A big reason why some startups last while others don’t is that their founders put in the time and effort to learn about their industry, its needs, and its competitors. Sizing and assessing your company’s opportunity in light of current industry trends is the quickest and most effortless approach to staying ahead of the competition.
However, how extensive your Market Research Panel Companies will depend on your ultimate goals; what are you hoping to discover about your target market and the external variables shaping it? Also, the plans will help determine the kind of market research you need for success.
Here are the two main categories of market research:
- Primary research
- Secondary research
“Primary research” refers to data gathered directly from the source. This indicates that the researcher either carries out the research personally or gives orders to a premium data collection company to collect data on their behalf.
Instead of depending on publicly available data that has already been collected, primary research involves gathering specific information from the source itself. The insights gained from this type of study are both quantitative and qualitative.
This research is industry-specific, and that can help with the following:
- Keeping an eye on or tracking the success of sales efforts
- Evaluating your rival service providers’ efficacy
- Revealing your competitors’ preferred methods of contact
- Analyze the level of fierce competition prevailing in the market
- Establishing credibility as a leader in one’s profession.
Procedures for Performing Primary Research
Ethnographic observation: This is extensive fieldwork done in the object’s original environment. The goal is to interview in the participant’s natural habitat, with the interviewer blending in as much as possible.
Surveys: surveys can yield a wealth of valuable information and are usually done through online Online Survey Panels, phone calls, or on paper during in-person meetings.
You may also conduct primary research through the:
- One-to-one interviews
- Focus groups
Rather than gathering data from scratch, secondary researchers rely on databases maintained by organizations like newspapers, trade associations, government departments, private research businesses, etc.
Methods of Conducting Secondary Research
This data is disseminated to the general public in a variety of formats and distribution methods, including:
Public sources: You can quickly get data from public sources like the library. The finest thing is that the information is neatly organized, with convenient timeframes.
However, library use has declined as internet access has become more widespread. If you have the time, going to a used bookstore is a great way to uncover some interesting reads.
Commercial sources: Commercial outlets include newspapers, magazines, radio, and TV. Some of these may be pricey, but they’re easy to use.
Learning institutions: Although this data collection method is rarely employed, it can be very fruitful due to the large number of studies conducted behind closed doors at management and technical institutes.
You or your company can conduct primary research to get original information that can be used to enhance products, activities, and general functionality.
However, secondary research differs from primary market research in using data that has already been collected and published elsewhere. Consulting professional Quantitative Research Companies can help you determine the best approach for your business.