the 5 advantages of primary vs. secondary market research

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.

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.

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.

#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.

#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.

#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.

#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.

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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