No matter whether you are
planning to expand your existing business, starting a new one, launching a new
product line, or making an entry into a new geographical market,
well-maintained Customized Research Reports will undoubtedly help you make better decisions and enhance your
chances of success. There are two main types of market research: Secondary
Research and Primary Market Research.
Let us have a close look at
these two different concepts!
Secondary Market Research
Secondary research is
always based on information from studies conducted by chambers of commerce,
government bodies, trade associations, and other organizations. For instance,
Nielsen ratings and U.S. Census Bureau information are the types of secondary
market research.
Secondary market research
is often free or low-cost, and easy to find out. You can find the research online
on industry or government websites, at a local library, and in magazines and
newspapers.
The downside of this type
of research is that it’s not customized according to your needs, and hence is
not as useful as primary research. Secondary research can tell you how much
money teenagers in India spent last year on t-shirts, it won’t tell you how
much they can pay for the particular t-shirt design your company has in mind.
However, businesspeople still rely on both Customized
Secondary and Primary Research Reports.
Primary Market Research
Primary market research is
tailored to keep in mind a company’s specific needs. It is conducted by your
marketing team or a professional company that you pay to conduct the research
for. Surveys, interviews, field tests, and observations are top examples of
primary research.
Primary research enables
you to investigate an issue that matters to your brand, to receive feedback
about your website, to gauge response to different packaging options, to assess
demand for proposed services, and to find how much costumers will pay for a new
product.
The research delivers
specific results than secondary research, which is an important consideration
when it comes to introducing a new product or service. In addition to that,
primary research is generally based on statistical methodologies that encompass
sampling as small as one percent of a target market. This little sample can
offer an accurate representation of a particular market.
The downside of this
research is that it can be expensive. Fortunately, various companies and many
different online tools have come into being that help you conduct primary
research at low cost.
Penterra Analytics is a
renowned company which provides you with market research and analytics, Procurement Research Services, data
services, and more at very competitive rates. The company ensures that it
delivers the best in class services and meets the needs of its valuable
clients.
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