Primary Market Research

Market research is one of the most important elements to be considered in delivering new products and services and developing existing goods.

Without proper market research so much is left to chance. There is little accurate idea of the main age groups that would be attracted to the product, and what levels of income buyers are likely to have or their level of education. This vital market research has a direct impact on marketing activities and spending. When you establish who your customers are, you can match the style and language of you advertising to meet the expectations of your buyers. Getting it right can lead to huge returns on your marketing spend, getting it wrong can be bad for your business.

There are two types of market research, primary and secondary. Primary market research involves getting original data related to the specific product, whereas secondary market research involves looking at information for similar products or market sectors as a whole.

Primary market research is divided into two areas, exploratory and specific. Exploratory research involves a less structured method to avoid leading interviewees to conclusions. Exploratory market research, when dealing with consumer products often involves focus groups. These focus groups are given a product and asked to talk about it. There are no people involved in the focus group other than the general public to avoid any undue influence. These focus groups are usually videoed to avoid any outside influence, after all if there are members of the company present taking notes people may be reluctant to criticise a product for fear that they may offend. Other more structured focus groups involve asking open questions, and noting details of the discussion that ensues.

Following the very open exploratory research, market research companies have a good idea of the issues that are significant to a product. This is where the more structured specific research can be carried out. The specific market research can now explore in detail certain areas using a larger group of people. There are a number of market research techniques used to conduct specific research including surveys, which are conducted in a number of ways. Surveys are typically delivered on busy streets or by mail, phone or using the Internet. The main flaw to this system is that certain people love surveys and will flock to anyone asking questions in the street or to any website that allows them to express their opinion, whereas other people will do anything to avoid market research.

Article Source: http://www.aword2thewise.com

Chloe is writing for B2B Index about Market Research

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