secondary market research methods business

Root out friction in every digital experience, super-charge conversion rates, and optimize digital self-service

Uncover insights from any interaction, deliver AI-powered agent coaching, and reduce cost to serve

Increase revenue and loyalty with real-time insights and recommendations delivered to teams on the ground

Know how your people feel and empower managers to improve employee engagement, productivity, and retention

Take action in the moments that matter most along the employee journey and drive bottom line growth

Whatever they’re are saying, wherever they’re saying it, know exactly what’s going on with your people

Get faster, richer insights with qual and quant tools that make powerful market research available to everyone

Run concept tests, pricing studies, prototyping + more with fast, powerful studies designed by UX research experts

Track your brand performance 24/7 and act quickly to respond to opportunities and challenges in your market

Explore the platform powering Experience Management

• Free Account
• For Digital
• For Customer Care
• For Human Resources
• For Researchers
• Financial Services
• All Industries

Popular Use Cases

• Customer Experience
• Employee Experience
• Employee Exit Interviews
• Net Promoter Score
• Voice of Customer
• Customer Success Hub
• Product Documentation
• Training & Certification
• XM Institute
• Popular Resources
• Customer Stories

Market Research

• Artificial Intelligence
• Partnerships
• Marketplace

The annual gathering of the experience leaders at the world’s iconic brands building breakthrough business results, live in Salt Lake City.

• English/AU & NZ
• Español/Europa
• Español/América Latina
• Português Brasileiro
• REQUEST DEMO
• Experience Management
• Secondary Research

Try Qualtrics for free

Secondary research: definition, methods, & examples.

19 min read This ultimate guide to secondary research helps you understand changes in market trends, customers buying patterns and your competition using existing data sources.

In situations where you’re not involved in the data gathering process ( primary research ), you have to rely on existing information and data to arrive at specific research conclusions or outcomes. This approach is known as secondary research.

In this article, we’re going to explain what secondary research is, how it works, and share some examples of it in practice.

Free eBook: The ultimate guide to conducting market research

What is secondary research?

Secondary research, also known as desk research, is a research method that involves compiling existing data sourced from a variety of channels . This includes internal sources (e.g.in-house research) or, more commonly, external sources (such as government statistics, organizational bodies, and the internet).

Secondary research comes in several formats, such as published datasets, reports, and survey responses , and can also be sourced from websites, libraries, and museums.

The information is usually free — or available at a limited access cost — and gathered using surveys , telephone interviews, observation, face-to-face interviews, and more.

When using secondary research, researchers collect, verify, analyze and incorporate it to help them confirm research goals for the research period.

As well as the above, it can be used to review previous research into an area of interest. Researchers can look for patterns across data spanning several years and identify trends — or use it to verify early hypothesis statements and establish whether it’s worth continuing research into a prospective area.

How to conduct secondary research

There are five key steps to conducting secondary research effectively and efficiently:

1.    Identify and define the research topic

First, understand what you will be researching and define the topic by thinking about the research questions you want to be answered.

Ask yourself: What is the point of conducting this research? Then, ask: What do we want to achieve?

This may indicate an exploratory reason (why something happened) or confirm a hypothesis. The answers may indicate ideas that need primary or secondary research (or a combination) to investigate them.

2.    Find research and existing data sources

If secondary research is needed, think about where you might find the information. This helps you narrow down your secondary sources to those that help you answer your questions. What keywords do you need to use?

Which organizations are closely working on this topic already? Are there any competitors that you need to be aware of?

Create a list of the data sources, information, and people that could help you with your work.

3.    Begin searching and collecting the existing data

Now that you have the list of data sources, start accessing the data and collect the information into an organized system. This may mean you start setting up research journal accounts or making telephone calls to book meetings with third-party research teams to verify the details around data results.

As you search and access information, remember to check the data’s date, the credibility of the source, the relevance of the material to your research topic, and the methodology used by the third-party researchers. Start small and as you gain results, investigate further in the areas that help your research’s aims.

4.    Combine the data and compare the results

When you have your data in one place, you need to understand, filter, order, and combine it intelligently. Data may come in different formats where some data could be unusable, while other information may need to be deleted.

After this, you can start to look at different data sets to see what they tell you. You may find that you need to compare the same datasets over different periods for changes over time or compare different datasets to notice overlaps or trends. Ask yourself: What does this data mean to my research? Does it help or hinder my research?

5.    Analyze your data and explore further

In this last stage of the process, look at the information you have and ask yourself if this answers your original questions for your research. Are there any gaps? Do you understand the information you’ve found? If you feel there is more to cover, repeat the steps and delve deeper into the topic so that you can get all the information you need.

If secondary research can’t provide these answers, consider supplementing your results with data gained from primary research. As you explore further, add to your knowledge and update your findings. This will help you present clear, credible information.

Primary vs secondary research

Unlike secondary research, primary research involves creating data first-hand by directly working with interviewees, target users, or a target market. Primary research focuses on the method for carrying out research, asking questions, and collecting data using approaches such as:

• Interviews (panel, face-to-face or over the phone)
• Questionnaires or surveys
• Focus groups

Using these methods, researchers can get in-depth, targeted responses to questions, making results more accurate and specific to their research goals. However, it does take time to do and administer.

Unlike primary research, secondary research uses existing data, which also includes published results from primary research. Researchers summarize the existing research and use the results to support their research goals.

Both primary and secondary research have their places. Primary research can support the findings found through secondary research (and fill knowledge gaps), while secondary research can be a starting point for further primary research. Because of this, these research methods are often combined for optimal research results that are accurate at both the micro and macro level.

Sources of Secondary Research

There are two types of secondary research sources: internal and external. Internal data refers to in-house data that can be gathered from the researcher’s organization. External data refers to data published outside of and not owned by the researcher’s organization.

Internal data

Internal data is a good first port of call for insights and knowledge, as you may already have relevant information stored in your systems. Because you own this information — and it won’t be available to other researchers — it can give you a competitive edge . Examples of internal data include:

• Database information on sales history and business goal conversions
• Information from website applications and mobile site data
• Customer-generated data on product and service efficiency and use
• Previous research results or supplemental research areas
• Previous campaign results

External data

External data is useful when you: 1) need information on a new topic, 2) want to fill in gaps in your knowledge, or 3) want data that breaks down a population or market for trend and pattern analysis. Examples of external data include:

• Government, non-government agencies, and trade body statistics
• Company reports and research
• Competitor research
• Public library collections
• Textbooks and research journals
• Media stories in newspapers
• Online journals and research sites

Three examples of secondary research methods in action

How and why might you conduct secondary research? Let’s look at a few examples:

1.    Collecting factual information from the internet on a specific topic or market

There are plenty of sites that hold data for people to view and use in their research. For example, Google Scholar, ResearchGate, or Wiley Online Library all provide previous research on a particular topic. Researchers can create free accounts and use the search facilities to look into a topic by keyword, before following the instructions to download or export results for further analysis.

This can be useful for exploring a new market that your organization wants to consider entering. For instance, by viewing the U.S Census Bureau demographic data for that area, you can see what the demographics of your target audience are , and create compelling marketing campaigns accordingly.

2.    Finding out the views of your target audience on a particular topic

If you’re interested in seeing the historical views on a particular topic, for example, attitudes to women’s rights in the US, you can turn to secondary sources.

Textbooks, news articles, reviews, and journal entries can all provide qualitative reports and interviews covering how people discussed women’s rights. There may be multimedia elements like video or documented posters of propaganda showing biased language usage.

By gathering this information, synthesizing it, and evaluating the language, who created it and when it was shared, you can create a timeline of how a topic was discussed over time.

3.    When you want to know the latest thinking on a topic

Educational institutions, such as schools and colleges, create a lot of research-based reports on younger audiences or their academic specialisms. Dissertations from students also can be submitted to research journals, making these places useful places to see the latest insights from a new generation of academics.

Information can be requested — and sometimes academic institutions may want to collaborate and conduct research on your behalf. This can provide key primary data in areas that you want to research, as well as secondary data sources for your research.

Advantages of secondary research

There are several benefits of using secondary research, which we’ve outlined below:

• Easily and readily available data – There is an abundance of readily accessible data sources that have been pre-collected for use, in person at local libraries and online using the internet. This data is usually sorted by filters or can be exported into spreadsheet format, meaning that little technical expertise is needed to access and use the data.
• Faster research speeds – Since the data is already published and in the public arena, you don’t need to collect this information through primary research. This can make the research easier to do and faster, as you can get started with the data quickly.
• Low financial and time costs – Most secondary data sources can be accessed for free or at a small cost to the researcher, so the overall research costs are kept low. In addition, by saving on preliminary research, the time costs for the researcher are kept down as well.
• Secondary data can drive additional research actions – The insights gained can support future research activities (like conducting a follow-up survey or specifying future detailed research topics) or help add value to these activities.
• Secondary data can be useful pre-research insights – Secondary source data can provide pre-research insights and information on effects that can help resolve whether research should be conducted. It can also help highlight knowledge gaps, so subsequent research can consider this.
• Ability to scale up results – Secondary sources can include large datasets (like Census data results across several states) so research results can be scaled up quickly using large secondary data sources.

Disadvantages of secondary research

The disadvantages of secondary research are worth considering in advance of conducting research :

• Secondary research data can be out of date – Secondary sources can be updated regularly, but if you’re exploring the data between two updates, the data can be out of date. Researchers will need to consider whether the data available provides the right research coverage dates, so that insights are accurate and timely, or if the data needs to be updated. Also, fast-moving markets may find secondary data expires very quickly.
• Secondary research needs to be verified and interpreted – Where there’s a lot of data from one source, a researcher needs to review and analyze it. The data may need to be verified against other data sets or your hypotheses for accuracy and to ensure you’re using the right data for your research.
• The researcher has had no control over the secondary research – As the researcher has not been involved in the secondary research, invalid data can affect the results. It’s therefore vital that the methodology and controls are closely reviewed so that the data is collected in a systematic and error-free way.
• Secondary research data is not exclusive – As data sets are commonly available, there is no exclusivity and many researchers can use the same data. This can be problematic where researchers want to have exclusive rights over the research results and risk duplication of research in the future.

When do we conduct secondary research?

Now that you know the basics of secondary research, when do researchers normally conduct secondary research?

It’s often used at the beginning of research, when the researcher is trying to understand the current landscape . In addition, if the research area is new to the researcher, it can form crucial background context to help them understand what information exists already. This can plug knowledge gaps, supplement the researcher’s own learning or add to the research.

Secondary research can also be used in conjunction with primary research. Secondary research can become the formative research that helps pinpoint where further primary research is needed to find out specific information. It can also support or verify the findings from primary research.

You can use secondary research where high levels of control aren’t needed by the researcher, but a lot of knowledge on a topic is required from different angles.

Secondary research should not be used in place of primary research as both are very different and are used for various circumstances.

Questions to ask before conducting secondary research

Before you start your secondary research, ask yourself these questions:

• Is there similar internal data that we have created for a similar area in the past?

If your organization has past research, it’s best to review this work before starting a new project. The older work may provide you with the answers, and give you a starting dataset and context of how your organization approached the research before. However, be mindful that the work is probably out of date and view it with that note in mind. Read through and look for where this helps your research goals or where more work is needed.

• What am I trying to achieve with this research?

When you have clear goals, and understand what you need to achieve, you can look for the perfect type of secondary or primary research to support the aims. Different secondary research data will provide you with different information – for example, looking at news stories to tell you a breakdown of your market’s buying patterns won’t be as useful as internal or external data e-commerce and sales data sources.

• How credible will my research be?

If you are looking for credibility, you want to consider how accurate the research results will need to be, and if you can sacrifice credibility for speed by using secondary sources to get you started. Bear in mind which sources you choose — low-credibility data sites, like political party websites that are highly biased to favor their own party, would skew your results.

• What is the date of the secondary research?

When you’re looking to conduct research, you want the results to be as useful as possible , so using data that is 10 years old won’t be as accurate as using data that was created a year ago. Since a lot can change in a few years, note the date of your research and look for earlier data sets that can tell you a more recent picture of results. One caveat to this is using data collected over a long-term period for comparisons with earlier periods, which can tell you about the rate and direction of change.

• Can the data sources be verified? Does the information you have check out?

If you can’t verify the data by looking at the research methodology, speaking to the original team or cross-checking the facts with other research, it could be hard to be sure that the data is accurate. Think about whether you can use another source, or if it’s worth doing some supplementary primary research to replicate and verify results to help with this issue.

We created a front-to-back guide on conducting market research, The ultimate guide to conducting market research , so you can understand the research journey with confidence.

In it, you’ll learn more about:

• What effective market research looks like
• The use cases for market research
• The most important steps to conducting market research
• And how to take action on your research findings

Download the free guide for a clearer view on secondary research and other key research types for your business.

Related resources

Market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, qualitative research questions 11 min read, qualitative research design 12 min read, primary vs secondary research 14 min read, request demo.

Ready to learn more about Qualtrics?

Secondary Research Guide: Definition, Methods, Examples

Apr 3, 2024

8 min. read

The internet has vastly expanded our access to information, allowing us to learn almost anything about everything. But not all market research is created equal , and this secondary research guide explains why.

There are two key ways to do research. One is to test your own ideas, make your own observations, and collect your own data to derive conclusions. The other is to use secondary research — where someone else has done most of the heavy lifting for you. 

Here’s an overview of secondary research and the value it brings to data-driven businesses.

Secondary Research Definition: What Is Secondary Research?

Primary vs Secondary Market Research

What Are Secondary Research Methods?

Advantages of secondary research, disadvantages of secondary research, best practices for secondary research, how to conduct secondary research with meltwater.

Secondary research definition: The process of collecting information from existing sources and data that have already been analyzed by others.

Secondary research (aka desk research ) provides a foundation to help you understand a topic, with the goal of building on existing knowledge. They often cover the same information as primary sources, but they add a layer of analysis and explanation to them.

Users can choose from several secondary research types and sources, including:

• Journal articles
• Research papers

With secondary sources, users can draw insights, detect trends , and validate findings to jumpstart their research efforts.

Primary vs. Secondary Market Research

We’ve touched a little on primary research , but it’s essential to understand exactly how primary and secondary research are unique.

Think of primary research as the “thing” itself, and secondary research as the analysis of the “thing,” like these primary and secondary research examples:

• An expert gives an interview (primary research) and a marketer uses that interview to write an article (secondary research).
• A company conducts a consumer satisfaction survey (primary research) and a business analyst uses the survey data to write a market trend report (secondary research).
• A marketing team launches a new advertising campaign across various platforms (primary research) and a marketing research firm, like Meltwater for market research , compiles the campaign performance data to benchmark against industry standards (secondary research).

In other words, primary sources make original contributions to a topic or issue, while secondary sources analyze, synthesize, or interpret primary sources.

Both are necessary when optimizing a business, gaining a competitive edge , improving marketing, or understanding consumer trends that may impact your business.

Secondary research methods focus on analyzing existing data rather than collecting primary data . Common examples of secondary research methods include:

• Literature review . Researchers analyze and synthesize existing literature (e.g., white papers, research papers, articles) to find knowledge gaps and build on current findings.
• Content analysis . Researchers review media sources and published content to find meaningful patterns and trends.
• AI-powered secondary research . Platforms like Meltwater for market research analyze vast amounts of complex data and use AI technologies like natural language processing and machine learning to turn data into contextual insights.

Researchers today have access to more secondary research companies and market research tools and technology than ever before, allowing them to streamline their efforts and improve their findings.

Want to see how Meltwater can complement your secondary market research efforts? Simply fill out the form at the bottom of this post, and we'll be in touch.

Conducting secondary research offers benefits in every job function and use case, from marketing to the C-suite. Here are a few advantages you can expect.

Cost and time efficiency

Using existing research saves you time and money compared to conducting primary research. Secondary data is readily available and easily accessible via libraries, free publications, or the Internet. This is particularly advantageous when you face time constraints or when a project requires a large amount of data and research.

Access to large datasets

Secondary data gives you access to larger data sets and sample sizes compared to what primary methods may produce. Larger sample sizes can improve the statistical power of the study and add more credibility to your findings.

Ability to analyze trends and patterns

Using larger sample sizes, researchers have more opportunities to find and analyze trends and patterns. The more data that supports a trend or pattern, the more trustworthy the trend becomes and the more useful for making decisions. 

Historical context

Using a combination of older and recent data allows researchers to gain historical context about patterns and trends. Learning what’s happened before can help decision-makers gain a better current understanding and improve how they approach a problem or project.

Basis for further research

Ideally, you’ll use secondary research to further other efforts . Secondary sources help to identify knowledge gaps, highlight areas for improvement, or conduct deeper investigations.

Tip: Learn how to use Meltwater as a research tool and how Meltwater uses AI.

Secondary research comes with a few drawbacks, though these aren’t necessarily deal breakers when deciding to use secondary sources.

Reliability concerns

Researchers don’t always know where the data comes from or how it’s collected, which can lead to reliability concerns. They don’t control the initial process, nor do they always know the original purpose for collecting the data, both of which can lead to skewed results.

Potential bias

The original data collectors may have a specific agenda when doing their primary research, which may lead to biased findings. Evaluating the credibility and integrity of secondary data sources can prove difficult.

Outdated information

Secondary sources may contain outdated information, especially when dealing with rapidly evolving trends or fields. Using outdated information can lead to inaccurate conclusions and widen knowledge gaps.

Limitations in customization

Relying on secondary data means being at the mercy of what’s already published. It doesn’t consider your specific use cases, which limits you as to how you can customize and use the data.

A lack of relevance

Secondary research rarely holds all the answers you need, at least from a single source. You typically need multiple secondary sources to piece together a narrative, and even then you might not find the specific information you need.

To make secondary market research your new best friend, you’ll need to think critically about its strengths and find ways to overcome its weaknesses. Let’s review some best practices to use secondary research to its fullest potential.

Identify credible sources for secondary research

To overcome the challenges of bias, accuracy, and reliability, choose secondary sources that have a demonstrated history of excellence . For example, an article published in a medical journal naturally has more credibility than a blog post on a little-known website.

Assess credibility based on peer reviews, author expertise, sampling techniques, publication reputation, and data collection methodologies. Cross-reference the data with other sources to gain a general consensus of truth.

The more credibility “factors” a source has, the more confidently you can rely on it. 

Evaluate the quality and relevance of secondary data

You can gauge the quality of the data by asking simple questions:

• How complete is the data? 
• How old is the data? 
• Is this data relevant to my needs?
• Does the data come from a known, trustworthy source?

It’s best to focus on data that aligns with your research objectives. Knowing the questions you want to answer and the outcomes you want to achieve ahead of time helps you focus only on data that offers meaningful insights.

Document your sources 

If you’re sharing secondary data with others, it’s essential to document your sources to gain others’ trust. They don’t have the benefit of being “in the trenches” with you during your research, and sharing your sources can add credibility to your findings and gain instant buy-in.

Secondary market research offers an efficient, cost-effective way to learn more about a topic or trend, providing a comprehensive understanding of the customer journey . Compared to primary research, users can gain broader insights, analyze trends and patterns, and gain a solid foundation for further exploration by using secondary sources.

Meltwater for market research speeds up the time to value in using secondary research with AI-powered insights, enhancing your understanding of the customer journey. Using natural language processing, machine learning, and trusted data science processes, Meltwater helps you find relevant data and automatically surfaces insights to help you understand its significance. Our solution identifies hidden connections between data points you might not know to look for and spells out what the data means, allowing you to make better decisions based on accurate conclusions. Learn more about Meltwater's power as a secondary research solution when you request a demo by filling out the form below:

Continue Reading

How To Do Market Research: Definition, Types, Methods

What Are Consumer Insights? Meaning, Examples, Strategy

Market Intelligence 101: What It Is & How To Use It

The 13 Best Market Research Tools

Consumer Intelligence: Definition & Examples

9 Top Consumer Insights Tools & Companies

What Is Desk Research? Meaning, Methodology, Examples

Top Secondary Market Research Companies | Desk Research Companies

What is Secondary Research? Types, Methods, Examples

Appinio Research · 20.09.2023 · 13min read

Have you ever wondered how researchers gather valuable insights without conducting new experiments or surveys? That's where secondary research steps in—a powerful approach that allows us to explore existing data and information others collect.

