How Secondary and Primary Market Research Benefit Your Businessby Walter Saliot Get business development services from experts
Are you looking to expand your business, starting a new one, introducing a new product or entering a new geographic market? In all the conditions, an effective market research will help you make the right decisions and improve the chances of success.
There are mainly two types of market research: secondary research and primary research. Let us find out the difference between Customized Secondary and Primary Research Reports!
Secondary Market Research
Secondary research primarily based on the data collected from studies previously performed by the chambers of commerce, government agencies, trade associations, and other organizations. For instance, Nielsen ratings and U.S. Census Bureau information are the types of secondary market research.
Secondary research is often free or low-cost and is easy to find. You can easily see the secondary research reports online at industry or government websites, on business websites, at local libraries, and in magazines and newspapers.
The drawback of this research is that it’s not customized to your business needs, so it may not be as useful and productive as primary market research. For example, secondary research data will tell you how much money teenagers of your country spent last year on sports shoes, but not how much they are willing to pay for the type of footwear designed by your company.
Primary Market Research
Primary market research is designed for your business’ particular needs and conducted either by you or an agency that you pay to do the research and prepare the Customized Research Reports for you. Interviews, surveys, focus groups, field tests and observation are some of the finest examples of primary research.
It allows you to investigate an issue of specific interest to your company, assess demand for a proposed service, obtain feedback about your website, get a response to various packaging options, and more.
This research provides more specific results than secondary research, which is vital when you are launching a new service or product. Also, primary research is generally based on statistical methodologies that include sampling as little as 1 percent of a target market. This small-scale sample can give you an accurate representation of a particular market.
Use Both Kinds of Market Research for Your Business
Smart businesspeople do secondary research first and then opt for primary research. For instance, the owner of a cupcake would like to know all about the neighborhood before commencing a new store there. After utilizing information and data acquired from secondary sources, the owner will be able to uncover all sorts of demographic information, such as detailed income and spending habits. The owner can then prepare a questionnaire to find out how often people are likely to buy cupcakes and how much they are willing to pay for it.
To know more about market research and analytics and avail Procurement Research Services, you can get in touch with Penterra Analytics, a leading market research company in India and different parts of the world.
Created on Jul 25th 2018 02:23. Viewed 408 times.