These insights can be widely varied, depending on the company\u2019s strategic short- and long-term goals, and they can come from an equally varied number of sources.<\/span>\u00a0<\/span><\/span><\/p>\n One form of market research is known as primary market research. This is based on data and feedback provided directly by consumers. <\/span><\/p>\n This can involve B2B or B2C consumer relationships, but ultimately, it is rooted in data collected from the individuals who engage with products inside a brand\u2019s realm or company\u2019s overall category.<\/span>\u00a0<\/span><\/p>\n The information collected from primary market research ranges from basic demographic information to high-level consumer needs, desires, and preferences.<\/span>\u00a0<\/span><\/p>\n Primary market research is a multi-step and iterative endeavor that requires diligence and expertise to properly execute. <\/span><\/p>\n It requires time, planning, experience, strategic thinking, and a discerning eye for detail to properly execute primary research in order to get the most out of your results.<\/span>\u00a0<\/span><\/p>\n In this blog, we’ll discuss what \u201cprimary market research\u201d encompasses in eight steps:\u00a0<\/span>\u00a0<\/span><\/p>\n We’ll start with identifying a need.\u00a0<\/span>\u00a0<\/span><\/p>\n All primary market research studies originate with identifying a need.\u00a0<\/span>\u00a0<\/span><\/p>\n This step takes the form of a company observing a change in their business and a desire to discover why the change is happening.\u00a0<\/span>\u00a0<\/span><\/p>\n A \u201cchange\u201d in this context can include a wide range of phenomena, including:<\/span>\u00a0<\/span><\/p>\n This is just a brief list of the different needs that a company could identify to merit primary market research.\u00a0<\/span>\u00a0<\/span><\/p>\n These are also areas that can provide opportunities for strategic initiatives, which should be at least partially supported by understanding how consumers think about or would react to any new products, campaigns, or changes a company undertakes.\u00a0<\/span>\u00a0<\/span><\/p>\n Once a need is identified, the next step is to determine the exact questions that need to be answered.\u00a0<\/span>\u00a0<\/span><\/p>\n It\u2019s essential to brainstorm these questions with other stakeholders at your company to identify and prioritize the questions that are specific enough to yield actionable results without being so specific that you miss opportunities for learning.\u00a0<\/span>\u00a0<\/span><\/p>\n Primary market research often involves iterative testing through levels or phases of development in a project\u2019s life span. You do not have to limit yourself to only planning one project at a time.<\/span>\u00a0<\/span><\/p>\n At this point, companies need to make a decision about how they pursue answers to these questions. This choice boils down to partnering with a market research firm or performing the project in-house.\u00a0<\/span>\u00a0<\/span><\/p>\n This decision is frequently impacted by the available budget, the timeframe available to the company, and the resources available to a company internally. Many companies consider these factors (among others) and discover that even with their internal capabilities, they may not have the expertise in-house that could guarantee reliable results.\u00a0<\/span>\u00a0<\/span><\/p>\n Other times the decision to partner with a research firm is due to the need for an impartial party conducting the research and being comfortable delivering accurate insights whether they are what the company wanted. Or an outside research firm is used for the breadth d depth or research expertise they provide.\u00a0<\/span>\u00a0<\/span><\/p>\n These are <\/span>the biggest reasons that so many companies contact third-party market research firms.\u00a0<\/span>\u00a0<\/span><\/p>\n Choosing to partner with a primary research firm has a number of benefits. These firms conduct primary research studies as part of their daily work, and it becomes second nature to them. They know exactly how to find the answers to your questions in the most effective and efficient way possible. They also take the heavy lifting off your plate by acting as an extension of your team, handling all of the research and operational aspects of a project.<\/span>\u00a0<\/span><\/p>\n Reaching out to a market research firm is as simple as filling out a brief request for proposal (RFP) <\/span>or discussing these points in a conversation:<\/span>\u00a0<\/span><\/p>\n Once your RFP is created, you can send it out to as many research firms with which you may work in the future or the few you contact regularly for guidance. This often entails a series of meetings with the different firms until your company decides to work with one specifically.\u00a0<\/span>\u00a0<\/span><\/p>\n Then, you can start planning together.\u00a0<\/span>\u00a0<\/span><\/p>\n A research plan is the detailed blueprint of how your team and your research partner will acquire the answers to your business\u2019s questions.