Startup Funding Espresso – Primary vs Secondary Market Research

Primary vs Secondary Market Research

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Market research falls into two categories:  Primary and Secondary research

Primary market research consists of gathering information directly from people through a variety of means.

Secondary market research consists of examining existing research through reports.

Primary market research can be done in the following ways:

Interviews -- talking with people directly about their experience.

Focus groups -- gathering a group of people together and asking for their opinions.

Surveys -- sending out a list of questions for people to answer.

Observation -- watching what people are doing.

Secondary Market research can be done in the following ways:

Industry analyst reports -- reports written about an industry segment.

Studies -- research reports written on a specific topic.

Market reports -- reports written about a specific market segment.

Primary research yields greater detailed information than secondary research.

It is useful for answering specific questions.

Secondary research can be reviewed more quickly and at a lower cost.

It is useful for identifying the key questions to ask. 

Consider using both primary and secondary market research in your project.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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