The Importance of Primary Research when Conducting Market Analysis
While exploring market research, one should know that the market is divisible into two parts primarily primary research, followed by secondary research.
Let’s discuss one by one:
Primary Market Research: It directly grabs any added information from the available sources, including consumers from the targeted market. It can be via interview or survey.
Secondary Market Research: This research starts with any information done in the past dealt outside the organization like that in trade publications, government agencies etc.
One cannot ignore the importance of any of this research, but definitely, primary market research holds more importance. How it starts any idea? Why is it so important, and what expertise is indispensable here?
If you look at a web search for the correct answer, you may not succeed as the information stored there is merely based upon its meaning, then in-depth knowledge or research.
Jennifer Christ, manager of The Freedom Group and a skilled analyst survey can help to find an answer.
Associate Advantages with Primary Research
Jennifer indicated that secondary research might add evidence to your better understanding of the market. Still, without primary research, it is impossible to fill the gaps and understand the clear perspective of the user.
The data collected through this method helps analysts to understand the real market size and the recurring growth with the expected profit ratio for any particular industry.
She further explained that one needs to evaluate the market minutely, and here the primary research will help a lot. It helps to see the market from a consumer point of view which one might miss out on as a seller. Primary research helps us by allowing us to ask relatable questions and what the consumers expect, which is often missing in the other sources.
Primary research also helps to look beyond the hyped trends. It also helps to keep an eye on the prevailing trends. Sometimes a seller might think of adding more features to a product to increase the price, but on the other hand, users do not favour changes. As per her, the effort will go in vain in the absence of primary research.
It also discusses consumer behavior and attitude, the reason behind purchasing, and the tedious decision-making method. For detailed analysis, these data can be further divided into various categories like age, family income, number of family members, work environment, etc.
The survey data helps companies to develop better products and manage effective marketing strategies.
A quick review of the Primary market research method
One can do primary research through several methods but ensure you have the expertise to render the right and sensible output.
For instance, one can take consumer survey data. One can gather it online or simply by the booklet-based survey. Here one needs to understand the value of quality and the proper selection of survey questions to generate the appropriate study for the targeted population. After the data collection, use the information as per the context and further evaluate, comparing the traditional trends and other flexible factors.
One cannot claim phonic interviews to be as easy as it sounds. For conducting such interviews with renowned industry participants, an analyst cannot go without great connections in the same industry. This connection can open their vision about the product or the market in all possible ways.
Following Jennifer, you can target final users, retailers, and suppliers in groups or as an entity. She always suggests discussing this with newbies and established players in the targeted market.
The right people for analysis are essential in an organization; an analyst must connect to the right person. It is a common scenario that the sales and marketing teams are more aware of the industry trends. Jennifer further claims that any company employee has more internal insights, which is beneficial during research and development.
Including higher-level managers in research is essential as it attracts better conversation among the mass. In most situations, it brings the topic up in a very unexpected way. The discussion will sound more interesting if people claim they are learning from it. This way, the debate will turn valuable over time.
Primary market research is incomplete without extra effort, dedication and skills. It works to improvise industry knowledge from the ground. It is impossible to conquer the primary market without this approach.