Whether you're a student, a professional, or someone seeking to make informed decisions, understanding the art of secondary research opens doors to a wealth of knowledge.

What is Secondary Research?

Secondary Research refers to the process of gathering and analyzing existing data, information, and knowledge that has been previously collected and compiled by others. This approach allows researchers to leverage available sources, such as articles, reports, and databases, to gain insights, validate hypotheses, and make informed decisions without collecting new data.

Benefits of Secondary Research

Secondary research offers a range of advantages that can significantly enhance your research process and the quality of your findings.

• Time and Cost Efficiency: Secondary research saves time and resources by utilizing existing data sources, eliminating the need for data collection from scratch.
• Wide Range of Data: Secondary research provides access to vast information from various sources, allowing for comprehensive analysis.
• Historical Perspective: Examining past research helps identify trends, changes, and long-term patterns that might not be immediately apparent.
• Reduced Bias: As data is collected by others, there's often less inherent bias than in conducting primary research, where biases might affect data collection.
• Support for Primary Research: Secondary research can lay the foundation for primary research by providing context and insights into gaps in existing knowledge.
• Comparative Analysis : By integrating data from multiple sources, you can conduct robust comparative analyses for more accurate conclusions.
• Benchmarking and Validation: Secondary research aids in benchmarking performance against industry standards and validating hypotheses.

Primary Research vs. Secondary Research

When it comes to research methodologies, primary and secondary research each have their distinct characteristics and advantages. Here's a brief comparison to help you understand the differences.

Primary Research

• Data Source: Involves collecting new data directly from original sources.
• Data Collection: Researchers design and conduct surveys, interviews, experiments, or observations.
• Time and Resources: Typically requires more time, effort, and resources due to data collection.
• Fresh Insights: Provides firsthand, up-to-date information tailored to specific research questions.
• Control: Researchers control the data collection process and can shape methodologies.

Secondary Research

• Data Source: Involves utilizing existing data and information collected by others.
• Data Collection: Researchers search, select, and analyze data from published sources, reports, and databases.
• Time and Resources: Generally more time-efficient and cost-effective as data is already available.
• Existing Knowledge: Utilizes data that has been previously compiled, often providing broader context.
• Less Control: Researchers have limited control over how data was collected originally, if any.

Choosing between primary and secondary research depends on your research objectives, available resources, and the depth of insights you require.

Types of Secondary Research

Secondary research encompasses various types of existing data sources that can provide valuable insights for your research endeavors. Understanding these types can help you choose the most relevant sources for your objectives.

Here are the primary types of secondary research:

Internal Sources

Internal sources consist of data generated within your organization or entity. These sources provide valuable insights into your own operations and performance.

• Company Records and Data: Internal reports, documents, and databases that house information about sales, operations, and customer interactions.
• Sales Reports and Customer Data: Analysis of past sales trends, customer demographics, and purchasing behavior.
• Financial Statements and Annual Reports: Financial data, such as balance sheets and income statements, offer insights into the organization's financial health.

External Sources

External sources encompass data collected and published by entities outside your organization.

These sources offer a broader perspective on various subjects.

• Published Literature and Journals: Scholarly articles, research papers, and academic studies available in journals or online databases.
• Market Research Reports: Reports from market research firms that provide insights into industry trends, consumer behavior, and market forecasts.
• Government and NGO Databases: Data collected and maintained by government agencies and non-governmental organizations, offering demographic, economic, and social information.
• Online Media and News Articles: News outlets and online publications that cover current events, trends, and societal developments.

Each type of secondary research source holds its value and relevance, depending on the nature of your research objectives. Combining these sources lets you understand the subject matter and make informed decisions.

How to Conduct Secondary Research?

Effective secondary research involves a thoughtful and systematic approach that enables you to extract valuable insights from existing data sources. Here's a step-by-step guide on how to navigate the process:

1. Define Your Research Objectives

Before delving into secondary research, clearly define what you aim to achieve. Identify the specific questions you want to answer, the insights you're seeking, and the scope of your research.

2. Identify Relevant Sources

Begin by identifying the most appropriate sources for your research. Consider the nature of your research objectives and the data type you require. Seek out sources such as academic journals, market research reports, official government databases, and reputable news outlets.

3. Evaluate Source Credibility

Ensuring the credibility of your sources is crucial. Evaluate the reliability of each source by assessing factors such as the author's expertise, the publication's reputation, and the objectivity of the information provided. Choose sources that align with your research goals and are free from bias.

4. Extract and Analyze Information

Once you've gathered your sources, carefully extract the relevant information. Take thorough notes, capturing key data points, insights, and any supporting evidence. As you accumulate information, start identifying patterns, trends, and connections across different sources.

5. Synthesize Findings

As you analyze the data, synthesize your findings to draw meaningful conclusions. Compare and contrast information from various sources to identify common themes and discrepancies. This synthesis process allows you to construct a coherent narrative that addresses your research objectives.

6. Address Limitations and Gaps

Acknowledge the limitations and potential gaps in your secondary research. Recognize that secondary data might have inherent biases or be outdated. Where necessary, address these limitations by cross-referencing information or finding additional sources to fill in gaps.

7. Contextualize Your Findings

Contextualization is crucial in deriving actionable insights from your secondary research. Consider the broader context within which the data was collected. How does the information relate to current trends, societal changes, or industry shifts? This contextual understanding enhances the relevance and applicability of your findings.

8. Cite Your Sources

Maintain academic integrity by properly citing the sources you've used for your secondary research. Accurate citations not only give credit to the original authors but also provide a clear trail for readers to access the information themselves.

9. Integrate Secondary and Primary Research (If Applicable)

In some cases, combining secondary and primary research can yield more robust insights. If you've also conducted primary research, consider integrating your secondary findings with your primary data to provide a well-rounded perspective on your research topic.

You can use a market research platform like Appinio to conduct primary research with real-time insights in minutes!

10. Communicate Your Findings

Finally, communicate your findings effectively. Whether it's in an academic paper, a business report, or any other format, present your insights clearly and concisely. Provide context for your conclusions and use visual aids like charts and graphs to enhance understanding.

Remember that conducting secondary research is not just about gathering information—it's about critically analyzing, interpreting, and deriving valuable insights from existing data. By following these steps, you'll navigate the process successfully and contribute to the body of knowledge in your field.

Secondary Research Examples

To better understand how secondary research is applied in various contexts, let's explore a few real-world examples that showcase its versatility and value.

Market Analysis and Trend Forecasting

Imagine you're a marketing strategist tasked with launching a new product in the smartphone industry. By conducting secondary research, you can:

• Access Market Reports: Utilize market research reports to understand consumer preferences, competitive landscape, and growth projections.
• Analyze Trends: Examine past sales data and industry reports to identify trends in smartphone features, design, and user preferences.
• Benchmark Competitors: Compare market share, customer satisfaction, and pricing strategies of key competitors to develop a strategic advantage.
• Forecast Demand: Use historical sales data and market growth predictions to estimate demand for your new product.

Academic Research and Literature Reviews

Suppose you're a student researching climate change's effects on marine ecosystems. Secondary research aids your academic endeavors by:

• Reviewing Existing Studies: Analyze peer-reviewed articles and scientific papers to understand the current state of knowledge on the topic.
• Identifying Knowledge Gaps: Identify areas where further research is needed based on what existing studies still need to cover.
• Comparing Methodologies: Compare research methodologies used by different studies to assess the strengths and limitations of their approaches.
• Synthesizing Insights: Synthesize findings from various studies to form a comprehensive overview of the topic's implications on marine life.

Competitive Landscape Assessment for Business Strategy

Consider you're a business owner looking to expand your restaurant chain to a new location. Secondary research aids your strategic decision-making by:

• Analyzing Demographics: Utilize demographic data from government databases to understand the local population's age, income, and preferences.
• Studying Local Trends: Examine restaurant industry reports to identify the types of cuisines and dining experiences currently popular in the area.
• Understanding Consumer Behavior: Analyze online reviews and social media discussions to gauge customer sentiment towards existing restaurants in the vicinity.
• Assessing Economic Conditions: Access economic reports to evaluate the local economy's stability and potential purchasing power.

These examples illustrate the practical applications of secondary research across various fields to provide a foundation for informed decision-making, deeper understanding, and innovation.

Secondary Research Limitations

While secondary research offers many benefits, it's essential to be aware of its limitations to ensure the validity and reliability of your findings.

• Data Quality and Validity: The accuracy and reliability of secondary data can vary, affecting the credibility of your research.
• Limited Contextual Information: Secondary sources might lack detailed contextual information, making it important to interpret findings within the appropriate context.
• Data Suitability: Existing data might not align perfectly with your research objectives, leading to compromises or incomplete insights.
• Outdated Information: Some sources might provide obsolete information that doesn't accurately reflect current trends or situations.
• Potential Bias: While secondary data is often less biased, biases might still exist in the original data sources, influencing your findings.
• Incompatibility of Data: Combining data from different sources might pose challenges due to variations in definitions, methodologies, or units of measurement.
• Lack of Control: Unlike primary research, you have no control over how data was collected or its quality, potentially affecting your analysis. Understanding these limitations will help you navigate secondary research effectively and make informed decisions based on a well-rounded understanding of its strengths and weaknesses.

Secondary research is a valuable tool that businesses can use to their advantage. By tapping into existing data and insights, companies can save time, resources, and effort that would otherwise be spent on primary research. This approach equips decision-makers with a broader understanding of market trends, consumer behaviors, and competitive landscapes. Additionally, benchmarking against industry standards and validating hypotheses empowers businesses to make informed choices that lead to growth and success.

As you navigate the world of secondary research, remember that it's not just about data retrieval—it's about strategic utilization. With a clear grasp of how to access, analyze, and interpret existing information, businesses can stay ahead of the curve, adapt to changing landscapes, and make decisions that are grounded in reliable knowledge.

How to Conduct Secondary Research in Minutes?

In the world of decision-making, having access to real-time consumer insights is no longer a luxury—it's a necessity. That's where Appinio comes in, revolutionizing how businesses gather valuable data for better decision-making. As a real-time market research platform, Appinio empowers companies to tap into the pulse of consumer opinions swiftly and seamlessly.

• Fast Insights: Say goodbye to lengthy research processes. With Appinio, you can transform questions into actionable insights in minutes.
• Data-Driven Decisions: Harness the power of real-time consumer insights to drive your business strategies, allowing you to make informed choices on the fly.
• Seamless Integration: Appinio handles the research and technical complexities, freeing you to focus on what truly matters: making rapid data-driven decisions that propel your business forward.

Join the loop 💌

Be the first to hear about new updates, product news, and data insights. We'll send it all straight to your inbox.

Get the latest market research news straight to your inbox! 💌

Wait, there's more

17.04.2024 | 25min read

Quota Sampling: Definition, Types, Methods, Examples

15.04.2024 | 34min read

What is Market Share? Definition, Formula, Examples

11.04.2024 | 34min read

What is Data Analysis? Definition, Tools, Examples

Table of Content

A comprehensive guide to secondary market research.

Secondary market research is a valuable tool to drive your company's success. Let's explore everything you need to know about it.

To gain a competitive edge, businesses need to understand their target market, consumer behavior, and industry trends. This is where market research comes into play. While primary market research involves collecting data directly from the target audience, secondary market research offers a wealth of existing data and information that can provide valuable insights. 

Read more: A Guide to Primary Market Research: What Is It, and Why Is It Important?

Secondary market serves as an existing foundation of knowledge, supporting decision-making processes, enhancing understanding, and identifying opportunities. In this article, we explore the importance of secondary market research and its benefits in informing business strategies and driving success.

What is secondary market research?

Secondary market research refers to the process of collecting and analyzing existing data and information that has been previously gathered by someone else for a different purpose. It involves utilizing sources such as published reports, government publications, industry studies, academic journals, online databases, and other publicly available data.

Unlike primary market research, which involves collecting data directly from the target audience through surveys, interviews, or observations, secondary research relies on existing data sources such as market reports, industry statistics, customer surveys, and competitor analysis, among others.

Secondary market research is conducted to gain insights into market trends, industry dynamics, consumer behavior, competitive landscapes, and other factors that influence business decisions. It helps businesses and organizations understand the market and industry they operate in, identify opportunities and gaps, assess market potential, evaluate competition, and inform decision-making.

Why is secondary market research important?

Secondary market research plays a crucial role in informing your decision-making processes. It provides valuable insights into market trends, industry dynamics, consumer behavior, and competitive landscapes. Here are some key reasons why you should consider conducting secondary market research:

Informing your decision-making

Secondary market research provides you with valuable information that supports your decision-making processes. It helps you gather insights into market trends, industry dynamics, consumer behavior, and competitive landscapes. This information is essential for making informed strategic decisions, identifying opportunities, mitigating risks, and staying competitive in the market. For example, market research reports on the emerging trends in sustainable fashion can help you make eco-friendly sourcing decisions.

Read more: Using Data-Driven Decision Making to Decode Consumer Behavior: Here’s How to Do It

Understanding the market and industry

Secondary research helps you gain a comprehensive understanding of the market and industry landscape. It provides data and analysis on market size, growth rates, market segmentation, customer demographics, buying patterns, and emerging trends. This knowledge is valuable for identifying target markets, evaluating market potential, and developing effective marketing and business strategies. For example, a report on the market segmentation and customer preferences within the beauty and cosmetics industry can help you refine your product offerings.

Identifying opportunities and gaps

By examining existing data, secondary research enables you to identify market gaps, unmet needs, and untapped opportunities. It helps uncover areas where demand is not adequately addressed, revealing potential niches or underserved segments that you can target for growth and innovation. For example, a report on the growing demand for plant-based protein alternatives may prompt you to develop and launch a line of plant-based meat products.

Conducting preliminary research

Secondary research is often the first step in the research process. It allows you to gather preliminary information, explore different angles of your research topic, and develop hypotheses or research questions. It provides a foundation for further investigation and can guide the design of your primary research studies. For example, online forums and discussion boards related to parenting can provide valuable insights for a baby product manufacturer like yourself looking to develop new products that address parents' needs and concerns.

Supporting your primary research

Secondary research complements your primary research efforts by providing context, background information, and supporting evidence. It helps you gain insights into previous studies, theories, and findings related to your research topic. This knowledge can inform the design of your primary research studies, guide the development of your research instruments, and validate or challenge existing theories. For example, publicly available financial reports of competitors provide valuable insights into their market positioning, pricing strategies, and financial performance, aiding you in developing competitive strategies.

Pros of secondary market research:

Cost-effectiveness.

Conducting primary research can be expensive, while secondary research utilizes existing data sources that are more accessible and cost-effective. Businesses can leverage pre-existing data without the need for extensive data collection efforts, significantly reducing research costs.

Time efficiency

Primary research can be time-consuming, whereas secondary research offers a time-efficient alternative by utilizing readily available data. Researchers can access a wide range of information quickly, saving time and allowing for faster decision-making.

Wide range of data sources

Secondary research draws on diverse data sources, including government reports, industry publications, market research studies, academic journals, and online databases. These sources provide a wealth of information on market trends, consumer behavior, competitor analysis, and industry insights, enhancing the comprehensiveness and reliability of the research findings.

Historical perspective

Secondary research often includes historical data and trends, enabling businesses to analyze past patterns and make informed decisions based on historical insights. This longitudinal view provides a valuable perspective on market dynamics, industry shifts, and consumer behavior over time.

Broader scope and breadth of data

Secondary research allows businesses to access a wide range of data that may not be feasible to collect through primary research alone. It provides a broader scope of information, covering various industries, markets, and geographic regions, enabling comprehensive insights into market trends, consumer preferences, and competitive landscapes.

Cons of secondary market research:

Data relevance and quality.

The quality and relevance of secondary data can vary depending on the sources and specific research needs. It's important to critically evaluate the credibility and accuracy of the data to ensure its reliability.

Lack of customization

Secondary data is collected for general purposes and may not address specific research objectives or unique requirements. It may lack specific variables or insights crucial for a particular study, limiting the depth of analysis.

Limited control over data collection

Researchers have no control over the data collection process in secondary research. The data may not align perfectly with the research objectives or may not cover all aspects needed for a comprehensive analysis.

Outdated or incomplete information

Secondary data may become outdated or incomplete, especially when relying on older reports or sources that are no longer regularly updated. This can impact the accuracy and relevance of the findings.

Potential bias

Secondary data can carry inherent biases or limitations based on the methods and objectives of the original researchers. It's important to consider the context and potential biases associated with the data sources to avoid misleading or skewed interpretations.

Ways to do secondary market research

Published sources.

This includes books, newspapers, magazines, trade publications, academic journals, and reports from reputable sources. These sources provide a wealth of information on various industries, markets, trends, and consumer behavior.

Government sources

Government agencies often collect and publish data on demographics, economic indicators, market trends, regulations, and industry statistics. Examples include the U.S. Census Bureau, Bureau of Labor Statistics, and Department of Commerce.

Market research reports

Market research firms and organizations generate reports that provide in-depth analysis and insights on specific industries, markets, and consumer trends. These reports often include market size, growth rates, competitive analysis, and future projections.

Industry associations and trade organizations

Industry associations and trade organizations publish reports, surveys, and studies related to specific sectors. They often provide valuable industry-specific data, market trends, and best practices.

Academic research

Academic research articles and papers can offer valuable insights into specific topics or industries. They are typically published in academic journals and provide rigorous analysis and findings based on research conducted by scholars and experts.

Online database

Online databases such as market research databases, industry-specific portals, and data repositories provide access to a wide range of information. Examples include Statista, Euromonitor International, and Factiva.

Company websites and annual reports

Company websites and annual reports provide information about the company's performance, financials, products, and market positioning. They can offer insights into the company's strategies, market share, and competitive landscape.

S ocial media and online communities

Monitoring social media platforms, online forums, and communities can provide valuable insights into consumer opinions, preferences, and trends. It allows businesses to understand customer sentiment, identify emerging issues, and gather feedback.

Patent databases

Patent databases provide information on inventions, innovations, and technological developments. They can help businesses understand the competitive landscape, identify new technologies, and track industry trends.

Data aggregators

Data aggregators collect and compile data from various sources, such as government databases, surveys, and market research reports. They provide consolidated datasets that can be used for analysis and insights.

Why should you conduct secondary market research along with primary market research?

Comprehensive understanding.

Conducting both secondary and primary market research allows you to gain a comprehensive understanding of your research topic. Secondary research provides existing knowledge, theories, and findings related to your subject matter, while primary research allows you to gather specific insights directly from your target audience. By combining both approaches, you can develop a well-rounded understanding of the market, industry trends, and consumer behavior.

Identification of research gaps

Secondary research helps identify gaps in existing knowledge or areas that require further exploration. By reviewing previous studies, reports, and industry publications, you can identify areas where primary research can contribute new insights or validate existing findings. This integration of secondary and primary research ensures that your research addresses important gaps in the current understanding of the topic.

Research design and instrument development

Secondary research provides valuable insights into research design and instrument development. By examining previous studies and methodologies, you can refine your research objectives, select appropriate data collection methods, and design effective research instruments. Secondary research can guide the creation of questionnaires, surveys, interview protocols, or experimental designs for your primary research studies.

Validation and triangulation

Conducting secondary market research alongside primary research allows for data validation and triangulation. You can compare your primary research findings with existing secondary data to assess the consistency and reliability of your results. This validation process adds credibility to your research findings and strengthens the overall research outcomes. By triangulating data from different sources, you can ensure the reliability and accuracy of your research findings.

In-depth analysis and interpretation

Integrating secondary and primary research enables you to conduct in-depth analysis and interpretation of your findings. Secondary research provides a broader context and background information, while primary research offers specific insights from your target audience. By combining both types of data, you can gain a deeper understanding of the market dynamics, industry trends, and consumer preferences, and interpret your findings more comprehensively.

Enhanced credibility and robustness

By conducting both secondary and primary research, you enhance the credibility and robustness of your research. The integration of multiple data sources demonstrates a comprehensive approach to data collection and analysis, which increases the confidence in your research findings. This is particularly important when presenting your research to stakeholders or making strategic business decisions based on the research outcomes.

