Recent Project and Job Topics > Market Research
Primary Market Research
Primary Market Research
Consumer feedback and demand are essential elements that help businesses to examine their current state and chart the future course for survival and success. Companies that have other businesses as their clients also conduct a B2B market research to evaluate their demand. During such scenarios, primary market research is often conducted by educational institutions, public bodies like the government and its subsidiaries, independent private organizations that conduct the study for research purposes. These organisations conduct the primary market research for their own benefit and then, release the report for commercial use. Many companies find it easier to fund studies conducted by educational institutions for primary market research. With this, the organisation does not need to hire employees or set up a department that conducts the primary market research once in a year.
What is primary market research?
Primary market research can be explained in two ways which is being explorative or specific. Explorative primary market research intends to find out the demand or information regarding a specific product or service whereas specific primary market research deals with the problems or characteristics identified in the explorative primary market research and it is specific in scope.
What is primary market research and what are the types of questions asked in it? A primary market research involves asking the right questions. A team of experts works on the type of questions that need to be asked. Companies even hire experts to derive the right kind of questions.
Besides, how are the questions structured for the primary research? The questionnaire should have the following characteristics:
- Questions must be short and very specific or to the point
- In addition, the questions should be of interest to the respondent by being very specific
- Moreover, questionnaires are usually less than two pages
- Sometimes a cover letter is required in the case of business to business market research to elaborate the purpose behind the primary market research
- If the questionnaire is sent by post, then, the return postage must be paid
- Most questionnaires come with incentives to help the surveyor like offering discounts or free samples
What is primary market research and how are personal interviews beneficial? Most firms deem that they receive more accurate primary market research data through personal interviews. Personal interviews are very effective and the surveyor can even conduct group market research to complete the quota given.
In group primary market research, the surveyor gives handouts for people to answer the questions and return them. They even conduct focus group sessions that require the respondents to respond as a group to each of the questions.
Primary market research questionnaires are mainly derived by psychologists who are experts in this field.
Primary market research needs adequate manpower planning before you set out to prepare the questions. Once the primary market research personnel are identified or once it is confirmed which organization will be conducting the primary market research, the questionnaire is drafted accordingly keeping various parameters into consideration.
Primary market research is often a periodical exercise. And the duration entirely depends on the company intending to conduct the primary market research; it can be every six months or annually.
Following the completion of primary market research, the secondary market research begins and quantitative research tools are used. With the aid of the report based on the secondary market research, the company can make adequate decisions regarding marketing or production.
