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PRIMARY RESEARCH AND SECONDARY RESEARCH: what they are, benefits, drawbacks, and when to use each - YouTube
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there are two different types of market
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research when it comes to information
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art there is primary research and
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secondary research let's start with the
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primary research definition primary
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research sometimes also referred to as a
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field research consists of you going out
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there literally or figuratively to
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generate new information directly from
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sources when it comes to market research
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for marketing or product development
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purposes this sources could include for
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example potential target customers or
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other people relevant for the purchase
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decision process so primary research
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data is generated intentionally for the
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purpose at hand the data wasn't
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available before you gathered it and
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that's primary research defining
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characteristic examples of primary
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market research methods could be
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interviews surveys focus groups advisory
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boards mock negotiations etc although if
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you're conducting primary market
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research by yourself probably the most
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realistic tools to use are interviews
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and surveys given their simplicity to
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put together and lower costs of course
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but evidently if you're going to do
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market research you can use information
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that already exists when our research is
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based on information that already exists
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we call it secondary research usually
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also refer to as desk research what we
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do in this case of secondary market
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research or desk research is to look
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around usually on the internet for
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information that's already available in
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which we can use to gain a better
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understanding of our market usually we
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won't have to talk to anyone so it
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really can be done from the comfort of
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our desk all the information already
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exists out there and we're just
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gathering and analyzing it we're not
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generating new data note that secondary
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research sources can usually be found
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both internally and externally in
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regards to the business examples of
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secondary research external information
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sources could be websites such as
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general information sites competitor
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sites where you can see what products
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and services competitors offer the
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marketing messages they are using to
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their value if competitors have customer
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feedback published on their sites you
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can find hints of what people value most
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regarding their products and services
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how they wish they were different etc
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another great source of information is
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review sites or online stores that
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publish customer reviews I mean just
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think of the amount of feedback that you
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can get about a competitive product by
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reading its Amazon reviews in line with
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these competitors social media pages can
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also be valuable since people may be
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leaving feedback their house can be
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forums and social media platforms where
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potential customers may be discussing
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products or services that are similar to
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your own existing or envisioned ones and
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are saying what they like and don't like
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about them but let's not forget about
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more traditional sources of secondary
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data such as Goodall industry reports
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company reports trade associations data
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statistics and data published by public
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entities I mean there are a lot of great
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sources of information out there that we
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can use before we even think about
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generating our own data through primary
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research and then let's not forget about
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internal secondary data such as your own
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analytics and information that can be
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collected from interactions with clients
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such as frequently asked questions
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suggestions complaints feedback on
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existing products feedback regarding
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products that they think are missing
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from our range etc this is all valuable
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secondary data - but what makes this
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internal data secondary and not primary
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since we're generating it ourselves well
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as mentioned before the defining
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characteristic to distinguish between
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the two types of research is whether the
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data already existed or had to be
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generated intentionally to fulfill our
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research purposes and what our primary
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and secondary research advantages and
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disadvantage well most of primary
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research advantages and disadvantages
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are probably easy to spot right on the
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primary research advantages side the
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first one is that we are working with
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data that was specifically collected to
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fit our purpose
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so it answers our specific question we
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are the ones deciding what to ask to
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whom and how within the constraints that
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available time and budget in polls of
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course on top of that the data is recent
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while secondary data may not have been
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updated in a long time
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primary data is up-to-date at a time at
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which we conduct our research but
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primary research disadvantages are
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unfortunately a bit of a pain to begin
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it's expensive even if you're doing it
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by yourself and not paying participants
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for their time you are still investing
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your own time into it and it may not be
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that little then preparation can be
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complex you need to put together
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questions stimulus materials identify
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participants and then convince them to
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participate because unless your family
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and friends are target customers
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interviewing them is useless you need to
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find the right people to talk to and
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once you get your data you need to
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analyze the answers you've got sometimes
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this is really easy but sometimes it's
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anything but finally to top it off the
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data will be incomplete you see when we
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do primary research we work with samples
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we can't possibly interview or survey
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every potential person potentially
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involved with our products purchasing
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decision so we work with population
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samples we try to make our samples
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representative of course but we're
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always exposed to some error and we have
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to balance a cost versus uncertainty
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decision as costs can ramp up very
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quickly as we increase our sample
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robustness for more on this check out
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the video about the qualitative versus
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quantitative research that's another
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decision we have to make when it comes
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to primary research but let's now take a
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look at secondary research advantages
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and disadvantage
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on the secondary market research
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advantage aside the major one is that
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it's a lot easier to conduct than
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primary research and a lot cheaper it's
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also good to create a general knowledge
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space and generate hypotheses that we
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can afterwards test in primary research
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however
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secondary research disadvantages can't
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be overlooked to begin data is often not
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only outdated but also incomplete keep
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in mind that people are publishing what
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they want to publish to serve their own
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purposes or someone else's they're not
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publishing anything for the sake of your
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market research exercise so although we
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can get a glimpse at one side of an
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issue by looking at data that we can
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find already available we cannot see all
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aspects that would be relevant for us to
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make decisions regarding our businesses
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and that leads us to secondary research
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major and potentially very dangerous
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disadvantage and it is that sometimes
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the results are inconclusive and even
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misleading you see after we see all the
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data we were able to gather about our
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markets other products and services in
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it and what customers are saying about
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those products we may believe that we
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have so much information that we have
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figured out what people who want our
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product or service to be liked after all
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we know so much however unless you
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confirm our understanding by getting
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proper feedback what we have our
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hypothesis that's it hypotheses they may
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be right they may be wrong and until we
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test them they are nothing but
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hypotheses that we should confirm before
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acting on them especially if acting
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entails a big investment that said when
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would it make sense to use each type of
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research on our market research efforts
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well personally I see them as sequential
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steps secondary market research is a
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first step that we use to build the
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basis of our knowledge about the market
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identify knowledge gaps
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and generate hypothesis to later test in
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primary research and then primary
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research can be used to fill in the
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knowledge gaps we identified confirm our
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understanding regarding what we have
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learned through secondary research and
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confirm or disprove the hypothesis we
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generated based on our preliminary
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understanding developed using the
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secondary data so when I talk about
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market research broadly in my videos I'm
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usually referring to primary research
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that is talking to potential customers
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and other purchasing process
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stakeholders to get their insights about
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the market and their opinion regarding
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an efficient product I consider
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secondary market research self
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fundamental that I usually just consider
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it to be a part of the preparation for a
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primary research it's non-negotiable it
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I just assume it son in every case even
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if you don't do primary research which I
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wouldn't really recommend without a good
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preparation in terms of desk research
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the information we can get from surveys
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or direct conversations with people even
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if helpful probably won't be even
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anywhere near as good as they could have
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been if we had prepared and if we're
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going to put ourselves through the pain
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of primary research we may as well
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prepare and do it right and that's it
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for today next time I'll dig a little
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bit deeper into primary research and
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take a look at qualitative versus
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quantitative market research soon the
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next one bye
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