Richer insights and actionable recommendations

Combining secondary and primary market research allows you to generate richer insights and develop actionable recommendations. Secondary research provides a broader perspective on the market and industry, while primary research captures specific insights directly from your target audience. By integrating these two sources, you can develop a more nuanced understanding of consumer behavior, market trends, and competitive landscapes. This enables you to make informed decisions and develop actionable recommendations that are grounded in both existing knowledge and real-world insights.

In conclusion

By leveraging secondary research, businesses can make informed decisions, identify opportunities, and develop effective strategies. Furthermore, secondary research complements primary research efforts, offering context, supporting evidence, and guiding research design. Its cost-effectiveness, time efficiency, and historical perspective make it an invaluable asset for businesses seeking a comprehensive understanding of their market.

{{cta-button}}

Get your Product Pack Design tested against competitors

Got a question? Check out our FAQ’s

Book a demo.

• This is some text inside of a div block.

Secondary Market Research: What It Is and How to Do It Fast

Secondary market research is cost-effective. There’s no professional training needed. And it’s a great place to find inspiration and ideas for growth, or explore a topic deeper before making strategic decisions. When you think about it, it’s how most types of research start out.

Whether you’re digging around on a rival’s website, reading industry news, or snooping on social media, it all counts.

So, sit back and take ten to discover everything you need to know about the what, why, and how to do secondary market research right.

For good measure, I’ve included examples of secondary market research and a detailed review of secondary research methods. 

What is secondary market research?

By definition, secondary market research uses pre-existing data collected or published by a third party. It’s mainly used to establish key facts about a market, product, or service. It’s also known as desk-based research , and all you need is an internet connection to get started. There are plenty of places to obtain secondary data for free. These include internal and external sources, such as company sales and analytics data, industry or government reports, and published market research surveys .

To save time:

Choose the right secondary market research methods from the onset. And use a methodical approach to help you analyze a topic, spot trends, and decide whether further primary market research is worth it, or not.

Why is secondary market research important?

Finding cost and time-efficient ways to do market research is key. By leveraging prior efforts, you can build on existing research, uncover insights, and make informed decisions faster. 

This type of market research presents a huge window of opportunity! As long as you’re willing to invest the time needed to gather and analyze the data. Particularly when you consider how much data is out there, and is never reviewed.

Less than 0.5% of all #data is analyzed and used. #Data quality gives firms a competitive advantage: https://t.co/mc89XcFslE @Adweek — Forrester (@forrester) August 28, 2017

Examples of secondary market research

All secondary market research types can be split into two subsets; internal and external.

• Internal sources come from data held within your organization.

These examples of secondary market research are for your eyes only. And because it’s data your rivals won’t be able to benefit from, it’s one of the most valuable activities you can do.

2. External sources come from outside your business.

External secondary research examples can be accessed by almost anyone, being openly available by nature.

By choosing the right secondary market research methods, you can significantly cut your research time and increase your speed to insight. 

In June this year, over 500 business leaders and analysts shared their go-to sources of secondary market research with me via a survey on the HARO platform . The key ranking factors were speed, value, and ROI.

With these findings, I’ve collated a list of the best types of secondary market research.

Internal examples of secondary market research

1. Website and mobile app analytics

Think Google Analytics or your mobile app intelligence software . Both show data about people who interact with your business online. They can also help you understand the device split between desktop and mobile .

2. Customer data

Here, you get exclusive insights into your audience demographics.  This is first-hand information about how people use your product or service, their likes, dislikes, and more.

3. Previously conducted research

Perhaps your business used analysts or carried out research in the past. So, even if it seems unrelated, it may be relevant to your research,

4. Historical marketing or campaign information 

Things like conversions, website traffic , sales, and marketing data. It’s all going to help you build a picture that’ll impact your research.

External examples of secondary market research

Government and non-government agencies.

Whether you want to view global or country-specific data, there’s lots of free information here. See below for a quick guide to some of the best secondary data sources in the US.

• Congressional Research Service – Information is authoritative, objective, and timely. Topics include economy, finance, commerce, technology, and policy. Sources include infographics, reports, and posts.
• US Census Bureau – Produces more stats than any other agency in the US. Tables, articles, studies, and reports show current and historical data.
• US Small Business Administration – If you’re a small business, the SBA website is a goldmine. Use it to access reports and other data that are ideal for secondary market research purposes.

Read More: Get Growing with Small Business Market Research

• The Bureau of Labor Statistics – As an independent national statistical agency, it produces timely, unbiased reports that are highly relevant to modern-day economic and social issues. Its data retrieval tool is a game-changer for fast access to relevant data.
• Bureau of Transportation Statistics – Access reports about transportation, economics, IT, airlines, geographic information systems, safety, and more. View trends and annual reports, or use the ask-a-librarian live-chat service.
• US Government Publishing Office – View Federal Government reports from three branches: the White House, US passport office, and congress publications. It’s also home to the complete catalog of past and present government publications.
• Childstats.gov – If you’re in a business geared toward families, this is a great place to find valuable stats and trends relating to family characteristics, health, behavior, economic security, and education.
• Internal Revenue Service – Get comprehensive stats using this tax stats link. Great for income data, easily sorted by zip code. Access publications, articles, tables, and reports that measure elements of the tax system.

Competitor websites and apps

Your rival’s websites and apps are a goldmine for secondary research. Define your competitors; then take the following actions for each. Also, ensure you set up a systematic way to collect and record what you find.

• Sign-up for their newsletters or subscribe to their blog.
• Do they offer a free trial, consultation, or product demo – go ahead and try it out.
• Review their products or services; look at the add-ons or upgrades on offer.
• If a rival has an app, download it to get a feel for what they offer and what works (or not).
• Record their price points, discounts, offers, and pricing model.
• What type of customer support do they offer; email, phone, live chat? Note any service level agreements (SLAs) they promise to customers.
• Read their customer and employee reviews with a fine toothcomb: note both pros and cons.
• Look at what social media channels they’re active on. View their activities, engagement, and size of their following.

While it seems like a lot, you can uncover some genuine pearls of wisdom about your target audience’s likes and dislikes. You can also use this data to inform pricing, positioning, social, and marketing tactics .

Read more: how to do competitive analysis right.

Using the industry analysis feature, I see the industry leaders and rising stars. When I look at who is gaining the most unique visitors with the longest visit duration; there’s a clear leader with above-average stats. By expanding and clicking compare, I see the competitive landscape , including marketing and social channels, keywords, ads, traffic, and engagement metrics for all. 

Commercial and Trade Association Reports

Whatever your business, there’s bound to be a trade association that provides relevant intel about your sector. Here are a few links to save time if you’re in the US. Google trade associations in your region to see what’s available for anyone outside the US.

• The Directory of Associations
• The National Trade and Professional Associations Directory
• The Encyclopedia of Associations

Online Media

Use the media to find out about stories and trends in any sector. But don’t just make it a one-and-done thing – sign-up for Google news alerts to be alerted to new things as they happen. You can create alerts in seconds based on competitors’ names, products, industries, popular keywords, and more.

Market Research Intelligence Tools

Get instant access to the most up-to-date insights about rivals, markets, or keywords for any audience or product. Another reason to use market research intelligence tools like Similarweb is the high dependency of data. It comes from reliable sources and is always up to date. You can instantly access web and mobile app intelligence from within a single platform, then drill down into any market to get actionable data – with key insights, trends, market intel, audience data, and more.

Traffic and engagement metrics are a gold mine when it comes to doing secondary research. Here’s a static shot of Similarweb Digital Research Intelligence in action. Here, you can quickly compare sites, and see in an instant who is winning in any market, and how they’re doing it. 

Research Associations

Many research associations will charge you for their data, but if you find a timely and relevant report, it could be money well spent. Some of the most prominent players include IBIS World , Gartner , Statista , Forrester , and Dun & Bradstreet .  

Educational Institutions

When you consider how academic research papers and journals are researched, you know their value. If you find one connected to your topic, you get instant confidence in the credibility of that data.

See below – there are many other examples of secondary market research using external data.

As this article is about how to do secondary market research fast, I’ve highlighted the most compelling examples of secondary research data.

Boost Your Market Research with Similarweb

Enjoy 360° visibility into your industry and instantly adapt to market changes

Pros and cons of secondary research

As with all things in life, there are good and bad aspects to consider. Knowing the best route requires some consideration. So, ask yourself these questions before deciding if secondary market research is right for you – and whether it will help you achieve your research goals:

• What do you want to learn from your research?
• Are there actions or decisions you can take from the data?
• How is the data relevant to your research questions ?
• Is information the most up-to-date there is?
• Could there be a quicker way to do this?

Always keep your research questions front of mind. It’ll help you determine if you’re using the best secondary market research methods, and keep you focused on the end result.

Advantages of secondary market research

• It can be quick to conduct.
• No professional training is needed to do it.
• Low-to-no cost.
• Data is easy to access.
• Initial findings shape future research efforts.
• Gain a broad understanding of a topic fast.

Disadvantages of secondary market research

• Data can quickly become outdated.
• Lack of control over the research methodologies used.
• Topics aren’t always relevant to the researcher’s needs.
• Extra steps are needed to validate the credibility of the research.
• Data is not proprietary and offers little advantage compared to primary research.

For all the benefits secondary market research offers, it’s impossible to ignore the disadvantages. Things like credibility, reliability, relevance, and timeliness all matter when you want to uncover insights to give you a competitive edge.

That’s where we come in.

The Ultimate Tool for Secondary Market Research

Similarweb Research Intelligence is the only external secondary market research method that gives you all the pros and none of the cons. If you want to know what a successful example of secondary market research looks like; it’s this.

• It’s dynamic and updates on the fly – so you always get the most up-to-date information.
• Data collection methodologies are transparent, trustworthy, and reliable.
• Refine results to exactly match the research needs.
• The presentation of data is clear via an easy-to-use, intuitive platform.

Use it to uncover the most critical insights you need to succeed. Data about your rivals, market, product, topic-specific keywords, marketing effectivity, demographics, and consumer journey tracking – all from a single platform, and from the comfort of your desk.

How to do secondary market research in five steps

As you can see, there are many ways to approach it and even more secondary market research methods to choose from. One thing this post promised, was to show you how to do it better and faster. So without further ado, here are five quick steps to follow.

1 – Define research needs and establish goals.

2 – Choose the best sources of secondary market research.

3 – Access, collate, and verify research data.

4 – Analyze, compare, and identify trends.

5 – Confirm if the research questions are answered. If not, repeat steps 1-4 using different sources, or consider primary market research as an alternative.

The difference between primary and secondary market research methods

Wrapping up…

Many believe that doing secondary market research is a quick, cost-effective route to uncover insights that fuel growth. So, whether it’s through diversification, slicker marketing, or new product development. But with credible constraints about the relevance and timeliness of secondary research methods and their data, choosing your tools has never been so important.

We might be biased, but for relevant, timely, trustworthy information that’s always on-point, Similarweb Digital Research Intelligence is ideal. It’s the quickest way to get information about a target market , product, or audience. So, to get started doing secondary market research fast, sign-up for a free trial on the site today.

What are secondary market research methods?

The most widely used secondary market research methods include: the internet, government and agency reports, research journals, trade associations, media outlets, libraries, digital intelligence tools, competitor data, internal sales or customer data, and website or app analytics.

How is secondary market research used?

Secondary market research provides a background from existing data. Organizations can save time and money by identifying key perspectives, facts, and figures to support a topic of interest. It adds credibility and helps shape further primary research.

Should you do primary or secondary market research first?

Because primary market research requires more resources, it’s best to use secondary market research first. Doing so gives you a clearer understanding of a research topic and can help you shape any further research stages before you invest money.

What are primary research and secondary market research?

Primary and secondary market research are two types of market research. Primary research refers to data that’s collected first-hand, such as a survey or interview. Secondary research uses existing data to explore a topic, such as the internet or journals.

Related Posts

What is a Niche Market? And How to Find the Right One

The Future of UK Finance: Top Trends to Watch in 2024

From AI to Buy: The Role of Artificial Intelligence in Retail

How to Conduct a Social Media Competitor Analysis: 5 Quick Steps

Industry Research: The Data-Backed Approach

How to Do a Competitive Analysis: A Complete Guide

Wondering what similarweb can do for you.

Here are two ways you can get started with Similarweb today!

What Is Secondary Market Research?

Rev › Blog › Marketing › What Is Secondary Market Research?

Secondary market research refers to any data that comes from third-party sources.

But no matter which type of research you conduct, it can be a complicated undertaking. You need to consider the outcomes you want to achieve and plan your research methods upfront. Often, researchers find it helpful to start with broad concepts first, and then go more narrow. That’s why many researchers start with secondary market research first. But the best market research programs use a mix of both research approaches.

Keep in mind that primary research can be quite expensive. According to a recent study by  Vernon Research , market research surveys can cost between $15,000 and $50,000. Focus groups can cost $4,000 to $6,000 per group. Conducting secondary research can help you keep costs in check early on in the process.

Before your next research project, you need foundational knowledge of secondary research, including insight into the common secondary market research tools and techniques. This awareness will help you maximize the value of the data collected. Let’s dive in!

A Brief Overview of Secondary Market Research 

When you hear the words “primary” and “secondary,” what comes to mind? You may assume primary research is more valuable, or that you would do primary research first. The reality is, market researchers typically perform secondary research first. And both types of research are essential.

In short, secondary research is data and insights that you do not collect yourself . It can include quantitative and qualitative information. There are many types of secondary research sources, such as: 

• Published market studies
• Competitive information
• White papers
• Analyst reports
• Previous in-house studies 
• Prior internal focus groups
• Customer emails
• Customer surveys and feedback
• Recordings of internal and external meetings

By contrast, primary market research is research that you conduct yourself . You can customize your research approaches or target specific audiences to gather information. Primary research is also a useful tool to explore a hypothesis created through secondary research.

Why Perform Secondary Market Research?

You should perform secondary market research because it can give you critical insights into competitors, trends, and market size. You can use this information to guide decision-making and product positioning.

When designing studies, researchers want to know what relevant information already exists. Conducting a review of this research is an essential first step. This review will uncover secondary research sources that you can use to frame a new study. If you conduct secondary research, you may find that others have already examined your idea. You won’t want to waste resources researching the same topic. Instead, you may wish to refine your concept to study the issue at a deeper level.

Often, secondary market research sources are readily available. You may be able to gather information and draw meaningful conclusions in a short time. At times, an Internet search can be adequate. On other occasions, you may need to buy published reports from analysts or research firms. Also, you may have access to secondary research sources within your organization.

How Primary and Secondary Market Research Work Together

Consider this scenario. Imagine that you work for a company that wants to launch a new accounting solution for small businesses. You want to know how customers perceive your current solution portfolio. And you’ll also want insights on current global expenditures on accounting solutions. Plus, you need perspective on primary competitors and distribution channels. All of this information can be gathered through secondary market research.

In this example, secondary research can help make a smart business decision. You can gather information and decide if you should launch a new accounting product. If you choose to move ahead, primary research is a wise idea.

Primary research can tell you how people react to your design, product name, and messaging. You may use surveys or focus groups to refine your product and optimize your launch. Remember that you must abide by privacy-protection laws — such as the European Union General Data Protection Regulation (GPDR). You’ll need to ensure you have consent to collect data from research participants. Also, you’ll need to ensure that participants know how you’ll use their information.

As you can see, primary and secondary market research go hand-in-hand. Both approaches are necessary for a well-rounded research program.

Secondary Market Research Tools And Techniques

How can you perform secondary market research? First, you’ll need to gather secondary data from internal and external sources. Then you can determine the right approach to collect the data you need.

Here are the secondary market research sources marketing professionals should know.

Internal Sources

Internal sources are ones that exist within your company, such as:

• Feedback from customer support or sales professionals
• Emails from current customers
• Prior market studies completed by your company

Make the most of any data collected. Perhaps you will use this research to identify valuable new product features. Or you could find that your onboarding process needs some refinement. All the information collected can inform your product design and launch.

Qualitative Internal Sources

Many companies have qualitative internal sources that you can use in secondary research:

• Recordings of support calls that contain customers’ spoken-word feedback
• Previous focus groups conducted by your company
• Recordings of customer events or user forums

When it comes to gaining accurate insights from these recordings, you’ll need professional transcription services — they’re the easiest way to transform these recordings into written content that is easy to search through and pull information from.

External Sources

External sources exist outside your organization. These sources can include research firms and government organizations. Published articles, white papers, and studies fit into this category as well. While you can find free external data sources, some publications and reports do require purchase.

Qualitative External Sources

You can access many other qualitative external sources as well:

• Social media is a significant source of external secondary research — you may think that social media is a primary source since you control your feed’s content, but you cannot influence posts and comments people share about your company.
• Recordings of industry meetings or presentations in your research.
• Notes or journals detailing information collected by other researchers are also secondary sources.

Often, these qualitative sources provide critical insights that aren’t available through statistical research.

How to Maximize the Value of Your Secondary Market Research

Secondary research is often widely available. But you may need to take specific steps to extract meaning. This scenario is especially true when working with qualitative, spoken-word sources.

For example, companies may have huge volumes of customer feedback from support calls. Remember that message that lets you know calls may be recorded for quality assurance? Too often, businesses capture those calls but never transcribe those audio recordings, meaning they are losing out on valuable direct feedback from their customers.

Similarly, companies may record company meetings or customer events. Chances are, those recordings exist in an archive. They may contain a goldmine of product, industry, and customer insight. But without transcriptions of those recordings, all that intelligence is difficult to access.

When conducting external research, you may uncover high-value recordings as well. These sources may include event proceedings, lectures, and webinars. 

Why Transcription is Essential in Secondary Market Research

You should seek professional market research transcription services for any recordings. This approach saves you significant time and  improves the research process . Instead of needing to listen to recordings over and over, you can have accurate texts to review. Plus, you can make transcripts accessible to team members with ease. You can make your analysis and reporting much more efficient and meaningful.

With transcripts , you can also use keyword analysis techniques. These approaches are especially valuable when analyzing large volumes of customer feedback. You can search through transcripts to determine words that customers use often.

For example, you may find customers commenting often on “pricing,” “data input,” or “dashboards.” Then, you can explore those comment categories in more depth to identify themes. You can also assign sentiments, such as positive, negative, or neutral. 

With these steps, you can discern how customers feel about your company and products. Then, you can use that insight to improve products and increase customer engagement. 

Unlock the Power of Secondary Market Research

When conducting market research, it’s tempting to want to dive right into primary research. Study design can be fascinating. However, you need to perform secondary market research to ensure the best outcomes.

Secondary research provides important context for your primary analysis. You can go into any research project with clarity on industry and competitive trends. Also, you can use internal secondary data for perspective on customer expectations.

When conducting secondary market analysis, researchers often find many valuable recordings. But listening to recordings to capture insight is very time-consuming. It can take up to four hours to understand the content of one hour of audio.

Don’t waste precious time or risk missing enlightening points buried in audio recordings. Turn to Rev for transcription services of your secondary information collected in audio.

Related Content

Latest article.

How to Analyze Focus Group Data

Most popular.

Differences in Focus Groups & In-Depth Interviews for a Successful Market Research

Featured article.

How to Use Automatic Transcription as a Marketing Professional

Everybody’s favorite speech-to-text blog.

We combine AI and a huge community of freelancers to make speech-to-text greatness every day. Wanna hear more about it?

What is secondary market research?

Last updated

3 April 2024

Reviewed by

There are two main types of market research: primary and secondary. 

Market analysis template

Save time, highlight crucial insights, and drive strategic decision-making

• Primary market research

Primary research is research that is collected first-hand. Methods of obtaining primary market research include the following:

Interviews : Phone, online, or in-person interviews

Focus groups : Small groups that informally discuss an issue

Polls and surveys : Commonly sent to customers via email or social media sites

Observation : For example, observing how shoppers, drivers, children, or any other group of people behave in a certain situation

One of the main benefits of primary market research is that it's specific to the business or organization that collects it. For example, if you poll your customers, you get feedback from people who have bought your products. The downside of primary research is that it can be expensive and time-consuming to collect. 

