Collection of Data during market research is a comprehensive procedure of a strategic search for pertinent data is conducted. The accomplishment of market research is dependent on the reliability and significance of data. To a great degree, also the worth of the data depends on methods deployed for data collection. The choice and use of methods deployed for driving market research need vast experience and skill for correctly gauging suitability.
These methods can be broadly classified into two categories; Quantitative Research and Qualitative Research. Qualitative Research is usually deployed to develop a primary understanding of market issues. Which is non-statistical and the solutions are got from the data generated. It is more used for descriptive and exploratory research designs. Qualitative data are obtained using different forms like documents, interview transcripts; notes kept during observations and recorded in diaries. Whereas, Quantitative Research verifies the data and derives the results from the sample population selected.
Further, the methods used to collect Data for Market Research are primarily:
- Interviews
- Questionnaires and surveys
- Observation
- Documents
- Focus groups
Secondary and primary research
Lots of data can be collected by data collection companies. Hiring them depends on your requirements.
Secondary research involves data collection from company records, publications, government notifications, and websites of competitors.
The market research process consists of these steps:
Step 1 – know the objective of the research
Step 2 – have an overall research plan
Step 3 – Collection of data
Step 4 – analysis of data
Step 5 – publish the findings
Step 6 – make informed decisions based on findings
Once you have established the objectives of market research, your researchers will select the methods to be used for data collection. A lot depends on the fact whether the primary data is available or it has to be collected. This will also decide on the amount of money and resources that will be spent for the purpose. There may be a survey on opinions and feelings. There may be exploratory research that requires a limited number of respondents. The timeline for research has to be established.
Primary data includes questionnaires and surveys. Secondary research is faster and easier and it is less expensive too.
Secondary data collection can involve browsing the internet and typing important keywords. Primary data collection takes time. In this process, it takes time to contact people and get their responses. Many companies avoid primary research because it is time-consuming and costlier.
