Did you know that the market research industry had a global revenue of USD 76.4 billion in 2020? Yes, it has grown twofold since 2008. North America is a country that generated a huge share of market research revenue i.e. 54% of the total, followed by Europe at 23%.

Primary research is about learning the target market’s preferences and needs to better position the product/service to sell. Additionally, it helps you eliminate the type of consumers who’re not a part of your target market. It’s directed towards a buyer persona that shares similar interests as your potential clients. 

The Power of Primary Research

Primary research is either qualitative or quantitative and sometimes a blend of both. Online surveys, focus groups, intercept interviews, in-home usage tests are a few examples of primary market research. 

Targeted Approach

In primary research, you have complete control over how it can be carried out. The entire study can be tailored to fit the needs of the research answering specific questions. With fully customized research, you get to choose the audience and methodology used. Towards the end, you always have data pertaining to your target audience rather than mass market.

Key Takeaway – Primary research provides data ownership, customized targeting and relevant information. These factors make sure that your organization receives timely and clear data for top-notch results.

Relevancy 

Most often you come across a data set from a relevant study that guides your primary research, but one needs to check timeliness or relevancy of the study. Given the speed at which world dynamics are changing, studies can quickly become irrelevant. With primary research, this hurdle can be crossed easily. Primary market research guarantees data that’s relevant and timely. 

Key takeaway – Relevancy of data is key to ensure sound business decisions.

Data Ownership

Primary market research provides you complete ownership of the data that you gather. Once the initial round of primary market research is under your belt, you’ll have the ability to look around and compare futuristic data with the present data.

Key Insight – Regardless of how the research might be conducted, primary research is always original and exclusive.

Concluding Note 

In today’s competitive industry, staying ahead and understanding consumer behavior, needs and trends is critical to the success of your business. It is only primary research that keeps you updated on, how consumers perceive your services or products, what are the priorities of the decision makers in your target industry or how the experts see the market changing. Primary research makes sure that you’re getting accurate and valuable insights to meet your business needs.

Ready to conduct primary market research for your business? Mindcog has adept experts who can help you out! Contact us on our website or you can also call us at +91 9915515830.