how to do secondary market research

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.

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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.

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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.

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Home • Knowledge hub • How to Perform Insightful Secondary Market Research.

How to Perform Insightful Secondary Market Research.

Making decisions without data is like navigating without a compass. That’s where secondary market research steps in. It’s not just a backup plan; it’s a smart strategy for any brand looking to get ahead. Think of it as the detective work behind the scenes, using existing data to piece together the market puzzle.

While primary research gets a lot of attention for its direct approach to gathering data, it can be expensive and time-consuming. That’s where secondary research shines. It uses data already out there—industry reports, academic studies, and public records. This saves time and money and adds depth to your understanding of the market.

Secondary research complements primary research perfectly. It gives context and background, helping to interpret new data more effectively. In essence, it’s about working smarter, not harder. Leveraging existing data can uncover trends, competitor insights, and customer behavior that might not be evident from new research alone.

So, as we dive into the how-tos of insightful secondary market research, keep in mind it’s not just about cutting costs. It’s about making informed decisions with a fuller picture of the market. After all, in business, knowledge is power, and secondary research is a crucial tool in harnessing that power.

Understanding the Basics of Secondary Research

Secondary market research is about making use of data that’s already out there. Unlike primary research, where you’re collecting data firsthand through surveys, interviews, or experiments, secondary research taps into existing resources. It’s about being resourceful and finding and using data already gathered by others.

So, what can you dig up with secondary research? A lot. You’ve got your public records – think census data, government reports, and regulatory filings. These are goldmines for demographic and economic insights. Then there are academic papers, where you find cutting-edge research and theories that can spark new ideas or validate your hypotheses. Industry reports and market analyses offer a bird’s-eye view of market trends, competitor performance, and industry benchmarks. And don’t forget about competitive analysis – using information published by your competitors themselves, like annual reports and press releases, to get a read on their strategies and performance.

In short, secondary research is your shortcut to a wealth of information. It’s not about reinventing the wheel; it’s about leveraging what’s already out there to build a more robust, more informed strategy for your brand. Whether you’re validating your primary research findings or getting a quick overview of the market landscape, secondary research is a critical step in the process.

The Strategic Value of Secondary Research

Now, let’s talk strategy. Secondary research isn’t just about gathering data; it’s about giving you the strategic edge. Understanding market trends, the competitive landscape, and customer behavior is crucial, and secondary research serves this up on a silver platter.

For instance, let’s take market trends. By analyzing industry reports and academic research, you can spot trends before they go mainstream. This is about seeing where the market is heading, not just where it’s been. For a brand leader looking to steer their company in the right direction, this is invaluable. It’s like having a roadmap for what’s next, helping you to navigate market shifts and position your company as a leader, not a follower.

Then there’s the competitive landscape. Competitive analysis through secondary research lets you peek into your competitors’ worlds. What strategies are they using? What’s working for them (or not)? This isn’t about copying them—it’s about understanding the playing field and finding opportunities to outmaneuver them. This insight can guide mergers, acquisitions, or new product launches.

And we can’t forget about customer behavior. Secondary research gives you a broader understanding of customer needs and pain points. Social media analytics, customer reviews, and market analyses offer a treasure trove of information on what customers say and do. For any brand executive, this is gold. It means you can tailor your products, marketing, and customer service to meet your customers where they are, often before they even know they need you.

In practice, imagine a V.P. of Marketing using secondary research to identify a rising trend in sustainable products within their industry. By aligning their product development and marketing strategies with this trend, they capitalize on market demand and position their brand as forward-thinking and responsible.

Or consider a Head of Strategy using competitive analysis to discover a competitor’s shift towards a new market segment. This insight allows for strategic planning to counteract this move or identify underserved segments that could offer new opportunities.

Secondary research is more than data collection; it’s a strategic tool that helps executives make informed, forward-looking decisions. It’s about staying ahead of the curve and using the wealth of existing information to guide your company’s strategic direction.

Step-by-Step Guide to Conducting Effective Secondary Research

Let’s dive into the nuts and bolts of doing secondary research correctly. Follow these steps to ensure your research is thorough and directly aligned with your strategic goals.

Challenges and Solutions in Secondary Research

Even with a solid plan, you’ll likely hit a few bumps. Let’s tackle some common challenges in secondary research and how to overcome them.

Overcoming Data Overload

• The Problem: It’s easy to drown in a sea of data.
• The Solution: Stay focused on your research objectives. Use filters and search operators to narrow down results.

Dealing with Outdated Information

• The Problem: Not all data is fresh. Some might be stale by the time you find it.
• The Solution: Always check the publication date. Prioritize the most recent data, but don’t ignore historical trends, as they can provide valuable context.

Assessing Credibility and Bias

• The Problem: Not every source is reliable or unbiased.
• Check the author’s credentials and the publication’s reputation.
• Look for corroborating evidence from multiple sources to mitigate bias.

Making Sense of Diverse Data

• The Problem: Data comes in all shapes and sizes, making analysis complex.
• Use a mixed-methods approach, combining qualitative and quantitative analysis.
• Visualize your findings with charts and graphs to better identify patterns.

Leveraging Technology in Secondary Research

Technology can be a game-changer in managing and analyzing data.

Data Management Tools

• Evernote or OneNote: This is used to organize and annotate your findings.
• Zotero or Mendeley: Great for managing academic references.

Analysis Software

• Excel or Google Sheets: Handy for quantitative analysis.
• NVivo: Useful for qualitative data analysis, helping to identify themes and patterns.

Wrapping Up with Actionable Insights

Once you’ve navigated the challenges and leveraged the right tools, it’s time to translate your findings into actionable insights.

Turn Insights into Strategies

• Product Development: Align your offerings with emerging trends identified in your research.
• Market Entry: Choose your markets based on competitive analysis and customer needs.
• Competitive Positioning: Differentiate your brand by filling gaps your competitors have overlooked.

Keep the Conversation Going

• Share Your Findings: Present your insights to your team or stakeholders in a clear, concise manner.
• Encourage Feedback: Open the floor for discussions. Different perspectives can further refine your strategy.

Let’s break down how technological powerhouses are changing the game.

A.I. and Machine Learning: The Smart Scouts

• Pattern Recognition : These tools are like having a detective with a photographic memory and a knack for spotting patterns. They can sift through mountains of data to find trends and correlations that would take humans ages to uncover.
• Predictive Analysis : A.I. doesn’t just tell you what’s happened; it predicts what might happen next. This is crucial for anticipating market shifts, consumer behavior changes, and potential new niches.
• Natural Language Processing (NLP) : Ever wanted to know what people say about your brand on social media or in reviews? NLP technologies analyze text to gauge sentiment, pull out key themes, and even track brand mentions over time.

Data Analytics Tools: The Analytical Brains

• Data Visualization : Tools like Tableau or Power B.I. transform complex datasets into clear, understandable visuals. This makes it easier to share insights with your team or stakeholders and make data-driven decisions quickly.
• Big Data Analytics : With tools designed to handle vast datasets, you can analyze information from multiple sources simultaneously. This means a more comprehensive view of the market without getting bogged down in details.

Automation: The Efficiency Expert

• Automated Data Collection : Say goodbye to manual data scraping. Automated tools can continuously monitor and collect data from specified sources, ensuring you have the latest information at your fingertips.
• Streamlined Analysis : Automation isn’t just for collecting data; it also applies to analyzing it. Automated analysis tools can identify key metrics, perform statistical tests, and even generate reports, saving you time and reducing the risk of human error.

How This Changes the Game

Leveraging technology in secondary research isn’t just about keeping up with the times; it’s about setting the pace. By embracing A.I., machine learning, and data analytics, you’re not just collecting data but unlocking its full potential to drive your brand forward. Integrating these technologies into your secondary research processes means you can:

• Do More With Less : Less time spent on manual tasks means more time for strategic thinking and decision-making.
• Stay Ahead of the Curve : With predictive analytics and continuous data monitoring, you can anticipate market trends and adjust your strategies proactively.
• Make Informed Decisions : Enhanced data visualization and analysis offer clearer insights, making it easier to understand complex information and make informed decisions.

