Primary research is that you conduct (or employ someone to do for you) by going all the way to a source — generally customers and potential customers in your target market — to ask questions and collect data.
Primary market research is a tailored study method for directly extracting information from a company’s sources or potential customers. Primary market research seeks at gathering customer feedback from all aspects: social, emotional, cultural, rational, economic, etc. To name a few, it helps in investigating deeply into particular company fields, assessing demand for both new and existing products and services, analyzing regions for enhancement and drawing more compact inferences.
Examples of primary research are:
1. interviews (telephone or face-to-face)
2. surveys (online or mail)
3. questionnaires (online or mail)
4. focus groups
5. Visits to competitor places
When conducting main research, typically two basic types of data are collected: exploratory & specific.
- Exploratory: This research is general and open-ended, typically involving long interviews with an individual or select group.
- Specific: This research is more accurate and is used in exploratory research to fix an issue identified. More organized, more formal interviews are involved.
In a nutshell, you (or someone you employ) conduct primary research to collect information specifically for your ongoing objectives. You may be conducting a survey, conducting an interview or target group, observing behavior, or doing an experiment. You will be the individual directly obtaining this raw information and it will be gathered specifically for your present need for research. Primary research is generally more expensive and often takes longer than secondary research, but it does yield conclusive outcomes.
Why Primary Research?
- Collecting extremely customized and specific information: primary research enables to explore a company’s deeper problems based on business demands.
- Tailor-made approach: The procedure can be regulated and tailored to the requirements of the company in primary research.
- Looking into specific problem areas: The research method is streamlined and restricted to suit the company interest. It addresses specific matters.
- Better Data Interpretation: The focused strategy leads in less time to better data assessment.
Why Does a Company Need Primary Research?
- Validating a product idea.
- Evaluating the need for the product among the consumers.
- Identifying potential customers who are ready to buy the product.
- Examining the problem statement in the business.
- Informed decision making in favor of the products and services.
- Gauging new markets and recognizing areas of expansion.
- Understanding customer pain points, preferences, their buying patterns.
- Setting business goals, targets, and objectives.
- Identify the problem areas in your business.
- Understand the needs of existing customers and why they chose your service over competitors.
- Market research into your current customers can help your business improve sales figures, customer satisfaction, and brand loyalty.
Secondary research or desk research is a technique of research involving the use of information already available. To improve the general efficiency of research, existing information are summarized and gathered.
Secondary research involves study content that has been published in study reports and such like. Public libraries, websites, information acquired from surveys already filled in, etc. can make these records accessible. Some government agencies and non-governmental organizations also store information that can be used and obtained from research purposes.
Secondary research is much more cost-effective than primary research because it uses current information, unlike primary research where information is gathered by organisations or companies first-hand or where they can hire a third party to collect information on their behalf.
There is plenty of secondary research accessible on the web, merely by entering keywords and sentences for the sort of data you are searching for. By reading articles in magazines, trade journals, and business publications, visiting a reference library, and contacting industry associations or trade organisations, you can also acquire secondary research. (Note: When you locate the research you want, check its publication date to be sure the data is fresh and not outdated.)
One excellent source of secondary research data is government agencies; this data is usually available free of charge. On the other side, information released by private firms may require authorization to access it, and sometimes a fee.
Examples of Secondary Research Are:
- Data available on the internet.
- Government and nongovernment agencies.
- Public libraries.
- Educational Institutions.
- Commercial information sources.
Disadvantages of Secondary Research:
- Although data is easily accessible, it is necessary to conduct a credibility assessment to comprehend the authenticity of the information available.
- The recent reports and statistics are not offered by all secondary data resources. It may not be updated enough to accommodate latest timelines even if the information is precise.
- Not Specific to Researcher’s Needs.
- Incomplete Information.
- Proprietary Issues
Are you still wondering, how to solve your research objectives or how to improve your sales figures or how to market your product or concerned about your business strategy? No worries, we’ve got you covered. Envision Intelligence Research Methods Can Empower You to Run an Effective Campaign.