- Library of Congress
- Research Guides
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Doing Consumer Research: A Resource Guide
Primary market research.
- Introduction
- Generations
- Books and Journals
- Government Data Sources
- Subscription Sources
- Internet Sources
- Using the Library of Congress
Most of the resources in this guide focus on published surveys and studies, also known as secondary sources. The data available may not cover a particular demographic or niche industry so companies or researchers will often need to conduct their own surveys and focus groups to get feedback from their specific market for an existing or potential product or service. The resources on this page offer guidance on best practices for conducting this primary market research.
- Marketing Research Glossary, Insights Association External The Insights Association, a market research and business intelligence advocacy group, has compiled an A-Z glossary of terms with short definitions.
The following titles link to fuller bibliographic information in the Library of Congress Online Catalog . Links to additional online content are included when available.
Directories
Use directories to find market research companies.
- Quirk's Media External Use the SourceBook to search over 6,000 market research companies based on services, geography, or industries. Quirk's also has articles, links to market research associations and data on the market research industry.
- GreenBook Directory External Discover top market research firms, facilities, consultants, tools, resources, and case studies. GreenBook was founded in 1962 as a membership directory of the American Marketing Association’s New York chapter.
Market Research Associations
- Association for Consumer Research External Formed by a group of consumer behavior researchers, their mission is to facilitate the growth and advancement of the field of consumer research. On their website, access their conference proceedings and the Journal of the Association for Consumer Research.
- Insights Association External Insights Association has a number of resources including articles, best practices, a marketing research glossary, and IA Code of Standards and Ethics for Marketing Research and Data Analytics External
- Qualitative Research Consultants Association External Through their website, learn about qualitative research, use the QualBook directory to find a qualitative consultant, and read articles about topics in qualitative research from their blog and magazine.
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- Next: Using the Library of Congress >>
- Last Updated: Jul 3, 2024 11:51 AM
- URL: https://guides.loc.gov/consumer-research
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A Guide to Primary Market Research: What Is It, and Why Is It Important?
Conducting primary market research can help you get customer insights right from the source. Here's all you need to know about it.
Aishwarya N K
June 28, 2023
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In this Article
In the ever-evolving world of business, understanding the intricacies of your target audience is paramount. It's not enough to skim the surface; you need to dive deep and discover the hidden insights that can propel your business to new heights. Welcome to the realm of primary market research, where data becomes your ally and insights become the catalyst for success.
What is primary market research?
Primary market research refers to the process of gathering first-hand information directly from the source. It involves collecting fresh data specifically for your research objectives, rather than relying on existing data or secondary sources. The primary research methods can vary, including surveys, interviews, observations, experiments, and focus groups.
The purpose of primary market research is to gain a deep understanding of your target audience, their preferences, opinions, behaviors, and needs. It allows you to gather specific and relevant data that is tailored to your business or research goals. By engaging directly with your target audience, you can uncover valuable insights that provide a solid foundation for informed decision-making, product development, marketing strategies, and overall business success.
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One example of a brand that used primary market research to improve its offerings is LEGO. In one study, they discovered that only nine percent of their users were female. To address this, LEGO first embarked on a comprehensive market research effort, studying the play habits of 3,500 girls and their mothers over a four-year period. The research findings guided LEGO in developing a new product line called "Friends," featuring vibrant and diverse colors, appealing packaging, and modified figures with accessories like hairbrushes and purses.
Since the launch of Lego Friends in 2012, Lego's market share among girls has significantly increased, and the introduction of the line is also credited with tripling the sales of girls' construction toys in the U.S. and major European countries. The success of Lego's primary market research and subsequent product development demonstrates the value of understanding and catering to the specific needs and preferences of target audiences.
Why is primary market research important?
Tailored insights.
Primary research allows researchers to gather data directly from the target audience, providing unique and customized insights specific to their research objectives. It enables a deeper understanding of consumer preferences, behaviors, needs, and opinions. For example, a clothing retailer conducting primary research may conduct focus groups and interviews with their target customers to understand their preferences in terms of styles, colors, and pricing, allowing them to tailor their product offerings accordingly.
Current and relevant data
Primary research captures real-time data, reflecting the current market conditions and consumer dynamics. It ensures that the findings are up-to-date and align with the latest trends and changes in consumer behavior. For instance, a technology company conducting primary research may conduct surveys or interviews regularly to gather insights on the latest trends and preferences in smartphone features, ensuring that their product development aligns with the ever-evolving consumer demands.
Accuracy and reliability
Since primary research involves collecting data directly from the source, it is generally considered more accurate and reliable. Researchers have control over the data collection process, ensuring that it aligns with their research objectives and quality standards. For example, a healthcare organization conducting primary research may conduct clinical trials or surveys to gather firsthand data on the effectiveness and side effects of a new medication, ensuring accurate information for regulatory approvals and patient safety.
Specific research objectives
Primary research allows researchers to address specific research questions and objectives. They can design surveys, interviews, or experiments tailored to their needs, ensuring that the collected data provides insights directly relevant to their study. For instance, a market researcher investigating consumer buying behavior may design a survey specifically tailored to understand the factors influencing purchase decisions, such as price, product quality, or brand reputation, providing precise insights directly relevant to their study.
Unique and unexplored insights
Primary research can uncover new insights and untapped areas of research. It allows researchers to explore uncharted territories, discover emerging trends, and gain a competitive edge by identifying opportunities not previously explored by secondary research. For example, a food manufacturer conducting primary research may conduct taste tests and surveys to explore consumers' preferences for innovative flavors, enabling them to develop unique products that stand out in the market and cater to changing consumer tastes.
Decision-making support
Primary research provides a solid foundation for decision-making. The insights gained from primary research can inform strategic planning, product development, marketing strategies, and other key business decisions. It helps organizations make informed choices based on concrete data and understanding of their target audience.
Competitive advantage
By conducting primary research, organizations can gain a competitive advantage by understanding their customers better than their competitors. It enables them to develop targeted products, services, and marketing campaigns that resonate with the specific needs and preferences of their target audience. For example, a hospitality chain conducting primary research may conduct guest satisfaction surveys to identify areas for improvement and provide a superior customer experience, giving them an edge over their rivals in terms of customer loyalty and positive reviews.
Innovation and product development
Primary research plays a crucial role in innovation and product development. By gathering direct feedback from consumers, researchers can identify areas for improvement, uncover unmet needs, and generate ideas for new products or services that meet customer demands. For example, a cosmetics company conducting primary research may organize focus groups and online communities to gather feedback on existing products and understand customers' skincare concerns and preferences. This insight can help the company develop new formulations, identify gaps in the market, and create innovative beauty products that address specific customer needs and trends.
Market validation
Primary research helps validate and complement findings from secondary research. It allows researchers to confirm or challenge existing theories, hypotheses, or market assumptions. It provides a firsthand perspective that adds depth and credibility to the overall research findings. For instance, a market researcher studying consumer preferences for eco-friendly products may conduct surveys to verify the demand and willingness to pay for sustainable alternatives, supporting or challenging the existing market assumptions and guiding business strategies.
Long-term strategic insights
Primary research can provide long-term strategic insights by establishing ongoing relationships with the target audience. Researchers can conduct longitudinal studies, track changes in consumer behavior over time, and adapt strategies accordingly. For example, a bank conducting primary research may conduct annual customer satisfaction surveys to track changes in customer needs and expectations over time, enabling them to adjust their services and offerings to maintain customer loyalty and competitiveness in the long run.
Pricing and revenue optimization
Primary market research is important for pricing and revenue optimization strategies. It allows businesses to gather direct insights from their target audience regarding their pricing preferences, perceptions of value, and willingness to pay. This data helps organizations optimize their pricing structure, set competitive prices, and maximize revenue by aligning their offerings with customer expectations. For instance, a software company conducting primary research may conduct price sensitivity surveys and conjoint analysis to understand how customers perceive the value of different pricing tiers and features. This data can help the company optimize their pricing structure, maximize revenue, and identify opportunities for upselling or cross-selling.
Customer service improvements
Primary market research enables organizations to gather feedback directly from customers to identify areas for improvement in their customer service processes. By conducting surveys, interviews, or focus groups, businesses can understand customer satisfaction levels, pain points, and expectations. This data allows them to make informed decisions on enhancing customer service, streamlining support channels, improving response times, and developing training programs to deliver a superior customer experience. For example, a telecommunications provider conducting primary research may conduct customer satisfaction surveys and in-depth interviews to identify pain points in their customer service processes. This information can help them improve response times, streamline support channels, and develop training programs for their customer service representatives, resulting in a better overall customer experience and increased customer loyalty.
What are the pros and cons of primary market research?
Pros of primary market research:, customized and relevant data.
Primary research allows researchers to collect data specifically tailored to their research objectives and target audience. This customized approach ensures that the data collected is directly relevant to the research questions and provides specific insights.
Control over data collection
With primary research, researchers have control over the data collection process, including the choice of research methods, survey design, sample selection, and data collection techniques. This control helps maintain data quality and reliability.
Real-time and current insights
Primary research captures data in real-time, providing up-to-date insights into consumer behavior, market trends, and preferences. This current information enables researchers and businesses to make informed decisions based on the latest data.
Greater depth and detail
Primary research allows researchers to delve deeper into the subject matter, uncovering nuances and obtaining more detailed information. It provides a comprehensive understanding of consumer behaviors, motivations, and preferences.
Uncovering new insights
Primary research can uncover new insights that may not be available through secondary research. It allows researchers to explore uncharted areas, discover emerging trends, and generate unique findings that can lead to innovation and competitive advantage.
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Cons of Primary Market Research:
Time-consuming and costly.
Primary research can be time-consuming and expensive compared to secondary research. It requires resources for designing research instruments, data collection, data analysis, and report generation. The costs associated with primary research can be a significant constraint, especially for small businesses or research projects with limited budgets.
Potential sampling bias
The accuracy and reliability of primary research findings can be influenced by sampling bias. If the sample selected for data collection is not representative of the target population, it can lead to skewed results and affect the generalizability of the findings.
Limited scope and sample size
Primary research typically involves a smaller sample size compared to secondary research, which may limit the generalizability of the findings. The data collected may not represent the entire population or market, and researchers need to carefully consider the sample's representativeness.
Data collection challenges
Primary research may face challenges during data collection, such as low response rates, participant bias, or difficulties in recruiting participants. These challenges can impact the quality and reliability of the collected data.
Researcher bias and influence
Researchers conducting primary research may introduce bias consciously or unconsciously. Biases can arise from question wording, interviewers' behavior, or researcher interpretations, potentially influencing the findings and compromising objectivity.
Limited historical data
Unlike secondary research, which can analyze historical data, primary research primarily focuses on current information. This limitation restricts the ability to study long-term trends or make historical comparisons.
Ethical considerations
Primary research involves interacting directly with participants, and ethical considerations, such as informed consent, privacy, and confidentiality, need to be carefully addressed to protect participants' rights and ensure ethical research practices.
Ways to do primary market research
Surveys are a popular method for collecting data from consumers. They involve structured questionnaires that can be administered through online platforms, email, or in-person interviews. Surveys allow researchers to gather quantitative data on consumer preferences, behaviors, satisfaction levels, and demographic information. They can be used to measure brand awareness, gather feedback on products or services, or assess consumer attitudes towards specific topics.
Interviews provide an opportunity for in-depth conversations with consumers. They can be conducted in-person, over the phone, or through video calls. Interviews allow researchers to explore consumer motivations, perceptions, and experiences in more detail. This method is particularly useful for qualitative research, where open-ended questions can elicit rich insights and uncover underlying factors that drive consumer behavior.
Focus groups
Focus groups bring together a small group of consumers (typically 6-10) to discuss specific topics under the guidance of a moderator. This method encourages group interaction, allowing participants to share their opinions, ideas, and experiences. Focus groups can provide deeper insights into consumer preferences, attitudes, and perceptions. They are often used to explore new product concepts, evaluate advertising campaigns, or test reactions to prototypes.
