Primary Market Research for Enterprises

Zacrac

Oct 27, 2020

Primary market research is conducted directly with respondents of a survey or with participants of a focus group. Data collected during this process generally includes psychographic information and demographic information.

Psychographic Information

Psychographics is the study of lifestyles, interests, attitudes, values, personality and opinions.  The main areas focused on when gathering this type of data are referred to as the IOA variables, interest’s attitudes and opinions.

Primary research also aims to determine the level of awareness that a customer has of products, brands and competing products. The purpose of primary research is also to identify the perceptions held by consumers concerning the people who purchase and use the products and services.

Demographic Information

Demographic information refers to statistical information used to describe a population. It can be used to separate that population into various groups. These groups may include, age, race, gender, income, employment status, marital status and political preference. This information is then used to define your ideal customer.

Types of Primary Market Research

There are three basic types of primary market research, these include:

1. Qualitative or Exploratory: The methods used in this type of research are designed for creating stand alone insights as well as generating leads into more intense studies later on in the future. The approaches and techniques used in this type of research are typically qualitative in nature. They produce text responses, videography, explanations of behaviour and visual arrangements.

2. Quantitative or Descriptive: This is a distinct approach to conducting research and it involves using a hypothesis to answer a specific question. Descriptive market research generates results expressed in quantitative values such as:

 

  • Percentages
  • Averages
  • Statistical measures
  • Quartiles
  • Top box rankings

3. Casual Research: This is the investigation into a topic or issue that examines the effect of different variables. For example, a business might use casual research to quantify the effects that change will have on its present operations and future production levels.

How to Conduct Primary Market Research

You will first need to determine how you will question your target group, will it be via telephone, direct mail or personal interviews. Bear in mind that one of the most effective market research methods is the personal interview. This is either conducted through a focus group or an in-depth one on one interview.

Benefits of Primary Research

There are several benefits associated with primary market research, these include the following:

  • Accuracy: First hand information is always more accurate and timelier than second-hand data collection.
  • Deeper Insight: By directly gathering the feelings and thoughts of your participants you can gain a more in-depth understanding of your target market.
  • Results: Primary research is an effective and reliable method of collecting information.

Final Thought

If you want to gain direct customer insight, primary market research is the most effective method of doing so. It can be more expensive and time consuming but if you want direct feedback from your customers or potential customers, primary research is the most efficient method of doing so.