The secondary market research gives you a good idea of your niche and the challenges facing your business. However, doing primary research gives you the feedback direct from the source which is your customer. It gets you get a more complete picture of your target market.
Primary Market research is usually done with the help of surveys, focus groups, interviews and any other form of personal interaction with the potential customer. Some people find the time research is more tedious and complicated than a secondary research. If this is the case, a market research firm can help you do this procedure. They may charge a few thousand dollars or more depending upon the complexity of the job. But if it serves a purpose, you can usually consider this money well spent. If you are a small business on a budget you can master your local Chamber of Commerce to recommend from the individual who can conduct market research for a small budget.
You can also go to your SBA district office for guidance and counselors to help you figure out what questions you need to ask in case you want to take on the job of personally interacting with your potential customers just a. As is the case of secondary research, the SBA, colleges and universities as illustrated associations are good sources of help the primary search. You can get advice and information as to how to go about doing primary research and interacting with your potential customers.
Usually if the method of getting primary research information is a focus group, or an interview, the potential consumer is asked 20 focused questions which still you a lot about consumer behavior as well as his reaction to your product.
- Secondary market research helps with targeting your niche, understanding market conditions and competitors.
- Primary market research gives complete picture of who the consume is and what he wants.
- Can get complex. Hire a market research firm.
- Cost a few thousand dollars.
- The more complex the information the more well spent the money on primary research.
- Local chambers of commerce can recommend research firms that work with smaller businesses
- Don’t want to spend a lot of money, take assistance from SBA district office, and also colleges and universities.
- Counselors at the SBA office and professors and experts in colleges can help you figure out the questions you need answered for your product. Secondary research gives imports information about business potential, business conditions and your niche. Primary research adds to that by getting information directly from the people that are going to affect your individual business such as your customers, dealers, suppliers etc. Primary research can tend to get complicated and complex. There are professional firms that can do this or you. Get recommendations from the local chambers of commerce. SBA counsellors can provide valuable input for free. If planning to do it yourself SBA, colleges etc can help you figure out the right questions to ask and how to find the people that could be your target market. Students in colleges can be good sample of primary research if they fit your target market. Money saving tactic.