Observational research
Observational research involves directly observing and documenting consumer behavior in real-world settings. This method allows researchers to study consumers in their natural environments, such as retail stores, websites, or public spaces. Observations can be done discreetly or with the participant's knowledge, depending on the research goals. This approach provides valuable insights into actual consumer behaviors, decision-making processes, and interactions with products or services.
Online communities and social media listening
Online communities and social media platforms offer opportunities for consumer research. Online communities allow researchers to engage with consumers in a virtual space, where they can share opinions, participate in discussions, and provide feedback on specific topics. Social media listening involves monitoring and analyzing conversations happening on social media platforms. By tapping into online communities and social media, researchers can gather real-time insights, track consumer sentiment, and identify emerging trends.
Experiments and A/B testing
Experiments involve manipulating variables to test hypotheses and measure the impact on consumer behavior. A/B testing, also known as split testing, is a method where two or more versions of a product, advertisement, or website are presented to different groups of consumers to determine which performs better. Experiments and A/B testing provide quantitative data and help researchers understand cause-and-effect relationships, optimize designs, and evaluate the effectiveness of marketing strategies.
Product testing
Product testing is a method of primary research where consumers are given the opportunity to try out new products and provide feedback on their performance, features, and preferences. It is a valuable approach for consumer research companies to gather insights on product usability, functionality, desirability, and overall satisfaction. It typically involves selecting a group of participants who represent the target market for the product. These participants are provided with the product, often before its official launch, and are instructed to use it in their daily lives or according to specific usage scenarios. They may be asked to provide feedback through surveys, interviews, or online platforms, sharing their experiences, likes, dislikes, and suggestions for improvement.
In conclusion
By leveraging primary research effectively, consumer research companies can unlock the secrets of their target audience, develop products and services that resonate with customers, and create exceptional customer experiences. With the help of tools like Decode, you can conduct primary research even more efficiently, thanks to our qual and quant research methods help you collect consumer insights directly from the source, with a pool of 60 million respondents to choose from.
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Aishwarya tries to be a meticulous writer who dots her i’s and crosses her t’s. She brings the same diligence while curating the best restaurants in Bangalore. When she is not dreaming about her next scuba dive, she can be found evangelizing the Lord of the Rings to everyone in earshot.
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A Guide to Minimum Viable Product (MVP) in UX: Definition, Strategies, and Examples
Discover what an MVP is, why it's crucial in UX, strategies for creating one, and real-world examples from top companies like Dropbox and Airbnb.
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Asking Close Ended Questions: A Guide
Asking the right close ended questions is they key to getting quantitiative data from your users. Her's how you should do it.
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Creating Website Mockups: Your Ultimate Guide to Effective Design
Read this blog to learn website mockups- tools, examples and how to create an impactful website design.
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Understanding Your Target Market And Its Importance In Consumer Research
Read this blog to learn about the importance of creating products and services to suit the needs of your target audience.
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What Is a Go-To-Market Strategy And How to Create One?
Check out this blog to learn how a go-to-market strategy helps businesses enter markets smoothly, attract more customers, and stand out from competitors.
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What is Confirmation Bias in Consumer Research?
Learn how confirmation bias affects consumer research, its types, impacts, and practical tips to avoid it for more accurate and reliable insights.
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Market Penetration: The Key to Business Success
Understanding market penetration is key to cracking the code to sustained business growth and competitive advantage in any industry. Here's all you need to know about it.
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How to Create an Effective User Interface
Having a simple, clear user interface helps your users find what they really want, improving the user experience. Here's how you can achieve it.
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Product Differentiation and What It Means for Your Business
Discover how product differentiation helps businesses stand out with unique features, innovative designs, and exceptional customer experiences.
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What is Ethnographic Research? Definition, Types & Examples
Read this blog to understand Ethnographic research, its relevance in today’s business landscape and how you can leverage it for your business.
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Product Roadmap: The 2024 Guide [with Examples]
Read this blog to understand how a product roadmap can align stakeholders by providing a clear product development and delivery plan.
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Product Market Fit: Making Your Products Stand Out in a Crowded Market
Delve into the concept of product-market fit, explore its significance, and equip yourself with practical insights to achieve it effectively.
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Consumer Behavior in Online Shopping: A Comprehensive Guide
Ever wondered how online shopping behavior can influence successful business decisions? Read on to learn more.
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How to Conduct a First Click Test?
Why are users leaving your site so fast? Learn how First Click Testing can help. Discover quick fixes for frustration and boost engagement.
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What is Market Intelligence? Methods, Types, and Examples
Read the blog to understand how marketing intelligence helps you understand consumer behavior and market trends to inform strategic decision-making.
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What is a Longitudinal Study? Definition, Types, and Examples
Is your long-term research strategy unclear? Learn how longitudinal studies decode complexity. Read on for insights.
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What Is the Impact of Customer Churn on Your Business?
Understanding and reducing customer churn is the key to building a healthy business that keeps customers satisfied. Here's all you need to know about it.
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The Ultimate Design Thinking Guide
Discover the power of design thinking in UX design for your business. Learn the process and key principles in our comprehensive guide.
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100+ Yes Or No Survey Questions Examples
Yes or no survey questions simplify responses, aiding efficiency, clarity, standardization, quantifiability, and binary decision-making. Read some examples!
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What is Customer Segmentation? The ULTIMATE Guide
Explore how customer segmentation targets diverse consumer groups by tailoring products, marketing, and experiences to their preferred needs.
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Crafting User-Centric Websites Through Responsive Web Design
Find yourself reaching for your phone instead of a laptop for regular web browsing? Read on to find out what that means & how you can leverage it for business.
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How Does Product Placement Work? Examples and Benefits
Read the blog to understand how product placement helps advertisers seek subtle and integrated ways to promote their products within entertainment content.
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The Importance of Reputation Management, and How it Can Make or Break Your Brand
A good reputation management strategy is crucial for any brand that wants to keep its customers loyal. Here's how brands can focus on it.
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A Comprehensive Guide to Human-Centered Design
Are you putting the human element at the center of your design process? Read this blog to understand why brands must do so.
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How to Leverage Customer Insights to Grow Your Business
Genuine insights are becoming increasingly difficult to collect. Read on to understand the challenges and what the future holds for customer insights.
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The Complete Guide to Behavioral Segmentation
Struggling to reach your target audience effectively? Discover how behavioral segmentation can transform your marketing approach. Read more in our blog!
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Creating a Unique Brand Identity: How to Make Your Brand Stand Out
Creating a great brand identity goes beyond creating a memorable logo - it's all about creating a consistent and unique brand experience for your cosnumers. Here's everything you need to know about building one.
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Understanding the Product Life Cycle: A Comprehensive Guide
Understanding the product life cycle, or the stages a product goes through from its launch to its sunset can help you understand how to market it at every stage to create the most optimal marketing strategies.
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Empathy vs. Sympathy in UX Research
Are you conducting UX research and seeking guidance on conducting user interviews with empathy or sympathy? Keep reading to discover the best approach.
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What is Exploratory Research, and How To Conduct It?
Read this blog to understand how exploratory research can help you uncover new insights, patterns, and hypotheses in a subject area.
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First Impressions & Why They Matter in User Research
Ever wonder if first impressions matter in user research? The answer might surprise you. Read on to learn more!
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Cluster Sampling: Definition, Types & Examples
Read this blog to understand how cluster sampling tackles the challenge of efficiently collecting data from large, spread-out populations.
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Top Six Market Research Trends in 2024
Curious about where market research is headed? Read on to learn about the changes surrounding this field in 2024 and beyond.
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Lyssna Alternative
Meet Qatalyst, your best lyssna alternative to usability testing, to create a solution for all your user research needs.
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What is Feedback Loop? Definition, Importance, Types, and Best Practices
Struggling to connect with your customers? Read the blog to learn how feedback loops can solve your problem!
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UI vs. UX Design: What’s The Difference?
Learn how UI solves the problem of creating an intuitive and visually appealing interface and how UX addresses broader issues related to user satisfaction and overall experience with the product or service.
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The Impact of Conversion Rate Optimization on Your Business
Understanding conversion rate optimization can help you boost your online business. Read more to learn all about it.
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Insurance Questionnaire: Tips, Questions and Significance
Leverage this pre-built customizable questionnaire template for insurance to get deep insights from your audience.
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UX Research Plan Template
Read on to understand why you need a UX Research Plan and how you can use a fully customizable template to get deep insights from your users!
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Brand Experience: What it Means & Why It Matters
Have you ever wondered how users navigate the travel industry for your research insights? Read on to understand user experience in the travel sector.
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Validity in Research: Definitions, Types, Significance, and Its Relationship with Reliability
Is validity ensured in your research process? Read more to explore the importance and types of validity in research.
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The Role of UI Designers in Creating Delightful User Interfaces
UI designers help to create aesthetic and functional experiences for users. Here's all you need to know about them.
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Top Usability Testing Tools to Try in 2024
Using usability testing tools can help you understand user preferences and behaviors and ultimately, build a better digital product. Here are the top tools you should be aware of.
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Understanding User Experience in Travel Market Research
Ever wondered how users navigate the travel industry for your research insights? Read on to understand user experience in the travel sector.
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Top 10 Customer Feedback Tools You’d Want to Try
Explore the top 10 customer feedback tools for analyzing feedback, empowering businesses to enhance customer experience.
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10 Best UX Communities on LinkedIn & Slack for Networking & Collaboration
Discover the significance of online communities in UX, the benefits of joining communities on LinkedIn and Slack, and insights into UX career advancement.
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The Role of Customer Experience Manager in Consumer Research
This blog explores the role of Customer Experience Managers, their skills, their comparison with CRMs, their key metrics, and why they should use a consumer research platform.
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Product Review Template
Learn how to conduct a product review and get insights with this template on the Qatalyst platform.
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What Is the Role of a Product Designer in UX?
Product designers help to create user-centric digital experiences that cater to users' needs and preferences. Here's what you need to know about them.
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Top 10 Customer Journey Mapping Tools For Market Research in 2024
Explore the top 10 tools in 2024 to understand customer journeys while conducting market research.
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Generative AI and its Use in Consumer Research
Ever wondered how Generative AI fits in within the research space? Read on to find its potential in the consumer research industry.
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All You Need to Know About Interval Data: Examples, Variables, & Analysis
Understand how interval data provides precise numerical measurements, enabling quantitative analysis and statistical comparison in research.
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How to Use Narrative Analysis in Research
Find the advantages of using narrative analysis and how this method can help you enrich your research insights.
A Guide to Asking the Right Focus Group Questions
Moderated discussions with multiple participants to gather diverse opinions on a topic.
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From Idea to Impact: Demystifying the Process of New Product Development
What are the stages to be undertaken during a new product development? Read all about it here.
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How to Conduct Agile UX Research?
Navigating the Agile landscape: A comprehensive guide to conducting Agile UX Research with AI-powered research platforms
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How Chief Product Officers Leverage User Research for Business Success
Understand the changing role of Chief Product Officers and how they should respond to evolving customer needs with user research.
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Top 10 Tree Testing Tools in 2024
This blog will help you pick the best tree testing tool for you that can be utilized to identify usability issues in the website or app navigation.
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Top 10 UX Design Trends in 2024
What are some of the top UX design trends that will be at the forefront in 2024? Read on to find out.
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From Vision to Execution: The Essential Role of Brand Strategists in Building Strong Brands
Brand strategists help to shape the identity, perception, and market positioning of a brand. Here’s everything you need to know about them.
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Conducting a Descriptive Research Design for Consumer Research
Discover the advantages of descriptive market research and why you should implement it to create an impact within your industry domain.
Maximize Your Research Potential
Experience why teams worldwide trust our Consumer & User Research solutions.
Book a Demo
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- Enhancing Primary Market Research through Artificial Intelligence
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Primary market research (PMR) is the foundation of commercial decision-making for the life sciences industry. With evolving technology, access to big data and ongoing digital transformation, there is constant demand in life sciences for targeted, faster, and more holistic research. As the need for more frequent and targeted insights has grown, PMR may be ripe for innovative approaches that can help meet these growing demands. Learn how the adoption of artificial intelligence and machine learning (AI/ML) as part of the PMR process has the potential to make a significant impact, bringing greater precision and speed to the process.
