The 5 Advantages of Primary vs. Secondary Market Research
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Transcript of The 5 Advantages of Primary vs. Secondary Market Research
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THE 5 ADVANTAGES OF PRIMARY VS SECONDARYMARKET RESEARCH
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Market research is a great way to determine the
feasibility of new product and service ideas.
Among other things, it can provide insight into
customer desires and preferences, and can help
identify customer segments based on
demographics and/or psychographics.
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The two types of market research are:
Primary research (also known as field research), which involves the collection of original data for a specific
purpose. It is normally collected directly from the source. Secondary research (also known as desk research) uses
information that has already been published.
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There are times when the use of secondary research is
appropriate, but there are also distinct
advantages to Primary Market Research.
These are the five advantages of Primary Market Research.
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#1: CustomizedPrimary research is customized to your needs and is flexible enough to leave out unwanted or useless
information. This is the best way to research a market sector that is specific to
you and your product.
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#2: RecentSecondary data may not be current, and since primary
research involves the collection of new information for a specific
purpose, this data will be up to date.
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#3: AccuracyPrimary research is first-hand data
that has not been altered by someone else.
The information you gather is a true reflection of the market, and
is a more accurate tool for gauging potential customers’
needs or attitudes.
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#4: Better Data InterpretationPrimary research data can be interpreted based
on your needs, whereas secondary data may have had
a certain spin placed on it. When you do your own research, you are in
control of the data interpretation.
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#5: Proprietary Information
Information collected using primary market research is yours, and is generally kept
from your competitors.This gives you an edge over
competitors that rely on secondary data, because
you have the advantage of better insight into the
market.
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Primary market research is superior to secondary market research in these ways:1. Customized2. Recent3. Accurate4. Better Interpreted5. Proprietary
The 5 Advantages of Primary Market Research
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