Having access to data for research efforts is essential for the success of any service or product you’re putting out there. From product development to brand identity creation to developing effective go-to-market strategies, every step involves market research insights to ensure you make informed decisions at every stage.
Performing market analysis is one thing; understanding it is another! Established companies worldwide conduct extensive market research to know better who they are serving and discover what drives customers. And regardless of the type of market, quantitative or qualitative, primary or secondary, market researchers are responsible for wading through the results and interpreting them.
However, if you’re managing a business or kicking off your start-up and want to hear it from the horse’s mouth, you’ll need to conduct primary market research. It might be lengthier or costlier, but it’s the most effective way to get words straight out of your customers’ mouths and thoughts out of their heads.
Let’s see what makes primary market research indispensable for thriving enterprises and how it differs from secondary one to make informed decisions regarding your audience analysis strategy.
The uniqueness of primary market research
Primary market research is a unique study aiming to discover the needs and desires of customers who fit the description of your target market. There are several ways to approach your targeted source to get the answers to the most burning questions about your products or services, including:
- Online surveys
- Email surveys
- Focus groups
- Phone calls
There’s more to primary market research than conducting interviews; it’s an art that must be treated accordingly. Otherwise, you might not get the most out of your project. This is why it’s recommended to work with experts in primary market research who will gather necessary information, analyse results, and draw conclusions, so your marketing strategies will be effective and pointed at your target audience. These are all achievable by employing a strategy by Sapio Research. From positive to negative persona creation, feasibility studies and brand health checks; the areas of interest can differ. They’re better left in the hands of a specialist, whether you choose to conduct your secondary research and reach for their help with primary research afterward, or simply rely on their services all the way.
There are language subtleties for which it’s best to cooperate with partners worldwide to completely grasp the nuances of the respective market. In the B2B world, this tool is an unparalleled asset that enables gathering customer intelligence and turning it into actions and marketing.
The difference between primary and secondary market research
It’s important to understand that there are two different types of market research. Primary market research aims to discover your target market’s characteristics and preferences to better position your service or product for sale. Simultaneously, it’s the way to find what type of customer is not part of your target market. After all, understanding your customers will help you identify clients willing to pay for your goods or services.
While primary research is geared toward solving your unique business issues and targets a specific audience with similar characteristics as your potential customers, secondary one can also deliver some answers but is limited in answering all the needed questions. The data collected may not match your target audience, resulting in gaps in the information set. Simply put, if the information isn’t explicitly collected for you, then it is second-hand, and it isn’t as valuable as data obtained from primary research.
The main advantage of the second research is that it allows you to educate yourself about your niche and its products and services, laying the foundation for the primary analysis. It’s a smart and recommended way to keep up with ever-evolving market trends and stay focused on the essential details for the primary research you plan to approach, with or without specialist help.
Qualitative vs quantitative research
As mentioned earlier, primary research can be quantitative or qualitative. The first implies analysing numerical information with statistics and percentages, while the latter renders explanatory results from interviews, surveys, observations, records, or focus groups.
Quantitative research needs different types of collection methods, like database reports, questionnaires and online surveys. These form conclusive data – a mixture of both qualitative and quantitative data.
What can primary market research bring to the table?
Now that you’ve grasped the differences between the paramount types of market research, it’s natural to ask how you can benefit from such an undertaking. Or whether it’s really something that your business can’t do without.
Here’s a brief rundown of the benefits of primary market research:
- Ownership. Since the study is conducted for you, you own the data collected! It is tailored to your needs, and the insights you acquire from it can provide you with a competitive advantage. How you share the findings later is totally up to you. But remember the value of such an asset and that it may be expensive to create before you think of giving it away!
- Relevancy. Primary research is 100% relevant to everything your business offers and the information gathered addresses questions on your enterprise’s specific issues. Thus, the results are directly related to your company’s concerns.
- Focused approach. A focused system gives you total control over how your primary research is carried out. You can tailor a target audience, select an approach, and define your goals. Eventually, you’ll have first-hand, accurate, and timely information.
- Better insight. By collecting the words, feelings, and thoughts of your primary data directly, you can really get under the skin of your clients, potential buyers, or even competitors.
- Results. Primary market research is a method guaranteed to deliver results as it has been long tried, tested and improved over time. Therefore, you know that you can rely on the results gathered.
Understanding your customers’ needs and preferences is essential in today’s overly-saturated industries with fierce competition. Primary market research is the only way to get into your clients’ and competitors’ minds and get the answers to the most important questions.