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Monday, March 3, 2014

Secondary and Primary Research – What’s the difference?

Any individual or organization that requires any data or knowledge about themselves or their market will use some form of secondary or primary market research. Some of the main reasons to conduct market research are as follows:
  • Identify industry trends (consolidation, GPOs, e-commerce)
  • Identify market statistics (demographics, sales forecasts, industry stats)
  • Identify market perceptions (receptivity to new products/services)
  • Identify customer needs (wants, needs, expectations, opinions)
  • Identify competitive landscapes (who else is out there?)
  • Protect resources – time, money, energy
  • Support the organization’s overall strategic plan
Secondary research lays the foundation for primary research. Simply put, secondary research is information/research that already exists somewhere in the marketplace that can be accessed with excellent “sniffing-around” skills. It is a great starting point for any business initiative pertaining to market research. Information can be free, or a fee is required from some information sources. Secondary research sources can include (just to name a few): 
  • Internet
  • Libraries 
  • Local sources 
  • Chambers of Commerce 
  • Small Business Development Centers (SBDC) 
  • U.S. Department of Commerce 
  • Small Business Administration (SBA) 
  • Trade and industry associations 
  • Specialized market research firms
  • Census Bureau 
Primary research fills in the gaps left behind by secondary research. It is tailored to a company’s particular needs, and by customizing tried-and-true methodologies, you can gain invaluable information about your customers and target markets. Primary research obtains information directly from the source and offers more specific results than secondary research. It also involves statistical methodologies via targeted sampling, and is typically more expensive than secondary research because of its customized nature. Primary research methods include (just to name a few): 
  • Telephone interviews 
  • Personal interviews 
  • Focus groups 
  • Internet surveys 
  • Intercept surveys 
  • Field tests
Both secondary and primary research are extremely important to an overall market assessment initiative. If you would like to learn more about how to utilize secondary and/or primary research to get the information you need, feel free to contact Tweed-Weber. We will help you Know More, so you can Do More. Call us toll-free at 1-800-999-6615, email us at
mail@tweedweber.com and/or visit us on the web at www.tweedweber.com. Also, be sure to follow us on LinkedIn (Tweed-Weber, Inc.) and Twitter (@TweedWeber)

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