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Primary Market Research: Examples, Methods, Companies, and Benefits
In the ever-evolving landscape of business, staying ahead requires an in-depth understanding of consumer needs, market trends, and potential opportunities. This is where primary market research emerges as a crucial tool, offering unparalleled insights directly from the source – the consumers. Let’s embark on a journey to unravel the intricacies of primary market research, exploring its methods, applications, and the invaluable role it plays in shaping successful business strategies.
Primary market research is a cornerstone in understanding consumer behavior and shaping successful business strategies. It involves employing various methods such as surveys, interviews, and focus groups to gather firsthand insights. Reputable primary research companies like Research Optimus specialize in providing customized support tailored to specific business needs.
Understanding Primary Market Research: Unveiling the Basics
Defining primary market research:.
At its core, primary market research is a tailored research technique designed to extract data directly from the sources or potential customers of a company. Unlike secondary research, which relies on existing data, primary research involves methods such as surveys, interviews, focus groups, and observational research to collect firsthand information.
Why Choose Primary Research?
The allure of primary research lies in its ability to offer highly customized and specific information. It allows businesses to delve deep into specific areas, evaluating both existing and potential products and services. By addressing targeted problem areas, primary research provides a nuanced understanding of consumer behaviors, preferences, and pain points.
Exploring Primary Research Tools and Examples
Primary market research tools encompass surveys, interviews, focus groups, and observational research. Examples of primary data in marketing research include consumer feedback, preferences, and behavior. Companies often conduct primary research to validate product ideas, understand customer pain points, and identify potential areas for expansion.
Distinguishing Primary and Secondary Research
In marketing research, distinguishing between primary and secondary sources is essential. Primary research involves collecting original data directly from sources, while secondary research leverages existing data. Both are crucial for comprehensive market analysis.
Examples of Primary Market Research: Unveiling Insights for Success
Primary market research is a dynamic and versatile approach to gather firsthand information directly from the source – the consumers. Let’s delve into some real-world examples to understand how businesses leverage various methods of primary market research to make informed decisions and drive success.
1. Market Survey for Event Improvement:
Business Case – Council in Scotland
A council in Dundee City, Scotland, regularly organizes events on travel, education, healthcare, and more. They faced a challenge due to inconsistent data collected from different events, leading to difficulties in understanding the impact of each event. To streamline improvements, they hired a market research company to design a survey. This survey aimed to gather consistent data, providing trustworthy outcomes. The results helped the council create a benchmark for economic data, facilitating a clearer understanding of areas for focus and improvement.
2. Focus Group Research for Product Development:
Business Case – IT Organization
An organization in the technology sector wanted to understand customer preferences for the dimensions of their upcoming laptop model. To achieve this, they conducted a focus group research study. The organization selected eight participants representing their target market and employed a mediator to supervise discussions. By exploring questions about customer preferences, features influencing their laptop purchase decisions, and market trends, the organization gained deep insights. This information guided them in refining their new laptop model to align with customer expectations.
3. Inter-Departmental Quantitative Interviews for Strategic Decisions:
Business Case – IT Company
A renowned IT company conducted quantitative interview research on Polish companies to evaluate the usage of the latest IT technologies. This involved interviewing 150 respondents across various departments in Polish companies. The results of these interviews empowered the company to make key business decisions regarding its IT infrastructure and market sectors. This example highlights how in-depth interviews can provide comprehensive data for strategic planning and decision-making.
4. Field Research to Analyze Consumer Behavior:
Business Case – FMCG Company
An FMCG company from the United States conducted field research to analyze consumer preferences for oysters. The study focused on factors such as brand, manufacturing location, and production method (aquaculture vs. wild-caught). Using dichotomous questions, the research revealed significant differences in behavior between regular and first-time oyster consumers. The insights enabled the company to choose the production method based on consumer preferences.
5. Observational Research for Product Usability:
Business Case – Electronics Company
A company specializing in digital cameras conducted observational research to understand the intuitive use of their products. Participants were given a test camera with a mix of common and unique features. The study revealed that participants with previous knowledge of similar features used them more intuitively. This observation guided the company in enhancing user experience and refining its product features.
Conclusion: Harnessing the Power of Primary Market Research
These examples showcase the versatility and effectiveness of primary market research across various industries. From surveys and focus groups to interviews, field research, and observational studies, businesses utilize these methods to gain valuable insights. By embracing primary market research, companies can uncover hidden opportunities, address consumer needs, and make strategic decisions that drive success in a competitive marketplace.
![case study on primary market](https://arensic.com/wp-content/uploads/2024/02/image-9.jpeg)
Methods and Techniques of Primary Market Research
1. Surveys: Surveys stand as a cornerstone in primary market research. Ranging from compact feedback forms to extensive web surveys, they provide quantitative data and are effective when examining specific aspects. Identifying the correct target group, choosing an expert to tailor the survey, and keeping it short and simple are key steps in conducting impactful surveys.
2. In-person Interviews: Engaging in face-to-face interviews yields effective results, especially when dealing with sensitive matters. It provides an opportunity to gather data in a more personalized manner, capturing nuances that might be missed in other methods.
3. Focus Groups: Targeted on specific demographics, focus groups delve into qualitative research. They provide quick and seamless data collection, allowing businesses to gain in-depth insights into the results derived from broader studies.
4. Field Research and Experiment: Experiments conducted in natural settings, also known as field trials, are quantitative research techniques. They allow businesses to observe and communicate with people in uncontrolled environments, providing valuable insights into consumer behavior.
5. Observational Research: Observational research involves studying phenomena in their natural environment, providing an unfiltered view of consumer behavior. It’s particularly useful in understanding actual feedback regarding product usage and consumer perceptions.
![case study on primary market](https://arensic.com/wp-content/uploads/2024/02/image-8.jpeg)
Real-world Applications: Showcasing the Impact of Primary Research
Examining real-world cases reinforces the impact of primary market research. For instance, a council in Scotland streamlined event improvements through market surveys, while an IT company conducted quantitative interviews to evaluate the usage of the latest IT technologies.
Empowering Your Business with Research Optimus
The Role of Research Optimus: Enter Research Optimus, a seasoned player with a decade of expertise in primary market research. Specializing in delivering customized support tailored to unique business needs, Research Optimus empowers businesses to unlock the full potential of primary research.
Conclusion: Leveraging Primary Market Research for Success
In the dynamic world of business, where informed decision-making is paramount, primary market research emerges as a guiding light. By employing diverse methods and leveraging the expertise of Research Optimus, businesses can navigate the intricate landscape, gaining invaluable insights that pave the way for growth, innovation, and lasting success
Primary market research is a dynamic process that involves employing various methods to gather firsthand insights directly from the target audience. Research Optimus stands out as a reliable partner, offering specialized support to businesses seeking to harness the full potential of primary research for strategic decision-making.
Unlock Your Global Potential with Arensic
In a world of global possibilities, Arensic empowers you to make a lasting impact. As an international market research and consulting firm, we provide comprehensive solutions to drive informed decisions and foster sustainable growth on a global scale.
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Types of Market Research: A Deep Dive into Types of Marketing Research
How to Do Market Research: The Complete Guide
Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.
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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.
What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.
Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.
In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.
What is market research?
The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.
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Why is market research important?
By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:
- Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
- Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
- Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
- Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
- Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
- Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete.
As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.
Types of market research
- Qualitative research
- Quantitative research
- Exploratory research
- Descriptive research
- Causal research
- Cross-sectional research
- Longitudinal research
Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:
1. Qualitative research
Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.
2. Quantitative research
Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.
3. Exploratory research
Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.
4. Descriptive research
As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research.
5. Causal research
Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.
6. Cross-sectional research
Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.
7. Longitudinal research
Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.
Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.
Primary vs. secondary market research
Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.
Primary market research
Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:
- Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
- Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
- Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.
Secondary market research
Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.
![case study on primary market Build your project graphic](https://about.crunchbase.com/wp-content/uploads/2023/10/Build-your-Product.png)
Here are the main characteristics of secondary market research:
- Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant.
- Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
- Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment.
So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.
One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment.
Market research methods
- Surveys and questionnaires
- Focus groups
- Observational research
- Online research tools
- Experiments
- Content analysis
- Ethnographic research
How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data:
1. Surveys and questionnaires
Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.
2. Interviews
Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback.
3. Focus groups
The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.
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4. Observational research
Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.
5. Online research tools
You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.
6. Experiments
Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.
7. Content analysis
Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.
8. Ethnographic research
Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.
How to do market research
- Set clear objectives
- Identify your target audience
- Choose your research methods
- Use the right market research tools
- Collect data
- Analyze data
- Interpret your findings
- Identify opportunities and challenges
- Make informed business decisions
- Monitor and adapt
Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.
1. Set clear objectives
When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign?
Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process.
You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.
2. Identify your target audience
Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.
The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.
If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.
3. Choose your research methods
Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective.
You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study.
4. Use the right market research tools
Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:
- Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.
![case study on primary market Market Research Graphic Crunchbase](https://about.crunchbase.com/wp-content/uploads/2023/10/Market-Research.png)
- Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
- Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
- Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
- Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.
5. Collect data
There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors.
6. Analyze data
Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.
If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.
![case study on primary market Enrich your database graphic](https://about.crunchbase.com/wp-content/uploads/2023/10/Enrich-Your-Database.png)
7. Interpret your findings
Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.
Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.
8. Identify opportunities and challenges
Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?
Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.
9. Make informed business decisions
Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.
At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research.
10. Monitor and adapt
Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.
Online market research sources
As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:
- Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.
![case study on primary market Product Image Advanced Search CRMConnected](https://about.crunchbase.com/wp-content/uploads/2023/10/Product-Image-Advanced-Search-CRMConnected.png)
- Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
- Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
- Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
- Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends.
Market research examples
At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.
Example 1: Apple’s iPhone launch
Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.
Example 2: McDonald’s global expansion
McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.
Example 3: Organic and sustainable farming
The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values.
The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.
Market research templates
You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:
- Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
- SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
- HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
- SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
- SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups.
Strengthen your business with market research
When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.
Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started.
Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.
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What is Primary Market?
![case study on primary market What is Primary Market?](https://www.smallcase.com/wp-content/uploads/2023/04/SEO_PrimaryMarket-1.png?x84842)
The primary market plays a crucial role in the world of finance by providing companies with a platform to raise capital through the issuance of securities. It is crucial for investors to understand the primary market to make informed investment decisions and capitalize on potential opportunities.
In this blog, consisting of an exploration of what primary market is, its various types of securities, and the process of issuing securities. Moreover, we will also discuss the role of regulatory bodies like SEBI, and the advantages and disadvantages of investing in the primary market. Let us now figure out the definition of primary market.
![case study on primary market case study on primary market](https://www.smallcase.com/wp-content/uploads/2024/01/Investment-Score.png?x84842)
Meaning of Primary Market
The primary market is also known as new issues market, which refers to the market where securities, such as stocks, primary bonds, and debentures, are created and issued for the first time by companies or governments in order to raise capital. In finance we refer to the market where new securities are bought and sold for the first time as primary market.
In the primary market, companies or governments sell their securities directly to investors, who purchase them for the first time. The primary market plays an important role in the economy as it provides companies and governments with a way to raise funds, and investors with an opportunity to invest in new securities.
Primary Market Example
An example of a primary market transaction is when a company issues new shares o in an initial public offering (IPO). The shares are sold directly to the public, and the proceeds from the sale go to the company. This allows the company to raise capital to finance its operations, growth, or other corporate initiatives.
How Does Primary Market Work?
The primary market is a vital component of the financial system, facilitating the initial issuance and sale of new securities to investors. It plays a key role in providing essential capital for companies and governments seeking funds for purposes like expansion, research and development, or debt repayment.
In essence, the primary market functions as a conduit for transferring funds from investors to businesses, empowering them with the necessary capital for growth and success. This market is divided into two categories: the public market, where securities are offered to the general public through an initial public offering (IPO), and the private market, where securities are directly sold to institutional investors or high-net-worth individuals.
