What’s Research

What information should I be looking for? How do I find that information?

Market research comes in many forms, but there are two key types:

 Primary Research

Simply put, primary research involves talking to the people who matter to you most. They could be customers, prospects, vendors, employees or even people chosen at random from an industry of particular interest. Primary research is tailored to your needs and cannot be found in the marketplace. By customizing tried-and-true approaches (telephone interviews, Internet surveys, focus groups, etc.), you can gain invaluable information about your customers and target market.

 Secondary Research

There is a wealth of information available today from a wide range of public and private sources--if you know how to find it and what to do with it. Secondary research is based on information gleaned from studies previously performed by government agencies, Chambers of Commerce, trade associations and other organizations. It also includes Internet and database searches for information that currently exists in the market and is available for free access or purchase. Tweed-Weber’s research staff knows where to look for the market data you need and how to use that data to your best advantage by showing you the size, structure and dynamics of your marketplace.

 There are two key types of analysis…

 Quantitative Analysis

Quantitative analysis focuses on numbers and statistics. Quantitative research methods draw on data that are highly structured, easy to measure, and provide information that can be analyzed, compared, and benchmarked over time. Quantitative analysis is best suited to answer questions about customer satisfaction, market demand for products and services, revenue and profit potential, industry growth, and similar detailed business issues.

 Qualitative Analysis

Qualitative analysis focuses on descriptions and meaning. Qualitative research methods draw on the opinions and impressions of survey respondents. Results produce data that require analyst interpretation, but provide in-depth information and insight into key market and business issues. Qualitative analysis is best suited to answer questions about industry trends, customer perceptions of company strengths and weaknesses, employee perceptions, new product and service needs, and similar broad business issues.

When using quantitative and qualitative methods together, you can make sound, strategic, tactical decisions.