{"id":3965,"date":"2022-09-22T08:00:00","date_gmt":"2022-09-22T12:00:00","guid":{"rendered":"http:\/blog\/story\/a_two_pronged_approach_to_your_market_research_process\/"},"modified":"2022-09-22T09:18:38","modified_gmt":"2022-09-22T13:18:38","slug":"a_two_pronged_approach_to_your_market_research_process","status":"publish","type":"post","link":"https:\/\/hingemarketing.com\/blog\/story\/a_two_pronged_approach_to_your_market_research_process","title":{"rendered":"A Two-Pronged Approach to Your Market Research Process"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When you want to conduct market research that will tell you how your professional services brand is perceived in the marketplace, you have three main options: primary research, secondary research or a combination of the two. If you want the most accurate picture of your marketplace and brand, you need to understand the complexities of using primary and secondary research as part of your <a href=\"https:\/\/hingemarketing.com\/library\/article\/hinges_professional_services_guide_to_research\" target=\"_blank\" rel=\"noopener\">market research process<\/a>.<\/span><\/p>\n<h2><strong>Understanding Your Market with Secondary Research<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Secondary research involves exploring existing research. Instead of conducting surveys and interviews yourself, you compile and analyze existing data.\u00a0 This type of research can come in many forms, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Searching Google<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visiting your local business library and using their databases and other research resources<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reading books and articles<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Using free or paid research reports from educational institutions or commercial information sources<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Let\u2019s say you are thinking of introducing a new type of consulting service. You have a hunch that clients will want this service but you don\u2019t know for sure.\u00a0 Secondary research may help you understand how many people are searching for this service in Google, whether this type of offering is trending upward or downward in demand, and how much competitors are charging. Without this information, how could you make a well-informed decision?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below are some other common types of data that professional services firms collect during the secondary research process:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market trends and demand for specific services and industries<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insights on which niches are saturated and which are open<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sizing of industries and niches in terms of revenue and number of consumers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data on social media and search engine activity within certain industries<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data on which marketing methods are resonating with clients within certain industries<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After putting in the time to get to know your market landscape, you should feel more comfortable making decisions about your brand and how it fits into the big picture.\u00a0\u00a0<\/span><\/p>\n<h4>Advantages of Secondary Research<\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gathering secondary data is much faster and easier than conducting primary research because the data is readily available and the research has already been completed.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Secondary data is usually much cheaper than primary research. Often, you can access secondary data for free. On occasion you will need to purchase secondary data, but these fees are a fraction of the cost of conducting primary research.<\/span><\/li>\n<\/ul>\n<h4>Disadvantages of Secondary Research<\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The available secondary data may not exactly fit your needs. There are a finite number of areas covered by secondary research and often the specific data or market information you are seeking is not available. In these instances, you will likely need to turn to primary research.<\/span><\/li>\n<\/ul>\n<div class=\"cta-link\">\n<p><a href=\"https:\/\/hingemarketing.com\/library\/article\/hinges_professional_services_guide_to_research\" target=\"_blank\" rel=\"noopener noreferrer\">Download the Professional Services Guide to Research &#8211; Second Edition<\/a><\/p>\n<\/div>\n<h2><strong>Developing Your Brand with Primary Research <\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Primary research is where you\u2019ll really discover the DNA of your firm\u2019s brand. In primary research, <\/span><span style=\"font-weight: 400;\">you own the research and can tailor your approach to fit your specific research needs<\/span><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">With primary research, you are able to collect<\/span><span style=\"font-weight: 400;\"> data directly from your clients, prospects, and other stakeholders\u2014typically through interviews, surveys, or focus groups. As a business owner or marketing executive, you have a good idea of how your firm is different from competitors and what sets you apart in the marketplace.\u00a0 However, there\u2019s a good chance your perception of your brand is quite different from how the rest of the world sees you.