ tastes and preferences and the whole market size.
Secondary research, on the other hand, completely depends on the data extracted from primary market research. Here, the first data is collected from users, buyers, prospect buyers, and industry participants as they can provide real-time data.
Are Primary and Secondary Market Research the same?
- Primary market research is the first line of information which is used as per the requirement of the company. The already existing information is used by different organizations in secondary market research.
- The primary market research sources include target-specific customers, age groups, interviews, research, and more. Other research is used by government agencies, researchers, and more.
- Both types of research provide detailed qualitative information and do not miss quantitative information, either!
- The primary research market is expensive, whereas the latter one is economical.
Advantages that You Will Earn With Primary Market Research
- Attain The targeted data
- The market idea with complete transparency
- Better Customer Insight
Process to Gain Primary Market Research Data
There are various ways in which the data is collected, and you need to be careful when collecting them. They are as follows:
- Customer Surveys
These surveys have been the most popular traditional way to collect information, which is popular to date. You need to understand what age group, gender, income category, or other factors are in your category and whose survey you intend to conduct. These surveys are also helpful while comparing the data. It is always advisable to take the help of an experienced analyst for this kind of research.
- Interviews
You need to interview the set target population of the industry you are targeting. You need to have in-depth information on all the groups involved in any research and produce the results accordingly. To name a few, you need to take the views of the real customers, potential customers, manufacturers, suppliers, debtors, creditors, shareholders and more to render the first information.
You need to target the right set of people. To give you a few examples:
- Only a VP or manager is in a position to discuss the company’s lowest and highest points. They also know how the firm can be upgraded.
- Customer analysis teams are the backbone of any primary research market.
- Skilled and experienced people in this industry can help to collect the maximum amount of data.
Personal branding is essential to get information from people of all categories. In case a company’s employee is incapable of doing it can take the help of experts.
The Bottom Line
Primary market research is of great importance. It is always advisable to hire an expert to do it. Sometimes, a lack of efficiency and skill set can lead to the wrong information delivery, which might lead to a wrong decision on an important matter in your organization.