Market research is the process by which companies engage in collecting information about the needs and preferences of the market. By using this process, companies can understand their target market in terms of how their audience behaves and feels. We will cover 4 of the most prominent types of market research. Let’s get started!
Primary marketing is the first type of B2B market research we will cover. This form of research is considered first-hand data collection. What this means is that the researchers go directly to the source instead of using and relying on data that existed pre-market research initiative. This type of research is also known as field research.
The people who conduct this form of research will usually collect information that is relevant to specific research contexts. A great example of this is the process of dissecting the shifting needs of certain target markets. Data is collected by obtaining information directly from individuals out in the marketplace or field.
What are the benefits of Primary Marketing? Here are several to note:
- More control over the various methodologies you might use during this research process
- Up-to-date data
- Relevant data reveals current trends in the market
- Primary research addresses individual markets instead of mass markets
- The company that conducts the research owns the research
- Rivals aren’t privy to your findings
Secondary market research uses second-hand data and collates and analyses it to build consensus. This type of marketing is best suited for start-ups and small businesses that need low-cost market research that is quick to undertake. The data comes from anywhere and everywhere and is acquired through third parties.
What are the benefits of Secondary Marketing? Here are several to note:
- Low-cost research type
- Quick to conduct research
- Data is very easy to access
- The initial findings help to shape future research
- No real professional training is necessary to conduct secondary research
- Get an expansive and quick understanding of a topic
Qualitative B2B market research has a clear objective. Understand beliefs, opinions, experiences, interactions, and attitudes. They do this by collecting non-numerical data and analyzing it to understand why things are the way they are, thanks to keen observation. This can also be achieved through unstructured questioning. This is a touchy-feely kind of market research. It’s definitely more emotion and opinion driven rather than fact-driven.
Qualitative research is open to any kind of business and definitely has its benefits. The process of conducting this type of research happens either remotely or in person.
What are the benefits of Qualitative Marketing? Here are several to note:
- It’s a flexible research method
- Promotes a great deal of authenticity
- Cost-effective and efficient to plan and conduct
- Helps to identify and capture potential shifting sentiments or attitudes
Finally, quantitative research focuses more on the collection, analysis, and comparison of numerical data to predict spot trends, establish averages, and find patterns. Start-ups and established companies find this form of market research the most useful as it helps forecast validation, market sizing, etc. Data is collected using various methods and expressed through graphics, tables, and charts.
What are the benefits of Quantitative Marketing? Here are several to note:
- Reliable and consistent data analysis
- Easy to replicate for future use and for different markets
- Automation capabilities
- Cost-effective in comparison to qualitative marketing
B2B market research doesn’t have to be difficult, and with Priority Metrics Group, it just got a whole lot easier! We’re ready to help you and your business engage in quality market research. So get in touch, and let’s figure out how we can help you and your business grow!