Primary Market Research is the data that comes to you directly from the online source for potential customers. You have two ways of getting such information either yourself or by hiring someone else who can do it for you. However, here we will discuss its method to use so that you can get high-quality data in order to target them.
Why do you need primary market research for your business?
- Well, in order to attract more customers into your business for high sells
- Validate your product or service idea
- Check if people genuinely need your services or product
- Find out how many customers are ready to pay for your services or products.
Two-types of primary market research
You can collect two different types of data when conducting your primary market research, which is: specific and exploratory.
- The exploratory research
The exploratory research is very helpful and it helps you define a specific problem. It is all about unstructured meetings with your customers or a small group of respondents who answers your open-ended questions.
It gathers quite useful information because you can take it quite long. Exploratory market research is a good thing to find out the genuine feelings of your customers for your primary market research services or products. It will help you know your customers’ needs well.
- Specific Research
It is the second type of primary market research. It is totally opposite as compared to the exploratory research. It is mainly developed to investigate the patterns that exploratory research brings. And, when it comes to the prices of these two types of primary market research, then you will find that specific research is more costly than exploratory research.
However, if you also want to touch the success sky, and then approach Market Research Worldwide because it is one of the best primary market research companies in India that offers you affordable and reliable research services.