Essential Resources for Secondary Research

Whether you’re digging into local markets or casting a net across global industries, finding reliable and free resources is key to effective secondary research. Here’s a list of go-to sources for insightful, credible information at various levels—local, state, country, and global.

This table is a treasure trove for researchers looking to gather secondary data from credible, free sources. Whether you’re exploring local economic trends or global health statistics, these resources offer a wealth of information to support your research objectives.

Conclusion: The Strategic Edge of Secondary Research

Let’s wrap this up with some straight talk: secondary market research is not just a nice-to-have; it’s a must-have in your strategic arsenal. It’s the compass that helps you navigate, offering insights and perspectives that can fundamentally shape your strategic direction.

Remember, secondary research gives you a head start. It’s cost-effective, efficient, and taps into a wealth of data already out there waiting to be leveraged. From understanding market trends and competitive landscapes to getting inside your customers’ heads, secondary research lays the groundwork for informed decision-making.

But it’s not just about collecting data; it’s about turning that data into actionable intelligence. With the help of technology—A.I., machine learning, and data analytics tools—secondary research has become more powerful than ever. It allows you to sift through mountains of information, spot patterns, and predict trends, ensuring that your strategic decisions are backed by solid evidence.

And let’s not forget the resources at your disposal. From the CIA World Factbook to Google Scholar, the tools and databases we’ve discussed are your allies in the quest for knowledge. They’re the sources that can fill in the blanks, confirm your hunches, or even challenge your assumptions, ensuring that your strategies are not just guesses but informed choices.

So, to the marketing and research executives reading this: consider secondary market research as the foundation of your strategic planning. It’s the key to unlocking insights that can propel your business forward, helping you to not just keep up with the pace of change but to set it. 

Helping brands uncover valuable insights

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Kadence’s reports give us the insight, conclusion and recommended execution needed to give us a different perspective, which provided us with an opportunity to relook at our go to market strategy in a different direction which we are now reaping the benefits from. Sales & Marketing Bridgestone

Kadence helped us not only conduct a thorough and insightful piece of research, its interpretation of the data provided many useful and unexpected good-news stories that we were able to use in our communications and interactions with government bodies. General Manager PR -Internal Communications & Government Affairs Mitsubishi

Kadence team is more like a partner to us. We have run a number of projects together and … the pro-activeness, out of the box thinking and delivering in spite of tight deadlines are some of the key reasons we always reach out to them. Vital Strategies

Kadence were an excellent partner on this project; they took time to really understand our business challenges, and developed a research approach that would tackle the exam question from all directions.  The impact of the work is still being felt now, several years later. Customer Intelligence Director Wall Street Journal

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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.

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What is secondary market research?

Last updated

3 April 2024

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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.

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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry. The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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• What is Secondary Research? | Definition, Types, & Examples

What is Secondary Research? | Definition, Types, & Examples

Published on January 20, 2023 by Tegan George . Revised on January 12, 2024.

Secondary research is a research method that uses data that was collected by someone else. In other words, whenever you conduct research using data that already exists, you are conducting secondary research. On the other hand, any type of research that you undertake yourself is called primary research .

Secondary research can be qualitative or quantitative in nature. It often uses data gathered from published peer-reviewed papers, meta-analyses, or government or private sector databases and datasets.

Table of contents

When to use secondary research, types of secondary research, examples of secondary research, advantages and disadvantages of secondary research, other interesting articles, frequently asked questions.

Secondary research is a very common research method, used in lieu of collecting your own primary data. It is often used in research designs or as a way to start your research process if you plan to conduct primary research later on.

Since it is often inexpensive or free to access, secondary research is a low-stakes way to determine if further primary research is needed, as gaps in secondary research are a strong indication that primary research is necessary. For this reason, while secondary research can theoretically be exploratory or explanatory in nature, it is usually explanatory: aiming to explain the causes and consequences of a well-defined problem.

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Secondary research can take many forms, but the most common types are:

Statistical analysis

Literature reviews, case studies, content analysis.

There is ample data available online from a variety of sources, often in the form of datasets. These datasets are often open-source or downloadable at a low cost, and are ideal for conducting statistical analyses such as hypothesis testing or regression analysis .

Credible sources for existing data include:

• The government
• Government agencies
• Non-governmental organizations
• Educational institutions
• Businesses or consultancies
• Libraries or archives
• Newspapers, academic journals, or magazines

A literature review is a survey of preexisting scholarly sources on your topic. It provides an overview of current knowledge, allowing you to identify relevant themes, debates, and gaps in the research you analyze. You can later apply these to your own work, or use them as a jumping-off point to conduct primary research of your own.

Structured much like a regular academic paper (with a clear introduction, body, and conclusion), a literature review is a great way to evaluate the current state of research and demonstrate your knowledge of the scholarly debates around your topic.

A case study is a detailed study of a specific subject. It is usually qualitative in nature and can focus on  a person, group, place, event, organization, or phenomenon. A case study is a great way to utilize existing research to gain concrete, contextual, and in-depth knowledge about your real-world subject.

You can choose to focus on just one complex case, exploring a single subject in great detail, or examine multiple cases if you’d prefer to compare different aspects of your topic. Preexisting interviews , observational studies , or other sources of primary data make for great case studies.

Content analysis is a research method that studies patterns in recorded communication by utilizing existing texts. It can be either quantitative or qualitative in nature, depending on whether you choose to analyze countable or measurable patterns, or more interpretive ones. Content analysis is popular in communication studies, but it is also widely used in historical analysis, anthropology, and psychology to make more semantic qualitative inferences.

Secondary research is a broad research approach that can be pursued any way you’d like. Here are a few examples of different ways you can use secondary research to explore your research topic .

Secondary research is a very common research approach, but has distinct advantages and disadvantages.

Advantages of secondary research

Advantages include:

• Secondary data is very easy to source and readily available .
• It is also often free or accessible through your educational institution’s library or network, making it much cheaper to conduct than primary research .
• As you are relying on research that already exists, conducting secondary research is much less time consuming than primary research. Since your timeline is so much shorter, your research can be ready to publish sooner.
• Using data from others allows you to show reproducibility and replicability , bolstering prior research and situating your own work within your field.

Disadvantages of secondary research

Disadvantages include:

• Ease of access does not signify credibility . It’s important to be aware that secondary research is not always reliable , and can often be out of date. It’s critical to analyze any data you’re thinking of using prior to getting started, using a method like the CRAAP test .
• Secondary research often relies on primary research already conducted. If this original research is biased in any way, those research biases could creep into the secondary results.

Many researchers using the same secondary research to form similar conclusions can also take away from the uniqueness and reliability of your research. Many datasets become “kitchen-sink” models, where too many variables are added in an attempt to draw increasingly niche conclusions from overused data . Data cleansing may be necessary to test the quality of the research.

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If you want to know more about statistics , methodology , or research bias , make sure to check out some of our other articles with explanations and examples.

• Normal distribution
• Degrees of freedom
• Null hypothesis
• Discourse analysis
• Control groups
• Mixed methods research
• Non-probability sampling
• Quantitative research
• Inclusion and exclusion criteria

Research bias

• Rosenthal effect
• Implicit bias
• Cognitive bias
• Selection bias
• Negativity bias
• Status quo bias

A systematic review is secondary research because it uses existing research. You don’t collect new data yourself.

The research methods you use depend on the type of data you need to answer your research question .

• If you want to measure something or test a hypothesis , use quantitative methods . If you want to explore ideas, thoughts and meanings, use qualitative methods .
• If you want to analyze a large amount of readily-available data, use secondary data. If you want data specific to your purposes with control over how it is generated, collect primary data.
• If you want to establish cause-and-effect relationships between variables , use experimental methods. If you want to understand the characteristics of a research subject, use descriptive methods.

