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How to Conduct Primary Market Research for Your Small Business

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❶Participants in such focus groups are then compensated by either free coupons, vouchers, gifts or money, etc. Common research goals may include the following:

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When conducting primary market research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents.

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Primary marketing research is collected for the first time. It is original and collected for a specific purpose, or to solve a specific problem. It is original and collected for a specific purpose, or to solve a specific problem.

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Primary Market Research. Primary market research is tailored to a company’s particular needs and is conducted either by you or by a company that you pay to conduct the research for you. Focus groups, surveys, field tests, interviews, and observation are examples of primary market research. This type of research can prove useful both in terms of primary market research and secondary market research. Some of the common examples of quantitative research include exit surveys, questionnaires, on-site fieldwork and the shopping bag survey.

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Primary research gives you a lot of specific results. For example, a focus group would be asked specific questions (that you help design) so . Primary market research tends to take the raw data such as information collected through focus groups or surveys, and interpret the data for a variety of business purposes. Conversely, secondary market research relies on information previously gathered.