What is primary market research?

Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess demand for a proposed service or good, gauge response to various packaging options, find out how much consumers will pay for a new product, and more. 

Primary market research is tailored to a company's particular needs and is conducted either by you or by a company that you pay to conduct the research for you. Focus groups surveys, field tests, interviews, and observation are examples of primary market research. 

Primary market research is different from secondary market research in that you do your own research that will answer questions you pose. Secondary market research, on the other hand, involves doing research to find out about what other people have learned from their research - for instance, doing market sizing and analysis by reading analyst reports is a type of secondary market research.

Both are needed for successful venture building as the former gives you insights, and the latter gives you statistics that together help you choose the right problems to solve which have economic value.

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