Quantitative research deals with numbers and statistics, while qualitative research deals with words and meanings.

Quantitative methods allow you to systematically measure variables and test hypotheses . Qualitative methods allow you to explore concepts and experiences in more detail.

Sources in this article

We strongly encourage students to use sources in their work. You can cite our article (APA Style) or take a deep dive into the articles below.

George, T. (2024, January 12). What is Secondary Research? | Definition, Types, & Examples. Scribbr. Retrieved April 18, 2024, from https://www.scribbr.com/methodology/secondary-research/

Largan, C., & Morris, T. M. (2019). Qualitative Secondary Research: A Step-By-Step Guide (1st ed.). SAGE Publications Ltd.

Peloquin, D., DiMaio, M., Bierer, B., & Barnes, M. (2020). Disruptive and avoidable: GDPR challenges to secondary research uses of data. European Journal of Human Genetics , 28 (6), 697–705. https://doi.org/10.1038/s41431-020-0596-x

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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.

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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.

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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.

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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.

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Market research definition

Market research – in-house or outsourced, market research in the age of data, when to use market research.

• Types of market research 

Different types of primary research

How to do market research (primary data), how to do secondary market research, communicating your market research findings, choose the right platform for your market research, try qualtrics for free, the ultimate guide to market research and how to conduct it like a pro.

27 min read Wondering how to do market research? Or even where to start learning about it? Use our ultimate guide to understand the basics and discover how you can use market research to help your business.

Market research is the practice of gathering information about the needs and preferences of your target audience – potential consumers of your product.

When you understand how your target consumer feels and behaves, you can then take steps to meet their needs and mitigate the risk of an experience gap – where there is a shortfall between what a consumer expects you to deliver and what you actually deliver. Market research can also help you keep abreast of what your competitors are offering, which in turn will affect what your customers expect from you.

Market research connects with every aspect of a business – including brand , product , customer service , marketing and sales.

Market research generally focuses on understanding:

• The consumer (current customers, past customers, non-customers, influencers))
• The company (product or service design, promotion, pricing, placement, service, sales)
• The competitors (and how their market offerings interact in the market environment)
• The industry overall (whether it’s growing or moving in a certain direction)

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Why is market research important?

A successful business relies on understanding what like, what they dislike, what they need and what messaging they will respond to. Businesses also need to understand their competition to identify opportunities to differentiate their products and services from other companies.

Today’s business leaders face an endless stream of decisions around target markets, pricing, promotion, distribution channels, and product features and benefits . They must account for all the factors involved, and there are market research studies and methodologies strategically designed to capture meaningful data to inform every choice. It can be a daunting task.

Market research allows companies to make data-driven decisions to drive growth and innovation.

What happens when you don’t do market research?

Without market research, business decisions are based at best on past consumer behavior, economic indicators, or at worst, on gut feel. Decisions are made in a bubble without thought to what the competition is doing. An important aim of market research is to remove subjective opinions when making business decisions. As a brand you are there to serve your customers, not personal preferences within the company. You are far more likely to be successful if you know the difference, and market research will help make sure your decisions are insight-driven.

Traditionally there have been specialist market researchers who are very good at what they do, and businesses have been reliant on their ability to do it. Market research specialists will always be an important part of the industry, as most brands are limited by their internal capacity, expertise and budgets and need to outsource at least some aspects of the work.

However, the market research external agency model has meant that brands struggled to keep up with the pace of change. Their customers would suffer because their needs were not being wholly met with point-in-time market research.

Businesses looking to conduct market research have to tackle many questions –

• Who are my consumers, and how should I segment and prioritize them?
• What are they looking for within my category?
• How much are they buying, and what are their purchase triggers, barriers, and buying habits?
• Will my marketing and communications efforts resonate?
• Is my brand healthy ?
• What product features matter most?
• Is my product or service ready for launch?
• Are my pricing and packaging plans optimized?

They all need to be answered, but many businesses have found the process of data collection daunting, time-consuming and expensive. The hardest battle is often knowing where to begin and short-term demands have often taken priority over longer-term projects that require patience to offer return on investment.

Today however, the industry is making huge strides, driven by quickening product cycles, tighter competition and business imperatives around more data-driven decision making. With the emergence of simple, easy to use tools , some degree of in-house market research is now seen as essential, with fewer excuses not to use data to inform your decisions. With greater accessibility to such software, everyone can be an expert regardless of level or experience.

How is this possible?

The art of research hasn’t gone away. It is still a complex job and the volume of data that needs to be analyzed is huge. However with the right tools and support, sophisticated research can look very simple – allowing you to focus on taking action on what matters.

If you’re not yet using technology to augment your in-house market research, now is the time to start.

The most successful brands rely on multiple sources of data to inform their strategy and decision making, from their marketing segmentation to the product features they develop to comments on social media. In fact, there’s tools out there that use machine learning and AI to automate the tracking of what’s people are saying about your brand across all sites.

The emergence of newer and more sophisticated tools and platforms gives brands access to more data sources than ever and how the data is analyzed and used to make decisions. This also increases the speed at which they operate, with minimal lead time allowing brands to be responsive to business conditions and take an agile approach to improvements and opportunities.

Expert partners have an important role in getting the best data, particularly giving access to additional market research know-how, helping you find respondents , fielding surveys and reporting on results.

How do you measure success?

Business activities are usually measured on how well they deliver return on investment (ROI). Since market research doesn’t generate any revenue directly, its success has to be measured by looking at the positive outcomes it drives – happier customers, a healthier brand, and so on.

When changes to your products or your marketing strategy are made as a result of your market research findings, you can compare on a before-and-after basis to see if the knowledge you acted on has delivered value.

Regardless of the function you work within, understanding the consumer is the goal of any market research. To do this, we have to understand what their needs are in order to effectively meet them. If we do that, we are more likely to drive customer satisfaction , and in turn, increase customer retention .

Several metrics and KPIs are used to gauge the success of decisions made from market research results, including

• Brand awareness within the target market
• Share of wallet
• CSAT (customer satisfaction)
• NPS (Net Promoter Score)

You can use market research for almost anything related to your current customers, potential customer base or target market. If you want to find something out from your target audience, it’s likely market research is the answer.

Here are a few of the most common uses:

Buyer segmentation and profiling

Segmentation is a popular technique that separates your target market according to key characteristics, such as behavior, demographic information and social attitudes. Segmentation allows you to create relevant content for your different segments, ideally helping you to better connect with all of them.

Buyer personas are profiles of fictional customers – with real attributes. Buyer personas help you develop products and communications that are right for your different audiences, and can also guide your decision-making process. Buyer personas capture the key characteristics of your customer segments, along with meaningful insights about what they want or need from you. They provide a powerful reminder of consumer attitudes when developing a product or service, a marketing campaign or a new brand direction.

By understanding your buyers and potential customers, including their motivations, needs, and pain points, you can optimize everything from your marketing communications to your products to make sure the right people get the relevant content, at the right time, and via the right channel .

Attitudes and Usage surveys

Attitude & Usage research helps you to grow your brand by providing a detailed understanding of consumers. It helps you understand how consumers use certain products and why, what their needs are, what their preferences are, and what their pain points are. It helps you to find gaps in the market, anticipate future category needs, identify barriers to entry and build accurate go-to-market strategies and business plans.

Marketing strategy

Effective market research is a crucial tool for developing an effective marketing strategy – a company’s plan for how they will promote their products.

It helps marketers look like rock stars by helping them understand the target market to avoid mistakes, stay on message, and predict customer needs . It’s marketing’s job to leverage relevant data to reach the best possible solution  based on the research available. Then, they can implement the solution, modify the solution, and successfully deliver that solution to the market.

Product development

You can conduct market research into how a select group of consumers use and perceive your product – from how they use it through to what they like and dislike about it. Evaluating your strengths and weaknesses early on allows you to focus resources on ideas with the most potential and to gear your product or service design to a specific market.