Functions of Primary Market
The primary market performs several important functions in the economy. Let’s learn about these functions of primary market in details. The following are few of the objectives of primary market:
Raising capital
The primary market is a vital source of capital for companies looking to expand their operations, invest in new projects, or pay off existing debt. By issuing new securities in the new issues market, companies can raise the funds they need to grow their businesses.
Price discovery
The new issues market helps to establish the fair market value of newly issued securities by setting the initial price through the IPO or other mechanisms. This process helps to ensure that investors are paying a fair price for the securities they are buying.
Facilitating the transfer of risk
In the primary market, the risk is transferred from the company to the investors who purchase the newly issued securities. This allows companies to reduce their financial risk and transfer it to investors who are willing to take on that risk in exchange for the potential for higher returns.
Providing investment opportunities
The new issues market offers a range of investment opportunities to investors, including equity shares, bonds, and other debt instruments. These securities can be purchased by individuals, institutional investors, and other market participants who are looking to diversify their portfolios and achieve their investment objectives.
Regulations of primary market
The primary market is regulated by government bodies such as the Securities and Exchange Board of India (SEBI) in India. These regulatory bodies are responsible for ensuring that securities issuances are conducted in a fair, transparent, and efficient manner. Furthermore, that investors are protected from fraud and other abuses.
![case study on primary market case study on primary market](https://www.smallcase.com/wp-content/uploads/2024/02/phone-hand-1.png?x84842)
Types of primary market instruments
The various types of securities issued in the primary market are:
Equity Shares
These are the most common type of new issues market security issued in the primary stock market. Equity shares represent ownership in a company and give shareholders voting rights and a share in profits.
Preference shares , conversely, provide shareholders with a fixed dividend payout and preference in receiving dividends over common equity shareholders.
These are a type of bond that a company issues to raise capital. Debentures pay a fixed interest rate and have a maturity date upon which the company repays the principal.To rate its debentures, a company appoints underwriters, as well.
These Bonds are similar to debentures but are issued by governments or corporations. Bonds pay interest to investors and have a fixed maturity date at which point the principal is repaid.
Right Issue
A rights fresh issue is when a company offers existing shareholders the right to purchase additional shares of stock at a discounted price.
An IPO is the first time a company issues equity shares to the public. Companies typically use an IPO to raise capital to expand their business.
An FPO is when a company issues additional equity shares to the public after an IPO. Companies use FPOs to raise additional capital for business expansion or to pay off debt.
Types of Primary Market Issuance
Upon securities issuance, investors can acquire them through various channels. There are five primary market issue types:
Public Issue
This common method involves a company offering securities to the public, typically through an Initial Public Offering (IPO). This allows companies to raise funds from the capital market, with the securities listed for trading on stock exchanges. The IPO process transforms a privately held company into a publicly-traded one, facilitating capital for expansion and debt repayment.
Private Placement
Companies can offer securities to a select group of investors, comprising both individuals and institutions. Private placements, which include bonds and stocks, are less regulated than IPOs, offering simplicity and cost-effectiveness. This method is suitable for start-ups or early-stage companies.
Preferential Issue
A quick method for capital infusion, preferential issues involve companies offering shares or convertible securities to a specific investor group. Shareholders with preference shares receive dividends before ordinary shareholders.
Qualified Institutional Placement (QIP
QIP is a private placement where listed companies issue securities to Qualified Institutional Buyers (QIBs). QIBs, possessing financial expertise, include entities like Foreign Institutional Investors, Mutual Funds, and Insurers. QIP processes are simpler and less time-consuming than preferential allotments.
Rights and Bonus Issues
In rights issues, existing investors can purchase additional securities at a predetermined price, enhancing their control without additional costs. Bonus issues involve the issuance of free shares to existing shareholders, though they do not introduce fresh capital.
Regulatory oversight, particularly by the Securities and Exchange Board of India, ensures due diligence and transparency in public issues, while private placements offer flexibility with reduced regulatory constraints. Each primary market issue type caters to different company needs, providing diverse options for capital mobilization.
Process of issuing securities in the primary market
The process of the issue of securities in the primary market involves several steps, including:
A. Preparation of Prospectus: A prospectus is a legal document that provides details about the securities being issued. Such as, the terms and conditions, risks, and financial information of the issuer. It is prepared by the company and filed with the securities regulator.
B. Appointment of lead managers and underwriters: The company appoints lead managers and underwriters to manage the issue. They help price the securities, market the issue to investors, and ensure regulatory compliance.
C. Pricing of securities: The lead managers and underwriters determine the price of the securities based on market demand and the issuer’s financial health. The price is set in consultation with the company and the regulatory authorities.
D. Allotment of securities: Once the price is set, investors can subscribe to the securities. The securities are allotted to investors based on their subscriptions and the availability of securities.
E. Listing on the stock exchange: After the allotment of securities, the securities are listed on the stock exchange for trading. This enables investors to buy and sell securities in the secondary market.
How Do Companies Raise Funds from Primary Market?
Companies raise funds from the primary market in various ways:
- Public Issue: Companies frequently raise funds by issuing securities to the public through an IPO, listing them on a stock exchange for trading.
- Rights Issue: Companies seeking more capital from existing shareholders can offer discounted shares through a Rights Issue.
- Preferential Allotment: A listed company can issue shares to specific individuals at a price unrelated to the market rate, termed preferential allotment. The company decides the basis of allotment without relying on mechanisms like pro-rata.
Role of SEBI in the Primary Market
SEBI (Securities and Exchange Board of India) is the regulatory authority that governs the securities market in India, including the new issue market. Its role in the primary market is crucial for ensuring the protection of investors’ interests and the maintenance of market integrity.
Here are the main roles of SEBI in the primary market:
A. Regulation and monitoring of securities issuances: SEBI regulates and monitors the process of issuing securities in the new issue market to ensure compliance with rules and regulation of new issues market. It examines the issuer’s prospectus, pricing, and allotment of securities, among other things.
B. Protection of investors’ interests: SEBI’s primary objective is to safeguard investors’ interests in the securities market. It ensures that issuers provide complete and accurate information to investors, and investors are protected from fraudulent practices and market manipulation.
C. Facilitating fair and transparent market practices: SEBI promotes fair and transparent practices in the securities market. It ensures that issuers disclose all relevant information to investors, and investors are treated equitably. SEBI also regulates the role of intermediaries such as lead managers, underwriters, and brokers in the new issues market.
Private Placement in Primary Market
In addition to initial public offerings (IPOs), companies can opt for alternative ways to introduce stocks to the market. Private placement targets major investors like hedge funds and banks, bypassing public availability. Meanwhile, preferential allotment provides select investors—typically hedge funds, banks, and mutual funds—with exclusive access to shares at a special price.
For those seeking debt capital, businesses and governments can issue new short- and long-term bonds in the primary market. These bonds come with coupon rates aligned with prevailing interest rates during issuance, potentially differing from rates on existing bonds.
Advantages and Disadvantages of Investing in the Primary Market
Here are some of the main advantages and disadvantages of investing in the new issue market.
Advantages of Primary Market
- Potential for higher returns: Investing in the primary market securities can provide the opportunity for possibly higher returns. This is compared to other investment options like fixed deposits or bonds.
- First access to securities: By investing in the new issue market, investors have the first opportunity to buy securities issued by companies. This can provide a competitive advantage over secondary market investors.
- Potential for capital appreciation: If the company performs well and its stock price increases, investors can benefit from capital appreciation, resulting in an increase in the value of their investment.
- Control over investment decisions: Investors have more control over their investment decisions in the new issues market. This is because they can choose which securities to invest in based on their own research and analysis.
Disadvantages of Primary Market
- High risk: Investing in the new issues marketcan be risky as there is no track record of the company’s performance, and there is a higher probability of the company failing.
- Lack of liquidity: Securities in the new issues market may have limited liquidity, making it difficult for investors to sell their holdings quickly.
- Limited information: Investors may have limited information about the company, its financial performance, and future prospects. This can make it difficult to make informed investment decisions.
- Possibility of overvaluation: There is a possibility that securities in the primary market may be overvalued, leading to the investor paying a higher price for the stock than its actual worth.
Example of Primary Market
Here is one of the many examples of primary market. Paytm, a digital payment and financial services company, exemplifies a primary market transaction through its recent Initial Public Offering (IPO) in November 2022. During the IPO, Paytm directly sold its shares to the public, marking the first time it did so. This move enabled Paytm to secure capital for expansion, providing investors with a chance to participate in the company’s financial growth.
Factors to consider while investing in the primary market
A. Company fundamentals: Before investing, it’s crucial to research and evaluates the company’s financial statements, management team, industry trends, and growth potential.
B. Valuation: Paying attention to the price at which the company is issuing its shares is important. An overpriced IPO or FPO may not be worth investing in.
C. Purpose of investment: Determine your investment goals and objectives, as well as your risk tolerance, before investing in the new issue.
D. Market conditions: Consider the overall market conditions, as well as any specific risks associated with the company or industry, before investing.
E. Underwriters and lead managers: Research the track record and reputation of the underwriters and lead managers associated with the company’s securities issuance.
Impact of Primary Market on the Economy
The primary market serves as companies’ and governments’ initial capital source, enabling them to fund new projects and expand. This capital injection fuels economic activity and fosters job creation, contributing to overall economic development.
In this market, there are various options like initial public offerings (IPOs) and private placements. IPOs are accessible to the general public, while private placements are limited to select investors. Investors need a deep understanding of each type’s unique characteristics to make informed investment decisions, as risk and return profiles may vary. Careful assessment of investment goals and risk tolerance is crucial.
![case study on primary market case study on primary market](https://www.smallcase.com/wp-content/uploads/2024/02/climb.png?x84842)
Difference between the primary market vs secondary market
The primary and secondary markets have a few key differences. The primary market is where new securities are issued for the first time. The issuing company receives the proceeds from their sale. The secondary market in India is where previously issued securities are bought and sold by investors. The proceeds from the sale go to the investors selling the securities, rather than the issuing company.
In other words, the new issues market is where the issuing company methods of raising capital by selling new securities. On the other hand, the secondary market is where investors trade previously issued securities among themselves.
Another key difference is that in the primary vs secondary market, the price of the securities is determined by the issuing company. Furthermore, based on factors such as market demand and the company’s valuation. In the secondary market, the price of the securities is determined by market forces of supply and demand. This is based on factors such as company performance, economic conditions, and investor sentiment.
To Wrap It Up…
The primary market offers a unique opportunity for investors to participate in the growth of promising companies. And it can also be an excellent platform for companies to showcase their potential and raise their profile.
However, investing in the primary market comes with its own set of risks, which investors should consider before investing. Therefore, it is essential to do thorough research, consult with experts, and seek professional advice to make informed investment decisions.
Moreover, if you are planning to invest in the share market , you can check out smallcase . It is a modern investment product that offers ready-made portfolios for you to invest in.
The primary market is where companies directly issue and sell new securities to investors. Consequently, serving as a vital platform for raising funds for expansion, debt repayment, or new projects.
The financial system relies heavily on the primary market, where corporations and governments generate funds by issuing new securities. This avenue enables them to fund new issues market operations, initiate projects, and explore growth opportunities.
Companies or governments release new securities in the Primary Market to raise funds. On the other hand, Secondary Market involves the buying and selling of previously issued securities among investors.
In the primary market, companies and governments raise funds by issuing new securities, which investors then purchase. The underwriting process establishes the initial prices of these securities, facilitating the transfer of funds from savers to borrowers.
In India, as in other markets, primary marketing transactions involve investors directly buying shares or bonds from a company. For companies in India aiming to go public and create a new issues marketfor shares, approval from the Securities and Exchange Board of India (SEBI), comparable to the U.S. SEC, is mandatory.
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Case Studies: Market Research
Commercial Strategy
Market Research
Payer Strategy/ Reimbusement Planning
Business Development
Competitive Intelligence
Portfolio Planning/ Indication Scans
1. Case Study
Demand modeling and scenario planning for a novel, mass-market cardiovascular agent, the problem.
