Best Practices of Primary and Secondary Market Research Methods

 

Market-Research-

Those into starting a business must have come across terms like primary research and secondary research, but may be oblivious to its purposes. Simply putting, the primary research is all about carrying out specific activities to get answer to certain questions or issues related to the trade, and can include methodologies such as interviews, surveys, questionnaires for small groups or individuals. But, secondary research utilizes previously researched information, the ones already recorded or publicly available for relevant intentions.

Aarkstore Enterprise is an internet space where companies and people can benefit from expert analysis on industries, and professional reports that include every kind of techniques to boost establishments and startups. Here are the ways, tools and best practices to both primary and secondary research.

How to Conduct Effective Primary Research?

For any business, information on needed industry segments, customer preferences, geographic areas etc. is important. Primary research is the best point to start with in meeting the assessment criteria via tailored means to build a company. If there are not enough resources to conduct the analysis alone, then contact Aarkstore Enterprise, which offers a series of primary research materials.

  • Questionnaires and Surveys: To clarify trade goals, the questions created have to target the customer’s interest for a product/service, consumer behavior, competitors, market trends & requirements etc. Once questionnaires are prepared, a survey can be done through web-based platforms like Social Media channels, email, enquiry forms, polls etc. Smartphones and mobile devices are a modern way to engage interested parties to the questionnaires.

 

  • Face-to-Face Interviews: An organization can learn about industry activities and its potential customers by gathering information from one-on-one interviews. For e.g. meeting up with experienced individuals of the business, who have knowledge on certain segments, fulfilling target goals, and help answer queries on competitors, market practices, customers etc. The research can be done on target profile and people as well in a close or open set interview sessions.

 

  • Focus Group Studies: To obtain valuable feedback on a service or product, focus group studies work wonders. The tests include a particular set of participants who would be asked questions, observed, or applied to experiments in reaching a conclusion. For e.g. a firm wishes to test its new brand of cookies for consumers review. Thus, it calls upon people to give feedback about the product on its taste, packaging, brand recall etc. This way, the company can receive direct responses of the consumers, and use the results to hone their product.

How to Perform Smart Secondary Research?

Along with attaining first-hand information, reliable secondary research sources are also a good way of collecting information for achieving business requirements. The firm involved must prepare a budget, duration of the research, and affirm the sources from where the materials would be referred. Market research report reseller firms such as Aarkstore Enterprise are one of the ways to attain useful details about particular industry type, company, market segment, or gain deep insight into customer behaviors, and get forecasts for a certain trade spanning global ventures.

  • Internal Sources: The already recorded information in a company’s database is incremental for the purpose of future reference. Such details are made available to understand the firm’s growth, developments, capacity, current statistics etc. For e.g. balance-sheet documents, inventory records, profit & loss statements analyze present and past financial conditions along with facility for making forecasts.

 

Sales figures such as invoice copies and marketing records can be evaluated to judge the effectiveness of tactics used, and how the company can benefit from continuing or changing its promotional activity methods.

 

  • External Sources: There are several entities from outside of a company’s environment, which collect data. When using external sources, one must be careful to understand the viability of such platforms. News publications such as journal and magazines are best, as it is easier to know what general public thinks about the firm or how the consumers are reacting to product/service.

 

Statistics from trade associations, their findings, and reports can be utilized for specific trade purposes. Market and industry data such as existing surveys, recordings, turnaround figures, and competitors’ analysis etc. can assist strategizing techniques. Other sources include annual reports, directories, share of market, and rankings list.

 

  • Cross Platforms for Information: The internet and media tools or spaces are thriving avenues to gather secondary researches. Be it a broadcast, podcast station or opinion poll, websites reporting news on an industry, organization etc. the data in these can be used for best interest of the business. The observation from these platforms can be taken advantage for manipulating market to take shape for company’s profits. Other cross-information channels are records from forums, road-shows, exhibitions, conferences, seminars, workshops etc.