Secondary research VS. Primary research

Secondary research VS. Primary research

Secondary Research

—Secondary research is based on previous studies

—It makes use of existing data from any available sources which is also easy to find such as..

—Governmental censuses

—Newspapers, Magazines, Websites …etc

—Chamber of commerce.

—Trade associations.

—MINTEL surveys .. MINTEL is a global provider of market researchwww.mintel.com

—NIELSEN ratings .. An audience measurement systemwww.nielsen.com

—It’s also way too cheap and time saver than starting a new search from scratch.

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The downside

—It’s not customized to your goals and needs.

—When the qualitative research is designed by someone else, the target probably is away from your aim.

—By time the secondary data reaches you , often will be outdated.

—The market changes so fast that only new research will satisfy your target.

Primary Research

—It’s essential and tailored to your needs and conducted by you or a company you paid to conduct it for you.

—Usually based on statistical methodologies that involves sampling as little as 1 percent of target group.

—It’s the most accurate method for market research as it delivers more specific details and results.

—You decide when, where, and how your research will be.

—Surveys, focus groups, interviews, field tests, observations, are example for primary market research.

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—The downside

—Expensive whether time or financially.

—PS: fortunately a growing number of online tools allow you to conduct primary research by yourself such as surveys with a very little amount of money

What’s the best option??

—Use Both Kinds of Research for Your Business

—Neither type of research will take you to your goal alone;Savvy entrepreneurs do secondary research first and then conduct primary research.

—Secondary research lays the groundwork, while primary research fills in the gaps. And that’s how you get a well-rounded view of the markets.