There are two approaches to gathering data for market research: primary and secondary. The two approaches are somewhat self-explanatory. Primary research is raw data that you gather yourself from the source, whilst secondary data has been previously collected by others, typically for a different purpose. Both of these approaches have their place when it comes to market research, and each offers its own benefits to companies looking to gather more information about their customers, their brands, and the market at large.
Primary Data Gathering
Examples of primary data gathering include surveys, interviews and focus groups. This does not include surveys that another brand has previously carried out and reported on. To qualify as primary, this would be a new survey that you have carried out or commissioned a data collection company to do on your behalf. The most important thing is that the data comes directly from the source, for the specific purpose of your research.
Gathering primary data can be time-consuming, but the process results in valuable data. Using a data collection company can also help you to get precisely what you need.
Secondary Data Gathering
Examples of secondary data gathering or secondary market research include published research or reports. The data will have been collected by someone else, possibly for a different purpose, but companies can often re-purpose such data and gain valuable insights from it.
Gathering secondary data can be much more cost-effective than gathering primary data, but it doesn’t necessarily yield the precise data you need or want, and might also be out of date.
Data Gathering for Market Research
So how do companies choose between these two different approaches to data gathering? It’s probably best to make the most of both these methods. Whether you’re building a marketing strategy, a new pricing strategy, or a competitor analysis, then a combination of primary and secondary data is often the ideal approach.
The two approaches that companies can take to data gathering are primary and secondary, and each has its value. The best approach that businesses can take is to combine primary and secondary data collection.
