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Importance of primary research in marketing

What is Primary Research?

It is a design in which the researcher is directly involved in data-collection process. The researcher gathers relevant data samples directly instead of depending on already existing data with regards to the research context. 

This kind of research is tailored towards gathering context-specific data that can solve a particular problem. It also allows the researcher to gather first-hand information, which can be considered to be authentic in a research environment. 

With this approach, the researcher has full data control because he/she owns the data. 

For instance, a brand that wants to obtain feedback about customer satisfaction will make use of primary research methods to gather pertinent data to inform practical product-improvement decisions. 

Five steps of Market Research 

  1. Define objective & problem 
  2. Determine research design 
  3. Design research instrument 
  4. Sample and analyse data
  5. Visualise and communicate results 

Research is the distance travelled between an idea and its realisation

How do we do it?

Interview

A qualitative data-collection that involves engaging in a virtual or face-to-face conversation with research subjects to gather valid information. 

Surveys

It is a common data-collection method that is used in gathering relevant information from specific groups or individuals in line with the context of the research. 

Observation

The aim of the method is to allow the researcher gather useful information about the features and behaviours in line with the research context. 

Data Analysis

Research data analysis is the method of sifting through large data samples, identifying valid ones and evaluating these data groups to arrive at objective research findings. 

Focus Groups

A qualitative research method in which the researcher poses a number of open-ended questions to a group of research subjects comprising six-10 participants. This method is more cost-efficient compared to other data-gathering methods.

Research and Marketing — The Compatible Couple

Market research is done to determine the practicability of a fresh service or product through research conducted directly with potential customers. The company discovers the target market and gets opinions and other feedback from consumers about their interest in the product or service.

In short, market research is a key tool in helping companies understand what consumers want!!!

Key benefits of market research 

  • Helps trade strengthen its position
  • Minimises investment risk
  • Identifies potential threats & opportunities
  • Helps in discovering your and your competitor’s strengths and weaknesses
  • Facilitates strategic planning
  • It helps in spotting emerging trends
  • Assists businesses to stay ahead of the competition
  • Provides revenue projections
  • Focuses on customer needs and demands
  • Evaluate success or failures 
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