Types of Market Research
With any business idea, your Market Research is an essential part of development. In order for any business to carry out research, there are two main types of research:
Secondary (or Desk) Research
Primary (or Field) Research
Before carrying out any primary research it may be more advisable to look at secondary research first. This will enable you to discover some basic facts about the customers you are trying to define and target and the competitors in your local and national market. It will then be easier to know the type of person to speak to and the sort of questions you should be asking. Also remember that you will be talking directly to potential customers, therefore it is important to plan in advance and ask the right questions.
It is often much cheaper and less time consuming to use secondary data sources such as publications and market reports than carrying out primary research. Secondary resources may also contain more accurate information as the research organisations often use a larger representative sample when carrying out research.
In order for you to carry out secondary research on your business, the best starting points are:
- Reference Libraries
- European Business Information Centre
- Department of Trade and Industry
- Training and Enterprise Councils
- Chambers of Commerce
- Market Research Reports
- Journals and Newspapers
- Books, Manuals and Handbooks
Primary Research is information that does not exist until you carry out your own investigations. This may be in the form of surveys, in-depth interviews, postal or face-to-face questionnaires and competitor scans.
In addition to carrying out interviews and questionnaires you may want to try the following:
Test Marketing:
Place one of your products in a selected store in order to determine the demand.
Competitor Scans:
Visit outlets that sell a similar product or service to the one that you wish to provide, Collecting any promotional/point of sale material from such outlets can prove particularly useful Industrial.
Market Research:
This is probably the most effective method of personal interview. Customers tend to be co-operative as they think you are going to come up with a product that is more suited to their needs than those currently on the market.
If you need any further information or help in building your primary
and secondary research data contact
us and we will help you with any queries you may have.
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