Market Research is an important process of any business plan. Understanding the stand of your company market, the areas that need to be targeted, the sectors that would yield more profits etc., are some the intricate details that could be derived of a Market Research. Market Research is of two types, Primary Market Research and Secondary Market Research.
Primary Market Research
In Primary Market Research you as a mediator of your company, solely handle all that aspects of Business Research. From the designing of the questionnaire that would be circulated among the customers to the derivation of the results and making of the report, all comprise for Primary Market Research. Whenever you opt for Primary Market Research in a business sector, then the best part of it is that the entire research is under your control. You will know the questions that need to be addressed; there also possibilities of making an estimate of the answers that would be received henceforth. Besides selecting questions, you will also able to select the concerned audience through qualitative research. The company can also make decisions of how and when would the Primary Market Research takes and determine the time constrain for the same. Thus when you choose to opt for Primary Market Research in Market Research projects, then the research would be completely under the control of the company and results thus derived may be applied to increase the revenue of the company.
Secondary Market Research
When you decide to follow the technique of Secondary Research for its market research projects, then the method you have opted will be relying on existing data and statistics and the Secondary Research would be used to garner futuristic results. The data could be anything, be it the ones gathered from the Government Census or the data taken from the Market Research carried out by agencies which will be available online. Secondary Research helps you gather your data for Primary Market Research, but in this case the research would not completely be under the control of the company as the initial is taken up from third party sources, which may or may not be credible, but then again this could be an easier, quicker and cheaper way of Market Research.
Comparing Secondary Market Research and Primary Market Research
Though secondary market research seems to be way too easier than primary research, there are several shortcomings, like in secondary market research there is no credibility for the data considered and besides, the company cannot stick to panel of audience as the research the company may have linked to online, may not be placed at the same genre of the audience as the ones preferred by the company, and the results of the research may not correspond to the your company’s market research and that may in tune effect the Primary Market research to be conducted as well. Another issue here that the data available from a secondary research may be outdated and therefore the results derive from an outdated data would not be of any use to the company, in any case the company uses such data in Primary Market Research then it should be only to compare the analysis and not for direct utilization.
Primary Market Research may adhere to the all the issues pointed by Secondary Research, but Primary Market Research is quite expensive and it may also consume a lot of time as it needs to begin from scratch.
Therefore the best method you can opt for to get a commendable market research is by combining both Primary Market Research and Secondary Market Research. A combination of both researches will help you garner better results and the reports thus conceived may be used to make decisions that would benefit the company. With the help of Secondary Market Research you can get the initial details like the number of consumers, their geographical placement etc., with this data in hand you may take the next step and build a Primary Market Research where you will be able to reach out to its concerned audience and then conduct the research as per their requirements and the results thus garnered would be beneficial for the company to take decisions for better revenues and increased profits for the company.