- A small but highly-valued biopharma client sought to quantify the opportunity for a new hypercholesterolemia product across 6 patient segments and 3 physician specialties
- More specifically, they wanted to know which product attributes will drive share uptake vs. the market-leading statins and the classes in late-stage development (PCSK9i and CETPi)
What We Did
- Hypothesized most likely competitive sets to orient around strategically
- We conducted a quantitative conjoint study with n=300 physicians across 3 specialties; as well as 20 qualitative payer interviews
- Using this primary data, we created an annual revenue forecast capable of flexible scenario planning
Our Results and Insights
- Understand baseline patient segmentation
- The benefit of LDL lowering was shown to vary by drug class (statins vs. non-statins) – a critical, new insight
- Conjoint design recognized strong awareness of entrenched and pipeline competition
- Conjoint sensitivity analyses showed that outcomes data and LDL reduction had different upsides across segments
- Using this new insight, respondents were re-segmented, unlocking new insights about commercial strategy
- The net share difference between a downside and an upside profile was larger than initially thought; the drivers of this difference were used for commercial resource allocation
2. Case Study
Patient journey for an orphan disease state with multiple stakeholder touch points.
- A small public biotech company wished to increase their understanding of the patient experience for an orphan indication – including emotions and needs across the disease lifecycle
- In addition, they wished to identify sources of information patients use (pre- and post-diagnosis) and assess patients’ preferences for corporate resources
- Qualitative primary research with patients was conducted to elucidate emotions and motivations around disease burden, financial pressures, flow through the healthcare system, and relationships with health care providers
- Secondary research was conducted to quantify the market characteristics
- Results were used to inform future pre-commercial investment decisions
- Respondents were recruited to represent a fair balance across the spectrum
- Diagnosis was often delayed; the patient-physician relationship varied by specialty
- The emotional impact of patient symptoms were mapped
- Patient fear and uncertainty was due to HCP under-education, siloed treatment, and lack of effective options
- Mapped the financial burden across the patient lifecycle; identified high leverage areas for improvement
3. Case Study
Demand modeling for a novel rna technology in a mass market: using conjoint to inform partnership discussions.
A small, privately held clinical stage biotech sought to quantify the dynamics at play in a mass market cardiovascular indication in the US, with an emphasis on a recently launched franchise that they would be competing against with their RNA technology
Their goal was to inform a launch forecast, clinical development decisions, and help in partnership negotiations
- Designed and executed an Internet survey with academic and community cardiologists in the US
- Used conjoint to create a user-friendly “what-if” scenario modeling tool to forecast scenarios across various patient and physician segments in 2 and 3 and 4 product markets
- Uncovered the dynamics behind a key relationship between 2 product attributes that had previously been hidden, leading to a re-thinking of clinical development
- Identified key attributes at play; structured conjoint scheme to run parallel studies spanning 3 patient types
- Designed a concise conjoint grid spanning attributes and levels of highest competitive importance
- Modeled a series of 2, 3, and 4 product markets across various patient types, uncovering unexpected pockets of opportunity
- Conducted sensitivity analyses to uncover hidden relationships between product attributes across segments
- Integrated sensitivity analyses across patient segments in visually compelling ways
- Synthesized data into a series of actionable insights; uncovered the dynamics behind a key relationship between 2 attributes that had previously been hidden, leading to a re-thinking of clinical development
4. Case Study
Launch messaging and positioning for an orphan specialty product.
- A mid-sized pharma client wanted to evaluate quantitatively the impact of launch messaging and positioning for an orphan specialty product (messages spanned efficacy, safety, reimbursement, and enrollment)
- In addition, they wanted to ensure the messaging is complementary to the messaging for related products in their portfolio
- Quantitative market research study with high-volume prescribing physicians, nurses, and pharmacy directors
- Maxdiff methodology was chosen to collect the large amount of feedback needed with low respondent fatigue 23 messages across 5 categories were examined and a positioning statement was devised
- Motivation scores were first determined at the message category level across respondent segments
- Detailed quantitative feedback (what score and why) was collected for all messages
- Scores showed significant variation across segment, suggesting the need for segment-level positioning and messaging
- Feedback was integrated with existing messages (for other products) and customized by stakeholder segment
New launch messaging insights:
Messages in the “Convenience” category received the highest overall scores, with “Formulation” and
“Administration” messages receiving the lowestThe decision was made to position the drug based on convenience rather than efficacy or tolerability – a decision counter to the team’s initial hypothesis
Messages were tweaked for nurses and payers; a single positioning statement spoke to all
Launch beat internal forecasts and minimal cannibalization of the franchise was observed
5. Case Study
Reimbursement support services optimization for orphan specialty product portfolio.
- A mid-sized pharmaceutical client desired multi-year support to help define, implement, and market a suite of reimbursement support services for their portfolio of premium-priced orphan specialty products
- Support services included enrollment, financial/ reimbursement, patient education, and monthly lab monitoring
- Therapeutic area highly competitive with multiple competitive launches expected during the project timeframe
- 12 primary market research projects over a 3-year period across 4 stakeholder groups (physicians, nurses, payers, patients)
- Recommendations integrated findings across multiple channels (online, specialty distributor, and nurse visits)
- Helped increase compliance with treatment and lab monitoring
- Helped client maintain leadership position in highly competitive area
- Clarified landscape of needs and satisfaction levels with current offerings
- Optimized branding for portfolio of services to increase awareness and use
- Identified set of competitively differentiated service messages
- Recommended focusing lab monitoring services on top accounts with differentiated set of online offerings
- Determined mix of service outreach that would maximize convenience at low investment to client
- Quantified the impact of service changes on product switch rates; worked with client to devise tactics to minimize this
6. Case Study
Diagnostic strategy for novel oncology drug (focus on next-generation sequencing (ngs) vs. ihc).
- A mid size biotech company was developing a drug targeting a rare, pan-tumor cancer mutation and wanted a go-to-market diagnostic test strategy
- Specifically, they wanted to map the current usage and likely future adoption of different molecular diagnostic platforms (single analyte (IHC, ISH), NGS and liquid biopsy)
- They also wanted to quantify the impact of each of the future adoption scenarios on uptake of their agent, and who would need to be influenced for each
- Determined treatment flow and current use of molecular diagnostics platforms
- Conducted primary market research with broad array of US stakeholders (oncologists, pathologists, and payers across several clinic business models)
- Mapped the adoption rate of diagnostic platforms (single analyte, NGS, liquid biopsy) in academic vs commercial laboratories, and how each scenario would affect product uptake of their novel agent
- Delivered a comprehensive companion diagnostic strategy to support launch in a pan-tumor indication
- Mapped the patient flow and diagnostic test process across several clinic business models
- Determined the drivers and barriers for NGS adoption
- Hypothesized likely future use of NGS, liquid biopsy, and IHC
- Companion diagnostic strategy recommendation and alternatives
7. Case Study
Global oncology demand study and biomarker testing strategy for indication expansion.
- A large international pharmaceutical client wanted to measure and maximize demand for their novel targeted agent based on the completion of a Phase 3 global study in a new tumor type
- They wanted to estimate their product share by line of therapy, determine the source of business, develop a biomarker testing strategy and an attitudinal battery for customer typing. Their goal was to optimize how to position their product amidst a growing set of powerful competitors targeting overlapping biomarker profiles, including immunotherapy agents
Mixture of global quantitative and qualitative research, spanning 7 countries (US, Asia, EU) and more than 400 respondents
Quantitatively determined across geographies: current practice patterns, anticipated share by line of therapy, source of business, biomarker testing rate, full attitudinal battery, drivers and barriers, and a physician and patient segmentation for use in future promotional targeting and positioning
Results informed future resource investment allocation decisions as well as future messaging and positioning efforts
- Mapped the current 2nd line landscape, with pros and cons by treatment by geography
- Quantified the key determinants of treatment selection in each geography
- Quantified gain of share by patient segment, physician segment, line of therapy, and geography
- Synthesized attitudinal battery into a typing tool to identify likely early adopters and high prescribers
- Devised a strategic map of the competitive landscape, identifying key battleground areas by geography and how to win in each
- Results provided insight for future resource investment allocation decisions as well as future messaging and positioning research
8. Case Study
Patient journey in a therapeutic area spanning cash-pay and insurance-pay drugs.
- A newly-public clinical stage biotech client desired a detailed patient journey to map the important touchpoints in a market that is highly patient driven and a mix of cash-pay and insurance-pay
- Client wanted to understand the high-leverage touchpoints, clinical decision-makers, and a high-level buying process in order to guide future clinical and pre-commercial investment decisions
- Mapped the patient flow from symptoms to diagnosis to therapeutic treatment to surgery
- Devised a semiquantitative flowchart of treatments to understand sequencing
- Uncovered a novel mapping of patient segments and prioritized their relative value to client given their unique offering
- Put the patient flow and segmentation into a buying process context to understand the financial drivers
- Placed client’s product in the treatment algorithm to visualize potential future positioning options
- Crafted a set of actionable, pragmatic recommendations for the clinical development team as well as to inform future commercial investment decisions
- Combined primary and secondary data sources (qualitative market research with clinicians, payers and patients, scientific literature and payer literature) to triangulate on a semi-quantitative patient journey map
- Uncovered a complex flow that spanned several clinician types, several broad classes of competitors (devices and drugs, OTC and prescription), and 2 main reimbursement models (cash-pay and reimbursed)
- Identified opportunities to position client’s drug. Results served to inform future clinical and commercial investment decisions
9. Case Study
Launch demand study in niche hematology oncology indication.
- A small biotech client had recently completed Phase 3 study of their lead asset and was preparing to file for FDA approval in a niche hematology oncology indication
- The company sought to clarify patient segments, quantify expected treatment outcomes, assess physician reactions to the asset and the importance of its mechanism of action, and understand what drives physician decisions to taper dose
- Conducted 32 qualitative, in-depth KOL interviews and 150 quantitative on-line surveys with hemoncs, segmented by location of care
- Analysis included: patient segments and lines of therapy, treatments and response rates, likelihood to prescribe, and drug attribute importance by segment
- Final recommendations were pragmatic and helped guide launch investment allocation decisions
- Identified which physician segments expected to treat new patients in a year
- Assessed physician perceptions about their likelihood to prescribe the client’s therapy to different patient subpopulations
- Gained insights into duration of patient responses to different therapies
- Identified and ranked important drivers of decisions to taper
10. Case Study
Global quantitative study to optimize advertising concepts for wound care support services.
- A global leader in wound care wanted to assess three advertising concepts globally and determine which was most effective at communicating key messages related to service and support
- Concept needed to be effective across a variety of HCP types and across multiple geographies
Conducted quantitative research to determine best concept across 7 metrics across all geographies along with overall preference
Analyzed open-ended responses to identify most important areas for concept improvement
Identified country-level and segment level differences that informed more targeted campaigns; concept was considered a significant driver of future
- Presented 3 concepts to respondents across 3 segments (MDs, RNs, Administrators) and 8 countries
- Aggregated potential areas of improvement for each concept
- Overall segment level differences were meaningful and suggested need for closer scrutiny
- Identified preferred concept overall and across 7 key metrics and 5 respondent segments
- Identified best concept for each region and specialty as well as key overall areas for concept improvement; concept was considered a significant driver of future sales
11. Case Study
Franchise positioning and messaging: unlocking the power of a portfolio using a linchpin product.
- A mid-sized medical device client sought to understand the drivers of product selection in wound care and how to leverage its portfolio to increase product usage across categories
- To achieve this, they wanted to understand how physicians and nurses assess and treat wounds across a wide range of patient segments and locations of care
- In addition, they sought to develop a series of core messages and visuals to differentiate their portfolio and increase share
- Conducted a brainstorming workshop with client to generate a series of hypotheses regarding customer pain points, the product selection process, and messaging / positioning of both the franchise and products
- Executed 25 qualitative interviews across 2 treater segments (MDs and RNs) and 2 locations of care (acute and post-acute)
- Uncovered a key dynamic in the product selection process that could be used to guide messaging, positioning, and portfolio strategy
- Clarified the disconnect between the stages of wound healing and product selection
- Understood customer motivation by mapping a hierarchy of needs
- Mapped the wound lifecycle and clarified its impact on wound care treatment
- De-mystified the complexity of product selection by uncovering the “linchpin product” that dictated treatment path
- Using this key insight, generated a series of portfolio-level and product-level messages and prioritized their impact
- Recommended a specific set of messages for a “linchpin product” that could serve as a foundational treatment and unlock the potential of the portfolio
12. Case Study
Integrating physician and payer dynamics in infectious disease to arrive at a realistic peak year revenue.