Chobani’s yogurt pouches are a product optimized through great market research . Using product concept testing – a form of market research – Chobani identified that packaging could negatively impact consumer purchase decisions. The brand made a subtle change, ensuring the item satisfied the needs of consumers. This ability to constantly refine its products for customer needs and preferences has helped Chobani become Australia’s #1 yogurt brand and increase market share.

Pricing decisions

Market research provides businesses with insights to guide pricing decisions too. One of the most powerful tools available to market researchers is conjoint analysis, a form of market research study that uses choice modeling to help brands identify the perfect set of features and price for customers. Another useful tool is the Gabor-Granger method, which helps you identify the highest price consumers are willing to pay for a given product or service.

Brand tracking studies

A company’s brand is one of its most important assets. But unlike other metrics like product sales, it’s not a tangible measure you can simply pull from your system. Regular market research that tracks consumer perceptions of your brand allows you to monitor and optimize your brand strategy in real time, then respond to consumer feedback to help maintain or build your brand with your target customers.

Advertising and communications testing

Advertising campaigns can be expensive, and without pre-testing, they carry risk of falling flat with your target audience. By testing your campaigns, whether it’s the message or the creative, you can understand how consumers respond to your communications before you deploy them so you can make changes in response to consumer feedback before you go live.

Finder, which is one of the world’s fastest-growing online comparison websites, is an example of a brand using market research to inject some analytical rigor into the business . Fueled by great market research, the business lifted brand awareness by 23 percent, boosted NPS by 8 points, and scored record profits – all within 10 weeks.

Competitive analysis

Another key part of developing the right product and communications is understanding your main competitors and how consumers perceive them. You may have looked at their websites and tried out their product or service, but unless you know how consumers perceive them, you won’t have an accurate view of where you stack up in comparison. Understanding their position in the market allows you to identify the strengths you can exploit, as well as any weaknesses you can address to help you compete better.

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Types of market research

Although there are many types market research, all methods can be sorted into one of two categories: primary and secondary.

Primary research

Primary research is market research data that you collect yourself. This is raw data collected through a range of different means – surveys , focus groups,  , observation and interviews being among the most popular.

Primary information is fresh, unused data, giving you a perspective that is current or perhaps extra confidence when confirming hypotheses you already had. It can also be very targeted to your exact needs. Primary information can be extremely valuable. Tools for collecting primary information are increasingly sophisticated and the market is growing rapidly.

Historically, conducting market research in-house has been a daunting concept for brands because they don’t quite know where to begin, or how to handle vast volumes of data. Now, the emergence of technology has meant that brands have access to simple, easy to use tools to help with exactly that problem. As a result, brands are more confident about their own projects and data with the added benefit of seeing the insights emerge in real-time.

Secondary research

Secondary research is the use of data that has already been collected, analyzed and published – typically it’s data you don’t own and that hasn’t been conducted with your business specifically in mind, although there are forms of internal secondary data like old reports or figures from past financial years that come from within your business. Secondary research can be used to support the use of primary research.

Secondary research can be beneficial to small businesses because it is sometimes easier to obtain, often through research companies. Although the rise of primary research tools are challenging this trend by allowing businesses to conduct their own market research more cheaply, secondary research is often a cheaper alternative for businesses who need to spend money carefully. Some forms of secondary research have been described as ‘lean market research’ because they are fast and pragmatic, building on what’s already there.

Because it’s not specific to your business, secondary research may be less relevant, and you’ll need to be careful to make sure it applies to your exact research question. It may also not be owned, which means your competitors and other parties also have access to it.

Primary or secondary research – which to choose?

Both primary and secondary research have their advantages, but they are often best used when paired together, giving you the confidence to act knowing that the hypothesis you have is robust.

Secondary research is sometimes preferred because there is a misunderstanding of the feasibility of primary research. Thanks to advances in technology, brands have far greater accessibility to primary research, but this isn’t always known.

If you’ve decided to gather your own primary information, there are many different data collection methods that you may consider. For example:

• Customer surveys
• Focus groups
• Observation

Think carefully about what you’re trying to accomplish before picking the data collection method(s) you’re going to use. Each one has its pros and cons. Asking someone a simple, multiple-choice survey question will generate a different type of data than you might obtain with an in-depth interview. Determine if your primary research is exploratory or specific, and if you’ll need qualitative research, quantitative research, or both.

Qualitative vs quantitative

Another way of categorising different types of market research is according to whether they are qualitative or quantitative.

Qualitative research

Qualitative research is the collection of data that is non-numerical in nature. It summarises and infers, rather than pin-points an exact truth. It is exploratory and can lead to the generation of a hypothesis.

Market research techniques that would gather qualitative data include:

• Interviews (face to face / telephone)
• Open-ended survey questions

Researchers use these types of market research technique because they can add more depth to the data. So for example, in focus groups or interviews, rather than being limited to ‘yes’ or ‘no’ for a certain question, you can start to understand why someone might feel a certain way.

Quantitative research

Quantitative research is the collection of data that is numerical in nature. It is much more black and white in comparison to qualitative data, although you need to make sure there is a representative sample if you want the results to be reflective of reality.

Quantitative researchers often start with a hypothesis and then collect data which can be used to determine whether empirical evidence to support that hypothesis exists.

Quantitative research methods include:

• Questionnaires
• Review scores

Exploratory and specific research

Exploratory research is the approach to take if you don’t know what you don’t know. It can give you broad insights about your customers, product, brand, and market. If you want to answer a specific question, then you’ll be conducting specific research.

• Exploratory . This research is general and open-ended, and typically involves lengthy interviews with an individual or small focus group.
• Specific . This research is often used to solve a problem identified in exploratory research. It involves more structured, formal interviews.

Exploratory primary research is generally conducted by collecting qualitative data. Specific research usually finds its insights through quantitative data.

Primary research can be qualitative or quantitative, large-scale or focused and specific. You’ll carry it out using methods like surveys – which can be used for both qualitative and quantitative studies – focus groups, observation of consumer behaviour, interviews, or online tools.

Step 1: Identify your research topic

Research topics could include:

• Product features
• Product or service launch
• Understanding a new target audience (or updating an existing audience)
• Brand identity
• Marketing campaign concepts
• Customer experience

Step 2: Draft a research hypothesis

A hypothesis is the assumption you’re starting out with. Since you can disprove a negative much more easily than prove a positive, a hypothesis is a negative statement such as ‘price has no effect on brand perception’.

Step 3: Determine which research methods are most effective

Your choice of methods depends on budget, time constraints, and the type of question you’re trying to answer. You could combine surveys, interviews and focus groups to get a mix of qualitative and quantitative data.

Step 4: Determine how you will collect and analyse your data.

Primary research can generate a huge amount of data, and when the goal is to uncover actionable insight, it can be difficult to know where to begin or what to pay attention to.

The rise in brands taking their market research and data analysis in-house has coincided with the rise of technology simplifying the process. These tools pull through large volumes of data and outline significant information that will help you make the most important decisions.

Step 5: Conduct your research!

This is how you can run your research using Qualtrics CoreXM

• Pre-launch – Here you want to ensure that the survey/ other research methods conform to the project specifications (what you want to achieve/research)
• Soft launch – Collect a small fraction of the total data before you fully launch. This means you can check that everything is working as it should and you can correct any data quality issues.
• Full launch – You’ve done the hard work to get to this point. If you’re using a tool, you can sit back and relax, or if you get curious you can check on the data in your account.
• Review – review your data for any issues or low-quality responses. You may need to remove this in order not to impact the analysis of the data.

A helping hand

If you are missing the skills, capacity or inclination to manage your research internally, Qualtrics Research Services can help. From design, to writing the survey based on your needs, to help with survey programming, to handling the reporting, Research Services acts as an extension of the team and can help wherever necessary.

