Market research is imperative to determine the success of a new venture before actually investing money on the venture. A new venture here doesn’t mean starting a new business; it can mean entering into a new line of trade or introducing a new product in the existing product line. In market research primary research is the one that’s more time consuming and more costly, so you need to be really specific about the information you seek. Once you know about what information is needed, the next most important task is to find the best way or means to conduct the primary research. Here are the three most widely used means of collecting primary market research data.
Collecting primary research data through questionnaires can be done in two ways:
1. Sending the questionnaires through mail, if the population to be researched is limited
2. Appointing people to get the questionnaires filled up at public places of gathering or in residential colonies, when the research population is large and diversified.
When drafting your research questionnaires, you can have both specific as well as exploratory questions to get the desired information. However specific questions are always better as they help in collecting precise primary research data. Advisably the questionnaire should not be any longer than two pages. If you plan to mail the questionnaire to the research population, do ensure that the envelope contains a properly drafted cover letter as well.
This method of collecting primary market research data may look a bit costly upfront, but is certainly the most cost effective means of collecting worthwhile data. You will have to appoint interviewers who will conduct personal interviews of the research population by calling them up on the phones. There are lots of third party agencies that can be hired to conduct telephonic research for you. This method of collecting research data works well even when your target population is distantly located from each other.
Conducting personal interviews
This method of data collection is workable only when the population you wish to survey is very small, and is mostly used by B2B companies. The costs of collecting primary market research data through this means can be quite exorbitant as interviewer’s fees and the traveling costs are usually high. However, the benefit of this method is that more detailed and more relevant data can be collected through this method.