We will start with 1 an introduction to market research, explore then 2 primary and 3 secondary market research, as well as finish with 4 the mistakes to avoid when doing market research.
What is primary market research? Primary market research refers to the collection of data directly from its source.
Primary market research takes raw data, typically gathered through focus groups or surveys, and uses it for a variety of business Primary market research.
This type of research is often carried out after a company receives information from secondary sources. Benefits of primary market research Primary market research provides a number of benefits for businesses and organizations. Because the organization has complete control over the process, primary market research can be used to address specific issues.
The company performing the research should be able to focus their efforts on finding data in regards to a specific market. Most of the time secondary data is not up-to-date or relevant to the situation that the marketer is attempting to address.
In addition to the aforementioned benefits, organizations that collect primary market data own that information and can choose to keep it private, giving them a competitive edge over their competition.
Why choose Vault Consulting? Vault Consulting offers extensive primary market research for a variety of industries. Our customized solutions can help your company meet and exceed their business goals. Unlike many other research firms, we specialize in surveying hard-to-reach populations.
We work directly with you to develop a research program that is suited for your budget and your needs. Our experienced team offers quantitative research, qualitative research, quantitative and qualitative studies, online research applications, on-site research, mobile research, social media monitoring and video capture research.
Vault Consulting provides full service outsourced accounting and research programs to help associations, nonprofits and their affiliates meet business goals and advance their missions.
For more information about our primary research marketing services, please contact us today.Primary market research tends to take the raw data such as information collected through focus groups or surveys, and interpret the data for a variety of business purposes.
Conversely, secondary market research relies on information previously gathered.
The second type of primary market research is the specific research. It is exact in scope and is mainly meant to investigate the patterns that exploratory research had brought about.
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.
Market research can be classified as either primary or secondary research. The difference is quite simple, yet there is often confusion around this topic. The difference . Primary market research might be necessary when data collected from these sources does not fulfill the company’s requirements.
Benefits of primary market research Primary market research provides a number of benefits for businesses and organizations.
Performing Primary Market Research Although a professional research company can perform primary market research, it is cheaper for a business to conduct its own study. The cost of paying a professional company usually ranges anywhere from $3, to $25,, depending on the type of research .