Business

A Guide on Conducting Primary Market Research for Brands

Market research is vital for the success and growth of all brands in the modern world. There are two main types of market research, primary and secondary. In primary market research, the brand interacts with customers directly. It gathers the relevant information. 

On the contrary, the brand outsources interacting and gathering customer information to a third party in secondary market research. There are advantages and disadvantages to both primary and secondary market research. 

While one may be more suitable for one brand, the other might be more suitable for a different brand. Please continue reading to learn how a brand can conduct primary market research.

Steps to Conduct Primary Market Research

Here are some steps on how a brand can conduct primary market research:

Define Buyer Persona And Identify Persona Group 

The first step to conducting market research is to identify the ideal buyer persona for the product or service the research is for. A buyer persona is a fictionalised version of the customer most likely to buy a particular product or service. 

For example, for a toy, the ideal buyer persona would be a child or a baby, and researchers need to identify which factors attract children to toys, what types of toys the particular demographic would prefer and how they would behave when presented with the toy. 

Once the researchers have identified the perfect buyer persona for the product or service, they need to scout where they can find many customers who fit the desired profile, known as the persona group. In the case of toys, the perfect location to pitch children with toys would be the children’s section in malls and stores selling children’s items. 

Prepare Research Questions

The second step is to create a questionnaire filled with questions designed to gather answers that fulfil the research objectives. The questions must be in simple language, easy to understand, and clear in meaning. The participants need to understand the question and their meanings clearly. 

Questions written in a complex language or with ambiguous meanings will confuse the participants, leading to answers that may not reflect their true opinions and preferences. Ideally, the questions should also be open-ended, allowing participants to fill in their own views and recommendations independently of the questions provided.

Conduct Primary Research

The next step is to conduct the research. This involves approaching the ideal persona group, providing questionnaires, and collecting the answers. There are many ways to conduct the research, including approaching the participants randomly while performing their usual activities, calling them, posting the questionnaire online, and inviting specific participants to visit a location and fill out the questionnaire. 

Analyse Data

After completing the research, it is time to organise, categorise and compile the information. If the participant size was small, it is possible to manually analyse the data and extract the relevant information. However, if the participant poll was very large, manually sorting them may be impossible. In such scenarios, many software available can go through the raw data and provide actionable information. 

Create Business Strategies

The last step is to implement the information gathered into making business policies, products, and services that customers want and will increase their brand loyalty. Brands can also use the information to tweak existing products and services and move into new markets. The information gathered from qualitative market research can be used to improve marketing strategies and attract new customers who have never tried the brand before. Brands also use the information to create presentations for shareholders to explain how it has the potential to grow the business, making stocks more attractive and increasing share prices.

Conclusion

Primary market research is a valuable method for brands to obtain direct feedback from their customers and potential customers. It can help them understand their needs, preferences, opinions, and satisfaction levels. Primary market research can also help brands identify new opportunities, test new products or services and improve their marketing strategies. 

However, ethnography qualitative research can also be costly, time-consuming, and difficult to analyse. Therefore, brands should carefully plan and design their primary market research projects and use appropriate methods and tools to collect and interpret the data. Primary market research can complement secondary market research to provide a comprehensive and accurate picture of the market situation.

 

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