Although primary and secondary data do have their differences and individual merits, it’s important to remember that both forms of information can be really beneficial to a business model. Primary data allows the teams within a company to establish a closer relationship with their consumers, asking tailored questions via questionnaires, face-to-face group discussions and cold calling in order to establish whether there is demand for an upcoming product. Because you are in control of the data you collate, it’s easier to eradicate irrelevant information that doesn’t really add anything to your overall objectives.
Secondary data is also ideal for businesses, with the difference being that another agency or company may have already compiled data that is relevant to your industry, allowing you to find out the answers to the questions you have. Although getting access to these findings can be expensive, you have to remember how expensive it would have been to arrange focus groups, and the cost of creating, distributing and digesting questionnaires.
When it comes to finding sources of collection for secondary data, you have a substantial amount of choice. If you’re on a budget, you may consider visiting the British Library which has extensive white papers and reports available for people like you. Alternatively, visiting specialist market research communities such as Mintel will enable you to discover the true size of an industry, average expenditure per consumer, and to evaluate the trends and changes that your sector may experience in the future. Without secondary data, you may not be able to gain the foresight needed to maintain your business’ competitive advantage, delivering what your consumers want.
Secondary data is also ideal for businesses, with the difference being that another agency or company may have already compiled data that is relevant to your industry, allowing you to find out the answers to the questions you have. Although getting access to these findings can be expensive, you have to remember how expensive it would have been to arrange focus groups, and the cost of creating, distributing and digesting questionnaires.
When it comes to finding sources of collection for secondary data, you have a substantial amount of choice. If you’re on a budget, you may consider visiting the British Library which has extensive white papers and reports available for people like you. Alternatively, visiting specialist market research communities such as Mintel will enable you to discover the true size of an industry, average expenditure per consumer, and to evaluate the trends and changes that your sector may experience in the future. Without secondary data, you may not be able to gain the foresight needed to maintain your business’ competitive advantage, delivering what your consumers want.