It includes asking the opinions of current customers either formally through email or written surveys or informally through conversations at the checkout register. You can do your own primary research or hire professionals to gather information from a broader pool of potential customers. Professional researchers have the tools and knowledge to select a demographically suitable group of subjects for surveys and focus groups, but their services can be expensive.
Secondary research refers to the world of information available online, through magazines, and in books and reports. These sources can provide valuable data such as the U. Census Bureau's reports on age and race, which can help you to target your offerings by understanding who lives in your area. Much secondary research is available free or at low cost. Some higher-quality information available through trade organizations isn't free, but these sources are still usually less expensive than hiring your own research team.
A study that you find online has been developed to answer somebody else's questions. Even if these questions are targeted to your industry, they may not tell you much about your specific business or offerings, such as whether children will enjoy a specific toy you have designed. Primary research allows you to introduce levels of nuance into your questions, such as whether your customers would be willing to pay more for your product with a particular innovation you are considering.
To make the most of your marketing budget, learn all you can from secondary sources, conduct inexpensive primary research by asking current customers directly about their preferences, and then conduct formal studies to supplement this information as needed. The researcher can use the irrelevant seeming information for knowing trends or may be able to find some relation with the current scenario. Thus primary data becomes a more accurate tool since we can use data which is useful for us.
Collector of primary data is the owner of that information and he need not share it with other companies and competitors. This gives an edge over competitors replying on secondary data. Collecting data using primary research is a costly proposition as marketer has to be involved throughout and has to design everything. Because of exhaustive nature of the exercise, the time required to do research accurately is very long as compared to secondary data, which can be collected in much lesser time duration.
In case the research involves taking feedbacks from the targeted audience, there are high chances that feedback given is not correct. Feedbacks by their basic nature are usually biased or given just for the sake of it.
Leaving aside cost and time, other resources like human resources and materials too are needed in larger quantity to do surveys and data collection. Newer Post Older Post Home. Subscribe to our mailing list. Based on a work at www. Most Famous Advertising Slogans of all times 85 times Mailed.
Disadvantages of Primary Market Research 1) High Cost. Collecting data using primary research is a costly proposition as marketer has to be involved throughout and .
Disadvantages of Primary Market Research 1) High Cost. Collecting data using primary research is a costly proposition as marketer has to be involved throughout and has to design everything.
The disadvantages of primary data lay in the time and cost involved in collecting it, as well as the fact that it needs to be able to stand on its own as a resource. The Advantage of Greater Control A researcher collecting primary data is able to pinpoint the aspects he or she wants to focus on while omitting details that aren't pertinent to the study. The major disadvantage of primary research is the huge cost involved in gathering information. Similarly, it consumes a lot of time since a researcher has to prepare for the study, gather details, and process the information into coherent and logical results. Primary research is the process of.
The advantage of the primary research information, is that the data has been collected personally. Therefore, it relates directly to the researcher’s study. Information collected by the marketer using primary research is their own and is generally not shared with others. Thus, information can be kept hidden from competitors and potentially offer an “information advantage” to the company that undertook the primary research.