- A top 50 global pharma company wanted to know how they could reach $500MM US peak sales for a Phase 2/3 asset treating latent tuberculosis infections (LTBI)
- In addition, they sought advice on how to re-frame the large and ill-defined literature prevalence to a more realistically addressable number of patients
- Primary qualitative and quantitative market research (conjoint design) with physicians across 6 specialties (n=350), and payers (n=50)
- Market, revenue forecast, and business case (NPV) analysis Analytically combined conjoint preferences across physicians and payers to represent the full buying process; identified a realistic path to $500MM
- We identified the most attractive patient segments
- Mapped gatekeepers and high prescribing physician segments over time
- Identified opportunities to increase product demand
- Quantified MD demand across various product profile scenarios
- Integrated MD demand with payer utilization management to forecast uptake and prioritize the key obstacles…
- …and recommended actionable steps to overcome those obstacles
13. Case Study
War gaming (competitive simulation), view the case.
A mid-sized biopharma company with a successful specialty product was facing a competitive launch for the first time from an aggressive competitor and wanted to refine and pressure-test their messages and objection handlers in a real-world simulation. Aquest designed and moderated a series of 90 minute 1-on-1 sessions with physicians, playing the role of moderator, sales rep A, and sales rep B sequentially, for a truly controlled experiment. Recommendations were rolled out at the next POA meeting, ensuring a well-prepared field force.
14. Case Study
Publication strategy.
A large biotechnology company decided to re-evaluate the investments it made in publications, both advertising and research articles. They commissioned Aquest to conduct a large quantitative survey with community oncologists, nurses, and clinical pharmacists to learn not only the publications they respected most, but also the publications they read most. The research uncovered new avenues for more productive advertising and article placement, offering the potential for hundreds of thousands of dollars in savings on publication investments.
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- Case Study on Primary and Secondary Market Research for Healthcare Firm
The client is an Illinois-based provider of unique and innovative healthcare compliance software with operations spanning the globe. The client allows his customers to use their database for expert validation and mitigate compliance risks. The company is already a leading provider of award-winning solutions for Key Opinion Leaders (KOL) Management, Speakers Programs, Medical Affairs Programs, Study management, Grant Funding, etc. The client is serving top three medical companies out of five, and top eight out of ten leading pharmaceutical companies.
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The client's requirement was bifurcated into two parts -
- Primary Research - Updating information on the existing list of KOL. The primary research involved requirement for basic KOL profile information such as full name, address, phone number, email ID, current affiliation, and more
- Secondary Research - Adding relevant KOL to the list and enriching it with comprehensive profile information. In the secondary research, the client needed in-depth analysis on referring clinical trials, press release, professional activities, books, publications, journal activities, events or conferences, industrial affiliations and more
The challenge involved collection and validation of substantial data under a tight deadline. The client was in search of an experienced research partner who could provide errorless reports at quick TAT and without undergoing delay across the stages of product lifecycle management.
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- Flatworld Solution's expertise in profiling and MSL & KOL management helped the client to realize appropriate results with depth and dexterity
- FWS appointed a team of market research analysts, each with a minimum experience of 5 years and a cumulative experience of 40 years to handle the project
- The team had 3 sub-units dedicated to production, QC, and QA. With a highly-disciplined approach, the client's requirements were successfully met by FWS
- Our teams developed 120 search strings and used them to gather related information on the KOL list. Additionally, the data was analyzed and thoroughly validated by the QC team.
- 90% of the data was presented in the Excel format and the presentation was verified to ensure they are accurate and consistent with the client specifications in the deliverable state
The Results
FWS populated the client's KOL lists with basic information from primary research and in the secondary research, KOL was further enriched with detailed information. The client's objectives were met along with validation of database to ensure the completed task was accurate and consistent with the SLA. The satisfied client was eager to work with us on a long-term basis.
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14 Market Research Examples
Curiosity. At the heart of every successful marketing campaign is a curious marketer who learned how to better serve a customer. In this industry, we scratch that curiosity itch with market research. To help give you ideas to learn about your customer, in this article we bring you examples from Consumer Reports, Intel, Visa USA, Hallmark, Levi Strauss, John Deere, LeapFrog, Spiceworks Ziff Davis and more. |
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This article was originally published in the MarketingSherpa email newsletter .
Example #1: National bank’s A/B testing
You can learn what customers want by conducting experiments on real-life customer decisions using A/B testing. When you ensure your tests do not have any validity threats, the information you garner can offer very reliable insights into customer behavior.
Here’s an example from Flint McGlaughlin, CEO of MarketingSherpa and MECLABS Institute, and the creator of its online marketing course .
A national bank was working with MECLABS to discover how to increase the number of sign-ups for new checking accounts.
Customers who were interested in checking accounts could click on an “Open in Minutes” link on the bank’s homepage.
Creative Sample #1: Anonymized bank homepage
![case study on primary market Creative Sample #1: Anonymized bank homepage](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4323/creative-sample-1.png)
After clicking on the homepage link, visitors were taken to a four-question checking account selector tool.
Creative Sample #2: Original checking account landing page — account recommendation selector tool
![case study on primary market Creative Sample #2: Original checking account landing page — account recommendation selector tool](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4324/creative-sample-2.png)
After filling out the selector tool, visitors were taken to a results page that included a suggested package (“Best Choice”) along with a secondary option (“Second Choice”). The results page had several calls to action (CTAs). Website visitors were able to select an account and begin pre-registration (“Open Now”) or find out more information about the account (“Learn More”), go back and change their answers (“Go back and change answers”), or manually browse other checking options (“Other Checking Options”).
Creative Sample #3: Original checking account landing page — account recommendation selector tool results page
![case study on primary market Creative Sample #3: Original checking account landing page — account recommendation selector tool results page](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4325/creative-sample-3.png)
After going through the experience, the MECLABS team hypothesized that the selector tool wasn’t really delivering on the expectation the customer had after clicking on the “Open in Minutes” CTA. They created two treatments (new versions) and tested them against the control experience.
In the first treatment, the checking selector tool was removed, and instead, customers were directly presented with three account options in tabs from which customers could select.
Creative Sample #4: Checking account landing page Treatment #1
![case study on primary market Creative Sample #4: Checking account landing page Treatment #1](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4326/creative-sample-4.png)
The second treatment’s landing page focused on a single product and had only one CTA. The call-to-action was similar to the CTA customers clicked on the homepage to get to this page — “Open Now.”
Creative Sample #5: Checking account landing page Treatment #2
![case study on primary market Creative Sample #5: Checking account landing page Treatment #2](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4327/creative-sample-5.png)
Both treatments increased account applications compared to the control landing page experience, with Treatment #2 generating 65% more applicants at a 98% level of confidence.
Creative Sample #6: Results of bank experiment that used A/B testing
![case study on primary market Creative Sample #6: Results of bank experiment that used A/B testing](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4328/creative-sample-6.png)
You’ll note the Level of Confidence in the results. With any research tactic or tool you use to learn about customers, you have to consider whether the information you’re getting really represents most customers, or if you’re just seeing outliers or random chance.
With a high Level of Confidence like this, it is more likely the results actually represent a true difference between the control and treatment landing pages and that the results aren’t just a random event.
The other factor to consider is — testing in and of itself will not produce results. You have to use testing as research to actually learn about the customer and then make changes to better serve the customer.
In the video How to Discover Exactly What the Customer Wants to See on the Next Click: 3 critical skills every marketer must master , McGlaughlin discussed this national bank experiment and explained how to use prioritization, identification and deduction to discover what your customers want.
This example was originally published in Marketing Research: 5 examples of discovering what customers want .
Example #2: Consumer Reports’ market intelligence research from third-party sources
The first example covers A/B testing. But keep in mind, ill-informed A/B testing isn’t market research, it’s just hoping for insights from random guesses.
In other words, A/B testing in a vacuum does not provide valuable information about customers. What you are testing is crucial, and then A/B testing is a means to help better understand whether insights you have about the customer are either validated or refuted by actual customer behavior. So it’s important to start with some research into potential customers and competitors to inform your A/B tests.
For example, when MECLABS and MarketingExperiments (sister publisher to MarketingSherpa) worked with Consumer Reports on a public, crowdsourced A/B test, we provided a market intelligence report to our audience to help inform their test suggestions.
Every successful marketing test should confirm or deny an assumption about the customer. You need enough knowledge about the customer to create marketing messages you think will be effective.
For this public experiment to help marketers improve their split testing abilities, we had a real customer to work with — donors to Consumer Reports.
To help our audience better understand the customer, the MECLABS Marketing Intelligence team created the 26-page ConsumerReports Market Intelligence Research document (which you can see for yourself at that link).
This example was originally published in Calling All Writers and Marketers: Write the most effective copy for this Consumer Reports email and win a MarketingSherpa Summit package and Consumer Reports Value Proposition Test: What you can learn from a 29% drop in clickthrough .
Example #3: Virtual event company’s conversation
What if you don’t have the budget for A/B testing? Or any of the other tactics in this article?
Well, if you’re like most people you likely have some relationships with other human beings. A significant other, friends, family, neighbors, co-workers, customers, a nemesis (“Newman!”). While conducting market research by talking to these people has several validity threats, it at least helps you get out of your own head and identify some of your blind spots.
WebBabyShower.com’s lead magnet is a PDF download of a baby shower thank you card ‘swipe file’ plus some extras. “Women want to print it out and have it where they are writing cards, not have a laptop open constantly,” said Kurt Perschke, owner, WebBabyShower.com.
That is not a throwaway quote from Perschke. That is a brilliant insight, so I want to make sure we don’t overlook it. By better understanding customer behavior, you can better serve customers and increase results.
However, you are not your customer. So you must bridge the gap between you and them.
Often you hear marketers or business leaders review an ad or discuss a marketing campaign and say, “Well, I would never read that entire ad” or “I would not be interested in that promotion.” To which I say … who cares? Who cares what you would do? If you are not in the ideal customer set, sorry to dent your ego, but you really don’t matter. Only the customer does.
Perschke is one step ahead of many marketers and business leaders because he readily understands this. “Owning a business whose customers are 95% women has been a great education for me,” he said.
So I had to ask him, how did he get this insight into his customers’ behavior? Frankly, it didn’t take complex market research. He was just aware of this disconnect he had with the customer, and he was alert for ways to bridge the gap. “To be honest, I first saw that with my wife. Then we asked a few customers, and they confirmed it’s what they did also. Writing notes by hand is viewed as a ‘non-digital’ activity and reading from a laptop kinda spoils the mood apparently,” he said.
Back to WebBabyShower. “We've seen a [more than] 100% increase in email signups using this method, which was both inexpensive and evergreen,” Perschke said.
This example was originally published in Digital Marketing: Six specific examples of incentives that worked .
Example #4: Spiceworks Ziff Davis’ research-informed content marketing
Marketing research isn’t just to inform products and advertising messages. Market research can also give your brand a leg up in another highly competitive space – content marketing.
Don’t just jump in and create content expecting it to be successful just because it’s “free.” Conducting research beforehand can help you understand what your potential audience already receives and where they might need help but are currently being served.
When Spiceworks Ziff Davis (SWZD) published its annual State of IT report, it invested months in conducting primary market research, analyzing year-over-year trends, and finally producing the actual report.
“Before getting into the nuts and bolts of writing an asset, look at market shifts and gaps that complement your business and marketing objectives. Then, you can begin to plan, research, write, review and finalize an asset,” said Priscilla Meisel, Content Marketing Director, SWZD.
This example was originally published in Marketing Writing: 3 simple tips that can help any marketer improve results (even if you’re not a copywriter) .