Secondary market research can be taken from a variety of places. Some data is completely free to access – other information could end up costing hundreds of thousands of dollars. There are three broad categories of secondary research sources:

• Public sources – these sources are accessible to anyone who asks for them. They include census data, market statistics, library catalogs, university libraries and more. Other organisations may also put out free data from time to time with the goal of advancing a cause, or catching people’s attention.
• Internal sources – sometimes the most valuable sources of data already exist somewhere within your organisation. Internal sources can be preferable for secondary research on account of their price (free) and unique findings. Since internal sources are not accessible by competitors, using them can provide a distinct competitive advantage.
• Commercial sources – if you have money for it, the easiest way to acquire secondary market research is to simply buy it from private companies. Many organisations exist for the sole purpose of doing market research and can provide reliable, in-depth, industry-specific reports.

No matter where your research is coming from, it is important to ensure that the source is reputable and reliable so you can be confident in the conclusions you draw from it.

How do you know if a source is reliable?

Use established and well-known research publishers, such as the XM Institute , Forrester and McKinsey . Government websites also publish research and this is free of charge. By taking the information directly from the source (rather than a third party) you are minimising the risk of the data being misinterpreted and the message or insights being acted on out of context.

How to apply secondary research

The purpose and application of secondary research will vary depending on your circumstances. Often, secondary research is used to support primary research and therefore give you greater confidence in your conclusions. However, there may be circumstances that prevent this – such as the timeframe and budget of the project.

Keep an open mind when collecting all the relevant research so that there isn’t any collection bias. Then begin analysing the conclusions formed to see if any trends start to appear. This will help you to draw a consensus from the secondary research overall.

Market research success is defined by the impact it has on your business’s success. Make sure it’s not discarded or ignored by communicating your findings effectively. Here are some tips on how to do it.

• Less is more – Preface your market research report with executive summaries that highlight your key discoveries and their implications
• Lead with the basic information – Share the top 4-5 recommendations in bullet-point form, rather than requiring your readers to go through pages of analysis and data
• Model the impact – Provide examples and model the impact of any changes you put in place based on your findings
• Show, don’t tell – Add illustrative examples that relate directly to the research findings and emphasise specific points
• Speed is of the essence – Make data available in real-time so it can be rapidly incorporated into strategies and acted upon to maximise value
• Work with experts – Make sure you’ve access to a dedicated team of experts ready to help you design and launch successful projects

Trusted by 8,500 brands for everything from product testing to competitor analysis, DesignXM is the world’s most powerful and flexible research platform . With over 100 question types and advanced logic, you can build out your surveys and see real-time data you can share across the organisation. Plus, you’ll be able to turn data into insights with iQ, our predictive intelligence engine that runs complicated analysis at the click of a button.

Learn from the world's best market research leaders at X4 2023

Related resources

Market intelligence tools 10 min read, qualitative research questions 11 min read, primary vs secondary research 14 min read, business research methods 12 min read, ethnographic research 11 min read, business research 10 min read, qualitative research design 12 min read, request demo.

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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.

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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

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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Market Research: A How-To Guide and Template

Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way.

MARKET RESEARCH KIT

5 Research and Planning Templates + a Free Guide on How to Use Them in Your Market Research

Updated: 02/21/24

Published: 02/21/24

Today's consumers have a lot of power. As a business, you must have a deep understanding of who your buyers are and what influences their purchase decisions.

Enter: Market Research.

Whether you're new to market research or not, I created this guide to help you conduct a thorough study of your market, target audience, competition, and more. Let’s dive in.

Table of Contents

What is market research?

Primary vs. secondary research, types of market research, how to do market research, market research report template, market research examples.

Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.

Market research can answer various questions about the state of an industry. But if you ask me, it's hardly a crystal ball that marketers can rely on for insights on their customers.

Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.

However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.

How? Consider these two things:

• Your competitors also have experienced individuals in the industry and a customer base. It‘s very possible that your immediate resources are, in many ways, equal to those of your competition’s immediate resources. Seeking a larger sample size for answers can provide a better edge.
• Your customers don't represent the attitudes of an entire market. They represent the attitudes of the part of the market that is already drawn to your brand.

The market research services market is growing rapidly, which signifies a strong interest in market research as we enter 2024. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 .

Free Market Research Kit

• SWOT Analysis Template
• Survey Template
• Focus Group Template

You're all set!

Click this link to access this resource at any time.

Why do market research?

Market research allows you to meet your buyer where they are.

As our world becomes louder and demands more of our attention, this proves invaluable.

By understanding your buyer's problems, pain points, and desired solutions, you can aptly craft your product or service to naturally appeal to them.

Market research also provides insight into the following:

• Where your target audience and current customers conduct their product or service research
• Which of your competitors your target audience looks to for information, options, or purchases
• What's trending in your industry and in the eyes of your buyer
• Who makes up your market and what their challenges are
• What influences purchases and conversions among your target audience
• Consumer attitudes about a particular topic, pain, product, or brand
• Whether there‘s demand for the business initiatives you’re investing in
• Unaddressed or underserved customer needs that can be flipped into selling opportunity
• Attitudes about pricing for a particular product or service

Ultimately, market research allows you to get information from a larger sample size of your target audience, eliminating bias and assumptions so that you can get to the heart of consumer attitudes.

As a result, you can make better business decisions.

To give you an idea of how extensive market research can get , consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you're trying to learn about your industry.

Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market.

Quantitative research is concerned with data, and looks for relevant trends in the information that's gathered from public records.

That said, there are two main types of market research that your business can conduct to collect actionable information on your products: primary research and secondary research.

Primary Research

Primary research is the pursuit of first-hand information about your market and the customers within your market.

It's useful when segmenting your market and establishing your buyer personas.

Primary market research tends to fall into one of two buckets:

• Exploratory Primary Research: This kind of primary market research normally takes place as a first step — before any specific research has been performed — and may involve open-ended interviews or surveys with small numbers of people.
• Specific Primary Research: This type of research often follows exploratory research. In specific research, you take a smaller or more precise segment of your audience and ask questions aimed at solving a suspected problem.

Secondary Research

Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business).

Secondary research is particularly useful for analyzing your competitors . The main buckets your secondary market research will fall into include:

• Public Sources: These sources are your first and most-accessible layer of material when conducting secondary market research. They're often free to find and review — like government statistics (e.g., from the U.S. Census Bureau ).
• Commercial Sources: These sources often come in the form of pay-to-access market reports, consisting of industry insight compiled by a research agency like Pew , Gartner , or Forrester .
• Internal Sources: This is the market data your organization already has like average revenue per sale, customer retention rates, and other historical data that can help you draw conclusions on buyer needs.
• Focus Groups
• Product/ Service Use Research
• Observation-Based Research
• Buyer Persona Research
• Market Segmentation Research
• Pricing Research
• Competitive Analysis Research
• Customer Satisfaction and Loyalty Research
• Brand Awareness Research
• Campaign Research

1. Interviews

Interviews allow for face-to-face discussions so you can allow for a natural flow of conversation. Your interviewees can answer questions about themselves to help you design your buyer personas and shape your entire marketing strategy.

2. Focus Groups

Focus groups provide you with a handful of carefully-selected people that can test out your product and provide feedback. This type of market research can give you ideas for product differentiation.

3. Product/Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service. This type of market research also gives you an idea of the product or service's usability for your target audience.

4. Observation-Based Research

Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX , and which aspects of it could be improved.

5. Buyer Persona Research

Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, and what they need from your business or brand.

6. Market Segmentation Research

Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics. This way, you can determine effective ways to meet their needs.

7. Pricing Research

Pricing research helps you define your pricing strategy . It gives you an idea of what similar products or services in your market sell for and what your target audience is willing to pay.

8. Competitive Analysis

Competitive analyses give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry and how you can separate yourself from the competition .

9. Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research gives you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g., loyalty programs , rewards, remarkable customer service).

10. Brand Awareness Research

Brand awareness research tells you what your target audience knows about and recognizes from your brand. It tells you about the associations people make when they think about your business.

11. Campaign Research

Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. The goal is to use these learnings to inform future campaigns.

