I’ve often wondered why so many, maybe most companies who operate locally do not invest in primary research. Perhaps the biggest reason is cost. But the cost – I think a better word is investment – measured against the aggregate marketing budget and total sales volume, is quite small.
Nevertheless, not investing in primary research is short sighted in my view. Here are four darn good reasons to do primary research
- Mitigate your risk – minimize marketing decisions by assuming you know more about your customers or prospective customers than they do.
- Help shape the strategic direction of your company.
- Gain a competitive advantage simply because much of your competition does not use research appropriately.
- Identify new opportunities in the marketplace.
So consider the opportunities.