Why is Market Research Service Important for Your Business?

Accurate market research is crucial for businesses to understand the targeted market, customers behavior, and competitors. The service is essential for any brand developing a new product line or entering a new marketplace. Even the established companies conduct researches to be aware of the dynamic market denominations. Insights gathered in the process help in formulating a suitable marketing plan based on reliable intelligence

Two core methods are utilized to collect the valuable information by companies. They are the primary and secondary research which is also known as field and desk research.

If you are still unsure which one choose, take a closer look at the significance and difference between the two services:

Primary Market Research

Primary research is a process of gathering data directly from the source, i.e. from the potential customers. The customized research reports will be unique and contain relevant information of the targeted market.

Businesses can find out two types of information – specific and exploratory. The primary research is very precise and involves solving a problem that has been identified earlier in an exploratory study. But, exploratory analysis is more unstructured and open-ended to get long answers from the respondents.

Here are the standard methods of conducting primary research service:

·         Direct mail

·         Phone surveys

·         Face-to-face interview

Remember, the data obtained in this research are responses to questionnaires given by real customers. That is why the primary research is reliable, customized, effective and efficient for any business.

Secondary Market Research      

       

Secondary research is a process of assembling already compiled and organized data to use for your business advantage. The previous industry studies conducted by numerous government bodies, trade associations and chamber or industry competitors are easy to obtain free or at a low cost.

The main drawback to secondary market research is that data gained may not be of good quality or customized to fit your research objectives. Though it is cheaper and easier to get, yet not as useful as the primary research to explore new markets.

The common methods used in this research are given below:

·         Public sources like a library or government departments

·         Commercial sources like financial institutions, research and trade corporations

·         Educational institutions like colleges, universities and technical institutes

Take reference from both, to get customized secondary and primary reports to understand the market and achieve your research goals.  It also offers a complete view of your industry to ensure continuous growth for your business.

Want to get business development services from experts?

Penterra Analytics may be an ideal place to get reliable business development solutions. They offer customized market research to procurement research services to brands at attractive prices. Contact them for services today.