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.

A prioritized research report grants a merchantable profit period

Market is a perilous ground for entrepreneurs and businessmen. With so many variables in the sector revolving financial, social, political and natural aspects, the very weave of the market is constructed from unpredictability and fluctuation. The reduction in the number of successful commercial endeavours is due to the dearth of proper intelligence, their execution and an astute strategy. The need of research reports in conjuring of a fruitful and decisive trade methodology is very critical for the success of an initiative.

The research procedures are of two main types – I) The Syndicated Research; analyzing and drawing inferences on reports released by accredited surveying organizations that release statistics and intelligence regarding general overview of different industrial domains. II) The Customized Research; a focused analysis on a particular domain funded by a singular entity to ensure insightful assessment on the firm’s future in that particular sector.

The Customized Research Reports are very creative and effective as it paves a planned approach towards financial marketing & investments and turn the venture into a profitable one. The process has two reporting systems – I) The Primary Research; information gathering from different firms and recording their individual visions. II) The Secondary Research; scrutinizing the previously published reports of the firms and drawing productive inferences from those. Thus from the Customized Secondary and Primary Research Reports a client can benefit a lot.

But how can one successfully incorporate a customized research?

The third party consulting and archiving service providers are the best option to accelerate an intelligence accumulation drive for any firm. The reports of Procurement Research Services are

.Inclusive of benchmark data and cost effective trend analysis

.Convenient is pinpointing the exact information

.Consistent in supplying data regarding product & vendor characteristics, pricing dynamics, negotiation and many more

.Unbiased in integrity and are defragmented

Penterra Analytics is the one of the best procurement research service provider in the sector. We offer

.Real-time and updated reports on varied categories

.Strategic planning

.Strategic sourcing

.Process implementation

.External and complementary collaborations

….and others

So, contact Penterra Analytics for customized research services today.

Understanding Syndicated and Customized Research Reports

You may have a ground-breaking innovation with the capacity to disrupt the market, but you need the market awareness, competitive intelligence, and strategic insights to make an innovative thrive. You should be ready for market research. But how would you know which research type is the most beneficial for your business?

With a common goal of analyzing consumer behavior and market trends to develop essential industry insights, the two widely-known forms of market research are custom research and syndicated research. Which is the best for you?

Let’s find out!

Difference between customization and syndication:

Syndicated market reports are usually drafted and sold by marketing research firms for extensive use by multiple companies. Many businesses in the same field can buy the same and apply its broad, widespread data to make their business strategy.

Customized Research Reports, on the other hand, are created for one company, making the data unique to the company’s specific product or service. With this access, companies get clear market insights into their particular innovation- allowing unique brand awareness and more accurate decision-making.

Cost Factor

In custom market research, there are mainly three significant cost factors across many types of marketing firms: time, resources used and research quality.

The emergence of automation leads to the ability to streamline these processes in less time with astonishing precision- making custom research affordable and insightful.

In plain words, less time, people and resources required to create a study, the less it costs. Less time saves money and provides a more accurate portrayal of the market at present versus how it may look months down the road- making critical business decisions to be made in real time.

Automation and Research Quality

Does automation compliment the Customized Secondary and Primary Research Reports? Robust algorithms can target, identify and reach the most relevant and influential leaders in the market. The ability to contact many targeted industry leaders at once ensures a higher number of appropriate responses.

Custom automation allows comprehensive, high-quality insights to quickly gather and present a template report- offering exclusive perceptions into specific innovation. This also makes vital decision makers exhibit their interest in your particular business, creating a space for developing professional connections and potential leads.

To know more about custom research, Procurement Research Services, and other concepts related to market research and analytics, you can reach Penterra Analytics. Penterra Analytics offers a wide range of services, including knowledge services, data services, analytics services, investment research services, and so on.  

How Market Research Leads to Effective Procurement

Before introducing a product or service, a business owner should not forget to conduct a survey to know about the buyers or users of the products or services launched. If you fail to do so, your business might be at the risk of failure. Likewise, when we are looking to procure some sort of product, service or deal, the lack of information about the seller may put our procurement at risk. And, here is where Procurement Research Services become actively relevant for all businesses.

Therefore, it’s always advisable to all procuring officials to keep updating their knowledge and awareness about the market, clients, and competitors so that they could be able to attract qualified and eligible sellers or bidders available in the market. Market research or intelligence will be an excellent way to keep yourself updated, knowing the behavior of your targeted customers, and also keep an eye on the activities of your competitors.

Market research can be formal or informal. Information collected right from the bids can prove to the best source of market intelligence, if gathered on a regular basis. In addition to that customized secondary and primary research reports work as eyes and ears for procuring officials. Hence, continually looking for market intelligence, as it might come in any form, will help you reap excellent results.

Are you aware of the biggest risk associated with the lack of market intelligence or research, especially in public procurement? It is falling into the trap of an interested bidder. For instance, if a bidder knows that the purchaser isn’t aware of the market, he might disclose credentials of his product or services so carefully and selectively that you might feel tempted to ready your bid document, keeping in mind qualifications best suited the interested bidder and put technical specifications perfectly suited to the service or product offered by the bidder.

On the other hand, if you have gathered maximum knowledge on your market, clients, and competitors, you will prepare the bid document, technical specifications and qualification criteria in a way that the maximum participation of the bidders is achieved and you could get the best-by.

You can seek assistance from Penterra Analytics for getting Customized Research Reports and conducting market research. A top-ranked market research service provider in India, Penterra has been offering excellent services for the last ten years or so.

Top Reasons Why Customized Research Reports Are More Productive Than General Reports

While the landscape of market research is wider, one of the most valuable and visible sources of market research are Customized Research Reports created by research firms. These research sources, though virtually, are available in almost every industry, domain and sector, and for an extensive range of issues (e.g., customer acquisition, risk management, employee collaboration, and so forth).

