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How Do Companies Do Primary Research?

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How Do Companies Do Primary Research?

By Unimrkt 21/10/2021

Conducting primary market research before a company decides to launch a product or service is essential. Doing extensive market research may help companies collect data and information about the market demand directly from the potential customers.

Companies can choose to launch a new product or enter new markets and determine the best sales and promotional strategies. A primary market research company in India can assist you in conducting thorough research and providing you with all of this data. Let's look at why and how primary research may benefit your company.

How to Do Primary Market Research?

When we conduct primary research, we look forward to two basic kinds of information:

Exploratory: This is an open-ended research approach that typically involves lengthy interviews with an individual or small group.

Specific: This involves more formal interviews and is well structured. This research is more precise and is used to solve a problem identified in exploratory research.

Generally, the source of collecting data is the population or the demography. Once a company decides the sample size of collecting data and the source, it can use the following four primary market research methods.

Online Questionnaires: This type of primary market research is a very common way to collect data. This method uses a well-structured, multi-question survey online to get input from potential consumers. Though it's an easy method, the kind of questions you ask matters the most.

Interviews: Interviews can be held either telephonic way or face to face. Interviews are a great option when collecting specialized data like personal hygiene from a limited group of people or a single customer. The interviewer must adjust the questions according to the conversation to get an in-depth viewpoint from the customer.

Surveys: Surveys are the most used method of primary market research. It is easy and cost-effective when a larger group of people need to be addressed.

When surveys are launched, the respondents are given a specific time to complete the survey and return it to the researcher.

Observation: This type of primary market research does not involve any direct connection between the researcher and the customer. A researcher examines a customer's reactions and records them using a webcam.

Let's take one of the primary market research examples - if a new perfume launches in the market, an observer records the reactions of customers and analyses the data.

Why Should You Use Primary Market Research?

Wondering why a business needs primary market research? As mentioned above, before a business (large or small) decides to launch a new product in the market, they must conduct primary market research to acquire the necessary data on various characteristics such as population groups, customer preferences, demographics, etc.

Here are some benefits of primary market research:

  • The market research gives you an idea about the potential audience and the type of products in demand.
  • When you need to collect data from a larger audience, primary market research is the best option.
  • When you need targeted research data based on characteristics that fluctuate over time, including cultural preferences, consumer perception, etc.

Outsource Your Primary Market Research and Let Your Company Lead Globally

Whether you are just starting or expanding your company, well-planned market research is essential. Unimrkt Research, the best primary market research company in India, offers vast subject expertise, trustworthy data, worldwide resources and modern technology to provide creative, personalized business solutions that meet international market standards.

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