• Secondary market research

Secondary research is research you obtain from another source rather than collecting it yourself. This is research that may be found online or in print. It may have been collected by businesses, governments, nonprofit organizations, or other sources.

• What are the main sources of secondary market research?

Common sources of secondary market research include the following:

Published data

Demographic data published online, such as on sites such as Statista and McKinsey, government sites such as the Census Bureau and the Bureau of Labor & Statistics, universities, and other sources. Publications such as magazines and academic and trade journals also publish valuable data.

Unsolicited customer feedback

This includes emails, social media posts, and reviews published on third-party sites such as Yelp, Facebook, Google, and elsewhere.

Previously collected data

Studies, focus groups , and other data collected in the past become secondary when you revisit it later.

Competitive research

Finding publicly available data on your competitors. For example, using a tool like Ahrefs or Semrush to get website SEO information. 

• What is the purpose of secondary market research?

Secondary market research supplements or complements primary research. It's also a viable alternative when you don't have the time or resources to do primary research. 

Why you should perform secondary market research

There are obvious advantages to doing primary market research. It's the most relevant and timely research you can do. However, there are also some compelling reasons to perform secondary market research. This type of research can be particularly useful for startups and newer organizations. 

A startup or new business doesn't have a large pool of customers to draw from. While they can do other types of primary research, such as focus groups, they’re limited when it comes to methods requiring feedback from customers or members. In this case, looking at existing data from competitors or more general demographic data can fill the gap.

Primary and secondary market research are complementary

Primary and secondary research aren’t mutually exclusive as both have value. Secondary research can back up your primary research. It can allow you to see if your competitors' research or data is similar. 

For example, suppose a company that creates fitness-related products and services wants to launch an app that helps people plan healthier meals. It would be helpful to conduct primary research, such as a focus group or user testing of a beta version. However, it could also help to study any existing research about competitor apps, such as the demographics of customers, most popular features, and how many customers upgrade from the free to the paid version. 

Primary research can give you crucial feedback on how users react to your app. However, secondary research backs this up by giving you general data on your market and KPIs that you can benchmark from.

When is the best time to do secondary market research?

Ideally, you should undertake secondary market research before primary research. It provides an overview of a target audience, demand for products, the competition, and the typical price points for similar products and services. 

• Secondary market research tools and strategies

Let's look at some guidelines for performing secondary market research.

Internal resources: analyzing data you already possess

Every company or organization has data that’s gathered as a byproduct of daily transactions or interactions. This includes feedback sent to you by customers or published on social media or review sites.

An example of a simple but important business metric is the return rates for products and services. Other data includes customer churn , comparing the popularity of different versions of a product, and tracking sales during different seasons. These are all metrics that most companies routinely collect. 

Companies can also look at data regarding their employees and the hiring process. Metrics such as employee turnover and the effectiveness of training programs can help to inform future policies. 

Qualitative vs quantitative research

Secondary research, like primary research, may include both quantitative and qualitative data . Metrics, such as sales figures and return rates, are quantitative. Qualitative feedback is equally worth studying. Examples of qualitative data include customer service calls and emails. 

Listening to or reading the words used by customers can provide insights into sentiments about your product and business. Factors such as tone of voice, emotions, and body language (e.g., in a video review) provide qualitative information.

External resources

You can also access resources that are outside your organization. In addition to publicly released data, either online or in print, you can work with market research companies that specialize in market research data. 

Social listening

Social media provides a rich and cost-free way to conduct market research. Studying social media posts, stories, groups, and pages is especially useful for gathering qualitative insights. You can research social media content for competitors and companies that are similar or adjacent to your own. 

• How to conduct secondary research

The following are the steps for conducting secondary research.

1. Identify and define the research topic

To collect the data you need , you must first identify the topic and reason you want this data. Ask yourself several questions:

What is your primary goal?

For example, a store or restaurant may be considering opening a second location in another city. They would do market research to determine whether there's sufficient demand for such a business in the proposed location. 

Who are your customers?

A company releasing a game might decide that their typical consumer is between the ages of 16 and 22. Identifying a buyer persona is a good starting point. A buyer persona identifies  ‘typical’ customer traits such as gender, age, location, profession, education, and other factors.

Who are your main competitors?

Studying the competition is always a critical factor in market research. 

2. Find research and existing data sources

For secondary research, you need to locate existing sources of data. You can search both internally and externally for research that matches your needs. Be open to researching any of the relevant sources, such as those listed above.

3. Begin searching and collecting the existing data

There is no shortage of data in the world today. The challenge is sifting through what you need, discarding what is not relevant, and placing it in the right categories. By selecting your parameters beforehand, you won't get distracted by data that isn't relevant. 

4. Analyze the data

Once you have the data you need, it's time to organize it, put it into the appropriate categories, and analyze it. 

Look for patterns and long-term trends

For example, if you're looking at numbers such as sales figures for a certain brand or product, look for trends over time. An isolated piece of data could just mean a temporary spike (or drop) in popularity. 

Verify the validity of the data

Checking your data is especially important with secondary market research as you're relying on data collected by others. Consider if the sources are reliable. Some websites and publications, for example, may be biased or untrustworthy. While social listening is valuable, it can be misleading if you aren't careful verifying the sources. For example, reviews can be fake to artificially pump a product. Whenever possible, check data against other sources. 

Be cautious of cognitive distortions when analyzing data

Researchers who are hoping for or expecting a certain result may fall victim to confirmation bias . One sign of this is prioritizing data confirming your biases and ignoring data contradicting them. 

• Examples of secondary market research

Here are a few examples of both internal and external secondary market research:

External secondary market research: studying your target audience

For this type of research, you need to identify your target audience or buyer persona . 

Publications, social media, journals, and interviews can provide useful qualitative data on many topics. For example, if you’re researching the shopping habits of millennials, you could look at data published by Retail Customer Experience , which reveals that 80% of millennial shoppers do most of their shopping online, up from 60% three years earlier. 

You may need more specific data, of course. Your target audience may be older or younger millennials (or members of other generations). 

Measuring the popularity of a product or trend

Another type of external secondary research involves studying consumer demand for a product based on current trends.

Suppose you have a chain of restaurants and you’re creating a new menu item, say a plant-based burger. As developing and releasing new products or services can be costly, it would be wise to do market research first. 

Primary research might include taste tests and polls of favorite flavors for a new food offering. However, you could learn a great deal from secondary research. This might consist of trends for people seeking meatless alternatives, for example. You could also research the competition by looking at the popularity and price points of similar items sold by other restaurants or competitors. 

Internal examples of secondary market research

Marketing Sherpa provides several insightful examples of both primary and secondary market research. One example of internal secondary research they mention is a virtual event company that created printable baby shower thank-you cards. The company knew from talking to customers that people preferred having a printable swipe as opposed to a virtual image on a screen. 

Another example from Marketing Sherpa explains how Intel organized its existing databases to conduct more efficient market research. Databases were organized based on criteria such as customer segment and geography. The data was compiled from customer interviews . Intel was able to create multiple versions of the database that different departments within the company could use.

• Advantages of secondary research

Easy to find

It’s generally much faster to access secondary research than to do primary research. Whether you’re using internal or external sources, there is an abundance of data available on many topics.

Much is available for free online. Even paying to access secondary data is usually less expensive than conducting primary research.

Helps you conduct more insightful primary research

If you plan to do your own research, doing preliminary secondary research can help you save time and avoid unnecessary work. For example, if you discover insufficient demand for a product from secondary research, you won't need to do primary research on it.

• Disadvantages of secondary research

Data may not be specific to your needs

By definition, secondary research has been done by others and may not apply directly to your organization. 

May be outdated

Trends change quickly in many industries. If you access data from a few years ago, it may no longer be accurate.

May not be accurate

When others collect data, it can be difficult to gauge its validity. You must be careful about verifying the sources and methods used to collect and analyze the data.

• Summary: what is the purpose of secondary research?

Secondary research is faster and less expensive to obtain than primary research. You can conduct a great deal of this type of research online.

You can do secondary research from both internal and external sources.

When analyzing data from external sources (e.g., websites, publications, social media), it's important to verify it. 

Secondary market research is often best done when you’re starting out on your research journey. It can guide you on what further research is worth pursuing.

Primary and secondary research complement one another to give you a more comprehensive view of your market and target audience.

Get started today

Go from raw data to valuable insights with a flexible research platform

Editor’s picks

Last updated: 3 April 2024

Last updated: 26 May 2023

Last updated: 11 April 2023

Last updated: 22 July 2023

Last updated: 1 June 2023

Latest articles

Related topics, log in or sign up.

Get started for free

Just one more step to your free trial.

.surveysparrow.com

Already using SurveySparrow?  Login

By clicking on "Get Started", I agree to the Privacy Policy and Terms of Service .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Don't miss the future of CX at RefineCX USA!  Register Now

Enterprise Survey Software

Enterprise Survey Software to thrive in your business ecosystem

NPS® Software

Turn customers into promoters

Offline Survey

Real-time data collection, on the move. Go internet-independent.

360 Assessment

Conduct omnidirectional employee assessments. Increase productivity, grow together.

Reputation Management

Turn your existing customers into raving promoters by monitoring online reviews.

Ticket Management

Build loyalty and advocacy by delivering personalized support experiences that matter.

Chatbot for Website

Collect feedback smartly from your website visitors with the engaging Chatbot for website.

Swift, easy, secure. Scalable for your organization.

Executive Dashboard

Customer journey map, craft beautiful surveys, share surveys, gain rich insights, recurring surveys, white label surveys, embedded surveys, conversational forms, mobile-first surveys, audience management, smart surveys, video surveys, secure surveys, api, webhooks, integrations, survey themes, accept payments, custom workflows, all features, customer experience, employee experience, product experience, marketing experience, sales experience, hospitality & travel, market research, saas startup programs, wall of love, success stories, sparrowcast, nps® benchmarks, learning centre, apps & integrations, testimonials.

Our surveys come with superpowers ⚡

Blog Knowledge

Secondary Research: Methods, Examples, and Strategic Insights

Kate williams.

16 October 2023

Table Of Contents

Secondary Research

• An Overview
• Primary vs Secondary

Sources and References

• Conducting Research
• Pros and Cons

Secondary research involves the analysis and interpretation of existing data and information collected by others. It provides valuable insights for informed decision-making without conducting new surveys or experiments. But, why is it important for businesses? Successful enterprises attribute their strategic decisions to comprehensive secondary research. In this blog, we will look into its importance, pros and cons, and all that you need to know.

What is Secondary Research?

Secondary research is not just about compiling data. It’s about synthesizing information to draw meaningful conclusions. Analysts sift through vast datasets, identifying patterns, trends, and correlations. This methodical approach transforms raw data into actionable insights, guiding businesses in their strategic endeavors.

Simply put, it involves the analysis and interpretation of existing data and information collected by others. This data can come from a variety of sources, such as academic papers, industry reports, market studies, government publications, and online databases. By tapping into pre-existing data, businesses can gain valuable insights without the time and resource-intensive process of conducting primary research, making it a cost-effective and efficient approach.

Please enter a valid Email ID.

14-Day Free Trial • No Credit Card Required • No Strings Attached

Primary vs Secondary Research

Now, before we delve into the details, we need to be very clear about what primary research is. Why? Because the former builds upon the latter. Secondary research can only be done upon the existence of data. And, what better way than a comparison of the two to get a better grasp?

Primary Research:

Direct Data Collection: It involves gathering data directly from the source. Researchers use methods like surveys, interviews, experiments, or observations to collect specific information tailored to their study.

Specific to Study: The data collected in primary research is exclusive to the research question at hand. It is designed to address specific inquiries and provide detailed, targeted insights into the topic of interest.

Time-Consuming: Moreover, it can be time-intensive as it requires planning, conducting surveys or interviews, and analyzing the collected data. Researchers invest significant time to ensure the accuracy and reliability of the information gathered.

Tailored Questions: Researchers formulate precise and tailored questions to extract relevant information from participants. These questions are carefully designed to elicit specific responses, contributing to the depth of the research findings.

Costly: Implementing primary research methods often involves expenses related to participant recruitment, survey administration, and data analysis. The costs can vary based on the complexity and scope of the research.

Fresh Information: It provides fresh, firsthand information directly from the participants. It offers unique perspectives and insights, making it valuable for studies requiring original data.

Read More: How To Do Primary Research: An Ultimate Guide

Existing Data Analysis: It involves the analysis and interpretation of pre-existing data. Researchers explore reports, articles, studies, and other pre-existing information to draw conclusions or generate insights.

Broad Overview: It provides a comprehensive overview of a subject matter. It encompasses a wide range of data, allowing researchers to explore multiple facets of a topic without the need for new data collection.

Time-Efficient: Researchers utilize information readily available from various sources. This approach saves time compared to the process of collecting new data through primary research methods.

General Insights: The insights gained are general. They offer a broad understanding of a topic without the specificity that primary research can provide. Basically, it forms a foundation for initial exploration.

Cost-Effective: Compared to primary research, it is cost-effective as it utilizes existing data sources. Researchers do not incur the costs associated with participant recruitment and data collection, making it a budget-friendly option.

Historical Data: Secondary research often involves historical data, which can provide trends and patterns over time. Researchers can analyze past information to identify changes, making it valuable for longitudinal studies.

When conducting secondary research for a company, the focus narrows down to specific sources that offer relevant insights into market trends, consumer behaviors, industry competition, and other business-related aspects.

Here’s a tailored list of key sources and references:

1. Industry Reports and Market Research Firms

Market research is key! Industry-specific reports from reputable market research firms offer detailed analyses, market forecasts, and competitor landscapes, aiding businesses in understanding market trends and customer demands.

2. Competitor Websites and Annual Reports

Your competitor’s website and annual reports are like their personal diary. Analyzing them provides valuable information on their products, strategies, financial performance, and market positioning, helping businesses identify competitive advantages and market gaps.

3. Trade Publications and Business Magazines

They provide industry-specific news, expert opinions, and case studies. This in turn provides insights into merging trends, best practices, and successful business strategies.

4. Government Economic Data and Regulatory Publications

Governments share economic data and regulations. For instance, you get data on GDP growth, employment rates, and industry regulations. You’ll know what’s changing and how it might affect your business.

5. Academic Journals and Research Papers

These are like textbooks. They provide in-depth information about theories and analyses. With it, you can understand the “whys” behind market behaviors.

How to Conduct Secondary Research

1. define your research questions.

Clearly outline what you want to know. Define specific research questions to guide your search and keep your focus sharp. Also, remember to make the questions to the point to provide a clear direction for your study.

2. Identify Your Sources

Don’t just stick to one source. Explore all the options available to get a broad view of the subject. Later, narrow down your findings to get to the precise point you have been deducing.

3. Use Online Databases Wisely

Develop a robust set of keywords related to your topic. Utilize Boolean operators ( AND, OR, NOT ) to refine your search. Experiment with various combinations to obtain the most relevant results.

4. Evaluate Your Sources

Assess the credibility of each source. Check the author’s credentials, publication date, and publisher. Peer-reviewed journals and academic institutions are usually trustworthy.

5. Take Thorough Notes

Record key points, statistics, and quotes. Note the publication details for proper citation. Organize your notes by topic for easy reference.

6. Synthesize Information

Analyze the gathered data. Identify patterns, trends, and discrepancies. Compare and contrast information from different sources to gain comprehensive insights. By doing this, you can see how different sources complement or contradict each other.

7. Validate the Information

Once you have all the information needed, properly source and add references. Any unauthorized data can cause huge differences in the decisions you make based on the insights. In the case of academic research, create a comprehensive bibliography listing all your sources.

8. Stay Curious and Keep Exploring

Research does not end with a single project. Stay curious about new developments, theories, and research findings. Continue learning to broaden your knowledge base and refine your research skills.

Types of Secondary Research

1. literature reviews.

Literature reviews involve analyzing existing academic publications, research papers, books, and articles related to the topic of study. Through literature reviews, scholars gain insights into the evolution of ideas, theories, and methodologies, providing a solid foundation for their research endeavors.

2. Content Analysis

Content analysis is a methodical examination of various media forms, such as articles, advertisements, social media posts, or documents, to extract meaningful insights. Researchers scrutinize the content to identify patterns, themes, attitudes, or trends within the material. This method is widely used in media studies, communication, and social sciences.

 3. Historical Analysis

This method allows researchers to explore the social, cultural, and political factors that have shaped societies, providing valuable context for contemporary studies. It is the meticulous study of historical documents, records, artifacts, or events to gain insights into past behaviors or trends.

4. Case Studies

Case studies delve into specific instances, organizations, or events, offering an in-depth exploration of real-life situations. Researchers analyze existing reports, documents, or publications related to the chosen case to extract valuable insights. It is widely used in business, social sciences, and medical research.

5. Surveys and Polls

Surveys and polls involve the analysis of data that is collected from diverse populations. Researchers explore data sets generated by organizations or research institutions through survey administration. They provide the quantitative data you need to make informed decisions. Moreover, they make it easy to gain insights into public opinions, attitudes, behaviors, or trends across various demographics.

Read More: How to Conduct a Survey

Pros and Cons of Secondary Research

Cost-Effectiveness: Utilizes existing data, saving on research costs. Time Efficiency: Quick access to a wide range of data. Broad Scope: Covers diverse topics and historical data. In-Depth Analysis: Enables detailed examination and exploration.

Disadvantages

Data Quality Concerns: Varied quality and potential biases in existing data. Limited Control: No control over data collection, limiting specific variables. Data Relevance: Data might not precisely align with research questions. Outdated Information: Data can become obsolete in rapidly changing fields.

Alright, before we end this, let’s talk timing! Secondary research guides you through different points of your research process. Imagine you are at the beginning, trying to go deeper into the topic. This is where it comes of use. It gives you foundational knowledge and helps you refine your questions. Then, later, when you’re digging into scholarly articles, research shows you where others have tread and where unexplored territories lie.

So, before you conduct primary research make sure you make a quick secondary research pitstop. It will not only save you time and effort but also help you understand the trends that matter, whether you’re at the beginning, middle, or even near the end of your research.

And, while you’re at it, make sure you stop by SurveySparrow and give it a try! This pitstop might be your ultimate solution.

Content Marketer at SurveySparrow

You Might Also Like

How to create a cx strategy in 9 simple steps, employee experience journey: how to tweak it for 1.8x faster revenue growth, what is retail customer experience.

Leave us your email, we wont spam. Promise!

Start your free trial today

No Credit Card Required. 14-Day Free Trial

Request a Demo

Want to learn more about SurveySparrow? We'll be in touch soon!

What Is Secondary Research?

Elevate your research game by signing up for surveysparrow.

