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The Basics Of Marketing Research

Whether just starting on a business venture, or trying to make it grow, marketing research will get you to where you want to be. It can boost sales and help you gather the information necessary to understanding your market. There are a number of different options that you can use when you are conducting marketing research. Let's discuss some of the different types of marketing research and what needs to be done in order to have the right outcome to help your business grow.

Primary Research
There are two basic types of research. The first is primary research and its goal is to analyze current data from your business. The types of research done here are quantitative and qualitative.

Quantitative Research
This is the bigger picture of data collection. It involves gathering information with large sample sizes to analyze. For example, one business owner may want to know how often customers purchase items each day. From there, numbers are gathered that will aid in identifying slower periods of time where more advertising is needed.

Qualitative Research
This involves more face-to-face work. It can include anything from interviews, surveys, questionnaires, and even focus groups. In focus groups, small numbers of customers are brought together to learn about their preferences. It helps bring the understanding of the whole population of shoppers to light.

Secondary Research
The next kind of research can be easier because is does not involve one's own data. This is secondary research, in which you look to online and physical sources for a marketing strategy and for advise of others who have done the same kind of work that you do. This includes analyzing the data that others have collected. For example, back to the store owner wondering about traffic to his location. He might want to see how well others have done in his area. This can help form goals for one's own business. The only problem with secondary research is the very thing that sets it apart for being easier. The data may not include numbers that apply to your business.

So what kind of marketing research applies to you depends on what you are looking to accomplish. Many suggest doing both primary and secondary research. A common mistake is to take the easy route and avoid collecting your own data. However, in this you may find that you don't really know what is needed to grow your business with your particular needs. So start with some light secondary research online to avoid being overwhelmed, and you may find that going to the source with primary research is the best option for you.

It is helpful to look for options that are affordable based on the size of your business as well. Some companies find that conducting their own market research through the use of phones and surveys are easy where others feel this is too tedious to deal with. You must consider the cost of developing a survey and also the amount of time it will take to conduct the survey and to use them correctly in developing better quality products and services for your customers.

Contacting independent research firms to help can be beneficial but you have to concern yourself with the market that they use. They often have a broad amount of customers they survey, many of which may never have heard of your company. This is something that is quite concerning and needs to be addressed by your business as you need to work with a company that can survey the right people to bring about the proper results for your business to become successful in product placement and development.

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