In the building products industry, making informed decisions requires a comprehensive understanding of both the broader market landscape and the specific nuances of your brand and customers. Like the foundation of a home, secondary research offers a valuable starting point, providing context and highlighting overarching trends. However, to actually build the home (tailor strategies effectively and make confident business decisions), integrating primary research is indispensable.
The Role of Secondary Research: Establishing Context
Secondary research encompasses data collected and published by external sources, such as industry reports, government publications, and academic studies. This type of research is readily accessible and cost-effective, making it an excellent tool for:
- Understanding general market trends and shifts
- Benchmarking against industry standards
- Identifying potential areas for further exploration
While secondary research provides a broad overview, it often lacks the specificity needed to address unique business challenges or opportunities.
The Necessity of Primary Research: Gaining Specific Insights
Primary, or Custom, research involves collecting data directly from targeted sources to address specific questions or objectives. This approach is crucial when:
- Evaluating brand health, perceptions, and market position
- Understanding detailed customer behaviors and preferences
- Testing new product concepts or marketing strategies
- Making significant investments or strategic shifts
By engaging directly with your target audience—be it homeowners, contractors, or other professionals—you gain actionable insights that are directly applicable to your business decisions.
Integrating Both Research Types: A Strategic Approach
For optimal results, secondary and primary research should be used in tandem. Secondary research sets the stage, offering a macro-level view, while primary research dives into the micro-level details specific to your brand and market. This integrated approach ensures that your strategies are both informed by industry trends and tailored to your unique business context.
At The Farnsworth Group, we specialize in combining these research methodologies to provide comprehensive insights. Our expertise in reaching both homeowners and professionals ensures that you receive a well-rounded perspective, enabling you to make informed, strategic decisions in a competitive market.
Written By Karen Barnes
Through her expertise in brand consulting, market research design, and advanced analytics, Karen has been helping answer critical business questions for the past 15 years. She has had the privilege of working with many of the top global insights organizations and applying best practices across a myriad of clients in CPG, technology, finance, healthcare, and of course home improvement, including developers, building products manufacturers, and retailers.
An Iowa native, Karen was upgrading from riding mowers to full combines at the annual John Deere employee fair by age 7. Now in Denver, she fills her off hours hiking the Rocky Mountains, uncovering the best local food & drink spots, and traveling as much of the world as humanly possible with her fiancé, Adam.
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