How are Primary & Secondary Research different from each other?
Before we discuss the differences between primary and secondary research, let us know about them briefly. We hope, you know what ‘Market Research’ is. Now it is easy to understand what these two terms are. Generally, market research is considered to be a methodical search for relevant data and information collection. This process involves mainly two kinds of research, primary and secondary.
Primary research involves the gathering of fresh data, i.e., when data about a particular subject is collected for the first time, then the research is known as the primary one. On the contrary, Secondary research is a research method that involves the use of data already collected through primary research.
{The main difference between primary and secondary research lies in the fact that whether the research is conducted previously or not}.
What is Primary Research?
As mentioned earlier, ‘Primary research’ is a form of research that aims to collect new and original data from primary sources. When the word ‘primary’ is used in conjunction with analysis, it refers to an in-depth examination of facts by the researcher himself (or by a research agency hired to do that.).
Primary research is acquired by –
- Telephonic or face-to-face interviews
- Online or Email-Surveys
- E-Questionaries
- Focus groups
- Visits to competitors’ locations
Going directly to a source — usually customers and prospective customers in the target market, ask questions related to their business, gather information. And you’re done.
What is Secondary Research?
When one has already gathered the primary data, now is the time to step up the next stair. Secondary research includes the study, interpretation, and summarization of primary research. In short, secondary research is research that uses data acquired from primary research.
The researcher uses information from the government bodies, organizations, labor groups, media outlets, and other sources in this type of study. The information gathered is mainly circulated through newsletters, magazines, pamphlets, newspapers, journals, studies, encyclopedias, and other publications.
Here we pause –
Primary and secondary research both have their own set of paybacks and drawbacks. Although primary data is tailored to a particular requirement and of high quality, it is costly and time-consuming. Secondary analysis, on the other hand, is inexpensive and data collection is easy, but the information may be inaccurate and unfit for your needs.
Now when we have said this, does it mean that you won’t be able to move ahead?
Not really.
Market Research companies are there for the rescue.
Companies like Stratview Research specialize in data collection, business analysis, and market entry strategies for all business owners. Stratview Research has a wide network and database of industry veterans and experts across the globe to collect primary data. The experienced researchers are well-versed in data analysis and have helped hundreds of companies in their market research requirements.
Know more about them — stratviewresearch.com
To connect with them, call at — +1–313–307–4176
You can mail your queries and requirements to — sales@stratviewresearch.com