Primary research is an important aspect of creating and sustaining a successful, profitable business. However, to execute it appropriately, one first needs to know how it what it is, how to do it, and to have examples that have proven to work in the real world. Using primary market research for business success is an important investment to stay ahead of the competition and become more profitable.
Definition and Examples of Primary Research
Primary research collects information directly from the source, giving specific and accurate information.
Primary research is typically done through surveys, interviews, online discussions, focus groups, and observations. These give verbal and non-verbal communication data about, for example, how customers feel about a brand, product or service, what will keep them using it (or turn them away), or explore what makes them feel they need something.
It is helpful to understand primary research in the context of its partner: secondary research. Secondary research is also called desk research. It is called secondary because it has already been compiled and used by other companies or businesses and then is re-used by others. It is typically performed by people who are not directly connected with the company or business using the research.
This is done in a few different ways: research company reports, academic textbooks or journal articles, government-funded projects or publications, trade or business association information, and the media.
What Are the Pros and Cons of Primary Market Research?
Primary research is an excellent way to stay in touch with your target market and get specifics regarding how they feel about your product or service. Primary market research is about your specific customer base, market, and offering. It gives detail that the broad offerings of secondary research often do not give.
Primary market research, however, can take a considerable amount of time and can be costly. This can sometimes make it difficult for new, struggling, or small businesses to perform. However, if a business in this position can begin with secondary research and their own ‘primary research’ of experiences and trial offerings, they can begin obtaining true primary research from the minute they launch.
What Is the Future of Primary Market Research Companies?
Hiring an expert to perform primary market research for a business is an excellent way to make sure that you are getting all possible information and that it is presented to you in a way that is easy to use.
Businesses always perform their own primary market research (even when they don’t realize it); however, hiring an agency to do it for you can ensure that you design, execute, and analyze it correctly. This will help you optimize your investment in it to inform important business decisions.
Market research companies are also going to become increasingly important over the next few years as the technological advances of our world continue to grow and organizations rely more and more on data. Artificial intelligence and machine learning enable companies to help businesses and companies perform research quickly, efficiently, and cost-effectively.
This might feel uncomfortable, unreliable, or too ‘new’ and not yet trusted for business owners who are used to doing things a different way. However, a large part of primary market research for a business is being able to keep up with the changing market and evolve along with it.
What Are the Advantages of Primary Market Research?
Primary research is advantageous over secondary research in many ways. Secondary research is often outdated, does not reflect a business’s specific target market, and there is typically no way to confirm that secondary research was done in a scientifically sound manner to give true and accurate results.
Primary research is also confidential. You keep the results to yourself without having to share them with the competition. This puts you ahead of the other businesses that are vying for your customers.
When you conduct primary research, you can also control the way the study is done and your audience. You want the primary market research that you are spending time, money, and energy to conduct to be representative of your target market.
Conducting primary market research will help your business remain profitable, keep loyal customers, and stay ahead of the competition.