14-Day Free Trial • No Credit card required • 40% more completion rate

Hi there, we use cookies to offer you a better browsing experience and to analyze site traffic. By continuing to use our website, you consent to the use of these cookies. Learn More

• Choosing the Right Targeting Options for Social Media Marketing & Promotion
• Creating a Brand Identity
• Creating Social Media Ads: A Comprehensive Overview
• Developing Brand Messaging Strategies
• Marketing Research
• Primary research methods
• Secondary research methods
• Quantitative and qualitative data analysis
• Business Analysis
• Assessing marketing performance
• Identifying industry trends
• Analyzing customer needs
• Strategic Planning
• Creating a competitive analysis
• Defining a target audience
• Developing a marketing strategy
• Marketing Goals
• Setting marketing objectives
• Defining market segments
• Choosing the right channels
• Marketing Budget
• Managing marketing expenses
• Calculating marketing costs
• Developing a budget plan
• Marketing Execution
• Implementing integrated marketing strategies
• Deploying digital marketing tactics
• Creating marketing campaigns
• Search Engine Optimization (SEO)
• Using keywords and search terms effectively
• Optimizing content for SEO
• Improving website visibility in search results
• Social Media Marketing (SMM)
• Analyzing the success of SMM campaigns
• Developing SMM campaigns
• Engaging with followers on social media platforms
• Pay-Per-Click (PPC) Advertising
• Choosing the right keywords and targeting options
• Creating PPC campaigns
• Measuring PPC performance and ROI
• Content Optimization and Measurement
• Analyzing content performance data and metrics
• Optimizing content for search engine visibility
• Measuring the impact of content on customer engagement
• Content Strategies and Tactics
• Integrating content into other marketing channels
• Developing content strategies for different channels and platforms
• Choosing the right tactics for content promotion and distribution
• Content Creation and Distribution
• Developing content for different channels and platforms
• Promoting content to reach potential customers
• Creating engaging content for target audiences
• Social Media Platforms and Strategies
• Choosing the right social media platforms for business objectives
• Developing social media strategies for different channels
• Integrating social media into other marketing channels
• Social Media Content and Engagement
• Creating engaging social media content
• Social Media Ads and Promotion
• Measuring ROI of social media campaigns
• Choosing the right targeting options
• Creating social media ads
• Campaign Planning and Execution
• Measuring the effectiveness of integrated campaigns
• Launching integrated campaigns
• Planning integrated campaigns
• Data Analysis and Optimization
• Analyzing data from integrated campaigns
• Optimizing campaigns for better performance
• Monitoring customer interactions across channels
• Integrated Strategies and Tactics
• Developing integrated marketing strategies
• Integrating digital, content, and social media strategies
• Choosing the right tactics for integrated campaigns
• Brand Identity and Positioning
• Building a strong brand reputation
• Creating a brand identity
• Defining a brand position in the market
• Brand Messaging and Promotions
• Creating promotional campaigns to boost brand awareness
• Measuring the impact of brand promotions on customer engagement
• Developing brand messaging strategies
• Brand Experiences and Engagement
• Engaging with customers on different channels
• Creating engaging brand experiences
• Analyzing customer feedback to improve brand experiences
• Creative Strategies
• Integrating creative campaigns into other marketing channels
• Developing creative marketing strategies
• Choosing the right tactics for creative campaigns
• Marketing Strategy
• Secondary Research Methods: Everything You Need to Know

Discover how to use secondary research methods to inform your marketing strategy.

What is Secondary Research?

It involves the collection and analysis of data that has already been collected by someone else or compiled from existing sources, such as census data, industry reports, and published studies. Secondary research differs from primary research in that it does not involve the collection of new data. Instead, it is an analysis of already existing data. Because the data is already available, secondary research can be less expensive and time-consuming than primary research.

When and How to Use Secondary Research in Your Marketing Strategy

However, it is important to understand when and how to use secondary research in order to get the most out of it. The best time to use secondary research is when you don’t have access to primary research data, or when you need to supplement existing data. For example, if you’re researching a new market or need to know more about a certain demographic, secondary research can give you the information you need. You can also use secondary research to learn more about your competitors and gain an understanding of the industry landscape. When using secondary research, it’s important to understand how to interpret the data. While the results may be helpful, it’s up to the marketer to decide what the data means and how it should be used.

It’s also important to remember that secondary research often relies on outdated information, so it’s important to take that into account when making decisions. When using secondary research in your marketing strategy, it’s important to analyze the data carefully and use it to inform your decisions. For example, if you’re researching a certain demographic, look for patterns in the data and use them to target your messaging or develop new products or services. You can also use secondary research to identify trends in the industry and use them as opportunities for growth. By understanding when and how to use secondary research in your marketing strategy, you can gain valuable insights into your audience and competitors.

Types of Secondary Research

Focus groups, desk research.

There are several types of secondary research that can be used in a marketing strategy, such as surveys, interviews, focus groups, and online research. Understanding when and how to use secondary research can help marketers develop successful strategies that reach their desired goals. By understanding the different types of secondary research, marketers can create an effective marketing strategy that utilizes the best sources of information. In conclusion, secondary research methods are essential for creating an effective marketing strategy.

By understanding the different types of secondary research and how to use them appropriately, marketers can gain valuable insights into their target audience and competitors, allowing them to craft successful strategies that reach their desired goals.

• information

Jamal Tilbury

Infuriatingly humble webaholic. Devoted analyst. Devoted travel expert. Hardcore twitter practitioner. Unapologetic internet expert. Avid bacon aficionado.

Leave Reply

Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

• Implementing Integrated Marketing Strategies
• An Introduction to Primary Research Methods
• Building a Strong Brand Reputation
• How to Manage Marketing Expenses

Exploring Quantitative and Qualitative Data Analysis for Effective Marketing Strategies

• Integrating Social Media Into Other Marketing Channels
• Choosing the Right Tactics for Creative Campaigns
• Measuring the Effectiveness of Integrated Campaigns
• Optimizing Campaigns for Better Performance
• Choosing the Right Social Media Platforms for Business Objectives
• Market Segmentation: Defining Your Target Audience
• Defining a Brand Position in the Market
• Planning Integrated Campaigns
• Measuring the Impact of Brand Promotions on Customer Engagement
• Developing Integrated Marketing Strategies
• Engaging with Customers on Different Channels

Creating Content for Different Channels and Platforms

• Choosing the Right Tactics for Content Promotion and Distribution
• Choosing the Right Tactics for Integrated Campaigns
• Developing Creative Marketing Strategies

Optimizing Content for SEO

• Analyzing Customer Feedback to Improve Brand Experiences
• Deploying Digital Marketing Tactics
• Calculating Marketing Costs
• Choosing the Right Channels for Your Marketing Plan
• Measuring PPC Performance and ROI
• Creating Engaging Brand Experiences
• Defining Your Target Audience
• Engaging with Followers on Social Media Platforms
• Creating marketing campaigns that engage and inform
• Launching Integrated Campaigns
• Analyzing the Success of SMM Campaigns
• Using Keywords and Search Terms Effectively
• Improving Website Visibility in Search Results
• Integrating Creative Campaigns into Other Marketing Channels
• Analyzing Data from Integrated Campaigns: A Comprehensive Guide
• Creating Content Strategies for Different Channels and Platforms
• Identifying Industry Trends
• Measuring the Impact of Content on Customer Engagement
• Measuring the ROI of Social Media Campaigns
• Monitoring Customer Interactions Across Channels
• Promoting Content to Reach Potential Customers
• Developing a Marketing Strategy
• How to Develop SMM Campaigns
• Setting Marketing Objectives: A Comprehensive Overview
• Analyzing Content Performance Data and Metrics
• Creating a Competitive Analysis
• Integrating Content into Other Marketing Channels
• Optimizing Content for Search Engine Visibility
• Choosing the Right Keywords and Targeting Options for PPC Advertising
• Creating PPC Campaigns
• Creating a Budget Plan
• Assessing Marketing Performance: A Comprehensive Overview
• Creating Engaging Social Media Content
• Integrating Digital, Content, and Social Media Strategies
• Analyzing Customer Needs for Marketing Strategy and Business Analysis
• Creating Effective Social Media Strategies for Different Platforms
• Creating Promotional Campaigns to Boost Brand Awareness
• Creating Engaging Content for Target Audiences

Recent Articles

Which cookies do you want to accept?

Secondary Market Research: Unveiling the Power of Secondary Market Research

Market research is the compass guiding businesses through the ever-evolving landscape of consumer behavior, industry trends, and competitive landscapes. Within this realm, secondary market research stands as a formidable tool, offering a wealth of insights without the need for exhaustive primary research efforts. In this comprehensive guide, we delve into the nuances of secondary market research, exploring its benefits, methodologies, and real-world applications.

Understanding Secondary Market Research

What is secondary research.

Secondary research, often termed as “desk research,” involves the utilization of existing data that has already been compiled and formatted. This method proves invaluable for businesses seeking a cost-effective and time-efficient means of gaining insights into markets, industries, and trends.

Distinguishing Primary and Secondary Research

While primary research involves the direct collection of data from the target audience through surveys, interviews, or observations, secondary research leverages information already available. Both play distinctive roles: primary research provides specific insights, while secondary research offers a broader industry context.

Key Characteristics of Secondary Research:

• Already Existing Data: Secondary research relies on information that is already available, whether it’s from published sources, databases, or other documented forms.
• Diverse Sources: The data for secondary research can be sourced from a variety of outlets, including academic journals, industry reports, government publications, and reputable online databases.
• Time and Cost Efficiency: Unlike primary research, which involves collecting data firsthand, secondary research offers a more time-efficient and cost-effective way to access a wealth of information.
• Desk Research: The term “desk research” aptly describes this method as it often entails analysts and researchers poring over existing data without the need for extensive fieldwork.
• Support for New Research: Secondary research isn’t just an endpoint; it serves as a foundation for new research endeavors, offering a starting point for framing questions and hypotheses.

How Secondary Research Differs from Primary Research:

Primary research:.

• Involves the collection of data directly from the source.
• Methods include surveys, interviews, observations, and focus groups.
• Data is specific to the researcher’s goals and is gathered firsthand.
• Provides control over the research process and methodology.

Secondary Research:

• Utilizes data that already exists and has been processed.
• Draws from diverse sources such as published articles, reports, and databases.
• Data is not collected directly by the researcher but is curated from existing pools.
• Offers a broader industry or market context.

Advantages of Secondary Market Research:

• Readily Accessible: Secondary research capitalizes on data that is easily available online, in news articles, reviews, and various analyses.
• Exportable Data: Information is often exportable into formats like spreadsheets, enhancing usability.
• Faster Insights: With readily available published data, secondary research eliminates the time-consuming aspects of primary research data collection.
• Economical: It’s a cost-effective alternative, especially when compared to the expenses associated with extensive primary research.
• Building Blocks for New Research: Secondary research provides a foundation for new primary research, serving as a launchpad for more in-depth investigations.
• Scalability: The inclusion of large datasets allows for the quick scaling up of research results.
• Credible Sources: By leveraging credible and publicly available sources, secondary research enhances the authenticity and credibility of the overall research.

Examples of Secondary Market Research in Business

1. industry reports:.

• Businesses often leverage reports from research firms like Nielsen or Gartner to understand industry trends, competitor landscapes, and consumer behavior.

2. Government Publications:

• Accessing demographic data, economic indicators, and market statistics from government agencies like the U.S. Census Bureau aids in comprehensive market analysis.

3. Competitive Analysis:

• Analyzing competitor strategies, strengths, and weaknesses through secondary research helps businesses refine their own approaches and identify opportunities.

4. News and Media Monitoring:

• Tracking media mentions and news articles using tools like Google Alerts provides real-time insights into industry developments and public perceptions.

5. Online Databases:

• Platforms like Statista offer a wealth of data, including market size, consumer preferences, and historical trends, gathered from various sources.

Benefits of Secondary Market Research

1. cost-effective insights:.

• Secondary research eliminates the need for extensive data collection efforts, saving businesses time and resources.

2. Time Efficiency:

• Accessing existing data allows businesses to quickly gather information, making it particularly useful for time-sensitive decisions.

3. Diverse Perspectives:

• By leveraging data from multiple sources, businesses gain diverse perspectives on market trends, consumer behavior, and industry dynamics.

4. Risk Mitigation:

• Understanding historical market trends and potential risks through secondary research aids in making informed decisions, reducing uncertainties.

Methods of Secondary Market Research

1. online databases and reports:.

• Utilizing platforms like IBISWorld or Euromonitor to access industry reports, market analyses, and consumer behavior studies.

2. Competitor Analysis:

• Scrutinizing competitors’ annual reports, financial statements, and market positioning to inform business strategies.

3. Government Publications:

• Extracting data from census reports, economic indicators, and industry-specific reports published by government agencies.
• Employing tools like Talkwalker or Meltwater to monitor news articles, social media mentions, and online discussions related to the industry.

Limitations of Secondary Market Research:

• Potential Outdated Information: In fast-paced markets, secondary data may become outdated quickly, and researchers may find themselves working with obsolete information.
• Verification Challenges: Verifying and interpreting data is crucial, as the researcher has no control over the data collection process.
• Limited Control: Researchers have limited control over the original data collection process, potentially leading to gaps in understanding or interpretation.
• Data Accessibility to All: Since secondary data is not exclusive, researchers may encounter issues related to rights and duplication if they choose to make their research publicly available.

Steps in Conducting Secondary Market Research:

• Define the Focus: Clearly define the research topic, question, or hypothesis, setting the stage for targeted secondary research.
• Exploring Trusted Sources: Identify reputable sources such as government websites, industry reports, and established research journals.
• Building a List: Compile a list of potential data sources, ensuring a diverse and comprehensive range.
• Detailed Exploration: Delve into identified data sources, keeping meticulous notes, and confirming details through direct communication with research teams.
• Data Integration: Combine collected data into a unified source, filtering and organizing it for easy analysis.
• Iterative Analysis: Continuously analyze the data, revisiting the research goals and refining the approach as needed.

Key Considerations Before Embarking on Secondary Research:

• Define Objectives: Clearly articulate the goals of the research to align secondary research efforts with specific outcomes.
• Source Reliability: Emphasize the importance of using authoritative and reputable sources to maintain the credibility of the research.
• Prioritize Recent Data: In most cases, prioritize recent data to ensure its relevance and applicability to current market conditions.
• Methodology Scrutiny: Scrutinize the research methodology of selected sources and cross-verify information to ensure accuracy.
• Compatibility Check: Ensure that the structure and format of secondary data align with the preferred methodology for analysis and overall research design

Exploring Diverse Methods in Secondary Market Research

Secondary market research employs a spectrum of methods to extract valuable insights from existing data sources. These methods go beyond mere data collection, encompassing strategic approaches to analyze and interpret information effectively. Let’s embark on a journey through the diverse methods employed in secondary market research.

1. Literature Reviews: Unveiling Insights from Existing Knowledge

Overview: Literature reviews involve a comprehensive analysis of existing publications, academic papers, articles, and books related to the research topic.

Application:

• Insight Synthesis: Literature reviews help synthesize insights from various sources, offering a comprehensive understanding of the historical context and evolution of a subject.

Advantages:

• Knowledge Foundation: Provides a strong foundational understanding of the research topic.
• Identification of Gaps: Helps identify gaps in existing knowledge, guiding researchers on areas that require further exploration.

Limitations:

• Quality Variability: The quality of literature varies, and researchers need to discern reliable sources from less credible ones.

2. Data Mining: Extracting Nuggets from Extensive Datasets

Overview: Data mining involves the exploration and analysis of large datasets to discover patterns, trends, and valuable information.

• Pattern Recognition: Data mining algorithms identify patterns, correlations, and anomalies within extensive datasets.
• Efficiency: Enables the extraction of valuable information from vast datasets in a time-efficient manner.
• Pattern Discovery: Facilitates the discovery of hidden patterns that may not be apparent through conventional analysis.
• Data Quality Dependency: Results heavily depend on the quality and accuracy of the underlying data.

3. Content Analysis: Decoding Information from Textual Sources

Overview: Content analysis involves systematically analyzing the content of textual sources, such as articles, reports, and social media, to derive meaningful insights.

• Thematic Categorization: Content analysis categorizes textual data into themes, enabling the identification of prevalent topics.
• Qualitative Insights: Provides qualitative insights into opinions, sentiments, and prevailing themes.
• Objective Analysis: Systematic coding ensures a more objective and replicable analysis process.
• Subjectivity: Despite efforts to ensure objectivity, some level of subjectivity may exist in the interpretation of content.

4. Meta-Analysis: Drawing Conclusions from Collective Studies

Overview: Meta-analysis involves the statistical analysis of data from multiple studies to draw overarching conclusions.

• Cumulative Findings: Integrates findings from various studies to reach more comprehensive and robust conclusions.
• Increased Statistical Power: Combines data from multiple studies to enhance statistical power.
• Generalizability: Allows for the generalization of findings across diverse studies.
• Data Homogeneity: Requires a degree of homogeneity in study methodologies for effective integration.

5. Case Study Analysis: Unpacking Real-World Scenarios

Overview: Case study analysis involves an in-depth examination of specific instances or cases related to the research topic.

• Contextual Understanding: Provides a nuanced understanding of real-world scenarios, often applied in business and industry research.
• Rich Context: Offers rich contextual information, enhancing the depth of understanding.
• Holistic Insights: Allows for a holistic exploration of multifaceted issues within a specific context.
• Limited Generalizability: Findings from case studies may not be easily generalizable to broader populations.

Conclusion: Orchestrating Insights through Methodological Harmony

In the symphony of secondary market research, researchers harmonize various methods to orchestrate insights that resonate with depth and clarity. Each method contributes a unique note, enriching the overall composition of knowledge. By adeptly employing these methods, researchers can navigate the complexities of existing data, unveiling patterns, trends, and nuanced understandings that shape informed decision-making and contribute to the continuous evolution of research methodologies.

In the dynamic realm of business, staying ahead requires more than intuition; it demands informed insights. Secondary market research emerges as a beacon, guiding businesses through complexities, identifying opportunities, and facilitating informed decision-making. By integrating the concepts explored here and engaging with the interactive elements, businesses are poised to unlock the full potential of secondary research for sustainable growth and success.

Welcome to Arensic International , an eminent name in the realm of international market research and consulting. As a distinguished firm, we transcend boundaries to unlock the full potential of businesses on the global stage. Let’s embark on a journey to discover what sets Arensic apart and how we can be your strategic partner in achieving unprecedented success.

Related Posts

AI Impact on Society: Ethical Landscape of AI for a Positive Societal Impact

Types of Market Research: A Deep Dive into Types of Marketing Research

Everything you need to know about secondary market research

In a world where carbon footprints and climate crisis make the headlines every day, and the term “reuse, reduce, recycle” is becoming a mantra for a more ecological world, why shouldn’t marketers follow suit, if only to save a little money and speed up their processes?

Reusing and recycling data is the basis of  secondary market research  and, as such, provides easy access to inexpensive yet valuable commodities that pre-empt more costly EX research techniques.

With market research, mixing methods and tools tend to produce the most relevant data for specific situations. Secondary market research provides the broad strokes leading to the deeper dives of primary market research, which hones in on the finer details.

What is secondary market research?

The secondary market research definition looks like this:

Secondary market research gathers and compiles pre-existing data, insights, and information from internal and external sources, both qualitative and quantitative.

What is secondary research in marketing? Often called  ‘desk-based research’,  this method defines the goals you hope to achieve and the questions you need to answer. The practical part of the plan consists of searching and analysing pre-existing information found in surveys, reports, and more to achieve those defined goals and answer your questions.

What is the difference between primary and secondary market research?

You’d be forgiven for thinking that primary and secondary market research define stages of a market research process or in ranking studies in importance of value. However, neither is the case, as primary and secondary describe the information sources in this instance.

Primary sources of data and information come from interviewing and observing users and potential users personally, gathering first-hand information specifically designed for your project.

Secondary sources of data and information come from researching existing studies, surveys, publicly available information, or data from commercial studies.

Secondary market data is typically considered the broad stroke facts and figures regarding market size, industry operations, product value, performance, as well as how competitors operate, behave, and react.

Primary market data is considered specific information directly connected to particular features, stages, or operations of a project or product.

How is secondary research for marketing used?

Secondary research is typically used to set the groundwork for possible projects. Using existing data to decide if there’s value in an idea allows researchers to clarify opportunities and uncover competitor actions and potential pitfalls, shaping the direction of further research.

Internal sources of secondary market research

Internal secondary market research sources come from within your organisation. Businesses hold vast amounts of valuable data whether they realise it or not.

Most typically, however, secondary research data is sought from outside a business’s operations, despite some of the most valuable information and insight often coming from within.

• Website and app analytics
• Customer sales and service data
• Customer feedback survey results
• Pre-existing internal focus group results and reports
• Transcripts of internal and external meetings
• Previously conducted in-house research
• Historical marketing operations
• Email campaigns, responses, and communication

External sources of secondary market research

External secondary market research sources are those that occur outside your organisation.

External data comes from both public and commercial sources, many of which offer masses of free access to essential studies and data, yet others will only be made available at a price.

