Primary and secondary market research are two main approaches used by businesses and organizations to gather information about their market and business landscape. Both types of research can provide valuable insights, but have different method, cost, result, and time needed to conduct research.

Primary market research is done by collecting data yourself through interviews, surveys, questionnaires, FGD, and/or observations. This approach allows businesses and organizations to design research tools, thus can be able to gather specific information for their specific needs. However, primary research can be time-consuming and costs more than secondary market research.

Meanwhile, secondary market research is done by searching data that was collected by someone else through journals, books, statistics, and/or reports. This brings business and organizations to gain broader perspective on market and industry trends. However, this approach is hardly able to bring conclusive result since research tools can’t be tailored to specific needs of the business.

Which one is better? Well, it depends on the needs of the business. Secondary market research might be suitable for a business entering a new market, while a business with an established market might want to apply primary market research.

Which market research method have you used? Share your thoughts down below!

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