Secondary Research : The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group.
No small business can succeed without understanding its customers, its products and services, and the market in general. Competition is often fierce, and operating without conducting research may give your competitors an advantage over you.
There are two categories of data collection: quantitative and qualitative. Quantitative methods employ mathematical analysis and require a large sample size. The results of this data shed light on statistically significant differences. One place to find quantitative results if you have a website is in your web analytics (available in Google's suite of tools ). This information can help you determine many things, such as where your leads are coming from, how long visitors are staying on your site and from which page they are exiting.
Qualitative methods help you develop and fine-tune your quantitative research methods. They can help business owners define problems and often use interview methods to learn about customers' opinions, values and beliefs. With qualitative research, the sample size is usually small.
Many new business owners, often strapped for time and money, may take shortcuts that can later backfire. Here are three pitfalls to avoid.
Common Marketing Mistakes