How to Conduct Primary Market Research and it’s Methods

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How to Conduct Primary Market Research and its
Methods
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Primary Market Research

• Primary Market Research is a form of market
  research conducted by big or small Primary Market
  Research Companies. Yes, there isnt just
  research that you have known all this while.
  There are 2 forms of market research you ought to
  know about
• Primary Market Research
• Secondary Market Research
• What is primary market research?
• Defining primary market research includes the
  understanding and deriving of data from the
  sources or potential customers of a particular
  industry. Now, the question is how to extract
  this information from the customers?
• Well, you can choose from the 2 options- either
  hire someone for this or make your in-house team
  do the job.

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Importance of Primary Market Research

• As the name suggests, the primary is an initial
  step that follows secondary market research too.
  Though less reliable, primary research is often
  opted to understand consumer behavior and how it
  can affect their service/product in the market.
• The importance is-
• It helps the business to grasp everything about
  the issues and they are facing in the market to
  reach the target in less time.
• It provides a tailor-made approach to research
  just as much as the company requires and wishes.
  In-short it has the ability to give the
  appropriate amount of information.
• A company needs to adhere to its concepts for
  better research and the same goes for the initial
  step There is a need for companies to conduct
  primary market research in order to know-
• If the product is in demand or not.
• How many people are willing to buy your
  product/service.
• How much profit one can assume to gain with the
  respective plan and strategy they are .working
  on.
• Whether there are any gaps in the market that
  needs to be filled to reach the target.
• Taking a measure of the new market and whether it
  can expand immensely in it.
• Evaluating the pain points and demand of the
  customers.

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Market Research Process

• The primary market research consists of two types
  in which it can be conducted, first being the
  exploratory one and the second being the specific
  research.
• Exploratory research comprises defining a
  particular problem that is conducted through an
  interview where a small respondent group answers
  the questions fired at them.
• However, the specific research covers the scope
  and moves forward with the results of an
  exploratory research method. This includes a
  number of quantitative market research firms
  that offer quality and a proper number.

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The ample techniques through which primary market
research is conducted are

• Market research surveys- These are done in order
  to extract the customers thought process and
  extract their ideas and demands. They can be done
  via feedback processes or web analytics.
• Face-to-face Interviews- The best way to conduct
  research and to explore every bit of the
  knowledge the respondent possesses. Though
  expensive is worth every penny, because what
  speaks louder than experience, right?
•  
• Email Surveys- Provides ample of time to the
  respondents to think and edit their answers. It
  is the best form of online market research.
•  
• CATI market research- Another well-known form of
  market research via telephone and a computer
  where a pre-designed questionnaire is displayed
  during the interview.
• Before diving into the market research part, one
  ought to excel at primary market research as
  every other form or research follows this step.
  There are sundry market research firms around the
  globe, but the one that suits your preferences
  are only a few.

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About Us

• High Beam Global is a full service Market
  Research firm, dedicated to delivering quality
  performance by matching the right need with the
  correct solution. We partner with clients in all
  sectors and regions to offer world class data
  collection, reporting and analytics solutions.
• Our service offerings include multi mode Data
  Collection (both quantitative and qualitative
  techniques), Survey Programming Hosting, Data
  Processing and Analytics. High Beam Global
  combines a client-focused approach with robust
  project management to offer a unique experience
  to its clients. With our rich experience in
  industries like, Healthcare, Information
  Technology and Industrial Products (to name a
  few), High Beam Global helps its clients to
  provide quality insights on targeted and
  potential markets, brand health, consumer
  preferences and other market dynamics.

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