Primary Research Vs. Secondary Research: Which is better for your business?

Marketing research is of paramount importance for any business willing to thrive and grow in the dynamic market of today. Companies invest a lot of money in market research to find out essential data necessary for their successful business operations.

The customized research reports can offer the following insights to businesses:

·       Find out the weakness and problem areas in operations

·       Understand more about existing customers like their needs, and reasons for choosing your products or services.

·         Make an informed business decision and develop effective marketing strategies.

Methods of Conducting Market Research

Any business can use the primary and secondary market research to collect data and get marketing insights of the industry. But, there are fine lines of differences in the ways research is conducted to gather the data.

Primary Market Research

In this method, the business does the research on its own to collect raw data and information from the targeted audience directly. The study is conducted to serve a specific purpose and objective which the business needs. There is no existence of primary research data, that means, it is unique. It is conducted in the following ways:

·         Face to face interviews

·         Telephonic interviews

·         Exit surveys

·         Focus groups

·         Asking questions from the concerned customers

·         Observational techniques, and others.

Secondary Market Research

Secondary market research is a method that involves collecting already available research data and information. Used to compile existing data from different sources free or at certain costs. The information is sourced from the internet, libraries, government department, trade associations, existing documents, competitors data, and others.

This research saves your time and money, but the data gathered may not serve the business’s interest or specific needs. Called a ‘desk research,’ as the company needn’t come out in the open for the research and it is for free.

The best way for market research

Both the market research has some pros and cons giving no clear winner. But, businesses can combine insights of both studies to their advantages. Customized Secondary and Primary Research Reports will guide brands to take their future course of action. In this way, businesses can understand not only the market but use proven methods for success.

Want to get services from experts?

Penterra Analytics offers market research to procurement research services to businesses in different industries. They have experienced and skilled professionals to provide accurate analysis and research for marketing strategies success. Contact them for services today.