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Study of the market takes full priority when thinking of starting a business. Only research would tell us whether the particular niche is effective and profitable or not.
There are many methods to coduct a research, from Google to Amazon and so on.
Today we would discuss, primary search.
Primary search means the search that gathers original data, not previously available, by interacting with your target market. Primary search provides true feedback and statstics about the market.
In contrast, the secondary market research is basing your information from a data that has already been compiled.
How is Primary Search Done?
Direct One To One Interaction
In this method you meet people directly in their homes or outside and ask the intended questions.
Phone
Phone is a great media for connecting with people. But the disadvantages is that people are more prone to lie on the phone and detailed questionnaire cannot be asked.
Online Surverys
I am sure you must have come across one. There are various methods of online surveys. It is a cost effective method as compared to offline methods but still expensive.
Mail Questionnaires
Good old mail comes quite handy for this purpose.
Focus /Consumer Groups Survey
This method is used to get feedback. Small groups of people are gathered to give feedback about a product or concept.
Why Primary Search?
Benefits
- Provides raw data in relation to your intended product or market.
- It is unique and tailored to your marketing plan. It is your data only and can be kept confidential. That would provide you the edge over the others.
- It is the latest thing.Because market dynamics keep changing, you can rely upon the latest information.
Disdavantages
- Expensive
- Data collection process is long and tedious; not suitable for businesses who want to move early.
If sample size is not well chosen, the information may not be relevant.
Primary search is meant for bigger companies. It has been discussed for understanding and to better grasp secondary search that we would discuss shortly.
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