Primary and secondary research, two terms that you probably haven’t heard of since your college research paper days but might actually improve your marketing efforts when implemented properly.
What Is Primary Research?
Primary Research is any research we design and conduct ourselves. Crafting the objectives, determining the sample size, and creating the methodology, is all part of primary research. Perhaps the best part of creating research from scratch is the complete control we have over the entire process. Primary research opens the door to tailoring your strategy to get the exact answers you need within the budget that you have. Compared to secondary research, utilizing primary research can take more time to execute, which can put restrictions on timelines and budgets.
What Is Secondary Research?
Secondary Research is any research that has already been conducted by someone else that you can pull insights from. This is often a lower investment and faster option as you don’t have to pay for every step of the research process but (most often) pay a one-time fee to receive all the information of the study. The downside of secondary research is while there are a lot of studies out there, the discoveries might not answer your specific question perfectly. You might be able to draw some conclusions, but they are not 100% aligned to your business and your specific needs.
How Can My Small Business Benefit From Market Research?
All businesses can benefit from Market Research because, when executed properly, it helps get a better foot hold on the market and pinpoint customer’s wants and needs. A lot of small businesses opt out of research because of limited budgets. The reality is that while it is an investment now, in the long run, the findings of research are going to help spend marketing dollars more efficiently.
Our Process At Digital Hyve
At Digital Hyve, we can scale our research efforts to fit almost every budget. We start at the end, identifying key data points for measurement and crafting a customized plan. We always turn to secondary research first, weighing if the information found answers the question, if no sufficient information is found, we move on to primary research. Our strategies always aim to get the best insights we can at the lowest cost to our clients, efficiency is key.
While not always the case, if your business is B2C you will most likely find what you are looking for in secondary research because there are so many studies already done in consumer markets like retail, automotive, and technology. B2B is where you will likely have to implement a primary research strategy to supplement. But our final recommendation, regardless of business? Talk to a research specialist and begin to explore what options you have out there. Budgets, results, and everything in between can be molded to fit what you need, connect with our Market Research experts today.