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Should I Perform Primary or Secondary Market Research?

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❶This very fact makes secondary market research a beneficial process.

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It highlights the truths about primary research. Secondary data research or market research is a method that helps to bring together or align the concentration of widespread primary research. When conducting this form of research work, businesses or researchers often realize that the information they were looking for is actually present for free and this may reduce the need for conducting primary or original research work from scratch.

Lots of free information available: Often, businesses can conduct secondary market research without spending even a single penny. This is because of the availability of high amounts of free data. For some organizations, the entire research can be conducted using this free information, and this would mean zero expenses on market research. Since most of the data is available easily and can be accessed without many efforts, the process of secondary market research is much easier and convenient to conduct as compared to primary market research.

This type of research can be done within days or weeks, depending upon the objectives of the business or the scale of information needed. One of the main drawbacks of secondary market research is the difficulty in selecting some pieces of useful information from the sea of data collected.

Since lots of data is available but specifically needed data is less, businesses may have to spend a lot of time and energy in picking out information that is relevant to it. Of course, there is a lot of secondary data available out there, but not all is offered through credible or trusted sources. Most of the data on the web cannot be trusted, and the same holds true for the information offered by directories, trade associations, etc.

Thus secondary market research may not always be quality research as sometimes it is difficult to know which source is credible and which is not. Incomplete information also available: Besides the lack of credible sources and quality data, most of the information available through secondary sources may be incomplete or lacking on some main points or statistics.

As they say, incomplete information can be dangerous; using incomplete data results can also prove dangerous as far as market research goes. Especially when it comes to using competitor data or information on the web, several links can be broken, and the true picture may not be presented.

May not be updated: Not all secondary data sources available offer the latest reports, data, and statistics. Some of the data may be outdated; other may just not be valid according to the current situations like economic climate, market trends, user demographics and other factors.

This is a major drawback of using secondary sources for market research. Old and outdated data may lead to incorrect results or findings, and this very fact interferes with product development, service enhancement, and other business processes. When it comes to choosing primary or secondary market research, no one type of research comes out as a winner. Both the research methods have their positives and negatives, and the decision to choose one depends upon the individual business needs and requirements.

Neither of the research methods alone could help a business reach its objectives, and the wise thing to do is to pick smartly both options, in the right proportions. Relying on primary market research alone can lead to missed opportunities, incomplete information, and limited data, using secondary data alone may leave you with vague answers to specific questions. Both research works hold their importance and present beautiful opportunities for businesses when combined well together.

A successful business is one that has learned to utilize these processes together and in the right amounts. E-mail is already registered on the site. Please use the Login form or enter another. You entered an incorrect username or password. The concept seemed simple enough. You have a product and you know its features.

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In addition, you are included in the company recommendation widget so you reach more passive job seekers. Turn on employer branding and benefit from more relevant job applicants and shorter time-to-hire. May 15, by Anastasia 0 1. For example, the owner of a cupcake shop would want to know all about a neighborhood before opening a new store there.

Using information gleaned from secondary sources, the owner can uncover all kinds of demographic information, including detailed income data and spending patterns. Secondary research lays the groundwork, while primary research fills in the gaps.

By using both types of market research, small business owners get a well-rounded view of their markets. Sign up for practical, real-world solutions from successful business owners delivered to your inbox each Saturday morning. Over 50, entrepreneurs and businesses subscribe to our newsletter! Your data will be stored and processed in line with our Privacy Policy.

To complete your subscription, please check your inbox for a recent email from Allbusiness Editors. This type of research is often carried out after a company receives information from secondary sources. 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.

The Advantages of Primary Market Research

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Advantages of Primary Market Research 1) Targeted Issues are addressed. The organization asking for the research has the complete control on the process and the research is streamlines as far as its objectives and scope is concerned.

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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.

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This part of our detailed tutorial on market research planning looks at the advantages of conducting primary research including the ability to address specific needs, greater research control, gaining an information advantage and more. Primary market research is what you do at your end so majorly depends on your plan for conducting market research and your resources you opt for. Primary market research have number of advantages like.

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In this article, we will deep dive into the topic of Market Research Techniques. 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. MARKET RESEARCH: AN INTRODUCTION Market Research is . May 27,  · Various methods are used to accomplish primary research including telephone interviews and questionnaires in market research, direct observations in physical science or by doing experiments. The term primary research is used widely in competitive intelligence, market research and academic research. Advantages of Primary Research Author: Jenniferc.