Are you starting a new business, expanding an existing business, introducing a new product line, or entering a new geographic market? In all of these situations, market research can help you make better decisions and improve your chances of success. There are two types of market research: Secondary research is based on information from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations.
Census Bureau information and Nielsen ratings are secondary market research. Secondary market research is easy to find, and much of it is free or low-cost. For instance, you can find secondary market research online at government or industry websites, at your local library, on business websites, and in magazines and newspapers.
The downside of secondary market research is that it is not customized to your needs, so it may not be as useful as primary market research. For example, secondary research will tell you how much money U. Focus groups, surveys, field tests, interviews, and observation are examples of primary market research.
Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess demand for a proposed service, gauge response to various packaging options, find out how much consumers will pay for a new product, and more. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market.
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. You are going to be the person who obtains this raw data directly and it will be collected specifically for your current research need.
Conversely, secondary research involves searching for existing data that was originally collected by someone else. You might look in journals, libraries, or go to online sources like the US census. You will apply what you find to your personal research problem, but the data you are finding was not originally collected by you, nor was it obtained for the purpose you are using it for.
I hope that makes sense. If not, read on for some examples and a little more detail. The downside, of course, is that you may not be able to find secondary market research information specific enough or recent enough for your objectives. Sources of Secondary Data Secondary data comes in all sorts of shapes and sizes. There are plenty of raw data sources like the US Census , Data.
Internal company data like customer details, sales figures, employee timecards, etc. Published articles, including peer-reviewed journals, newspapers, magazines, and even blog postings like this count as secondary data sources.
Social media data is a new source of secondary data.
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 a term that is used to refer to a process of gathering or .
Secondary market research is when you use previously completed studies and apply the results to your own situation. These studies are easy enough to find via an internet search or by researching marketing journals—and, on the upside, are usually free or low cost.
Primary research delivers more specific results than secondary research, which is an especially important consideration when you’re launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. An explanation of the differences between primary and secondary market research methods.
Learn the difference between primary and secondary research and how and where to apply within your business's marketing strategy. Consider your research goals, and whether they can be met by secondary research, or require primary research. No one point of data can signal your market research direction. It takes constellations of research data to guide a strategic path. Here are the advantages of primary vs. secondary market research, including when you should use each.