• Government information resources
• Competitor analysis
• Commercial and trade magazines and journals
• Commercial and trade reports and white papers
• Commercial researchers
• Educational research papers and journals
• Online media
• Research intelligence tools
• Market studies
• Analyst reports

Advantages of secondary marketing research

• Is often quick to organise and conduct
• A vast range of data sources
• Easy-access data sources
• Low-cost data acquisition/cost-effective
• Provides a quick initial understanding of all kinds of topics
• No training required
• Helps to uncover the project value and define future study requirements
• Provides an excellent base for primary research avenues

Disadvantages of secondary marketing research

• Pre-existing data often has a limited shelf-life
• No control of data specifics
• The quality of the data is often questionable
• The relevance of data is often questionable
• Some data will require additional validation
• The data you uncover is not exclusive, allowing competitors access to the same information

Basic steps of secondary research marketing

There isn’t a one-size-fits-all methodology to any kind of research, but a simple secondary research plan will likely include the following steps.

1. Define your goals and the questions you need to answer

As with any research project, defining clear goals is a necessity. Research for research’s sake rarely achieves anything essential. Therefore, having clear goals that outline what you need to confirm or uncover and what that information dictates for your project is paramount.

• What’s the point of your research, what do you want to achieve, and why?
• What can your competitors tell you about your hopeful new direction?
• Are your markets general or specific targets?
• What can you learn about your users, whether B2B or B2C?

These and similar questions can reveal a great deal from easily accessible and attainable data points.

2. What kind of data do you need?

Armed with a list of questions and goals, your next challenge is determining what kind of data will provide the enlightenment you require.

• Is it quantitative or qualitative?
• Is it in the public domain?
• Can it be gleaned from existing reports and surveys?
• Are industry journals likely to include your essential information?
• Is it included in financial reports or behavioural studies?

It’s good practice to consider what data you need before blindly searching for anything connected to your project goals. You can save time and energy by operating efficiently in your methodology.

3. Where can you find suitable information and sources?

Now you’ve added your data requirements to your list of goals and questions it’s time to consider which sources are the most likely to hold your essential information.

Choosing reliable sources with validated results is imperative.

Also, it’s a wasted opportunity to consider your searches a one-time activity—set alerts and notifications for any new news or movement within your chosen keyword sets and markets. Follow your competitors on social media and within the industry, and sign up for their newsletters and blogs.

4. Access and collate your verified data

You’re ready to start digging now your data sources are defined. A research journal is handy for tracking meetings and appointments and documenting and categorising findings.

Verifying the data requires multiple checks: its date of collection, the source’s credibility, its relevance to your project, and its collection method.

At this point, it’s likely that you’ll have to reject some options but also come across additional relevant sources, so be sure to categorise and register any unexpected data source using the same guidelines.

5. Analyse the data to identify trends relative to your project goals

A mass of scrambled figures and feelings won’t help you produce the answers you’re looking for. Instead, categorising your data in a way that corresponds to your goals will make it easier to navigate and spot any possible patterns in your results.

When validating its usefulness, ask yourself what each data set means to your project, and rate its relevancy. Does it help or hinder your project, proving or disproving your essential points of interest?

6. Does the data achieve your goals and answer your questions?

At this point, your data shouldn’t just provide the answers that help you achieve your goals but also highlight any new pain points and gaps in your initial requirements.

If your data isn’t conclusive, it’s back to the drawing board with an updated set of goals. If it is, that’s great, and you can proceed to the next stage or decide that there’s no merit in pursuing a project with little chance of reward.

Using primary and secondary research together

For a closer look at the differences between primary and secondary research, we’ve recently posted a blog that does just that.

In it, you’ll see how you can utilise both research methods to create a road map from the idea to its eventual outcome, whether a new product, feature, service, or something entirely different.

Typically, however, an inclusive schedule will include the following stages:

• Define your goals  – As in any research project, goals are our key drivers.
• Perform secondary market research – Reveal the bigger picture and the likelihood of the possibility of success within your project.
• Perform primary market research – With secondary market research highlighting the possible rewards of a project, primary research will pinpoint how potential users feel and use your product, revealing pain points, testing product flows, and delivering MVPs.
• Drawing conclusions from both data sets  define how you determine your next steps.

Conclusions

With the excitement every new project brings, it can be far too easy to dive straight into the types of research that deliver specific, tailored experiments and observations that result in a beautifully functioning end product.

What is secondary marketing research going to add to your process? With a little patience, care, and anticipation, performing a round of initial secondary research delivers essential information that reveals the project’s merits as a whole. This layer of affordable and easily attainable data could save you time and money in the long run, dictating whether your ideas are bound for greatness or disaster.

If you would like to know more about how secondary research can advance your product development process, email us at  [email protected] .

Related Posts

Sign-Up To Our UX Newsletter !

The ‘UX Crucible’ is a monthly summary of user experience news and stories from around the world.

Subscribe now using the form below.

• I consent to having this website store my submitted information so they can subscribe me to the newsletter.

• Skip to main content
• Skip to primary sidebar
• Skip to footer
• QuestionPro

• Solutions Industries Gaming Automotive Sports and events Education Government Travel & Hospitality Financial Services Healthcare Cannabis Technology Use Case NPS+ Communities Audience Contactless surveys Mobile LivePolls Member Experience GDPR Positive People Science 360 Feedback Surveys
• Resources Blog eBooks Survey Templates Case Studies Training Help center

Home Market Research

Secondary Research: Definition, Methods and Examples.

In the world of research, there are two main types of data sources: primary and secondary. While primary research involves collecting new data directly from individuals or sources, secondary research involves analyzing existing data already collected by someone else. Today we’ll discuss secondary research.

One common source of this research is published research reports and other documents. These materials can often be found in public libraries, on websites, or even as data extracted from previously conducted surveys. In addition, many government and non-government agencies maintain extensive data repositories that can be accessed for research purposes.

LEARN ABOUT: Research Process Steps

While secondary research may not offer the same level of control as primary research, it can be a highly valuable tool for gaining insights and identifying trends. Researchers can save time and resources by leveraging existing data sources while still uncovering important information.

What is Secondary Research: Definition

Secondary research is a research method that involves using already existing data. Existing data is summarized and collated to increase the overall effectiveness of the research.

One of the key advantages of secondary research is that it allows us to gain insights and draw conclusions without having to collect new data ourselves. This can save time and resources and also allow us to build upon existing knowledge and expertise.

When conducting secondary research, it’s important to be thorough and thoughtful in our approach. This means carefully selecting the sources and ensuring that the data we’re analyzing is reliable and relevant to the research question . It also means being critical and analytical in the analysis and recognizing any potential biases or limitations in the data.

LEARN ABOUT: Level of Analysis

Secondary research is much more cost-effective than primary research , as it uses already existing data, unlike primary research, where data is collected firsthand by organizations or businesses or they can employ a third party to collect data on their behalf.

LEARN ABOUT: Data Analytics Projects

Secondary Research Methods with Examples

Secondary research is cost-effective, one of the reasons it is a popular choice among many businesses and organizations. Not every organization is able to pay a huge sum of money to conduct research and gather data. So, rightly secondary research is also termed “ desk research ”, as data can be retrieved from sitting behind a desk.

The following are popularly used secondary research methods and examples:

1. Data Available on The Internet

One of the most popular ways to collect secondary data is the internet. Data is readily available on the internet and can be downloaded at the click of a button.

This data is practically free of cost, or one may have to pay a negligible amount to download the already existing data. Websites have a lot of information that businesses or organizations can use to suit their research needs. However, organizations need to consider only authentic and trusted website to collect information.

2. Government and Non-Government Agencies

Data for secondary research can also be collected from some government and non-government agencies. For example, US Government Printing Office, US Census Bureau, and Small Business Development Centers have valuable and relevant data that businesses or organizations can use.

There is a certain cost applicable to download or use data available with these agencies. Data obtained from these agencies are authentic and trustworthy.

3. Public Libraries

Public libraries are another good source to search for data for this research. Public libraries have copies of important research that were conducted earlier. They are a storehouse of important information and documents from which information can be extracted.

The services provided in these public libraries vary from one library to another. More often, libraries have a huge collection of government publications with market statistics, large collection of business directories and newsletters.

4. Educational Institutions

Importance of collecting data from educational institutions for secondary research is often overlooked. However, more research is conducted in colleges and universities than any other business sector.

The data that is collected by universities is mainly for primary research. However, businesses or organizations can approach educational institutions and request for data from them.

5. Commercial Information Sources

Local newspapers, journals, magazines, radio and TV stations are a great source to obtain data for secondary research. These commercial information sources have first-hand information on economic developments, political agenda, market research, demographic segmentation and similar subjects.

Businesses or organizations can request to obtain data that is most relevant to their study. Businesses not only have the opportunity to identify their prospective clients but can also know about the avenues to promote their products or services through these sources as they have a wider reach.

Key Differences between Primary Research and Secondary Research

Understanding the distinction between primary research and secondary research is essential in determining which research method is best for your project. These are the two main types of research methods, each with advantages and disadvantages. In this section, we will explore the critical differences between the two and when it is appropriate to use them.

How to Conduct Secondary Research?

We have already learned about the differences between primary and secondary research. Now, let’s take a closer look at how to conduct it.

Secondary research is an important tool for gathering information already collected and analyzed by others. It can help us save time and money and allow us to gain insights into the subject we are researching. So, in this section, we will discuss some common methods and tips for conducting it effectively.

Here are the steps involved in conducting secondary research:

1. Identify the topic of research: Before beginning secondary research, identify the topic that needs research. Once that’s done, list down the research attributes and its purpose.

2. Identify research sources: Next, narrow down on the information sources that will provide most relevant data and information applicable to your research.

3. Collect existing data: Once the data collection sources are narrowed down, check for any previous data that is available which is closely related to the topic. Data related to research can be obtained from various sources like newspapers, public libraries, government and non-government agencies etc.

4. Combine and compare: Once data is collected, combine and compare the data for any duplication and assemble data into a usable format. Make sure to collect data from authentic sources. Incorrect data can hamper research severely.

4. Analyze data: Analyze collected data and identify if all questions are answered. If not, repeat the process if there is a need to dwell further into actionable insights.

Advantages of Secondary Research

Secondary research offers a number of advantages to researchers, including efficiency, the ability to build upon existing knowledge, and the ability to conduct research in situations where primary research may not be possible or ethical. By carefully selecting their sources and being thoughtful in their approach, researchers can leverage secondary research to drive impact and advance the field. Some key advantages are the following:

1. Most information in this research is readily available. There are many sources from which relevant data can be collected and used, unlike primary research, where data needs to collect from scratch.

2. This is a less expensive and less time-consuming process as data required is easily available and doesn’t cost much if extracted from authentic sources. A minimum expenditure is associated to obtain data.

3. The data that is collected through secondary research gives organizations or businesses an idea about the effectiveness of primary research. Hence, organizations or businesses can form a hypothesis and evaluate cost of conducting primary research.

4. Secondary research is quicker to conduct because of the availability of data. It can be completed within a few weeks depending on the objective of businesses or scale of data needed.

As we can see, this research is the process of analyzing data already collected by someone else, and it can offer a number of benefits to researchers.

Disadvantages of Secondary Research

On the other hand, we have some disadvantages that come with doing secondary research. Some of the most notorious are the following:

1. Although data is readily available, credibility evaluation must be performed to understand the authenticity of the information available.

2. Not all secondary data resources offer the latest reports and statistics. Even when the data is accurate, it may not be updated enough to accommodate recent timelines.

3. Secondary research derives its conclusion from collective primary research data. The success of your research will depend, to a greater extent, on the quality of research already conducted by primary research.

LEARN ABOUT: 12 Best Tools for Researchers

In conclusion, secondary research is an important tool for researchers exploring various topics. By leveraging existing data sources, researchers can save time and resources, build upon existing knowledge, and conduct research in situations where primary research may not be feasible.

There are a variety of methods and examples of secondary research, from analyzing public data sets to reviewing previously published research papers. As students and aspiring researchers, it’s important to understand the benefits and limitations of this research and to approach it thoughtfully and critically. By doing so, we can continue to advance our understanding of the world around us and contribute to meaningful research that positively impacts society.

QuestionPro can be a useful tool for conducting secondary research in a variety of ways. You can create online surveys that target a specific population, collecting data that can be analyzed to gain insights into consumer behavior, attitudes, and preferences; analyze existing data sets that you have obtained through other means or benchmark your organization against others in your industry or against industry standards. The software provides a range of benchmarking tools that can help you compare your performance on key metrics, such as customer satisfaction, with that of your peers.

Using QuestionPro thoughtfully and strategically allows you to gain valuable insights to inform decision-making and drive business success. Start today for free! No credit card is required.

LEARN MORE         FREE TRIAL

MORE LIKE THIS

21 Best Customer Advocacy Software for Customers in 2024

Apr 19, 2024

10 Quantitative Data Analysis Software for Every Data Scientist

Apr 18, 2024

11 Best Enterprise Feedback Management Software in 2024

17 Best Online Reputation Management Software in 2024

Apr 17, 2024

Other categories

• Academic Research
• Artificial Intelligence
• Assessments
• Brand Awareness
• Case Studies
• Communities
• Consumer Insights
• Customer effort score
• Customer Engagement
• Customer Experience
• Customer Loyalty
• Customer Research
• Customer Satisfaction
• Employee Benefits
• Employee Engagement
• Employee Retention
• Friday Five
• General Data Protection Regulation
• Insights Hub
• Life@QuestionPro
• Market Research
• Mobile diaries
• Mobile Surveys
• New Features
• Online Communities
• Question Types
• Questionnaire
• QuestionPro Products
• Release Notes
• Research Tools and Apps
• Revenue at Risk
• Survey Templates
• Training Tips
• Uncategorized
• Video Learning Series
• What’s Coming Up
• Workforce Intelligence

All you Need to Know About Secondary Market Research

You may often hear the term “secondary market research”, but do you know what it means? This article aims to explain everything you need to know about secondary market research so that you can use the term with confidence and know exactly what you’re doing when you’re conducting research for your business or team project.

What is Secondary Market Research? The Differences Between Primary and Secondary Research

When conducting market research, it is good to know what type of research you are undertaking. There are two main types, primary, and secondary market research; and they both have differences between them that lead to their advantages and disadvantages.

Secondary market research is also known as desk research. It consists of gathering data that already exists and has already been produced by external sources, known as secondary data. This research method involves research being collected from internal sources and external sources from a business. Internal research can include information pertaining to marketing, such as the number of people that responded to an advert previously sent out by a business, whereas external research can involve gathering information from internet research, market reports, and government reports.

On the other hand, primary research is known as field research and it involves the collection of new primary data and information that has not been collected before by a business or sole body. Primary research has the added benefit of providing a business or person with customised research that is specific to their own circumstances – often using a business’ own customers to find out the required information.

Whilst this is a time-consuming method of data collection, it does yield detailed and up-to-date information that is relevant to the needs of the business. Some methods involved are:

• Questionnaires
• Focus groups
• Observations

The 3 Main Types of Secondary Market Research

There are three main types of secondary marketing research methods that can provide important information for businesses to decide how to tackle their next big challenge, what product to next manufacture, or how to advertise their service for the greatest number of potential customers.

The section below explains the three main types of secondary market research, and what you can expect the data collected from these sources to look like:

Internet Research

The process of conducting internet research involves taking and using data from competitors’ websites, articles from print and online newspapers, and from social media sources. This kind of research provides a business or organisation with an overview of information relating to the topic.

For example, this can be information relating to the industry of a business in order to gauge the products and services other businesses offer in order to gain an edge in the market.

Market Reports

Market reports are specific to the industry they are created and tailored for – created to give specific information about the current situation of the wider industry as a whole, or new developments going on that benefit or disadvantage that industry.

Examples of this kind of research would be:

• ‘in the year 2021, the mean age of those playing video games for over 4 hours a day was 24 years old.’
• ‘38% of adults aged 30-55 visit a coffee shop at least once a month.’

This type of research can help a business decide which customers to target, and how to target them effectively.

Government Reports

Although government reports may consist of information that typically is not industry-specific, they can still contain information that will prove useful for a business. Examples of this type of information would be:

• ‘65% of people aged 16-24 would not consider working for less than £7 per hour.’
• ‘75% of the population is aged under 60 years old’

A business would be able to use this type of information to decide what level of pay to offer potential employees, who their target market or audience should be, or what kind of products to develop that will benefit or intrigue the most potential people.

Advantages of Secondary Market Research

There are a variety of advantages of secondary market research that can greatly benefit your research and your business. Not only is this method far more cost-effective and less time-consuming compared to conducting primary market research, but it is far easier to collect as the data you will want is already waiting in multiple sources.

Some other advantages of secondary market research include:

• Information that is already compiled, collected, and easily gathered.
• Secondary research has the potential to provide specific information related to the business’ industry.
• Can be easier to analyse as the data has already been compiled and formed into an easy to understand format, either via pie charts, spreadsheets, bar graphs, or other mediums.

Disadvantages of Secondary Market Research

However, in contrast to the advantages listed above, there can be some large disadvantages too. This data can be lacklustre in terms of the details you need it to have, so you may have to go out looking for even more sources to support or contrast your data.

Some other limitations of secondary market research include:

• Information gathered is more than likely not going to be specific to the business and its needs.
• The information on the internet could be out of date, either by months or years, so circumstances of where this information can be used will vary.
• As it is on the internet, it can be easily manipulated, forged, inaccurately collected, or have a biased skew. E.g: a survey on racism could have only interviewed people of one race, and this detail may not have been disclosed.

Need More Information About Market Research? Contact Halkin Today

If you’re not fully sure on what secondary market research means, or how to conduct secondary market research yourself, then please don’t hesitate to get in touch with the market research experts here at Halkin. We’ll do all we can to help you grasp a firm understanding of the topic, as well as some insider tips and tricks on how to professionally and efficiently conduct secondary market research yourself.

Get in touch with Halkin today.

Secondary market research methods for startups

Table of Contents

Secondary research: what it is and what it does

Why you should perform secondary market research, cost-friendly, industry-specific, easy to analyse, secondary market research methods to use, internal sources, qualitative internal sources, external sources, qualitative external sources, how to get the most out of your research, setting up your business.

If you’re starting a business in an industry you don’t have much experience in, then market research can give you a helping hand. 

Secondary market research uses information that’s already available, so you can make informed decisions for your business.

In this article, we will go over secondary market research methods, and how your business can use them.

• Secondary research: what it is and what it does.
• Why you should perform secondary market research.
• Secondary market research methods to use.
• How to get the most out of your research.

There are two types of market research: primary and secondary.

While primary market research is new information you collect, secondary market research is when you use research somebody else has already collected . 

Information published by the government, other businesses or individuals is all classed as secondary research. 

Secondary research can be a lot more accessible than primary research , because all the hard work is already done. 

As a small business, using secondary market research can be a lot faster and more cost effective than doing your own research.

Secondary market research is a fantastic tool for new startups, and there are some significant benefits to using it. 

Secondary market research is considerably cheaper than primary research . This is because you don’t have to spend the money putting together tools to gather the data yourself (questionnaires, focus groups, interviews, etc.).

Although, sometimes you might find that pieces of information are locked behind paywalls. While this paywall is still cheaper than conducting the research yourself, you can always email the researcher for a copy. 

If you’re lucky, the initial researcher may be willing to send you their paper free of charge. 

When you find a piece of secondary market research, it’s quite simple to check if it’s specific to your industry or business . If it isn’t, you can quickly move onto a piece that is.

It’s arguably better for startups and new businesses to use secondary research methods. Using secondary methods can give you access to industry information without needing to set up the business first. 

For example, imagine you wanted to set up your own indie game studio . Initially, you may not be aware of best practices, but with secondary market research you can avoid issues caused by trial and error.

Finding industry-specific information with ease is incredibly beneficial, because it means you can concentrate on running your business successfully . 

Since the market research has already been compiled, it’s usually written into a format that’s easy for people to understand.  

This means that when you get around to reading the research, you might be able to make sense of it more easily.

Compare this to primary market research, where you have to figure out what every detail means. In this case, any strange or unexpected results in your research could completely throw you off, and use up more time. 

There are a couple of different methods you can use to gather secondary market research data for your business.

If you’re using an internal source, then you’re using data already recorded by the business . This should always be your first port of call, because the information is relevant to your business and it should be easily accessible.

While using internal sources can be preferable, it’s not always possible. If your project or business is brand new, you may not have sufficient information. In that case, you’ll have to find external sources of secondary market research.

Some examples of internal sources are:

• Previous marketing campaigns.
• Previous sales figures.

