What is Primary Market Research?

Market research is an essential tool to understand and cater to your consumers. It is vital to the success of a product as it provides decision-makers with hard facts and data which can be leveraged to create brilliant marketing strategies. There are two main categories of market research:

  • Primary market research: This is a type of research that solicits information directly from the source, which includes the consumers within a specific targeted set of individuals. Primary market research can be done using forms, surveys, interviews, and so on.
  • Secondary research: Secondary market research is primarily based on existing information that has been published and compiled by different organizations including government agencies, industry R&D departments, and more.

Both forms of market research are valuable, but primary research is often considered to be shrouded with mysterious findings. When a systematic analysis is being conducted, a researcher might prefer to collect all the required data by themselves.

This is owing to how many articles and information might not have insight on the specific conditions and factors involved in the subject of research.

The Salient Advantages of Primary Research

Secondary research is often considered to be more convenient and inexpensive and is a common misconception, Secondary market research provides solid ground for grasping the market and different concepts at an expert level.

However, to fill the gaps and have a more user-defined, specific, and rich perspective, primary market research is essential. It allows for accurate and valid market size estimates and to gain specific, relevant insight into niche industry developments.

Primary Research offers information that allows analysts to evaluate the market from multiple perspectives and helps better explore viewpoints that might not be traditional. It also allows for raising questions and discussions about various market trends, the kind of impact they could have, and more.

It is also considered an essential tool as it allows for clear insight into consumer behavior, patterns in the market, and where the demand lies. This data is hard to attain from secondary research as it is ever-changing and specific to different industries.

Methods of Conducting Primary Research

There are various methods used for conducting primary research. The method most suitable to a researcher is usually dependent on the type of questions that need to be answered and the problem that requires a solution. The most common methods are:

  1. Interviews: Interviews are conducted in the form of one-on-one interactions or with small groups involved. These can be conducted in person, over the phone, or even online. They are most useful for answering closed-ended questions when a huge amount of information has to be collected from a small sample size.
  2. Surveys: Surveys are most usually conducted online these days and offer the most cost-effective forms of finding a lot of data from a larger population. The questions are pre-written and can be open or close-ended.
  3. Focus groups: Focus groups are commonly used to gather information from a small sample set, and include individuals who are most often experts in the subject discussed. This is a common method used by businesses to gain valuable insight into their niche markets.
  4. Observations: Observations include the presence of an impartial observer(s), by observing and making notes of events. There is a lack of direct interaction between the consumer/ source and the researcher. This is done to remove bias that could potentially occur while conducting surveys or interviews.

There is no question regarding the amount of hard work, skill, and dedication one must put into conducting primary market research. However, it certainly provides a solid foundation and grants industrial knowledge along with market trends, something that is hard to attain with other forms.