However, apart from being rather expensive- a traditional report runs into thousands- these sources and companies behind them cannot cater to what the majority of businesses need more than anything else: customized advice.

This is just because market research isn’t an issue; regardless of how comprehensive or in-depth the investigation might be. Instead, it’s a form of business intelligence. That is because companies that opt for market research don’t just want to know problems and solutions might look like. They are required to know how to get away with their specific problems and achieve unique objectives.

In plain words: Customized Secondary and Primary Research Reports are academic as well as actionable. This is because:

·   Custom market research focuses on a business’ particular marketplace rather than the “marketplace in general”- which is essential, as what may be applicable in one part of the country, city or region, may not be the case in another. Customize research makes this distinction, while secondary research cannot.

·   Custom market research pinpoints and targets different departments and groups that need answers. This is also vital because for each business the issues encountered by the sales team won’t be the same as those faced by product development, operations, finance, customer service, and so on. Custom research does it perfectly and offers relevant information they need on their terms.

·         It’s not abstract or speculative, but practical and data-driven- which turns it into a safe spend.

On the other hand, spending hundreds of bucks on general market research may or may not be a good investment. In addition to that, without the in-house expertise to activate and interpret the information, the report will yet be another document sitting on a shelf.

·      Custom market research reports are cost-effective because data collection methods and overall processes are linked to key priorities. For instance, if a business is in trouble due to excessive customer churn, it can allocate to its market research investment to address the issue.

To know more about the importance of customized research, Procurement Research Services and other business intelligence services, contact Penterra Analytics team today. You will have a quick chat with our experts, who are committed to helping you identify any market research opportunities that could better your business. 

How Secondary and Primary Market Research Benefit Your Business

Are you looking to expand your business, starting a new one, introducing a new product or entering a new geographic market? In all the conditions, an effective market research will help you make the right decisions and improve the chances of success.

There are mainly two types of market research: secondary research and primary research. Let us find out the difference between Customized Secondary and Primary Research Reports!

Secondary Market Research

Secondary research primarily based on the data collected from studies previously performed by the chambers of commerce, government agencies, trade associations, and other organizations. For instance, Nielsen ratings and U.S. Census Bureau information are the types of secondary market research.

Secondary research is often free or low-cost and is easy to find. You can easily see the secondary research reports online at industry or government websites, on business websites, at local libraries, and in magazines and newspapers.

The drawback of this research is that it’s not customized to your business needs, so it may not be as useful and productive as primary market research. For example, secondary research data will tell you how much money teenagers of your country spent last year on sports shoes, but not how much they are willing to pay for the type of footwear designed by your company.

Primary Market Research

Primary market research is designed for your business’ particular needs and conducted either by you or an agency that you pay to do the research and prepare the Customized Research Reports for you. Interviews, surveys, focus groups, field tests and observation are some of the finest examples of primary research.

It allows you to investigate an issue of specific interest to your company, assess demand for a proposed service, obtain feedback about your website, get a response to various packaging options, and more.

This research provides more specific results than secondary research, which is vital when you are launching a new service or product. Also, primary research is generally based on statistical methodologies that include sampling as little as 1 percent of a target market. This small-scale sample can give you an accurate representation of a particular market.

Use Both Kinds of Market Research for Your Business

Smart businesspeople do secondary research first and then opt for primary research. For instance, the owner of a cupcake would like to know all about the neighborhood before commencing a new store there. After utilizing information and data acquired from secondary sources, the owner will be able to uncover all sorts of demographic information, such as detailed income and spending habits. The owner can then prepare a questionnaire to find out how often people are likely to buy cupcakes and how much they are willing to pay for it.

To know more about market research and analytics and avail Procurement Research Services, you can get in touch with Penterra Analytics, a leading market research company in India and different parts of the world. 

How Customized Research Report Services Benefit Your Organization

If you are looking for active market research, one of the decisions you need to make is whether your business intelligence requirements will meet with a syndicated report or if you will need custom research.

Custom research is produced by a single client, and the outcomes are propriety to that client. It’s a collaborative effort between the market research firm and the customer to create a study, and the final Customized Research Reports will address the client’s specific questions and queries.

In case current published reports cannot provide adequate insight to the client, market, and competitors, carrying out a custom market research will offer clearer ideas.

How custom market research benefit your organization:

Laser-Targeted Information

Are you required to do intelligence on a specific market segment that is rolled up into a broad group in current published reports? How will you prepare to face a principal competitor? What would you do to improve your existing customer loyalty? Collaborating with a reputed market research company to design your research will enable you to get answers to individual questions, with a focus on your company, not the companies similar to you.

Deeper Insight

Through custom research, you can delve deeper to get answers to your questions with more primary research, including phone interviews with experts, suppliers and other people in the arena. The quality of Customized Secondary and Primary Research Reports can deliver an additional dimension of insights that is hardly found in syndicated research, which has to deal with a broader spectrum of information.

Budget Flexibility

Custom research is more expensive than the syndicated ones. However, custom research is collaborative, so the market research company you are working with can consider your budget and design a study while answering your critical questions. In case your budget is low than ideal for the type and depth of research needed, they can make recommendations on how to achieve your data needs.

When your business is at a critical crossroads, you will need in-depth information to create a successful roadmap. Here is where the role of custom research becomes handy. Also, if the information that your firm needs to make vital business decisions is not covered in syndicated reports, reach out to a reliable market research company to discuss your needs.

Penterra Analytics is a leading company which provides Procurement Research Services and other market research and analytics services at reasonable cost.