What is primary research for market intelligence?
Primary research is the research a business or its market intelligence agency conducts to address an identified need. Primary research can be exploratory (looking to understand the market in general) or specific (precise questioning to find answers for a defined challenge or problem).
Types of primary research
As primary research involves getting information directly from a source–often the consumers or users of the business’ product–primary research often means speaking to people to get their opinions and perspectives.
You or your market intelligence agency may use methods such as:
- Surveys
- Focus groups
- Interviews
- Vox populi
What is secondary research for market intelligence?
Secondary research is any research that others have already conducted. It often cannot answer a business’ specific questions or needs, but it is often cheaper and faster than primary research.
Types of secondary research
The most common method for secondary research is by searching for information online. It is essential, however, that you use a critical eye when conducting secondary research, and rely on reputable and trusted sources.
Businesses should note when considering secondary research, that while some information is publicly available (such as census data or other research from government agencies), some research may be private, and can require permission and a fee to access.
Secondary research data can include:
- Census data
- Journals and reports
- Industry-specific statistics
Why you need both primary and secondary research
Both primary and secondary research are beneficial when building market intelligence, and together they give you a complete picture of the current market and industry and how your business sits in
If your business is ready to take the next step and understand your market better, book a free 30-minute consultation with Agile Market Intelligence now.
