There are two main types of market research that your business can conduct to collect actionable information on products including Primary Research and Secondary Research.

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Primary Research:

Primary research is the pursuit of basic information on your targeted market. We use different methods and resources to gather latest details and updates about this market to assist our clients to define their preliminary interest and to evaluate the market potentiality.

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Primary Research is useful when exploring the market in needed, while no investment step is taken so far. It takes place through Three main steps:

• Exploratory Research.

• Specific Research.

 

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Secondary Research:
 

Secondary research is all the data and public records we have at our disposal to draw conclusions from. This includes trend reports, market statistics, industry content, and sales data we already have on our business.

Secondary research is particularly useful for analyzing competitors. Here are three types of secondary research sources that make this process so beneficial:

• Public Sources.

• Commercial Sources.

• Internal Sources.