Primary market research is huge. I mean, it’s kind of a big deal!
Think about it: giant corporations have entire departments dedicated to market research, and some colleges and universities even have market research degrees and certification programs.
With that said, there’s a lot to it. Just take one look at our market research company’s blog page and you’ll see a plethora of sub-topics.
Where would one even begin?
This article breaks down primary market research, a broad category that brings a lot to the table. But fear not, Drive Research is here to help make things simple!
Read on to find out what primary market research actually entails, the benefits that come along with it, and how to find a third-party vendor.
What is Primary Market Research?
Market research can generally be broken down into one of two types of research:
- Primary research
- Secondary research
Remember way back when, in history class, learning about primary versus secondary sources? The takeaway here is pretty similar.
Secondary research is research that’s already done for you. It typically includes reports and studies done by government agencies, think tanks, and other associations in your respective industry.
Primary market research is market research you are conducting yourself or with a third-party firm. It’s unique and done with a purpose.
Primary market research is custom market research. That means the research itself was commissioned by an organization and is tailored specifically to their needs.
It involves going directly to a targeted source, like customers or employees, and asking questions to gain valuable insight.
Examples of primary research methods include:
- Online surveys
- Focus groups
- In-depth interviews (IDIs)
- Intercept surveys
- In-home usage tests (IHUTs)
Regardless of the method used, one thing remains the same: the research is exclusive and original.
The Benefits of Conducting Primary Market Research
If you were to say that primary research is less costly than secondary research, you wouldn't necessarily be wrong.
Secondary research may very well be the cheaper option, often readily available online or through a database.
However, we believe that the benefits of primary market research strongly outweigh any of the costs associated with it.
Benefit #1: Data ownership
Access to secondary market research data may be limited. With primary research however, you and your company have complete ownership of the data that you collect.
Ownership of research data is important.
With an initial round of primary research under your belt, you and your company have the ability to look back and compare future waves of data to see how your company fared previously.
The most important benchmark in market research is you! With data ownership, you have the ability to see how you and your company have done within a certain time frame.
Benefit #2: Relevancy
You’ve searched tirelessly for information on your target audience, and you’ve finally come across a data set from a relevant study!
There’s just one problem: the study was conducted five years ago.
If there’s one thing we can all agree on, it's that in this day and age the world is constantly changing.
Consumer attitudes and market trends change regularly, and data from a study conducted last year may not apply to today’s market conditions.
With primary research conducted now, you can guarantee data that is timely and relevant.
Benefit #3: Targeted approach
When conducting a primary market research study, you have complete control over how it is carried out. You can tailor the entire study to fit the needs of your company.
Often times, when searching for secondary research data, you may have a hard time finding information that aligns with your company, your goals and objectives, and your preferred target audience.
When you have the ability to execute a fully custom research study, you get to set the objectives, you get to choose the methodology used, and you get to choose the audience that you sample.
At the end of the study, you have data relative to your specific, targeted audience rather than the mass market to which most secondary research applies.
Finding A Primary Market Research Vendor
One of the best ways to conduct custom market research is through the use of an independent, third-party vendor like Drive Research.
Market research vendors are composed of neutral, unbiased teams of researchers who can help you collect unique and original data that can uncover possible pain points for both customers and employees alike.
At Drive Research, we can work with you to develop a survey or discussion guide that is tailored to your individual needs.
We believe that no two businesses are alike, and customization of research instruments is crucial in ensuring a successful and insightful study.
Watch this short video to understand key factors in choosing a primary market research company.
Ready to conduct a custom market research study? Our team is ready to help. Drive Research is a full-service market research company. We partner with brands across the world on a variety of quantitative and qualitative studies.
Interested in learning more about our services? Contact Drive Research today.
- Message us on our website
- Email us at firstname.lastname@example.org
- Call us at 888-725-DATA
- Text us at 315-303-2040
Devan's love for learning serves him well as a market research professional. With two years of both quantitative and qualitative research in the healthcare space under his belt, he knows what it takes to answer some of the toughest market research questions.
Learn more about Devan, here.