Skip Nav

Primary vs. Secondary Market Research: What’s the Difference?

Related posts

❶Boost your job visibility and reach more highly qualified active and passive job seekers A boosted job also called premium job will be shown ahead of all other similar basic jobs in the job search. This division of the group or the selection process must depend on the audience targeted or the product of service of the company.

Questionnaires/Surveys

Real Business Advice!
Real Business Owners,
Interviews

There are three go-to techniques that are particularly helpful in quickly and efficiently gathering insights to help you build knowledge early on:. Of these, the detailed interview is by far the most important technique to master. Once you know how to interview someone properly, you have learned how to learn. There is one thing that jumps out about these techniques. They are very expensive. They are best done one-on-one, ideally in person.

Focus groups are out of favor for very good reasons. Researchers running on a shoestring budget will immediately run into several problems:.

For entrepreneurs, this is cost prohibitive. While startups cannot match the scale and scope of best practice research programs in the model of multinational giants, this is not an excuse not to do it. On the contrary, startups deal with such extreme uncertainty that they should absolutely double down on their efforts to do primary market research and learn from their potential customers and end users.

If you are thinking of launching a new product, definitely give this a read. It will help you jump-start your efforts to understand your customers.

Elaine Chen is a startup veteran and product strategy and innovation consultant who has brought numerous hardware and software products to market. As Founder and Managing Director of ConceptSpring , she works with executives and leaders of innovative teams to help them set up and run new product innovation initiatives with the speed and agility of a startup.

Follow her at chenelaine. Tap here to turn on desktop notifications to get the news sent straight to you. Three go-to techniques for problem research. Market research can be classified as either primary or secondary research. The difference is quite simple, yet there is often confusion around this topic.

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.


Main Topics

Privacy Policy

Types Of Market Research Techniques. Primary Market Research. Primary market research is a kind of market research which is done by the business or company itself with the objective of gathering information that can be used to improve the products, services, and functions. Primary market research is also known as field research since it is .

Privacy FAQs

Conducting primary market research from another country could be a little more difficult, but certain activities (such as questionnaires) do not require you to be in the same location as your market. You may also consider hiring someone local to the US to undertake certain primary research activities on your behalf.

About Our Ads

Also, the research firm would use statistical models to come up with a sample group that is representative of your target audiences, making it very relevant to your business needs. Primary research provides two basic forms, exploratory and specific. Primary Market Research. Definition: Figure provides a sample cost analysis form for different research methods. When conducting primary research using your own resources, first decide how.

Cookie Info

The following are some commonly-used market research techniques. Techniques like focus groups and one-on-one interviews are considered qualitative research tools, meaning they involve smaller samples of a study group and are usually less structured. Qualitative research is often conducted before. Getting out of the building and doing primary market research has saved a great many startups from solving the wrong problems.