The basic concept of market research revolves around two basic analyses, namely, primary research and secondary research.

Primary research: it can be defined as a research approach that enables data collected directly by the researcher. The data gathered through this research reveals the consumer needs pattern and preference before the launch of a new product in the market. It is expensive, typically time consuming, and requires skilled resources.

Secondary research: on the other hand, is a research approach that depends on existing research materials. The data can be collected from the internet, archives, libraries, organizational reports, educational institutes, etc. Secondary research is less expensive and time-efficient and requires to be validated before compiling a research report.

Introduction

Both of these research approaches are valuable and critical for the analysis of any market. But primary research is considered to be more important in resolving the market mystery.

Now, the question comes, how can you conduct primary research?

What are the essential things that a researcher is required to acknowledge?

And, what is the role of an expert in this research?

The basic concept behind this research is to provide an in-depth exploration of any market, the data gathering procedure involves one-on-one talks with the industrial experts and observers. It also focuses on prospects companies, specific to the market need, and offers quality information. Besides, the web-extracted data is not that concrete in nature, which in turn requires a data validation procedure.

Moreover, the primary data collection procedure involves telephonic interviews, postal surveys, face to face surveys, online surveys, test marketing, and focused group studies.

Key advantages

In general terms, a documentary related to any historical event is referred to as a secondary source of data collection; on the flip side, the photographs of that historic event are the primary source of data collection that validates the data from secondary sources.

Similarly, this type of research approach results in multi-dimensional data covering the entire business scenario. It also offers the analysis of the upcoming trends and issues that might be left untouched by the sources of secondary research materials.

Besides, conducting primary research may also be proved beneficial before launching a new product in the market. As the surveys conducted on the end-users, based on their age, gender, income levels, or other relevant attributes, may reveal the actual picture of the product. The manufacturer, thus, can be acknowledged with the existing consumer's perspectives to build a more effective marketing strategy and product development tactics before the final product launch in the market.

A brief analysis of primary research

Thus, primary market research can be conducted via numerous methods with the requirement of a high level of expertise who can further filter and extract the more accurate, relevant, and meaningful result.

As per the current scenario, it is easy to conduct the study via telephonic interviews, online surveys, face-to-face conversations, and test marketing; as all these offers low-cost fast response. However, the telephonic interviews might be complex at first sight, as it requires a two-way conversation with the client or industrial experts.

Correspondingly, it also requires a strong network of contacts with specific industrial sectors to study the product from different angles. For instance, for the study or research of technical products, one should focus on detailing with people from the research and development department. Likewise, for studying the company-related data, the concerning experts should be from the management team. Besides, the overall market study will require a discussion with the manufacturers, end-users, material suppliers, distributors, etc.

Engaging with the busy senior-level management people is the major challenge within this type of research, as it requires a strong questionnaire along with a smooth conversation between the two. The situation is easy to tackle if the research approach becomes an engaging and mutually beneficial conversion. This makes the parties comfortable and might reveal numerous hidden facts about the company or market, which can be beneficial for both.

Adversely, the response rate of successful completion of postal surveys is low and time consuming. As the survey, in the form of a booklet, is sent to the potential customer along with a pre-paid envelop. The advantage of postal surveys is they can be completed at a comparatively low cost covering wide geographical areas. This comes with a drawback that the travel time covered by the postal is high, which might not be feasible within a complete study period.

Thus, the updates and fast methods are preferred over the traditional method of research approaches. The latest ones might involve extra homework, dedication, and skills but will always end up with ground-level knowledge of an industry, which is hard to get from the existing secondary resources.