These sources usually come directly from customers. For example, if you record customer feedback where they express their opinions, this is classed as a qualitative internal source. 

Qualitative data can prove extremely useful, because it needs less interpretation to understand. If a customer states they dislike a certain product, and provides a reason why, it is easier to fix it. 

If a customer’s dislike was recorded as quantitative data instead, all you would know is that they dislike a certain product. The lack of information makes it a lot harder to improve things. 

Examples of qualitative internal sources are:

• Customer support calls.
• Records of focus groups.
• Customer-based events . 

If a source is external, that means somebody else (other than your business) found the data. While internal sources are exclusive to your business, external sources can typically be accessed by anyone.

Some examples of external sources are:

• Published articles.
• Competitors studies.
• White papers.

Any qualitative external data you find is likely to be a customer’s response to one of your competitors. This could be left on their Google My Business page, on their website, or on their social media pages.

Anywhere you can see customers interacting with a competitor can be a great place to gather information. 

This type of information is useful because it can highlight your unique selling point , or show you where your business needs improving. 

Some qualitative external sources are:

• Competitor’s social media pages.
• Competitor’s customer reviews.

Whenever you use secondary research, make sure it comes from reputable sources. There’s no point doing secondary market research if the information you’re using is incorrect.

So instead of using ‘random’ websites, refer to professional articles or academic journals. If any Government agencies provide information or research, then that is also a great place to get it. 

These types of sources are very reliable, and can provide top-quality information for your business. Websites like Statista can give you excellent stat-based information.

Even if your sources are reputable, you also have to make sure they’re relevant to your business. There’s very little point looking into food delivery services if you’re in the hair and beauty industry.

Always make sure your research is up to date. This means checking the publication date of the information you find. 

If the document or study you’ve found is relatively old, it might not be as accurate as some newer studies in the same field. An article about spending habits from ten years ago isn’t likely to be useful to your small business. 

Now that you know how to conduct your market research, you can start working on your business. Market research is a big part of writing your business plan , which you need to attract investors, among other things. 

If your finances are stressing you out, accounting software like Countingup can give you a helping hand. 

Countingup is a two-in-one business current account and accounting software that allows you to manage your finances from one app. That way, you have complete visibility and control over your money.  Download the app for free today .

• Counting Up on Facebook
• Counting Up on Twitter
• Counting Up on LinkedIn

Related Resources

How to register a company in the uk.

There are over five million companies registered in the UK and 500,000 new

How to set up a TikTok shop (2024)

TikTok can be an excellent platform for growing a business, big or small.

Best side hustle ideas to start in 2024 (UK Edition)

Looking to start a new career? Or maybe you’re looking to embrace your

How to throw a launch party for a new business

So your business is all set up, what next? A launch party can

10 key tips to starting a business in the UK

10 things you need to know before starting a business in the UK

How to set up your business: Sole trader or limited company

If you’ve just started a business, you’ll likely be faced with the early

How to register as a sole trader

Running a small business and considering whether to register as a sole trader? 

How to open a Barclays business account

When starting a new business, one of the first things you need to

6 examples of objectives for a small business plan

Your new company’s business plan is a crucial part of your success, as

How to start a successful business during a recession

Starting a business during a recession may sound like madness, but some big

What is a mission statement (and how to write one)

When starting a small business, you’ll need a plan to get things up

How does self-employment work?

The decision to become self-employed is not one to take lightly, and you

Final dates! Join the tutor2u subject teams in London for a day of exam technique and revision at the cinema. Learn more →

Reference Library

Collections

• See what's new
• All Resources
• Student Resources
• Assessment Resources
• Teaching Resources
• CPD Courses
• Livestreams

Study notes, videos, interactive activities and more!

Business news, insights and enrichment

Currated collections of free resources

Browse resources by topic

• All Business Resources

Resource Selections

Currated lists of resources

Study Notes

Secondary Market Research

Last updated 22 Mar 2021

• Share on Facebook
• Share on Twitter
• Share by Email

Secondary market research uses data that already exists and has been collected by someone else for another purpose.

Sources of secondary data can come from within the firm itself – this is known as internal secondary data. External secondary data, on the other hand, is data that has been published by other organisations

What are internal sources of secondary data?

Every department within an organisation will have its own records that represent a potential source of valuable data. For instance, records of past advertising campaigns within the marketing department can be compared with copies of invoices held in the sales department in order to judge their effectiveness and get ideas for future campaigns. Past sales figures can also be used to spot trends and forecast future figures.

The increasing availability and use of loyalty cards and big data has given businesses the chance to gather a wide range of valuable information on customer buying habits, allowing them to target promotional campaigns more effectively.

Internal sources of data should always be considered as a first line of enquiry for any investigation because they are usually the quickest, cheapest and most convenient source of information available. Internal data will also be exclusive to the organisation that generated it, so that rival firms will not have access to it.

However, internal data may be incomplete or out of date, and, if a project is new, there may be no relevant data at all. In such cases, an organisation may need to consider using external sources of secondary data.

What are external sources of secondary data?

There are several sources of existing data available from outside of the business that may be of value. These include:

• Commercial market research organisations – including MINTEL, Keynote and Euromonitor
• The Government – the much wider availability of open data from the government has significantly increased the availability of such data
• Competitors – company reports and websites are easily accessible and contain a limited amount of information
• Trade Publication
• The general media
• Secondary research
• Quantitative research
• Qualitative research
• Marketing research
• Primary research

You might also like

Market research for a new business (revision presentation).

Teaching PowerPoints

Marketing Research - Limitations and Constraints

Marketing: quantitative and qualitative research (gcse), marketing: primary market research (gcse), marketing: research using questionnaires (gcse), research & development & new products, marketing planning (overview), marketing: introduction to market research (gcse), our subjects.

• › Criminology
• › Economics
• › Geography
• › Health & Social Care
• › Psychology
• › Sociology
• › Teaching & learning resources
• › Student revision workshops
• › Online student courses
• › CPD for teachers
• › Livestreams
• › Teaching jobs

Boston House, 214 High Street, Boston Spa, West Yorkshire, LS23 6AD Tel: 01937 848885

• › Contact us
• › Terms of use
• › Privacy & cookies

© 2002-2024 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.

How to research the market for your business idea like a pro

You know your business idea is a winner .

You are motivated to make it succeed.

And you are excited to get started.

But it’s dangerous to jump right in without first making reasonably sure that you are on the right track and this business is actually worth your while .

Imagine wasting months or even years of your life on a venture that was destined to fail from the start, and you could have avoided it by doing some basic market research.

And if you are looking for outside financing , investors and lenders expect you to research your market and test your product or service. That is especially true if you are a startup.

So, collect, digest and analyse pertinent data. Arm yourself for the inevitable scrutiny and grilling from your potential backers. It will come.

WHAT Is Market Research?

Why should you do market research.

Use market research as an opportunity to question your business plan and uncover issues that could cause you serious headaches in the future, including (but definitely not limited to):

• Are you sure that enough people are actually willing to pay for what you are selling?
• Can you stand out in the sea of established and fast moving competitors?
• Is the industry contracting or prohibitively riddled with regulatory hoops to jump through?

You would be surprised how many entrepreneurs reconsider their plan of action altogether after researching and analyzing the industry and market.

It is a good investment of your time that you will not regret. Trust me.

HOW Do You Conduct Market Research?

When you hear market research, you probably think:

I’ll just Google the name of my target market alongside words such as ‘market / industry’ and ‘trends / forecasts / growth’.

And you are right, that is a good way to start, but:

There are two kinds of market research – primary and secondary – and you should do both to properly address any market research assignment, such as the market analysis section of a business plan:

1. Primary Market Research

2. secondary market research.

There are many different ways you could go about collecting data for your industry and market research, depending on the type of your business, needs, resources and circumstances. So, we have selected a few popular approaches for you to consider:

PRIMARY Market Research Methods

Your primary market research could include some of the following methods:

• Experimentation and trials
• Field research
• Customer interviews, surveys and focus groups

Observation

• Internal data
• Consulting experts

Experimentation and Trials

For example, testing a product or service on the high street or online by selling a minimum viable product on a limited time basis.

Field Research

Field research examples:

• Doing traffic counts at a retail location you are considering
• Going online, phoning, or driving around to identify, visit and ‘investigate’ competitors and suppliers

Customer Insights

Gain insight into your customers’ minds through:

• Customer interviews
• Focus groups

Talk to people or businesses (e.g. corporate buyers) that fit the profile of your target customers about their needs, wants and preferences as related to your business and offering (e.g., what they like and dislike or how they make buying decisions).

These can be conducted online , phone or in-person , and may be as informal as walking around the target neighborhood where you would like to set up shop and talking to potential consumers, or as formal as hiring a market research firm to conduct professional-level research.

For example, observing customers and sales in a store, taste tests, mystery shopping. Observing consumers in action is as crucial as talking to them.

Internal Data

Analyzing internal business and sales data of an existing business (e.g., databases and enterprise management systems)

Consulting Experts

Other business people, industry experts, suppliers and even competitors are a great source of information:

• Talk to other business owners.

Especially those in non-competing markets with similar services or products (e.g. different city) . Attend events, conferences and talk to other business owners.

• Talk to experts.

Consultants, professors, journalists, corporate managers and other experts are constantly writing about and commenting on specific industries and markets.

• Talk to suppliers and/or competitors.

While you will not uncover any trade secrets, the conversation could provide valuable insights into the industry as a whole.

Talking to potential customers and observing them in action is crucial. So, launch your web browser and Skype/Zoom apps, pick up the phone, and get out and talk to people.

SECONDARY Market Research Methods

Secondary market research is data sourced from external resources, including:

• Trade data and journals
• Media that target customers prefer to read, listen to or view
• Government statistics
• National and international economic data
• Industry profiles and research indicating market trends
• Demographic profiles
• Market research reports by professional firms
• Books and other publications
• University and government research studies
• Examples from non-competing markets to study other businesses with similar products/services/ventures in other cities, countries or even industries
• Intelligence on competitor activity

You can find secondary information in many places, such as:

• Online (e.g., company records, company websites, websites capturing financial information trends, social media sites)
• Chambers of commerce
• Trade and industry organizations
• Vendors and suppliers who sell to your industry
• Government agencies
• International bodies
• Competitors’ online and offline resources (e.g., websites, stores, ads, newsletters)

WHEN Should You Use Primary and Secondary Research?

Best use of secondary research.

Using sources of information that already exist can save a lot of time , energy and money . On the other hand, the data might not be as tailored to a specific audience as one would like or need.

While secondary research is less targeted than primary research, it can yield valuable information especially when answering the following two types of questions:

• Questions that are general , quantifiable , and not practical to address through primary research, such as assessing macro-economic conditions (e.g., industry trends and demographic statistics
• Questions that could make customers uncomfortable if asked directly (e.g., age and income levels)

If you are looking for outside financing , investors and lenders expect you to carry out some level of primary research, not only consult secondary sources. That is particularly relevant if you are a startup.

Best Use of Primary Research

Secondary research may be a good starting point, but asking consumers yourself can give you a much more nuanced understanding of your target audience.

The benefit of primary research is that you can target selected groups (e.g., existing customers or desired geographic market) and tailor your research instrument to answer specific questions.

But, the drawback of direct research is that it can become rather time consuming and costly . Also, the results are not available immediately.

That can be especially true when the original information for primary research is not gathered through your own efforts but performed on your behalf by an outsourced professional market research firm.

As a result, primary research is best used to answer a particular question or set of questions about your business or customers.

For instance, primary research could investigate reactions to your branding/product/service, improvements you could make to buying experience, and where customers might go instead of your business:

• Which products and services do buyers need or want ? (e.g., preferences, expectations, likes and dislikes about your product or service)
• What factors influence the buying decisions of your customers? (e.g., price, service, convenience, branding)
• What prices should you set for your products and services?
• Who are your competitors , how do they operate and what are their strengths and weaknesses?

REFERENCING Your Research Sources

Make sure that all stats, facts and figures from external sources included into your business plan are properly referenced. Not doing so undermines the credibility of your plan.

How Should You Reference Your Market Research Sources?

Tell the reader of your business plan how you did your market research. Prove what the facts are and where you got your data. Be as specific as possible and provide statistics, numbers, and sources:

• Primary market research: Have you conducted any primary research? What types of primary research have you carried out?  What were your resources and your results?
• Secondary market research: What secondary research have you carried out? What were your resources and your results? Have you referenced all sources used in your business plan?

When doing secondary research, always make sure that your sources are reputable. This gives the reader more confidence in the information provided and in the case you are making for your business idea.

The sources also should be noted in both the main text of a document as well as the Appendix.

• Reference in main text:

U.S. Census Bureau (2020)

• Reference list in document appendix:

U.S. Census Bureau; December 2020; Demographic and Housing Estimates; Accessed: 31 December 2021; Link: https://census.gov/data/demographic-housing

So, the general referencing formula is:  [author, date, title, publisher]

• Author can be the same entity as publisher
• Optional for online sources: add date of access and/or link
• Publication date could be just a year, month-year, or even day-month-year if the information is particularly time sensitive
• Title could include a sub-title

Most importantly, always make sure that you comply with the reference requirements of the recipient of your document.

For example, if you are writing a business plan for a grant or visa application, the organization you are applying to could have issued their own specific instructions on how to reference research sources. 

Top 5 MISTAKES in Market Research

1. using exploitative market research services.

Due to the perceived complexity of market research, there are some agencies that charge unreasonably high fees for rudimentary research that businesses can easily conduct on their own.

If you plan to hire a professional market research firm, shop around until you find a reputable company offering fair prices.

Otherwise, in addition to keeping the costs down, an added benefit of doing your own research is that you will get to know the market for your business even better.

2. Not Utilizing Free Public Resources

Some industry and market research resources are available for free and some provided for a fee. But it does not always mean that paid information is better.

For example, in the United States, some of the most extensive and valuable sources of information for the market analysis section of a business plan can be found in the databases, publications and other free resources of the U.S. Department of Commerce, the U.S. Small Business Administration (SBA), the U.S. Census Bureau, and other governmental agencies.

As for the paid resources, libraries often subscribe to research journals and magazines that may help improve your research. Some libraries even provide free access to reports from professional market research firms that can easily cost more than US$1,000 apiece.

3. Family Members Only

Selection of market research subjects is crucial for producing valid results and enable the business to understand the preferences of its actual customers.

Using friends and family exclusively as respondents for market research is a bad idea, because this group of respondents may be partial to the researcher, and they may not even be the target market for that particular business/product/service/research question.

4. Information Overload

If your industry research is for a business plan or a similar purpose, do not overload the reader in the main body of the document. Move everything that is not essential to telling the story into the Appendix. For example, place the detailed results of any market surveys, trials or focus groups that were summarized in the main body of the plan into the Appendix.

5. Overthinking It

Remember, business planning is not about your ability to do professional-level market research–unless you are a corporation.

A business plan intended for a potential investor, lender, or business partner simply needs to show your understanding of where your business fits into the grand scheme of things within your market and industry–and demonstrate that you have incorporated that knowledge into making sound strategic decisions .

Sign up for our Newsletter

Get more articles just like this straight into your mailbox.

Related Posts

Recent Posts

📈 Articles: 1,142 · Readers: 630,000 · Views: 1,900,000

'Business knowledge is money, wealth and power'

Methods of Secondary Market Research

BUSINESS MANAGEMENT , MARKET RESEARCH and MARKETING

Secondary market research , or desk research, collects second-hand data and information that already exists as these were gathered by others. Secondary market research can be collected both from internal sources and external sources. This type of research is easier and cheaper than primary market research however the results might be out of date.

Purpose of secondary market research might include the following situations:

• Businesses planning a new market development and newly formed businesses.
• Gathering background data on other businesses in the same industry.
• The characteristics and the outlook (trends) for a particular product or market.
• Population statistics with details of total number of people living in the area, their age and occupation distributions, numbers of households, the proportions of the local population from different ethnic groups, etc.
• Information about current and potential customers such the customer’s name, address, what they purchased and when they last made a purchase.
• Measure how well a business is doing compared with competitors.

Any market analysis should start with secondary market research . The process of secondary market research includes collecting information both internally and externally. Internal secondary sources have already been gathered by the business organization itself such as annual reports and sales records. External secondary sources include insights from third-party sources such as marketing research reports, consulting firm analyses, magazine articles, and so on.

There are many extensive sources for secondary market research including public libraries, electronic databases, the Internet as so on that are offering researchers convenience, accessibility to a large array of information sources at a very low cost.

Common methods of secondary research

The data and information can be gathered from several popular sources of secondary sources:

1. Financial reports

Final Accounts are the official records of all financial transactions of the business organization.

This includes company quarterly reports and annual reports. At the end of each accounting period, usually one year and each quarter, accountants draw up the Final Accounts which include all past financial records.

The basic Final Accounts of the business consist of three financial statements including Profit and Loss Account (P&L Account), Balance Sheet and Cash Flow Statement:

• Profit and Loss Account (P&L Account) , or an income statement, contains financial data which business stakeholder groups find extremely useful. It shows the Sales Revenue, all business costs and profit or loss of a business over a given period of time.
• Balance Sheet gives different stakeholders useful information about the financial status of a business. Mainly, what the business owns and how did the business pay for it. A business can pay for what it owns either using its own money or using borrowed money.
• Cash Flow Statement shows movements of cash within a business. Cash Flow relates to the timing of payments – receiving cash and spending cash. It is the sum of Cash Inflows, all the cash payments flowing into the business mainly from customers, less Cash Outflows, all the cash payments flowing out of the business mainly to employees, suppliers and lenders. 

These financial documents might be a very useful source of secondary information about public limited companies which are not only required by law to keep records of their financial statements, but also make them public to investors. Researchers can easily figure out the current financial performance of the business, compare trends over the past few years of trading and learn more about the future strategy.

2. Industry trade information:

• Trade associations. Exist in nearly every industry. One function performed by many trade associations is to conduct surveys and provide other industry metrics. Accessing the info may be as simple as visiting the trade association’s website, although some trade associations may limit access to members only. Finding trade associations for a particular industry or product can be a challenging task. Another problem is that certain industries may be represented by multiple trade associations.
• Trade show sites. If you have a problem finding trade association, then look to websites that are in the trade show business since where there is a trade show there is often a trade association sponsoring it.
• Trade magazines. Publications that cover industry news, such as trade magazines, may also offer good market information. The majority of publications providing industry news are distributed by commercial publishers. Most of these magazines are rarely available on newsstands, but an Internet search with industry name and the words ‘trade publication’ could yield more results.

3. Market analyses / Market intelligence reports

Market analyses are very detailed and pricey reports about individual industries.

A market analysis shows the overview of a particular industry helping the business organization form business plans, marketing strategies and compare performance against rivals. Usually specialist market research agencies such as Nielsen or Mintel prepare and publish a range of market analyses for different markets offering a quick and in-depth insights into each industry.

A typical market analysis contains data and information about the market size, market share of each company, market growth rates, detailed industry insights, consumer profiles and forecast about the future sales demand.

Less detailed market analyses including brief data and information can also be found in many commercial sources and public information sources such as trade publications prepared by trade organizations.

4. Government publications & Government statistics

Government publications mainly include a broad range of data (statistics) about the economy such as population census, economic trends, social trends, unemployment figures, inflation rates, labor market developments, international trade statistics, family expenditure surveys, etc.

Governments of most countries publish the aforementioned data and information related to their own country on monthly, quarterly and annual basis which can be accessed online at www.usa.gov in the US and at www.statistics.gov.uk in the UK or in printed government publications.

In addition, many national and local governments offer a full range of helpful business materials including information on consumers, domestic businesses and international markets. These publications are often available in public libraries giving free access to printed materials and often the Internet access.

5. Media articles

Media articles primarily include general business newspapers and magazines which are an excellent starting point as they contain valuable data and information mentioned in the article, as well as specialist publications.

They exist both widely available online either for free or after paid subscription, and in print. Media articles are a very useful source of secondary market research containing information about the local, national and international markets and economies. These days most newspapers and magazines have dedicated business section.