• Define your buyer persona.
• Identify a persona group to engage.
• Prepare research questions for your market research participants.
• List your primary competitors.
• Summarize your findings.

1. Define your buyer persona.

You have to understand who your customers are and how customers in your industry make buying decisions.

This is where your buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers.

Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better.

Don't forget to share this post!

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How to Conduct Market Research for a Startup

• 17 Mar 2022

With every innovative product idea comes the pressing question: “Will people want to buy it?”

As an entrepreneur with a big idea, what’s the best way to determine how potential customers will react to your product? Conducting market research can provide the data needed to decide whether your product fits your target market.

Before launching a new venture, you should understand market research. Here’s how to conduct market research for a startup and why it’s important.

Access your free e-book today.

What Is Market Research?

Market research is the process of gathering information about customers and the market as a whole to determine a product or service’s viability. Market research includes interviews, surveys, focus groups, and industry data analyses.

The goal of market research is to better understand potential customers, how well your product or service fits their needs, and how it compares to competitors’ offerings.

There are two types of research you can conduct: primary and secondary.

• Primary research requires collecting data to learn about your specific customers or target market segment. It’s useful for creating buyer personas, segmenting your market, and improving your product to cater to customers’ needs .
• Secondary research is conducted using data you didn’t collect yourself. Industry reports, public databases, and other companies’ proprietary data can be used to gain insights into your target market segment and industry.

Why Is Market Research Important for Entrepreneurs?

Before launching your venture, it’s wise to conduct market research to ensure your product or service will be well received. Feedback from people who fall into your target demographics can be invaluable as you iterate on and improve your product.

Performing market research can also help you determine a pricing strategy by gauging customers’ willingness to pay for your product. Additionally, it can improve the user experience by revealing what features matter most to potential customers.

When assessing which startups to fund, investors place heavy importance on thorough market research that indicates promising potential. Providing tangible proof that your product fulfills a market need and demonstrating you’ve taken the time to iterate on and improve it signal that your startup could be a worthwhile investment.

Related: How to Talk to Potential Investors: 5 Tips

How to Do Market Research for a Startup

1. form hypotheses.

What questions do you aim to answer through market research? Using those questions, you can make predictions called hypotheses . Defining your hypotheses upfront can help guide your approach to selecting subjects, researching questions, and testing designs.

An example question you may ask is: “How much are people in my target demographic willing to pay for the current version of my product?” Your hypothesis could be: “If my product contains all its current features, customers will be willing to pay $500 for it.”

Another example question you may ask is: “What’s the user’s biggest pain point, and is my product meeting their needs?” Your hypothesis could be: “I believe the user’s biggest pain point is needing an easy, unintimidating way to learn basic car maintenance, and I predict that my product meets that need.”

You can and should test multiple hypotheses, but try to select no more than a few per test, so the research stays focused.

Related: A Beginner’s Guide to Hypothesis Testing in Business

2. Select the Type of Research Needed to Test Hypotheses

Once you’ve formed your hypotheses, determine which type of research to conduct.

If your hypotheses focus on determining your startup’s place in the broader market, start with secondary research. This can include using existing data to determine market size, how much of that market your startup could reasonably own, who your biggest competitors are, and how your brand and product compare to theirs.

If your hypotheses require primary research, decide which data collection method best fits your needs. These can include one-on-one interviews, surveys, focus groups, and polls. Primary research allows you to gather insights into customer satisfaction and loyalty, brand awareness and perception, and real-time product usability.

3. Identify Target Demographics and Recruit Subjects

To gather meaningful insights, you need to understand your target demographic. Do you aim to cater to working parents, young athletes, or pet owners? Determine the type of person who can benefit from your product.

If you conduct primary research, you need to recruit subjects. This can be done in several ways, including:

• Word of mouth: The simplest but least reliable way to recruit participants is by word of mouth. Ask people you know to refer others to be research subjects, then screen them to confirm they fit your target demographic.
• Promoting the study on social media: Many social media platforms enable you to show an ad to people who fall into specific demographic categories or have certain interests. This allows you to get the word out to a large number of people who qualify.
• Hiring a third-party market research company: Some companies provide full market research services and recruit participants and conduct research on your behalf.

However you recruit subjects, ensure they take a screener survey beforehand, which allows you to determine whether they fit the specific demographic you want to study or have a trait that eliminates them from the research pool. It also provides demographic data—such as age and race—that enables you to select a diverse subset of your target demographic.

In addition, you can offer compensation to boost participation, such as money, meal vouchers, gift cards, or early access to your product. Make it clear that compensation is in appreciation for subjects’ time and honest feedback.

4. Conduct the Research

Once you’ve determined the type of research and target demographic necessary to test your hypotheses, conduct your research. To reduce bias, enlist someone unfamiliar with your hypotheses to perform interviews or lead focus groups.

Ask questions based on your audience and hypotheses. For instance, if you’re aiming to test existing customers’ purchase motivations, you may ask: “What challenge were you trying to solve when you first bought the product?”

If examining brand perception, your audience should consist of potential customers who don’t yet know your brand. Present them with a list of competitor logos—with yours in the mix—and ask them to rank the brands by perceived reliability.

While the questions you ask are vehicles to prove or disprove hypotheses, ensure they don’t lead subjects in one direction. To craft unbiased research questions , use neutral language and vary the order of options in multiple-choice questions. This can keep subjects from selecting the same option each time if they sense the third option is always mapped to a certain outcome. It also helps account for primacy bias (the tendency to select the first option in a list) and recency bias (the tendency to select the final option in a list).

Once you’ve collected data, ensure it’s organized efficiently and securely so you can protect subjects’ identities .

Related: 3 Examples of Bad Survey Questions and How to Fix Them

5. Gather Insights and Determine Action Items

After you’ve organized your data, analyze it to extract actionable insights. While some of the data will be qualitative rather than quantitative, you can detect patterns in responses to make it quantifiable. For instance, noting that 15 of 20 subjects mentioned feeling overwhelmed when attempting to assemble your product.

Once you’ve analyzed the data and communicated emerging trends using data visualizations , outline action items.

If the majority of users in your target demographic reported feeling overwhelmed while assembling your product, action items might include:

• Creating different versions of assembly instructions to test with other groups, varying diagrams and instructional language
• Researching instruction manual best practices

Each round of market research can offer more information about how your product is perceived and experienced by potential users.

Market Research as an Ongoing Endeavor

While it’s useful to conduct market research before launching your product, you should revisit your hypotheses and form new ones over the course of building your venture.

By conducting market research with each version of your product, you can gradually improve it and ensure it continues to fit target customers’ needs.

Are you interested in bolstering your entrepreneurship skills? Explore our four-week online course Entrepreneurship Essentials and our other entrepreneurship and innovation courses to learn to speak the language of the startup world.

About the Author

Marketing Research: What is secondary research?

• What is secondary research?
• Definitions for Market Research Report
• Search Terms
• Books & eBooks
• Resources from the Web
• Demographics & Psychographics
• Annual & 10-K Reports
• NAICS & SIC
• Interlibrary Loan (ILL)
• Research Tools This link opens in a new window

Secondary market research :  Market research that's already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

-- http://www.entrepreneur.com/encyclopedia/secondary-market-research

"Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers." 

Resources include: public (free), commercial (possible cost), and educational. 

1st things 1st.

Reframe your project to get a grip on what you need to do.

The original project

Secondary research is often done by market researchers for two reasons: (1) To answer research questions fully or partially in lieu of original, primary research and/or (2) To establish a context for understanding the research questions, i.e., to know what questions to ask/directions to take, and how to interpret results. 

Research Purpose: The purpose of this research is to locate new market opportunities for the sustainable, long-term growth of the Log Cabin Democrat Newspaper

1. What constitutes a “good” local newspaper (identity, benefits, features) in the opinion of Faulkner County residents?  

2. What attitudes and preferences do readers and potential readers in Faulkner County have concerning the content, tone, and style of the LCD?

