Primary Market Research

This video introduces the basics of primary market research.

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VIDEO CHAPTERS
00:00 Introduction
00:37 Examples of primary research
01:56 Advantages of primary research
02:35 Drawbacks of primary research

VIDEO SUMMARY

Primary market research is a type of research conducted for a specific purpose. It involves gathering data from different sources and techniques to answer a particular research question. There are several ways to conduct primary market research, including focus groups, face-to-face interviews, online surveys, mystery shopping, and product testing.

Focus groups involve gathering a bunch of customers together in a room to discuss a new product concept or advertising campaign. Face-to-face interviews can be conducted with suppliers or customers to get their insights. Online surveys and questionnaires are a popular way to gather feedback from a large number of people, such as customers who have used a company's customer service process. Mystery shopping involves sending people to experience the customer service levels of a business, such as staying in a hotel or shopping in a store. Finally, product testing allows businesses to gather insights about new products or services before they are launched to the market.

Primary market research has several advantages. First, it is very focused on a specific research objective and should be up-to-date because the data is gathered for a specific purpose. Second, depending on the methods used, you can get very detailed insights, particularly qualitatively, into customer and other stakeholder views.

However, there are also some drawbacks to primary market research. The main drawback is the risk of bias, especially if the sample used is not representative of the population you want to draw conclusions about. Additionally, primary market research can be costly and time-consuming, depending on the scope and method of the research. For example, focus groups can be expensive because you need to pay people to participate and for the time it takes to gather and present the research findings.