Example #5: Business travel company’s guerilla research
There are many established, expensive tactics you can use to better understand customers.
But if you don’t have the budget for those tactics, and don’t know any potential customers, you might want to brainstorm creative ways you can get valuable information from the right customer target set.
Here’s an example from a former client of Mitch McCasland, Founding Partner and Director, Brand Inquiry Partners. The company sold a product related to frequent business flyers and was interested in finding out information on people who travel for a living. They needed consumer feedback right away.
“I suggested that they go out to the airport with a bunch of 20-dollar bills and wait outside a gate for passengers to come off their flight,” McCasland said. When people came off the flight, they were politely asked if they would answer a few questions in exchange for the incentive (the $20). By targeting the first people off the flight they had a high likelihood of reaching the first-class passengers.
This example was originally published in Guerrilla Market Research Expert Mitch McCasland Tells How You Can Conduct Quick (and Cheap) Research .
Example #6: Intel’s market research database
When conducting market research, it is crucial to organize your data in a way that allows you to easily and quickly report on it. This is especially important for qualitative studies where you are trying to do more than just quantify the data, but need to manage it so it is easier to analyze.
Anne McClard, Senior Researcher, Doxus worked with Shauna Pettit-Brown of Intel on a research project to understand the needs of mobile application developers throughout the world.
Intel needed to be able to analyze the data from several different angles, including segment and geography, a daunting task complicated by the number of interviews, interviewers, and world languages.
“The interviews were about an hour long, and pretty substantial,” McClard says. So, she needed to build a database to organize the transcripts in a way that made sense.
Different types of data are useful for different departments within a company; once your database is organized you can sort it by various threads.
The Intel study had three different internal sponsors. "When it came to doing the analysis, we ended up creating multiple versions of the presentation targeted to individual audiences," Pettit-Brown says.
The organized database enabled her to go back into the data set to answer questions specific to the interests of the three different groups.
This example was originally published in 4 Steps to Building a Qualitative Market Research Database That Works Better .
Example #7: National security survey’s priming
When conducting market research surveys, the way you word your questions can affect customers’ response. Even the way you word previous questions can put customers in a certain mindset that will skew their answers.
For example, when people were asked if they thought the U.S. government should spend money on an anti-missile shield, the results appeared fairly conclusive. Sixty-four percent of those surveyed thought the country should and only six percent were unsure, according to Opinion Makers: An Insider Exposes the Truth Behind the Polls .
But when pollsters added the option, "...or are you unsure?" the level of uncertainty leaped from six percent to 33 percent. When they asked whether respondents would be upset if the government took the opposite course of action from their selection, 59 percent either didn’t have an opinion or didn’t mind if the government did something differently.
This is an example of how the way you word questions can change a survey’s results. You want survey answers to reflect customer’s actual sentiments that are as free of your company’s previously held biases as possible.
This example was originally published in Are Surveys Misleading? 7 Questions for Better Market Research .
Example #8: Visa USA’s approach to getting an accurate answer
As mentioned in the previous example, the way you ask customers questions can skew their responses with your own biases.
However, the way you ask questions to potential customers can also illuminate your understanding of them. Which is why companies field surveys to begin with.
“One thing you learn over time is how to structure questions so you have a greater likelihood of getting an accurate answer. For example, when we want to find out if people are paying off their bills, we'll ask them to think about the card they use most often. We then ask what the balance was on their last bill after they paid it,” said Michael Marx, VP Research Services, Visa USA.
This example was originally published in Tips from Visa USA's Market Research Expert Michael Marx .
Example #9: Hallmark’s private members-only community
Online communities are a way to interact with and learn from customers. Hallmark created a private members-only community called Idea Exchange (an idea you could replicate with a Facebook or LinkedIn Group).
The community helped the greeting cards company learn the customer’s language.
“Communities…let consumers describe issues in their own terms,” explained Tom Brailsford, Manager of Advancing Capabilities, Hallmark Cards. “Lots of times companies use jargon internally.”
At Hallmark they used to talk internally about “channels” of distribution. But consumers talk about stores, not channels. It is much clearer to ask consumers about the stores they shop in than what channels they shop.
For example, Brailsford clarified, “We say we want to nurture, inspire, and lift one’s spirits. We use those terms, and the communities have defined those terms for us. So we have learned how those things play out in their lives. It gives us a much richer vocabulary to talk about these things.”
This example was originally published in Third Year Results from Hallmark's Online Market Research Experiment .
Example #10: L'Oréal’s social media listening
If you don’t want the long-term responsibility that comes with creating an online community, you can use social media listening to understand how customers talking about your products and industry in their own language.
In 2019, L'Oréal felt the need to upgrade one of its top makeup products – L'Oréal Paris Alliance Perfect foundation. Both the formula and the product communication were outdated – multiple ingredients had emerged on the market along with competitive products made from those ingredients.
These new ingredients and products were overwhelming consumers. After implementing new formulas, the competitor brands would advertise their ingredients as the best on the market, providing almost magical results.
So the team at L'Oréal decided to research their consumers’ expectations instead of simply crafting a new formula on their own. The idea was to understand not only which active ingredients are credible among the audience, but also which particular words they use while speaking about foundations in general.
The marketing team decided to combine two research methods: social media listening and traditional questionnaires.
“For the most part, we conduct social media listening research when we need to find out what our customers say about our brand/product/topic and which words they use to do it. We do conduct traditional research as well and ask questions directly. These surveys are different because we provide a variety of readymade answers that respondents choose from. Thus, we limit them in terms of statements and their wording,” says Marina Tarandiuk, marketing research specialist, L'Oréal Ukraine.
“The key value of social media listening (SML) for us is the opportunity to collect people’s opinions that are as ‘natural’ as possible. When someone leaves a review online, they are in a comfortable environment, they use their ‘own’ language to express themselves, there is no interviewer standing next to them and potentially causing shame for their answer. The analytics of ‘natural’ and honest opinions of our customers enables us to implement the results in our communication and use the same language as them,” Tarandiuk said.
The team worked with a social media listening tool vendor to identify the most popular, in-demand ingredients discussed online and detect the most commonly used words and phrases to create a “consumer glossary.”
Questionnaires had to confirm all the hypotheses and insights found while monitoring social media. This part was performed in-house with the dedicated team. They created custom questionnaires aiming to narrow down all the data to a maximum of three variants that could become the base for the whole product line.
“One of our recent studies had a goal to find out which words our clients used to describe positive and negative qualities of [the] foundation. Due to a change in [the] product’s formula, we also decided to change its communication. Based on the opinions of our customers, we can consolidate the existing positive ideas that our clients have about the product,” Tarandiuk said.
To find the related mentions, the team monitored not only the products made by L'Oréal but also the overall category. “The search query contained both brand names and general words like foundation, texture, smell, skin, pores, etc. The problem was that this approach ended up collecting thousands of mentions, not all of which were relevant to the topic,” said Elena Teselko, content marketing manager, YouScan (L'Oréal’s social media listening tool).
So the team used artificial intelligence-based tagging that divided mentions according to the category, features, or product type.
This approach helped the team discover that customers valued such foundation features as not clogging pores, a light texture, and not spreading. Meanwhile, the most discussed and appreciated cosmetics component was hyaluronic acid.
These exact phrases, found with the help of social media monitoring, were later used for marketing communication.
Creative Sample #7: Marketing communicating for personal care company with messaging based on discoveries from market research
![case study on primary market Creative Sample #7: Marketing communicating for personal care company with messaging based on discoveries from market research](https://meclabs-images.s3.amazonaws.com/uploads/image_container/image/4329/creative-sample-7.jpg)
“Doing research and detecting audience’s interests BEFORE starting a campaign is an approach that dramatically lowers any risks and increases chances that the campaign would be appreciated by customers,” Teselko said.
This example was originally published in B2C Branding: 3 quick case studies of enhancing the brand with a better customer experience .
Example #11: Levi’s ethnographic research
In a focus group or survey, you are asking customers to explain something they may not even truly understand. Could be why they bought a product. Or what they think of your competitor.
Ethnographic research is a type of anthropology in which you go into customers’ homes or places of business and observe their actual behavior, behavior they may not understand well enough to explain to you.
While cost prohibitive to many brands, and simply unfeasible for others, it can elicit new insights into your customers.
Michael Perman, Senior Director Cultural Insights, Levi Strauss & Co. uses both quantitative and qualitative research on a broad spectrum, but when it comes to gathering consumer insight, he focuses on in-depth ethnographic research provided by partners who specialize in getting deep into the “nooks and crannies of consumer life in America and around the world.” For example, his team spends time in consumers’ homes and in their closets. They shop with consumers, looking for the reality of a consumer’s life and identifying themes that will enable designers and merchandisers to better understand and anticipate consumer needs.
Perman then puts together multi-sensory presentations that illustrate the findings of research. For example, “we might recreate a teenager’s bedroom and show what a teenage girl might have on her dresser.”
This example was originally published in How to Get Your Company to Pay Attention to Market Research Results: Tips from Levi Strauss .
Example #12: eBags’ ethnographic research
Ethnographic research isn’t confined to a physical goods brand like Levi’s. Digital brands can engage in this form of anthropology as well.
While usability testing in a lab is useful, it does miss some of the real-world environmental factors that play a part in the success of a website. Usability testing alone didn’t create a clear enough picture for Gregory Casey, User Experience Designer and Architect, eBags.
“After we had designed our mobile and tablet experience, I wanted to run some contextual user research, which basically meant seeing how people used it in the wild, seeing how people are using it in their homes. So that’s exactly what I did,” Gregory said.
He found consumers willing to open their home to him and be tested in their normal environment. This meant factors like the television, phone calls and other family members played a part in how they experienced the eBags mobile site.
“During these interview sessions, a lot of times we were interrupted by, say, a child coming over and the mother having to do something for the kid … The experience isn’t sovereign. It’s not something where they just sit down, work through a particular user flow and complete their interaction,” Gregory said.
By watching users work through the site as they would in their everyday life, Gregory got to see what parts of the site they actually use.
This example was originally published in Mobile Marketing: 4 takeaways on how to improve your mobile shopping experience beyond just responsive design .
Example #13: John Deere’s shift from product-centric market research to consumer-centric research
One of the major benefits of market research is to overcome company blind spots. However, if you start with your blind spots – i.e., a product focus – you will blunt the effectiveness of your market research.
In the past, “they’d say, Here’s the product, find out how people feel about it,” explained David van Nostrand, Manager, John Deere's Global Market Research. “A lot of companies do that.” Instead, they should be saying, “Let's start with the customers: what do they want, what do they need?”
The solution? A new in-house program called “Category Experts” brings the product-group employees over as full team members working on specific research projects with van Nostrand’s team.
These staffers handle items that don’t require a research background: scheduling, meetings, logistics, communication and vendor management. The actual task they handle is less important than the fact that they serve as human cross-pollinators, bringing consumer-centric sensibility back to their product- focused groups.
For example, if van Nostrand’s team is doing research about a vehicle, they bring in staffers from the Vehicles product groups. “The information about vehicle consumers needs to be out there in the vehicle marketing groups, not locked in here in the heads of the researchers.”
This example was originally published in How John Deere Increased Mass Consumer Market Share by Revamping its Market Research Tactics .
Example #14: LeapFrog’s market research involvement throughout product development (not just at the beginning and the end)
Market research is sometimes thought of as a practice that can either inform the development of a product, or research consumer attitudes about developed products. But what about the middle?
Once the creative people begin working on product designs, the LeapFrog research department stays involved.
They have a lab onsite where they bring moms and kids from the San Francisco Bay area to test preliminary versions of the products. “We do a lot of hands-on, informal qualitative work with kids,” said Craig Spitzer, VP Marketing Research, LeapFrog. “Can they do what they need to do to work the product? Do they go from step A to B to C, or do they go from A to C to B?”
When designing the LeapPad Learning System, for example, the prototype went through the lab “a dozen times or so,” he says.