3. What routines, attitudes, and preferences do readers and potential readers in Faulkner County have concerning the accessibility of the LCD?

4. What is the current LCD brand identity (meanings, relevancy) within the community?

5. What avenues of promotion are best suited to attract new readers to the LCD?

  Project reframed

Secondary research . . . #1 to answer research questions . . . #2 to establish context: to ask what/when/where/to interpret your answers

Research Purpose:

#1: Who is the audience? Who is reading newspaper? What do they think makes a good newspaper?

#2: What are their preferences/attitudes about the look & feel of the newspaper?

#3: How do they get the newspaper?

#4: How/where does the newspaper's brand fit/work in the community? Does the newspaper have a brand? Are they using it if they have one? 

#5: How can the newspaper be promoted to  new readers? 

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• Next: Research Basics >>
• Last Updated: Dec 5, 2023 10:44 AM
• URL: https://library.cbc.edu/newspaperproject

A guide to primary vs secondary market research: the differences and how to conduct them

What's the difference between primary vs secondary market research? Save your budget from inaccurate data using the best market research strategies.

• : what’s the difference?Primary vs secondary market research

When to use primary vs secondary market research

• Make market research

FAQs about primary and secondary research

It’s time to freshen up your research skills, marketers. Before you dive head first into another market research project for a new product, campaign or even an entirely new business, let’s set the record straight on how to do it the right way—so your decisions are all the more well-informed. 

Because market research comes with a long list of benefits—but only if you conduct it correctly. One wrong assumption or step skipped in your process could clutter or blur the data you’ll be using to base very important decisions on. 

If you do get it right, you’ll end up with information that helps you perfect your product and marketing, that convinces investors to bet their money on you and that shapes your business to be successful. And that’s what we’re going for.

So in this article, we’ll explain how you use primary and secondary market research. We’ll give it a clear definition, lay out how to do it, and we’ll point out some things to be careful of. 

Ready? Set… Research!

Primary vs secondary market research : what’s the difference?

Primary and secondary research is defined by the source and who collects the information. Primary research is new research you conduct yourself and data is collected right from the source, which is often consumers. Many brands use market research services or tools to gather their insights. For secondary market research you use insights conducted by others, like governments.

Primary research might be done by someone else and you might use it later on for your own insight, turning it into secondary research. 

Both primary research and secondary research can be qualitative or quantitative, and you can mix and match both to complete your research. In fact, this is often recommended, because it also allows you to compare your findings to what you read in secondary research, and it avoids double work—but more on that later.

Primary market research

Primary market research is research you carry out yourself and gather from the source of information, like consumers, sellers, suppliers or anyone else in the market. You—or your internal or external research team—collect data from these sources directly. You get raw data and interpret this yourself, and it will be collected specifically for your research needs. 

Benefits of primary research

There are three key benefits of conducting primary research:

• Primary research is the most relevant : if you have a super-specific question about how consumers in a specific segment shop for your product category, you’d be very lucky to find the answers in someone else’s research. With primary research, you determine which questions are asked and to whom, so it is incredibly relevant for your research goals.
• Primary research is up-to-date : a lot of markets are changing rapidly, and trends come and go. Primary research allows you to do research in a moment that matters to you. Take market research for e-commerce for instance: data from 2019 and 2020 will likely be starkly different due to the pandemic. Conducting your own primary research, in a timely and ideally continuous way, avoids pitfalls like this.
• Primary research gives you more ownership and control over data : can you trust a source? That’s always the question when using secondary research. With primary research, you have full transparency on how it was collected and you can make decisions based on it with confidence.

How to conduct primary market research

So, what’s the best way to collect data straight from the source, whether you’re brand tracking or copy testing ? There are several ways to go about this. You can mix and match the primary research methods below to gather data for your particular research project.  

Get advice from research experts with Attest

Get reliable insights from your target customers with Attest. Not a researcher? Not a problem! You get research advice as standard from Attest’s in-house experts.

Probably the most used primary research method in market research is surveys. Nowadays, that’s mostly online surveys, but anyone who studied marketing before 2010 likely still remembers having to conduct surveys on paper in their local supermarket for a project.

The benefit of surveys, especially online, is that they are a relative low-cost method to reach a lot of people. And with platforms like Attest, you can also reach specific target audiences , all around the world—something that’d be really expensive and time-consuming without the internet.

Observation

How do people move in a shopping mall, or around a website? With observation, you can map out your target market behaviours and patterns that are harder to capture in surveys—because often people aren’t even aware of what they habitually do. Later on, you can supplement this information with surveys or information to put their behaviours into context.

Good market research is best used alongside other data and insights, to make sure you get a comprehensive picture of your consumers and market. 

Experiments

Another great way to gather information on behaviours is by conducting experiments. In the marketing world this is often done to determine what the right pricing strategy is.

Sometimes you might need super specific insights from your target customers and surveys just won’t give you the personal detail you need, and perhaps you have a lot of follow-up questions. Interviews with individuals should help you with this. 

In this case, it’s all the more important that you select the right people to talk to, because conducting and analysing interviews is a time-consuming and costly process.

Focus groups

From a focus group, you can get similar information that you’d get from interviews, but you might get something extra out of thanks to the interaction between small groups of participants. Again, it’s crucial that you carefully pick the people that will take part in this method. 

Secondary market research

Secondary research, also called desk research—because you can do it from your desk—is using research conducted by someone else. 

You’ll be using data which can come from a wide variety of sources—which makes it all the more important that you thoroughly vet those sources. 

Benefits of secondary research

• Secondary research is great for exploratory research : A big benefit of secondary research is that you can use it in the early stages of your research to test certain assumptions and hypotheses, before you invest time and money in using primary research methods to complete the research. You can use data that already exists to close the gaps in knowledge and determine the direction of your research.
• Secondary research can be more cost-effective : A Google search is free! Of course, you might stumble upon some reports or research that comes with a paywall, but often this is still a lot cheaper than having to conduct your own research (bear in mind though that because it’s not your own original research, it might not answer the specific queries you have at that time). 
• You have access to a world of information : If you know where to look and what keywords to use, you’ll be able to do a substantial part of your research using only data that’s already in the public domain. We’ll list some sources that we recommend using below, to give you a head start. Bookmark them for easy access! 
• You can save time on your primary research: It’s likely that a lot of information you’re looking for is already available and you might not need to ask your respondents unnecessary questions. At the same time, this will prevent you from duplicating information. Be careful to not use data too loosely though: make sure it is relevant and recent—otherwise it might still be wiser to do your own research.
• Secondary research is easy to conduct : It’s literally called desk research—so you won’t have to go anywhere, or hire someone else to do it. Secondary research comes with a warning sign though—don’t think it’s easy to find information and to interpret it the right way. At the end of the day, you are using data that was collected for a different purpose than your own, so you will always need to put it into perspective. 

How to conduct secondary research

What are some good places to go hunt for data when conducting secondary research? Of course, that depends on your market and research goals. We’ll list some good sources below to help you get started.

Research databases

If you’re using a regular search engine, you can find all kinds of articles that are presented as research, but ultimately aren’t. If you’re looking for more high-quality information with a little more background on how the research was conducted, we recommend research databases such as:

• Google Scholar 
• Science.gov
• ResearchGate

Other handy sources

You don’t necessarily have to comb through scientific papers to find valuable information for your market research. These sites give you great bite-sized data that’s easy tounderstand: 

• Google Trends

Government reports

Governments are prominent market research users. After all, governments need to know what’s really happening in their economies. They often publish research reports on certain industries and population segments. The benefit of using these as secondary sources is that they are relevant to specific countries and that you can often trust that government agencies know how to do their research—after all, they are using this information to base decisions for the entire country on.

Last but not least: don’t forget that books are also a valid source. Not when it comes to trends of course, but for theoretical frameworks, books are often a trustworthy option.  

There’s a time and place for everything: so when do you use primary research, and when is secondary research the right choice? Here we’ll explain instances when you may wish to choose one method of research over the other.

