Marketers need to upgrade their research skills from time to time before stepping towards anything new. Whether you have taken on a new project, are planning to dive into a new product or are starting a new campaign for any new venture, you should do it in the planned way. The process is simple. Always make well-informed decisions to have the best set of benefits. This is the biggest benefit of doing market research.
Primary Data vs. Secondary Data Market Research Methods
A single mistake or any step-skipping can act as your biggest drawback, as it can clutter the most important data and hinder important decisions.
If you understand the importance of market research, you will gain essential information that can fully support both marketing efforts and product development. It also somewhere convinces investors and creditors to invest in your business to earn the success you have been waiting for!
Here, it becomes important to understand the importance of primary and secondary market research.
Primary and Secondary Market Research Are the Same or Different
The source of the research and the people behind it determine if it is primary or secondary. Primary research can be defined as the first research on anything, and here, the data is collected directly from the source. Many firms and brands commonly use market research services to collect and preserve their insights.
Secondary market research uses the research of others, especially governments.
Primary research is processed by some other person, and one can use it later as per the requirement for secondary research.
The biggest similarity between primary and secondary research is the fact that both are quantitative and qualitative. You can combine these two methods for your research. You can compare your findings through it, which omits any confusion about double work.
Primary Market Research
Primary market research is the first research on anything. The researcher gathers the research’s sources. This information is collected from sellers, users, suppliers, manufacturers, and more. Individuals can either collect the information on their own or seek assistance from both external and internal teams to gather diverse sources. This process may assist you in collecting raw data and interpreting it according to your requirements. Use it the way your research demands.
Advantages Associated with Primary Research
Talking about the advantages of primary research, the main advantages you are going to experience are as follows:
- Relevant Answers to reduce the time taken during the research is the major advantage of primary research.
- Primary research is specific to a particular moment that holds significance for you. The market changes instantly, and the primary research during that time overcomes any possible pitfalls.
- You own the data you obtain, and you can control it however you want. You can use it to make informed decisions.
Ways to Process Primary Market Research
You can choose from several processes to conduct primary market research, depending on your project’s needs. They are as follows:
- Surveys
- Interviews
- Targeted Audience View
- Experiments
- Observation
Secondary Market Research
Heard of desk research before—it is nothing but secondary market research. In this, one uses the research already conducted by other researchers. You need to be careful while selecting the source to get the correct data.
Advantages Associated with Secondary Research
A list of advantages is there with secondary research. They are as follows:
- One can use it at the beginning of the research, as it provides the option of exploratory research.
- This research is more cost-effective. Some cost too little, and some are free too!
- You get access to a wide array of information.
- Time-saving is the biggest advantage.
- Less complicated than primary research.
Ways to Process Secondary Research
The options are huge as one works on the already existing data. Some of them are as follows:
- Researched Database like Science.gov, ResearchGate, and Google Scholar
- Statista
- McKinsey
- Google Trends
The Bottom Line
Primary and secondary research each play a significant role in their respective contexts. You need to be updated with the latest trends so that you can always make the right decisions in your venture or for your clients.