Examples of media articles include business news agencies such as Bloomberg and Reuters , business-specific newspapers such as The New York Times , Wall Street Journal or Financial Times , business-related magazines such as Forbes , Business Insider or Fortune Magazine , books about business management such as biographies and autobiographies of successful entrepreneurs, press releases on company websites, business blogs, social media accounts, and so on.

6. Academic journals

An academic business journal is a periodical publication compiled and published by a university, business school or an educational research institution.

The peer-reviewed articles are published related to a particular academic discipline such as marketing, entrepreneurship, strategy, human resources, etc. are published in these journals. The research findings come from academics and industry experts whose aim is to make their theoretical works available to the public rather than sold for profit.

Some globally recognized academic journals in the area of business management include Harvard Business Review , Stanford Business Magazine , MIT Sloan Management Review or Knowledge@Wharton .

7. Market research agencies

Market research agencies are large professional companies carrying out market research on behalf of their clients who are usually multi-national businesses operating around the world.

These agencies are in the business of preparing the research, collecting and analyzing market research data and information, and selling those in the form of written reports to other businesses. They are helping other companies to drive business forward in the future.

Some examples of popular market research agencies include Kantar , Pan-Asia, Gartner or IPSOS .

8. Internal company documents

These internal corporate documents are internal business records in addition to financial reports mentioned earlier in the first point.

Data and information is often held in the form of computer databases or spreadsheets with records containing detailed information about past, current and potential customers, partners and suppliers. Older companies which have been on the market for some time will have a great quantity of secondary data readily available for further analysis.

Examples of company documents might include existing market research reports, past sales records, future sales trends, feedback from customer services about complaints, delivery time and quantity, employee performance records, productivity statistics, etc.

9. Information from competitors

Competitors’ websites are easily accessible for any business on the market.

Wealth of data and information can come from corporate websites of publicly traded companies as they publish their annual reports for current and prospective investors.

In addition to corporate reports, companies often publish press releases or blogs as a part of promotional Public Relation (PR) activities.

Another useful document might be a so called white paper where a business is trying to establish a certain level of credibility among stakeholders for a company and its products or services. Since many white papers are based on serious market research, these white papers often contain good information in terms of the industry and sales forecasts.

10. The Internet

Secondary data collection has become so super easy with the development of the Internet in recent decades that everyone can do it anytime from anywhere in the world almost for free.

The Internet can provide marketers with invaluable amount of research data and information about any topic thanks to search engines, company websites, expert blogs and so on.

In addition, these days all of the above methods of secondary market research can be carried out using the Internet, hence market researchers need to always check the sources carefully, check for accuracy, relevance and timeliness.

To summarize, in the real-life situations, it is very common for marketers to use a mix of both primary marker research methods and secondary market research methods. This is simply because neither of those methods is perfect and they tend to complement each other.

Different type of research will connect different data and information that the firm needs. Secondary market research is cheaper and quicker, but might be out of date and insufficient. While primary market research is expensive and may not be representative, yet it gathers purposeful insights to research the specific business problem.

• academic journals
• Balance Sheet
• Business Insider
• Cash Flow Statement
• financial reports
• Financial Times
• Fortune Magazine
• government publications
• government statistics
• Harvard Business Review
• industry trade information
• information from competitors
• internal company documents
• Knowledge@Wharton
• market analyses
• market intelligence reports
• media articles
• methods of secondary market research
• MIT Sloan Management Review
• Primary Market Research
• Profit and Loss Account (P&L Account)
• secondary market research
• sources for secondary market research
• Stanford Business Magazine
• statistics in the UK
• statistics in the US
• the Internet
• The New York Times
• trade associations
• trade magazines
• trade show sites
• Wall Street Journal

CATEGORIES: BUSINESS MANAGEMENT , MARKET RESEARCH AND MARKETING

Hi! I am Jerry. I am the owner and Editor-in-Chief of this website. I am experienced Lecturer and Researcher in Business Management, Head of Business and Economics, and IB Examiner for DP Business Management at International Baccalaureate (IB). I make business education accessible to everyone in the world by providing high-quality business resources for CEOs, directors, business managers, business owners, investors, entrepreneurs, business journalists, business teachers and business students. Privately, I live with my family in China from where I run a vlog Nie Te Chiny about my family life. MORE »

Small Business Trends

Guide to how to do marketing research.

Have you ever kicked off an advertising campaign with high hopes, only to be disappointed by the results? Or what about introducing a new product with great fanfare, just to discover the market wasn’t interested? These situations happen in business. And this is where doing marketing research makes a difference.

If you have big goals, market research can help your business make the right moves and avoid wasting time and money on the wrong ones.

Not only that, but marketing research can help you get happier customers. For example, 94% of diners choose a restaurant based on online reviews, one study suggests. Another study found that 82% of customers expect an immediate response on sales or marketing questions. Knowing these kinds of facts can help you put into place the processes and tools to delight the customer and attract new ones.

In this article we define what is marketing research in plain language, including the different types of market research. You will learn fast and easy techniques for how to do marketing research, which techniques work best, and how to take advantage of third-party information that already exists.  The end goal is to find success.

What is Market Research?

Market research is the process of collecting information about target prospects, clients, market size, competitors and more. Businesses use this information to develop products and services, set prices, increase lead flow, boost sales, improve customer satisfaction, and develop marketing and advertising campaigns.

If you take nothing else away from this market research definition, remember one thing: data is the foundation of a company’s marketing strategy. Research is the starting point that guides your marketing in the right direction.

Marketing research prevents you from acting on incorrect assumptions or one-size-fits-all advice, and making costly mistakes. In a world of trial and error, market research achieves more trial with less error.

The Evolution of Marketing Research in the Digital Age

Integrating Digital Data Sources : In today’s digital-driven market, traditional marketing research methods are being complemented with new data sources. Online behavior tracking, social media analytics, and digital footprint analysis provide a wealth of information about consumer preferences and trends.

Understanding how to integrate these digital data sources into traditional research frameworks can offer a more holistic view of the market landscape.

Leveraging Big Data and AI : The advent of big data and artificial intelligence (AI) has transformed marketing research. AI algorithms can process large datasets to uncover patterns and insights that might be invisible to human researchers. Businesses can leverage these tools to predict consumer behavior, personalize marketing strategies, and enhance decision-making processes.

Types of Market Research

Marketers leverage two different types of research:  primary and secondary research. Whether you know the terms or not, you probably are familiar with both.

First, let’s look at primary research. Primary research refers to the process of gathering data that hasn’t been collected yet by another party. In other words, primary information is simply information you uncover and collect yourself.

When people tell you their experience with your business or their level of satisfaction with your product or service — that’s primary information. Primary research includes the following:

Surveys involve asking people questions that they can quickly answer to reveal their opinions, perceptions, attitudes and behaviors.  Companies conduct surveys by mail, on the phone or increasingly today, online. Surveys are one of the most common research methods for a small business.

In Person Research

In-person research involves talking directly with a consumer, potential customers or existing customers — and includes:

• Interviews – These are one-on-one interactions to dive deeply into reasons driving the interviewee’s beliefs. Interviews are relatively inexpensive and can involve simply phoning a customer.
• Focus groups – A focus group gathers together between 5 to 10 people in a group setting to give feedback. Focus groups are expensive and really require an experienced facilitator to get unbiased information.
• Ethnography – Ethnography simply means interactions with others in their natural environment. A common method is “fly on the wall” where a researcher quietly observes someone in a store or using a product. A digital method involves heat maps to test where a visitor’s attention lingers on a web page.

Other Marketing Research

• Diaries – People track their behavior for observation about how they interact with your products or services.
• User testing – Users test and give feedback about how they experience your product or service in real-time. We’ve all seen examples of this on TV commercials: the blind taste testing.

Primary methods like the above have many uses, but small businesses find them invaluable in two situations. First, small businesses use them when trying to uncover the true user experience with their product or service. Second, they use primary methods when they need to understand how their clientele feels about their company.

Next let’s look at secondary research. Secondary research involves using information that has already been collected by another party. Much secondary information is online research and is free or low cost. Examples include:

Government Research

• U.S. Census data (a good place to start is Census Data Gems ).
• Information from government agencies like the Bureau of Labor Statistics, FEMA or the SBA.

Third Party Research

• Research reports (not your own), or information gathered by other companies. Example: a research chart from eMarketer .
• Secondary data from trade associations such as the National Retail Federation. It publishes industry statistics and studies.
• Information provided by specialized digital tools. An example is Google Trends data, showing public search trends.

Combining Qualitative and Quantitative Research

Balancing Depth and Breadth : Effective marketing research often involves a combination of qualitative and quantitative methods. Qualitative research, such as interviews and focus groups, provides depth and context to understand the ‘why’ behind consumer behaviors.

Quantitative research, like surveys and statistical analysis, offers breadth and generalizability to measure trends and patterns across larger populations.

Hybrid Research Models : Embrace hybrid models that blend qualitative and quantitative approaches for a more comprehensive analysis.

For example, a study might begin with qualitative interviews to explore consumer attitudes, followed by a large-scale quantitative survey to validate and quantify these attitudes across a broader audience.

Market Research Examples

Exactly what do you use marketing research for?  There are hundreds of uses. Below are just 15 examples:

• Identify revenue opportunities – Research may reveal customer segments you never considered, or the opportunity to cross sell or up-sell. You can also identify new verticals ripe for expansion.
• Set pricing – Research can reveal whether your prices are high or low compared to the market. Research may show that price increases are justifiable.
• Capitalize on competitor weaknesses – Learn what the market hates about your competition, so you can compare your brand and persuade prospects.
• Identify competitor strengths – Learn what the market likes better about your competitors, so you can meet or beat them.
• Spot trends – Trends may suggest new technologies to adopt.
• improve reputation – Your business may discover a reputation problem from bad online reviews that your team needs to overcome.
• Compose winning marketing messages – Research may reveal which advertising messages appeal to your target market.
• Identify a new offering – Changing habits, tastes and needs may trigger ideas for products or services.
• Delight customers – Customer expectations may be different from what you assume, and research reveals what matters most.
• Demonstrate industry authority – Find out what content your target buyer values and how they want it delivered to them.
• Test concepts – Poll the public as to whether a brand name appeals to them, and test concepts before launch.
• Determine key influencers – Ascertain who holds sway over buyer decisions, so you can connect and leverage influence.
• Elevate digital presence – Assess your visibility in search engines and on social media. Identify opportunities to gain a bigger footprint.
• Identify product features – Research helps guide your development efforts by suggesting the qualitative value proposition at every stage of the product life cycle.
• Improve your website – Collect data about what draws prospects to your website. Identify elements they love, and discover what makes them convert.

How to Do Market Research

Now that we understand the market research meaning, the steps to conduct research are straight forward. Here are seven market research steps to follow:

1. Identify Your Goals

Start with your goals. Write down what market research information you want to gather and how you will use it.  Be specific about the challenges in your business.  A few sample goals include the following:

• Compare competitor prices to see if your business has room to raise prices.
• Increase word of mouth referrals by improving customer service levels.
• Identify your ideal potential customers so you can tailor products and services to meet their needs. Include age, gender, location, income and specific problems your customer wants solved. Create customer personas to guide your sales outreach.
• Isolate the messaging that resonates best for an ad campaign.
• Size the market before developing a new product or starting a new business.

2. Choose a Type of Research 

Choose the type of marketing information needed to meet your goals. Start with these simple steps:

• Primary or secondary? Decide which type will give you the information needed for your goal(s).
• If primary, determine the format. For instance, you could invite current clients to participate in interviews. Ask your social media followers to participate in an online survey. Or try a service like Google Surveys to get responses from consumers and the general public.
• If secondary, determine what sources to investigate. Always check first to see if government research has what you need. Google searches will point you to other secondary information, including industry organizations.

For more, see these 21 market research tools .

3. Conduct the Research

Now it’s time to actually do the research. The best way to know what people are thinking is to ask them directly. In this section we will focus on the main three ways to get customer research: interviews, focus groups and surveys.

Interviewing Customers

Interviewing customers can be done over the phone, in-person or using one of many web-based tools.

Speak to 10 to 15 individuals to make sure that you are getting feedback representative of your target audience. Request 20 to 30 minutes to talk at a mutually convenient time. Be prepared ahead of time with your questions.

Ask respondents if they give you permission to record the interviews so you can refer back later. Alternatively, have someone with you to take notes.

Remember not to coach people or guide them to answers that you want to hear. You want their honest feedback. Do not react to what they say. Your job is to get their thoughts, not correct any assumptions or perceptions you may disagree with.

Holding Focus Groups

A good focus group size is 8 to 10 participants.

Conduct focus groups in-person or online using apps that lend themselves to the purpose. Many local libraries and community centers have rooms that you can use at little or no cost. Trade shows and conferences also offer an opportunity to conduct interviews and focus groups. You can also use online conferencing tools to facilitate this group interaction.

Start off the group with self introductions. Let everyone know that all opinions are valid and there are no incorrect answers. Then guide them through a discussion that you prepare ahead of time.

Limit the session to no more than two hours, or even 90 minutes. This should be plenty of time to get insights, while giving everyone a chance to voice opinions.

Conducting Surveys

Surveys are terrific for gathering customer feedback. Today most customer surveys are done online using a professional survey tool. Simply set up a survey and email a link.

Include questions to gather demographic or firmographic data such as zip code, age, title, gender, industry, purchase frequency, etc. (but skip anything you already know). This helps you analyze the data with specificity.

Then ask your substantive questions.

After collecting the information, take the time to isolate trends and segments. Most survey software today generates beautiful charts and graphs. But you will need to study them and perhaps do deeper analysis than the standard charts provide.

You can also survey non-customers. This option is great if you need industry data or general consumer input. Many survey software packages also provide access to a survey panel of non-customer respondents. You will have to pay for non-customer responses. Survey pricing varies for responses:

• Consumer samples are usually relatively inexpensive, perhaps $1 per response, although the cost will increase the more specific your needs are. Asking consumers over the age of 25 will be one price, for example, while asking men between the ages of 35-44 who have children, will be another price.
• For comparison: Google Surveys start at 10 cents per response for just one question, but that number can go up to $10 per each completed survey if you want 2 to 10 questions. If you want respondents screened for specific audience characteristics it costs more.
• Business-to-business responses are more expensive than consumer responses. It might cost as much as $100 per completed survey from a senior executive.
• If budget is a challenge, see if you can barter with another organization that has a large membership. You can increase the power behind this ‘ask’ if you partner with other businesses such as your vendors to see if they will join you in making this request.

Best Practices

As you begin exploratory research, follow these best practices:

• Pre-test. Do a dry run of a customer interview with someone on your team in role play. For a survey, ask a few colleagues take it as a test. This goes a long way to ensure questions are understandable and that information will be useful.
• Respect respondents’ time. Keep interactions short. For instance, it’s better to do a branched survey where respondents only see relevant questions based on prior responses, rather than forcing them to wade through a dozen irrelevant questions. People lose interest fast when they feel you take too much of their time.
• Use plain language. Use vocabulary respondents recognize. At the same time, tailor your questions to get specific answers. See these 75 market research questions to ask.
• Step into the customer’s shoes. Ask questions that make sense from your customer’s point of view. For instance, instead of asking a technical question about your software configuration process, ask the customer how long it took between opening an account and beginning to use your software.

Time and Skill

Before you begin, map out the research process so you’re clear on the effort, time and money needed. Small businesses tend to greatly underestimate the amount of time required and how much it will distract from other priorities.

Consider also whether you have the skills internally for the research process. For example, do you have the skill to develop a survey, get respondents, and analyze the data in-depth? What about time? A professional researcher may be able to complete the project in a fraction of the time of an unskilled staff member. In the end that may be faster and cost less.

Primary research can take anywhere from 1 to 3 months to complete.

Secondary research goes faster, but do set a time / hours budget.  Remember, it takes time for someone to locate the secondary data, analyze it and compile insights. Establish a certain number of hours per week for secondary sources, and then stick to that schedule. Don’t fall into “rabbit holes,” since there are so many sources.

Embracing Technology in Research Methods

Online Focus Groups and Virtual Interviews : The digital era has enabled virtual research methods. Online focus groups and video conferencing tools allow for remote interviews, making it easier to gather diverse perspectives without geographical constraints. These methods can be particularly valuable when targeting niche markets or global audiences.

Mobile Surveys and Real-Time Feedback : Utilize mobile technology to conduct surveys and collect real-time feedback. Mobile surveys offer convenience to respondents and can increase response rates. Real-time feedback mechanisms, such as in-app surveys or interactive polls on social media, can provide immediate insights into customer experiences and perceptions.

4. Analyze and Summarize

You’ve completed the market research – now what?

This is where good businesses often stumble.  They spend a lot of time doing a survey, for example, but then the survey sits. They do nothing other than look at some charts.

The best data is useless if not analyzed properly. Analyze the data, draw conclusions, and take evidence-based actions. Your research may identify new opportunities, or it may indicate that you should not take actions you were planning to take. Come up with a list of action items based upon the data.

Summarize the results into a report.  A report makes data usable internally. You and your team will forget the details a month later, so you need to be able to refer back to something.

5. Incorporate into Your Marketing Plan

Incorporate the research information into your marketing plan. Here are two examples.

Example 1: Company A used research to successfully adjust its marketing approach for a product launch. Social media research revealed that consumers responded to certain messages and not others. The company tweaked its marketing messaging to better convey the benefits consumers wanted to hear about, not the benefits the company thought were important.

Example 2: Company B conducted focus groups and found that instead of a single target market for the product, the market actually consisted of a few segments, all with different needs. The client was able to change its content marketing plan to address each segment with more meaning, rather than a one-size-fits-all plan.

For more, see these small business marketing ideas and strategies.

6. Adapt Internal Processes

Share the marketing research with your team and seek their ideas. Identify and implement a few actionable steps.

Market research may suggest that your processes and procedures need an overhaul. For instance, you may need to re-imagine your method of handling customer complaints. You may need to turn around reputation problems such as years worth of bad reviews. Or you may need to redesign your products to meet competitor offerings if your current value-add is low. Let’s look at two examples.

Example A: Company Y discovered after a focus group that while some of the services it offered were highly valued, others were not. The company was able to shift efforts and resources to the services customers wanted most.

Example B: Company Z observed a few business customers using its product in their offices, and discovered that customers in certain verticals were using the product in unexpected ways. Company Z was able to get testimonials that specifically mentioned these use cases and saw sales conversions in those verticals grow.

Staying Agile with Ongoing Research

Continuous Market Monitoring : The market is dynamic, and consumer preferences can change rapidly. Implement systems for ongoing market monitoring to stay ahead of trends. This might involve regular social media sentiment analysis, keeping an eye on competitor activities, and tracking industry news.

Feedback Loops and Iterative Learning : Establish feedback loops within your organization where insights from market research continually inform business strategies. Encourage a culture of iterative learning, where marketing initiatives are regularly reviewed and adjusted based on the latest research findings.

We hope this Guide has helped you understand what is market research in business. Most small businesses and startups could achieve greater success if they did simple exploratory research before launching a product or starting a business. Whatever your budget or staff size, research will make your business more proactive and results-oriented, with decisions based on fact, to power your growth.

Image: Depositphotos.com

Statistical surveying (or advertising research) is any arrangement of methods used to accumulate data and better comprehend an organization’s objective market

No it isn’t!

I appreciate you helping me learn the basics of how to do marketing research and I think it’s great that you elaborated on using layman’s language when interacting with your respondents to get specific answers. I agree with what you said about respecting the respondents’ personal time as I feel like this may be something that is easy to overlook. If I was in need of market research myself, I don’t think I would prefer to do it on my own due to its tedious nature. Instead, I would probably look for a quick but reliable service that has a great portfolio and can promise me accurate results.

Hi Angela! Many organizations share your perspective that they prefer to outsource this type of work rather than do it themselves. If you find yourself needing a consultant to do this for you, make sure that in addition to being capable of providing accurate results, they clearly communicate the methodology they would use, why it would be appropriate to go in that direction, and what they would do to not only provide accuracy, but also data that are actionable.

Your email address will not be published. Required fields are marked *

© Copyright 2003 - 2024, Small Business Trends LLC. All rights reserved. "Small Business Trends" is a registered trademark.