An Insightful Approach to Primary Market Research
Conducting primary market research offers several benefits and advantages. This method must also be included in the process of market research not only because it leads to fresh and updated information but also high relevant one. Let’s know more about these benefits by reading the following:
Offers better control – Primary market research makes it possible for business owners to search for only the exact information or data needed and not irrelevant information that has to be later cut short. One is more in control of what he/she wants to acquire when conducting this research.
Better data studying and research – In the case of primary market research, data can be evaluated and interpreted much easily and more conveniently. This is better than secondary market research in which evaluation is already done by another person.
Addresses targeted matters and specific research areas – Only targeted issues, or matters can be researched or addressed when it comes to primary market research. This means that businesses can focus their efforts and hard work on a specific audience or market rather than a wide range of areas.
Spending only for the information needed – Unlike secondary market research, in the case of primary research, one can spend only on what is needed rather than unnecessary expenditure on information that could easily prove useless.
Information is proprietary – Another major benefit or advantage of primary market research is that it makes it possible for researchers or business owners to claim proprietary on information searched by them. They can choose not to share it with others or make it public.
WAYS TO CONDUCT INSIGHTFUL PRIMARY MARKET RESEARCH
1. Focus groups
Focus groups are one of the most opted for and popular primary market research techniques and help to fulfill several requirements of businesses and researchers. A focus group is basically a group of consumers or customers gathered at one place to get their feedback. These groups are headed or organized by highly experienced researchers who obtain quality and in-depth opinions and responses of the customers. Mostly, focus groups comprise of about 10-20 participants and can even be conducted virtually through the help of the web and video conferencing, etc.
The main purpose of focus groups is to probe deep into the interests, preferences, likes, dislikes and opinions of a group of people belonging to a certain similar demographic. For example, such groups may be organized by selecting either only females, only males, people from a same age bracket and so on, depending on a service or a product. People are then encouraged to put forth their views, and their behavior and personalities are assessed by the researcher to obtain useful information about general views and opinions of the target audience.
2. Taking Help of the Internet (Surveys and questionnaires)
Another popular way to conduct primary market research is to take help of the internet. The internet sure is a better source for secondary market research but with the help of surveys and questionnaires, it can prove to be an excellent way to collect fresh consumer feedback and opinions. The following are some of the ways in which the internet can prove a good primary research technique:
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The internet can also be used to send across mail surveys to be existing customers and consumers so that the business can know their true feedback about products, services, and their satisfaction levels. These surveys and questionnaires can then be used to assess the overall satisfaction level of the target audience base as a whole. Based on these responses or results, a business can make appropriate changes and improve chances of profits or success.
3. Observations
Observational research is yet another way to conduct primary market research, and this method comes in various variants, shapes, and sizes. Observational research is one of two major types: strict observation with no communication or interaction with the subject and an observation type that includes some level of communication and interaction with the subject or respondents. The following are some of the examples of observational research:
Eye tracking – This is an advanced method of primary market research in which a website owner tracks the areas on the site where the eyes of the visitors are most focused or directed. This is done by creating a heat map and helps business owners know what attracts customers the most.
Mystery shoppers – This is a very commonly used method that involves a situation in which a business hires a person to act as a regular shopper and report customer behavior, likes and dislikes to the business.
Contextual inquiry – This technique involves taking interview of respondents or subjects while a researcher observes them in their natural environment.
4. Trials & Experimentation
This is another method of primary market research and is also a commonly used one. Field trials and experimentation involve scientific testing and other processes involving variables and hypothesis. Such tests and experiments are either conducted outside on the field or within controlled environments. This is a quantitative type of market research method where results obtained are based on customer opinions and feelings rather than stats and factual data.
5. Conducting one-on-one interviews
Another superb way to conduct primary market research is to conduct one-on-one interviews. Face to face interviews are conducted by a researcher with one participant, customer or consumer. These types of interviews are more like free flowing conversations and are not restricted by a limited number of questions. These interviews are aimed at collecting as much information as possible and help to obtain information about customer preferences, opinions, feedback, and dislikes, etc. these are highly in-depth interviews that are open-ended and probe into the interest of different consumers.
Face to face interviews are usually conducted with respondents but only on offering them some incentive such as a goodie, free vouchers, discount coupons, etc. Without these incentives, customers might not agree to become participants in the research. In some rare cases, such one-on-one interactions can also be rigid and restricted to only specific questions and points of discussion.
6. Telephone interviews
Another approach that can be followed as a part of primary market research effort is conducting telephone interviews with existing or potential customers. Most people own their cell phones these days in most of the developed countries, and this makes this process easier for businesses. This is a method that allows businesses to extend their research efforts even beyond borders and covers a large customer base. These interviews are rigid in their structure and follow a certain pattern or question approach. An example of a telephone interview is a call from your mobile phone connection company asking you whether you are satisfied with their services and plans, etc.
As you should have learned while reading this blog, conducting primary market research is an essential part of the overall business planning process. It is a key component in the decision-making process because it enables you to gain valuable insight into the needs of your target customers. It is important to remember that research is not just about finding out what your customers want, but it is also about finding out how you can meet their needs and fulfil their wants. We hope you have found this blog post on primary market research interesting. Most of the time, the most insightful primary market research is the one that offers a great deal of information that you can use to make the most informed decision. If you are interested in learning more about our primary market research services, please contact us today at www.philomathresearch.com