When to use secondary research data

Here are some scenarios in which secondary data is the right choice. Keep in mind, it all depends on the availability of the research: 

• When you are still determining the goal or roadmap of your research, and looking to fill gaps in knowledge
• When a recent and relevant research is available, and you can use parts of this as a base for your new research
• When you are looking for a low-cost way to find data that supports your assumptions.

When primary research fills the gaps

Unlike secondary research, primary research focuses solely on your topic and questions. This is necessary when:

• When you are following up on existing research
• When information from secondary research has proven to be false, outdated or incomplete
• When you are researching a new idea or product in a market that doesn’t exist yet or is still emerging.

Make market research work for your business

Here at Attest, we have market research for breakfast, lunch, and dinner—and then some in between. We’ve designed our platform to take the hassle out of collecting good-quality primary research. We help you select super-relevant respondents and our team is always on stand-by to help you create an effective, to-the-point survey. 

Ready to start collecting insights in hours, not days or weeks? See how Attest can help you propel your brand.

Get started with Attest

Start using consumer research to provide confidence in every decision with the right insight, at the right time.

Primary market research is done by collecting data yourself, often through surveys or interviews with your target market. Secondary research uses existing data that you can find online or in research reports and books.

You can conduct primary research using (online) surveys, focus groups, observations/experiments and interviews.

Secondary research methods are a great way to kick off your research in the exploration phase. Plus, with the access we have nowadays to data, a lot of double work can be prevented by using secondary market research.

Customer Research Lead 

Nick joined Attest in 2021, with more than 10 years' experience in market research and consumer insights on both agency and brand sides. As part of the Customer Research Team team, Nick takes a hands-on role supporting customers uncover insights and opportunities for growth.

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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.

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Top Secondary Market Research Companies | Desk Research Companies

Apr 16, 2024

7 min. read

Secondary research companies give you an instant path to insights, offering a shortcut to understanding your customer journey . Rather than set up and conduct resource-intensive studies on your own, these companies pull data from multiple sources to help inform your next best actions.

Also known as desk research companies , secondary research companies help you preserve your time and resources when launching new marketing initiatives. They explore online databases, social media, libraries, industry experts, market research studies, and many other places on your behalf, all with your goals in mind.

Desk research is a fraction of the cost of primary research and can save you time and effort compared with traditional methods. Let’s explore the top secondary market research companies to help you capitalize on readily available data.

What are the Top Secondary Research Companies?

We chose these top secondary research companies based on their focus on desk research , approaches, and reputation. Here are the best secondary research companies to start your journey:

B2B International

Geo strategy partners, markelytics solutions, kantar marketplace, thrive analytics, ascendant consulting firm, sis international research.

Meltwater’s AI-enabled Consumer Intelligence solution is one of the most powerful of its kind, offering insights into brands, consumers, and the media landscape. It puts the power of desk research into your hands, allowing you to command new insights as needed.

What makes Meltwater’s technology stand out is its ability to answer questions you have yet to ask. Using AI , market research expertise, and data science, our platform helps you track topics and trending content, understand audiences, identify new segments and markets, and meet your customers where they are — and you don’t have to know where to start in order to gain these insights. Meltwater recognizes sentiments and how people are discussing various topics, opening the door to new insights and ideas you haven’t yet thought to explore.

With billions of data points updated in real time, users can monitor trends or conduct new desk research whenever they need it. Multiple users can research, collaborate, and share reports of their findings—all from one platform.

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

Specializing in B2B market research , B2B International offers desk research as part of its market research services . They conduct research regarding brand and communications, customer segments , markets, product positioning, and thought leadership to help brands cut through the noise and get in front of their target audiences.

Their secondary research service hinges on quality internet research. They use a combination of libraries, databases, online directories, and similar sources. They’re constantly expanding their resource pool and often combine secondary research with primary research like interviews and surveys to build a comprehensive study.

myMRPlace is unique in that it serves as a marketplace for secondary market research companies. It matches you based on the type of desk research you need, allowing you to connect with only the companies that can help you.

These companies use a variety of desk research techniques and aren’t limited to basic Google and Bing searches. Industry reports, books, white papers, reviews, articles, and enterprise data sources may contribute to the process.

This marketplace approach removes some of the risks associated with buying secondary research . You don’t know what data is available until you look for it, so working with a secondary research company comes with some risk. If there’s little or no data available on the topic you need, you could waste precious resources and have your questions go unanswered.

myMRPlace focuses on helping you find the right data supplier for the job. You can share your project requirements, which go to more than 800 companies in 90 countries. Companies will provide you with a quote before you begin, allowing you more control over your project and budget.

Geo Strategy Partners is a full-service market research company specializing in industrial and technology companies. Desk research is an integral part of market research because it serves as a starting point for important questions, competitive analyses , and insights to guide a winning strategy.

The firm relies on a combination of qualitative and quantitative research techniques and tools. Projects typically include analyzing market trends, identifying competitors, characterizing the type and size of new opportunities, and predicting market trends , among other things. With these findings, customers can answer key questions about new products to develop, new territories to enter, and how to create go-to-market strategies.

Markelytics harnesses the power of technology to deliver insights in rapidly evolving industries. Specializing in research for companies in automotive, e-commerce, education, financial services, fashion, healthcare, and others, the firm collects digital research from all corners of the world to fuel business strategies.

Speed is the name of the game, with technology helping to remove redundant processes and deliver quick insights. The company leans heavily on resources that are available digitally, helping to bring context and action to their findings so businesses can make informed decisions.

Tip: Learn how to increase your organization's speed to insight in our Insight-Driven Marketing Guide .

Based in the UK, Kantar Marketplace puts the power of automation in your desk research processes. This automated platform combines human expertise with technology to help you learn more about markets and the people driving them. The platform not only offers secondary data but also transforms the data into easy-to-understand visuals for faster decision-making. 

Kantar also gives you the option to pay as you go (so you only pay for what you need) or choose a paid subscription for ongoing insights.

From market and customer research to advisory services, Thrive Analytics offers 360 degrees of marketing insights. With a combination of traditional and innovative methodologies, the firm specializes in digital marketing aspects to create robust strategies.

Like many secondary research companies, Thrive Analytics uses a combination of primary and secondary data to create a complete picture. Data analysis is among their core specialties, helping you to make sense of the research and numbers so you’ll know what to do next.

Ascendant Consulting Firm helps you harness readily available insights into consumers, competitors, and markets. The team deploys a variety of market research strategies, including secondary research , to help companies make key decisions for long-term business health.

With nearly 100 combined years of experience in qualitative and quantitative research, the firm uses popular approaches like regression analyses and projective techniques to think like a customer (or competitor).

Read more about how Pernod Ricard and Haleon use Meltwater to transform their market research processes.

SIS International Research is a full-service market research and intelligence firm offering primary and secondary research services. They work with B2B and B2C companies across multiple markets, including healthcare, food and beverage, FinTech, and industrial clients.

Secondary or desktop research is one of the firm’s many offerings, often complemented by primary research, competitive intelligence , product development, and brand positioning. They offer global coverage to give companies both broad and granular insights into people, products, and places. With experience spanning nearly 40 years, the high volume of primary research they produce shows promise for companies seeking reliable secondary sources.

Choosing the Right Desk Research Company

Empowering your research with secondary data means choosing the right companies and sources from the start. It’s important to remember that secondary research is limited, so we suggest choosing companies that:

• Have access to data related to your topic or needs
• Can pull data from a variety of sources
• Have expertise in your field or industry
• Demonstrates a track record of quality data and reports
• Maintains clear, open communication to ensure you receive the best results

The more variety in sources you have, the better chance you have of finding relevant data to address your questions. That’s what makes Meltwater’s Consumer Intelligence suite so powerful—it captures billions of data points in real time across social media, news websites, podcasts, and offline channels to help you gain a comprehensive understanding so you can move forward with confidence.

Learn how Meltwater can help your secondary market research when you request a demo by filling out the form below.

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