\u00a0<\/span>\u00a0<\/span><\/p>\n Research plans often include the following factors:<\/span>\u00a0<\/span><\/p>\n This is the time when you will also meet the individual researcher(s) who will plan and execute the study, giving you the chance to ask questions about their specific exp<\/span>erience and expertise.\u00a0<\/span>\u00a0<\/span><\/p>\n It\u2019s important for researchers to have a prolific background of market research work, in addition to a penchant for staying up-to-date with changes in the industry.\u00a0<\/span>\u00a0<\/span><\/p>\n At this point, once all internal stakeholders are aligned either with an internal research plan or have selected a partner research firm, it is time to initiate the project with aligning on your research inputs.\u00a0<\/span>\u00a0<\/span><\/p>\n Once your company has partnered with a firm, the next step is to get started with an official kickoff meeting to ensure everyone is aligned on the project and requirements.\u00a0<\/span>\u00a0<\/span><\/p>\n This is also a great opportunity for any internal stakeholders \u2014 especially those who may not be directly involved with the project \u2014 to ask questions prior to the project\u2019s launch.\u00a0<\/span>\u00a0<\/span><\/p>\n Kickoff meetings also include a list of final \u201cnext steps\u201d that the market research process will follow.<\/span>\u00a0<\/span><\/p>\n The questionnaire, discussion guide, or similar document will contain<\/span> the questions presented to consumers that will provide the data a company needs to answer its original questions.\u00a0<\/span>\u00a0<\/span><\/p>\n It\u2019s important for the wording to be done in a way that is clear without being leading, direct without giving away the reason behind the study, and simple enough for a participant to complete.\u00a0<\/span>\u00a0<\/span><\/p>\n This applies whether you are building a question outline that will be asked during a focus group, or an in-depth quantitative survey that consumers will self-complete. A well-developed questionnaire should always have a logical flow and allow a reviewer to clearly identify the purpose\/reason behind each question.\u00a0<\/span>\u00a0<\/span><\/p>\n Once a questionnaire is finalized and has approval from all stakeholders, a company will be ready to move to the next phase of market research \u2014 collecting the data.\u00a0<\/span>\u00a0<\/span><\/p>\n Data collection is the phase of market research where an expert begins gathering data from your consumer target group(s). This part of the process can look very different depending on the methodology being utilized.\u00a0<\/span>\u00a0<\/span><\/p>\n For example, a quantitative study typically takes the form of an online survey given to an existing community of individuals who meet a company’s target audience demographics.\u00a0<\/span>\u00a0<\/span><\/p>\n In a qualitative study, data collection can involve recruiting target consumers to speak with a trained research moderator in small groups (also known as focus groups), or in a one-on-one interview.<\/span>\u00a0<\/span><\/p>\n There is a myriad of possible methods that a market research firm could pursue to gather data. This is why it’s so important to work with senior-level market research experts, as they can advise the most appropriate method to leverage and build the best questionnaire to address your business needs.\u00a0<\/span>\u00a0<\/span><\/p>\n Regardless of the method that’s used, the outcome remains the same: a rich and detailed data set that holds the keys to unlock your business\u2019 next steps.<\/span>\u00a0<\/span><\/p>\n However, the data on its own is not the end result of a primary market research project.\u00a0<\/span>\u00a0<\/span><\/p>\n To get the most out of the data, it’s imperative that a researcher focuses their full attention on the next step \u2014 analysis.\u00a0<\/span>\u00a0<\/span><\/p>\n\n
1. Identifying the Need<\/span><\/span><\/h2>\n
![\"01-identifying-the-need-1\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/01-identifying-the-need-1.jpg\")
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2. Determining the Questions to Be Answered<\/span><\/span><\/span><\/h2>\n
3. Partnering with a Firm vs. Researching in-House<\/span><\/span><\/span><\/h2>\n
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4. Creating & Selecting a Research Plan<\/span><\/span><\/h2>\n
![\"02-creating-a-research-plan\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/02-creating-a-research-plan.jpg\")
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5<\/span>. Aligning Research Input & Instrument Development<\/span><\/span><\/span><\/h2>\n
6. Collecting the Data<\/span><\/span><\/h2>\n
![\"03-collecting-the-data\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/03-collecting-the-data.jpg\")
<\/span><\/p>\n7. Analyzing the Data<\/span><\/span><\/h2>\n
![\"08-analyzing-the-data-1\"](\"https:\/\/leger360.com\/wp-content\/uploads\/2024\/02\/08-analyzing-the-data-1.jpeg\")
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