A key challenge for the research department is keeping and building the list of thousands of families who have agreed to be on call for testing. “We've done everything from recruiting on the Internet to putting out fliers in local schools, working through employees whose kids are in schools, and milking every connection we have,” Spitzer says.
Kids who test products at the lab are compensated with a free, existing product rather than a promise of the getting the product they're testing when it is released in the future.
This example was originally published in How LeapFrog Uses Marketing Research to Launch New Products .
Related resources
The Marketer’s Blind Spot: 3 ways to overcome the marketer’s greatest obstacle to effective messaging
Get Your Free Test Discovery Tool to Help Log all the Results and Discoveries from Your Company’s Marketing Tests
Marketing Research: 5 examples of discovering what customers want
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- Exposed the research portal to the entire enterprise while enforcing rigid requirements for document access by user, enabling a self-service platform for finding relevant market research by product managers, marketing managers, and product development staff
- Client saved $1 million per month in avoided consumer insight studies as a result of users finding relevant prior and subscription research that addressed the business need
- Client cut time to market by six to nine months on key product launches, beating the competition to market and producing $2 billion in annual revenue gains; the organization credited these gains to the market research department’s efficiency in answering product feature and marketing questions more quickly
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Animoca Brands has built an ever-increasing galaxy of the most popular and widely played blockchain and Web 3 games.
By leveraging blockchain’s popularity, traditional games and global brand names like Disney and Power Rangers, Animoca has fast become the leader in the metaverse.
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![case study on primary market](https://hsgadvisors.com/wp-content/uploads/2015/03/38229183_l-scaled.jpg)
Case Study – Identifying Primary Care Market Share
HSG helped a regional health system understand their primary care market share, which helped them develop a new primary care strategy.
Identifying Primary Care Market Share.pdf |
A regional health system client in a competitive market had historically struggled to understand the effectiveness of its primary care strategy, particularly in markets where it was making new investments as part of an overall growth strategy. The client had used growth in inpatient market share as a proxy for success, but found that this did not reflect their success in penetrating these outlying geographic markets.
HSG Market Insight was leveraged to look at all visits billed with a Primary Care Evaluation and Management (E&M) code within the past two years, past 18 months, and past year in each market that the health system was focused on, and identify 1) what percentage of total primary care visits were being provided from the health system’s employed primary care providers that had been established in the market, and 2) was that percentage changing over time?
HSG MARKET INSIGHT PROCESS
- Identify all providers in each market who were producing primary care E&M visit codes (independent, competitive and health system employed)
- Identify all patients who had seen those providers within the last two calendar years
- Evaluate all E&M codes produced for those patients
- Calculate a total volume for the market for primary care E&M codes as well as what percentage of those codes were being generated by the health system’s employed providers, resulting in a market share calculation.
In addition, based on the data collected during this process, HSG was able to identify the following items crucial to understanding the primary care market:
- Each provider’s approximate patient panel size providing insight on who the dominant providers in each practice were, along with the visit intensity for the patients in each providers panel
- Each provider’s approximate payer mix identifying the populations served by each provider
- Each provider’s coding distribution resulting in insights about the complexity of patients in each provider’s panel, as well as potential compliance concerns
WHAT HSG FOUND
The data generated from HSG Market Insight exponentially increased the client’s understanding of the market, and informed future primary care strategy and potential acquisition opportunities.
The data showed that the client’s perceptions of their success in penetrating the primary care market in a handful of key growth areas was not as successful as perceived. One specific geographic area the client had targeted for geographic growth and opened a primary care location in within the past 24-months was producing less than 15% of the primary care market share for all providers in region. This was much lower than anticipated as they believed there to be significant growth opportunity when opening the practice. They were falling behind in a race to keep up with a market that was quickly growing with commercially insured family patients and needed to reinforce their primary care strategy.
Based on the data provided, they increased recruitment to the market and added Advanced Practitioners. Guided by the competitive data they received from HSG, they also pursued an acquisition of an existing private practice in the market that had a solid payer mix and productive providers.
For more information, contact DJ Sullivan .
The Authors
![case study on primary market](https://hsgadvisors.com/wp-content/uploads/2024/01/DJ-Sullivan_Small.jpg)
D.J. Sullivan
Impacts of urbanization on ecosystem carbon cycle: a case study of land use change in Tianjin metropolitan area
- Published: 25 July 2024
- Volume 196 , article number 762 , ( 2024 )
Cite this article
- Yanning Gao 1 , 2 ,
- Guangjin Tian 1 , 2 ,
- Xiaowen Shi 1 &
- Tong Lin 1
For the sustainable development of the city, in a study of Tianjin’s rapid urbanization, we explore the complex interplay between land use change and the ecosystem carbon cycle from 2000 to 2020. Spatial analysis and profit-loss matrix calculations reveal contrasting ecological impacts: expansion of woodlands and grasslands enhances Net Primary Productivity (NPP) and reduces carbon emissions, while urban construction shows the opposite effect. Over 20 years, Tianjin’s urban transformation led to a 16.91 GgC decline in NPP amidst a construction boom. However, post-2015 ecological policy shifts resulted in a significant net carbon uptake of 0.85 Gt, demonstrating the potential of policy interventions in mitigating environmental impacts of urbanization. This study underscores the importance of sustainable urban planning and ecological conservation strategies in highly urbanized settings.
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This study was supported by the open fund of the State Key Laboratory of Remote Sensing Science (Grant OFSLRSS202320) and the National Social Science Fund of China (Grant 17BGL256).
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Y.G.: data curation, software, investigation, visualization, writing-original draft. G.T.: conceptualization, methodology, validation, writing-review and editing. X.S.: software. T.L.: visualization.
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Correspondence to Guangjin Tian .
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Gao, Y., Tian, G., Shi, X. et al. Impacts of urbanization on ecosystem carbon cycle: a case study of land use change in Tianjin metropolitan area. Environ Monit Assess 196 , 762 (2024). https://doi.org/10.1007/s10661-024-12912-8
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DOI : https://doi.org/10.1007/s10661-024-12912-8
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Newman explains the reasons behind price premiums, influenced by supply-demand dynamics and logistical challenges, especially during events like the COVID-19 pandemic and the collapse of regional banks. He also touches on the roles of high-net-worth investors and family offices in the market.
Newman concludes by offering insights into future market expectations, emphasizing the importance of price volatility and the resilience of the physical gold market, supported by central bank demand and muted scrap supply.
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Make a plan to attend the Maine Lobster Festival, July 31 to Aug. 4
The annual event takes place in Rockland.
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A fresh batch of lobster at the food tent during the 2018 Maine Lobster Festival in Rockland. Ariana van den Akker/Staff Photographer
You’ll have a shell of a good time celebrating the state’s star crustacean during the annual Maine Lobster Festival, happening July 31 to Aug. 4 at Harbor Park in Rockland.
The festival’s five-day schedule features an arts and crafts show, parade and tasting event.
Other highlights of the Maine Lobster Festival include the International Great Crate Race, during which participants attempt to race across a string of lobster traps in Rockland Harbor. There’s also a seafood cooking contest, road race and plenty of kids’ activities.
Some of the musical acts performing over the five days are Paddy Mills, Rigometrics, Charlie and The Hustle and Julia Gagnon.
Don’t forget about the actual lobsters. You’ll have plenty of chances to eat your fill.
For the full schedule, head to mainelobsterfestival.com .
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Temporal refinement of major primary air pollutant emissions based on electric power big data: a case of the cement industry in tangshan city.
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1. Introduction
2. data and methods, 2.1. collection and preprocessing of electricity consumption data, 2.2. comparison of electric variations with relevant activity data, 2.3. estimation of hourly resolved facility-level emissions, 2.4. evaluation of inventory optimization, 3. results and discussion, 3.1. daily and hourly emission patterns from the cement industry, 3.2. uncertainty analysis, 3.3. evaluation of simulation optimization results, 4. conclusions, author contributions, institutional review board statement, informed consent statement, data availability statement, acknowledgments, conflicts of interest.
Reference | Source Categories | CEMS Data Coverage |
---|---|---|
Tang et al. [ ] | Chinese power plants | 95.91% of total thermal power capacity for 2016 |
Karplus et al. [ ] | 256 power plants in four Chinese provinces: Guangdong, Hubei, Shandong, and Shanghai | |
Wu et al. [ ] | 96.4% of total thermal power capacity from 2017 to 2020 | |
Bo et al. [ ] | China’s iron and steel industry | 69–91% of national iron and steel production |
Liu et al. [ ] | 81% of these member companies were included in the CEMS | |
Tang et al. [ ] | Ten Chinese industrial sectors | 7708 generating plants across different industrial sectors from 2015 to 2018 |
Number | Station Name | Coordinate Information |
---|---|---|
1 | Fengrun District Government | 118.16° E, 39.83° N |
2 | Leida Station | 118.13° E, 39.64° N |
3 | Wuzi Station | 118.17° E, 39.63° N |
4 | Xiaoshan Station | 118.19° E, 39.62° N |
5 | Zhengtai Street Heat Station | 118.09° E, 39.58° N |
6 | Jinshan School | 118.44° E, 39.74° N |
7 | Government service center | 118.24° E, 39.67° N |
8 | Squadron of Xiaofanggangyao Road | 118.21° E, 39.66° N |
9 | Lunandianda Station | 118.14° E, 39.62° N |
10 | Twelve middle schools | 118.17° E, 39.65° N |
11 | The supply and marketing cooperative | 118.17° E, 39.63° N |
12 | Ceramic company | 118.22° E, 39.67° N |
Variables | Data Sources |
---|---|
EPBD | State Grid Jibei Electric Power Co., Ltd., in China |
Location of 83 cement industries | Bai et al., 2023 [ ] |
L and L | Calculated by the ratio of actual hourly electricity consumption to maximum hourly electricity consumption |
C and C | Tangshan Municipal Ecology and Environment Bureau in China |
EF and EF | Technical Manual for Compilation of Air Pollution Emission Inventory [ ] |
and | |
Hourly ground-level observed PM , SO , and NO concentration data | China National Environmental Monitoring Center |
Click here to enlarge figure
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The statements, opinions, and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content. |
Category | Cement Industries | Source | SO | NO | PM |
---|---|---|---|---|---|
Emissions (t) | Clinker production enterprises | This study | 13,930.02 | 12,532.38 | 9160.61 |
MEIC | 14,036.04 | 12,768.70 | 9223.31 | ||
Separate cement grinding stations | This study | / | / | 5154.02 | |
MEIC | / | / | 5208.98 | ||
Hourly Concentrations (μg/m ) | 9–14 January | R | 0.63 | 0.55 | 0.61 |
RMSE (μg/m ) | 15.09 | 50.37 | 97.95 | ||
NMB (%) | 51.62 | −48.80 | −47.55 | ||
NME (%) | 54.68 | 48.80 | 51.44 | ||
19–24 November | R | 0.87 | 0.96 | 0.77 | |
RMSE (μg/m ) | 18.20 | 20.27 | 32.82 | ||
NMB (%) | 38.32 | −30.41 | 12.08 | ||
NME (%) | 41.44 | 30.41 | 36.54 |
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content. |
Share and Cite
Bai, X.; Li, P.; Zhou, W.; Wu, H.; Li, C.; Zhou, Z. Temporal Refinement of Major Primary Air Pollutant Emissions Based on Electric Power Big Data: A Case of the Cement Industry in Tangshan City. Atmosphere 2024 , 15 , 895. https://doi.org/10.3390/atmos15080895
Bai X, Li P, Zhou W, Wu H, Li C, Zhou Z. Temporal Refinement of Major Primary Air Pollutant Emissions Based on Electric Power Big Data: A Case of the Cement Industry in Tangshan City. Atmosphere . 2024; 15(8):895. https://doi.org/10.3390/atmos15080895
Bai, Xiaoxuan, Peng Li, Weiqing Zhou, Huacheng Wu, Chao Li, and Zilong Zhou. 2024. "Temporal Refinement of Major Primary Air Pollutant Emissions Based on Electric Power Big Data: A Case of the Cement Industry in Tangshan City" Atmosphere 15, no. 8: 895. https://doi.org/10.3390/atmos15080895
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