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conducting <\/span><span style=\"font-weight: 400;\">primary research (sometimes known as <a href=\"https:\/\/hingemarketing.com\/research-institute\/custom-research-studies\" target=\"_blank\" rel=\"noopener\">custom research<\/a>)<\/span><span style=\"font-weight: 400;\"> is the most effective way to understand your <\/span><a href=\"https:\/\/hingemarketing.com\/blog\/story\/brand-research-for-professional-services-what-every-executive-needs-to-know\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">brand\u2019s perception<\/span><\/a><span style=\"font-weight: 400;\">, both externally and internally within your company. When doing primary research on your brand, you can capture a wide range of relevant data, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How your clients, prospects, and got-aways (prospects that didn\u2019t choose your firm) perceive your brand<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What these same people believe to be important in a service provider<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who people believe to be your competitors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The key benefits that your firm offers over competitors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How people found out about your brand<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How people prefer to receive marketing information (e.g., email newsletter vs. a telephone call)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Talking directly to the people who have interacted with your brand is a proven way to understand who you are as a firm.\u00a0 Your unique selling points may become very clear after receiving this sort of direct feedback\u2014and your position in the marketplace will become clearer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When conducting primary research, consider partnering with a <\/span><a href=\"https:\/\/hingemarketing.com\/research-institute\"><span style=\"font-weight: 400;\">research firm<\/span><\/a><span style=\"font-weight: 400;\"> that has both the experience and expertise to conduct the research properly. If your organization is new to research, primary research can pose many challenges, and if done incorrectly, can be very time consuming and deliver invalid results.\u00a0<\/span><\/p>\n<h4>Advantages of Primary Research<span style=\"font-weight: 400;\">\u00a0<\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The research is collected firsthand and all elements are controlled by you or a research firm.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If done properly, the data gathered from primary research should precisely address your specific research objectives.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Primary research can be used internally for strategic purposes. But you can also publish your <a href=\"https:\/\/hingemarketing.com\/blog\/story\/5-ways-to-supercharge-your-b2b-content-strategy-with-original-research\" target=\"_blank\" rel=\"noopener\">research as content<\/a>.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When the research is conducted by an impartial third party, clients and prospects are more likely to discuss matters they would never tell someone in your organization.<\/span><\/li>\n<\/ul>\n<h4>Disadvantages of Primary Research<\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Primary research can be expensive. Whether you are partnering with a research firm or handling the research internally, the cost of primary research is much pricier than secondary research.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Primary research is time consuming. Often, primary research can take months to complete.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It\u2019s not easy. Deciding on the methodology, finding the right sample, and aggregating and analyzing the findings can be challenging.<\/span><\/li>\n<\/ul>\n<a id=\"69d5241bbd837\" rel=\"wp-video-lightbox\" href=\"https:\/\/www.youtube.com\/watch?v=qhSMIgHNK8E&#038;width=1280&#038;height=720\" title=\"\"><img decoding=\"async\" src=\"https:\/\/i3.ytimg.com\/vi\/qhSMIgHNK8E\/hqdefault.jpg\" class=\"video_lightbox_anchor_image\" alt=\"Click to play video\" \/><\/a>    <script>\r\n    \/* <![CDATA[ *\/\r\n    jQuery(document).ready(function($){\r\n        $(function(){\r\n            var width = $(window).innerWidth();\r\n            var setwidth = parseFloat(1280);\r\n            var ratio = parseFloat(0.5625);\r\n            var height = parseFloat(720);\r\n            var link = 'https:\/\/www.youtube.com\/watch?v=qhSMIgHNK8E&amp;width=1280&amp;height=720';\r\n            if(width < setwidth)\r\n            {\r\n                height = Math.floor(width * 0.5625);\r\n                \/\/console.log(\"device width \"+width+\", set width \"+1280+\", ratio \"+0.5625+\", new height \"+ height);\r\n                var new_url = wpvl_paramReplace('width', link, width);\r\n                var new_url = wpvl_paramReplace('height', new_url, height);\r\n                $(\"a#69d5241bbd837\").attr('href', new_url);\r\n                \/\/console.log(new_url);\r\n            }\r\n        });\r\n    });\r\n    \/* ]]> *\/\r\n    <\/script>\n<h2><strong>Putting it All Together<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">When considering primary or secondary research, you don\u2019t always need to select one or the other<\/span><span style=\"font-weight: 400;\">. Sometimes it makes sense to do both. A combination of secondary and primary research will allow your firm to both understand the landscape you live in and also determine how your brand fits into the broader landscape.\u00a0 Avoid making assumptions and guessing what the market is like or how your brand is being perceived.\u00a0 Spend the time up front to develop a thorough, well-rounded market research process and you will make better decisions and market your company more effectively.<\/span><\/p>\n<div class=\"inlineWidget yes_borders\"><a href=\"https:\/\/hingemarketing.com\/library\/article\/research-as-content-a-guide-for-b2b-marketers\" class=\"widgetLink\" ><img decoding=\"async\" src=\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2020\/05\/researchascontent-guide-hri-1-200x200.png\" alt=\"\" \/><\/a><div class=\"inlineWidgetText\"><h6>Free Resource<\/h6><p>Research as Content: A Guide for B2B Marketers<\/p>\n<a href=\"https:\/\/hingemarketing.com\/library\/article\/research-as-content-a-guide-for-b2b-marketers\" >Download Now<\/a><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Discover how to establish a well-rounded market research process in order to make better decisions and market your company more effectively. <\/p>\n","protected":false},"author":162,"featured_media":3966,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[397],"class_list":["post-3965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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