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How To Conduct Primary Market Research And It’s Methods
Primary Market Research is a form of market research conducted by big or small Primary Market Research Companies. Yes, there isn’t just research that you have known all this while. There are 2 forms of market research you ought to know about:
1- Primary Market Research
2- Secondary Market Research
What is primary market research?
Defining primary market research includes the understanding and deriving of data from the sources or potential customers of a particular industry. Now, the question is how to extract this information from the customers?
Well, you can choose from the 2 options- either hire someone for this or make your in-house team do the job.
Importance of Primary Market Research
As the name suggests, the primary is an initial step that follows secondary market research too. Though less reliable, primary research is often opted to understand consumer behavior and how it can affect their service/product in the market.
The importance is-
- It helps the business to grasp everything about the issues and they are facing in the market to reach the target in less time.
- It provides a tailor-made approach to research just as much as the company requires and wishes. In-short it has the ability to give the appropriate amount of information.
A company needs to adhere to its concepts for better research and the same goes for the initial step There is a need for companies to conduct primary market research in order to know-
- If the product is in demand or not.
- How many people are willing to buy your product/service.
- How much profit one can assume to gain with the respective plan and strategy they are .working on.
- Whether there are any gaps in the market that needs to be filled to reach the target.
- Taking a measure of the new market and whether it can expand immensely in it.
- Evaluating the pain points and demand of the customers.
The primary market research consists of two types in which it can be conducted, first being the exploratory one and the second being the specific research.
Exploratory research comprises defining a particular problem that is conducted through an interview where a small respondent group answers the questions fired at them.
However, the specific research covers the scope and moves forward with the results of an exploratory research method. This includes a number of quantitative market research firms that offer quality and a proper number.
The ample techniques through which primary market research is conducted are:
1- Market research surveys- These are done in order to extract the customer’s thought process and extract their ideas and demands. They can be done via feedback processes or web analytics.
2- Face-to-face Interviews- The best way to conduct research and to explore every bit of the knowledge the respondent possesses. Though expensive is worth every penny, because what speaks louder than experience, right?
3- Email Surveys- Provides ample of time to the respondents to think and edit their answers. It is the best form of online market research.
4- CATI market research- Another well-known form of market research via telephone and a computer where a pre-designed questionnaire is displayed during the interview.
Before diving into the market research part, one ought to excel at primary market research as every other form or research follows this step. There are sundry market research firms around the globe, but the one that suits your preferences are only a few.
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