company reports secondary research

What is secondary analysis? A comprehensive overview

Last updated

16 August 2024

Reviewed by

Miroslav Damyanov

Within your projects and initiatives, you can leverage secondary analysis, like case studies, census data, or past clinical trials, to accelerate growth and innovation. But there’s more to understand when peeling back this onion.

Building on the idea of leveraging existing work, we’ll provide a comprehensive overview of what secondary analysis really is, including its applications in various fields and its advantages and disadvantages. You’ll also discover the most effective ways to incorporate it into your projects.

• What is secondary data analysis?

Secondary analysis is any form of research that relies on or uses previously conducted research for the purposes of a new study. If existing data is cited or previously conducted studies help to achieve a new outcome, it’s secondary analysis.

It happens quite often, especially when researchers use quantitative or qualitative data that has been gathered previously and analyze it in a new way. The secondary data in these instances is often published or made available publicly with permission to cite and use it

• Why is secondary data analysis important?

Secondary data analysis is important for innovation. It can serve as a historical reference to studies of yesterday.

This kind of previously summarized data, usually written by other parties, can be great for reaffirming a similar result or finding you may have. It’s also where you can find commentary or analysis of the steps taken before you’re on the scene.

Secondary analysis is important because it can accelerate your research by providing reliable springboards from previous research. This allows you to pick up where someone else left off in the field.

Imagine you’re studying a local population or community demographic. In this case, turning to the latest census data will be more useful than conducting your own headcount. Even simpler: if you’re making a cake from scratch, it’s a good thing you don’t have to churn your own butter to complete the recipe. You get the idea. But there’s more to secondary analysis than just census and cake.

• Types of secondary research

Imagine all the libraries of studies and the internet’s access to peer reviews, case studies, statistics, and data. Think about how much data is out there. A lot! However, it won’t all be useful in your studies or projects. This is why it’s best to understand the categories and types of secondary research. From there, you can narrow your focus to the data and research that best applies to your work.

Statistical analysis

A collection of thousands of data points is combined with the intention of discovering new insights. And those statistics are applied to every corner of business, government, health, and science.

This type of secondary analysis is great for drawing new insights, testing new hypotheses, and validating new findings. We rely on statistics to help us identify areas of improvement and avoid mistakes every day.

Literature reviews

Think of these as published pieces of information within a particular segment or subject area.

The primary purpose of any literature review is to provide a multifaceted and comprehensive overview of current knowledge, identify gaps, and establish a theoretical framework for further research.

Sometimes, literature reviews are part of a topic within a specific time period. Researchers can present them as an in-depth analysis or just a simple source summary.

Case studies

Case studies are more in-depth analyses of a person, group, or specific event.

In secondary research, you’ll look for existing case study reports, published papers, and documented instances to gather and analyze data. These studies can provide comprehensive insights into specific phenomena, processes, or practices.

Nearly every aspect of the topic is explored, highlighting challenges, solutions, how those solutions are applied, and final outcomes. They can prove or disprove a theory but typically serve as a demonstrative piece of evidence or analysis.

Content analysis

Content analysis is, as it sounds, the study of certain phrases, words, or themes within a body of qualitative data.

This type of secondary analysis provides context so you can analyze particular relationships between words, meanings, or concepts. It’s a type of secondary research that involves examining and interpreting pre-existing material to uncover patterns, trends, and insights.

• Advantages of conducting secondary data analysis

Starting your research from an advanced position of knowledge gives you an advantage. Secondary data analysis presents many benefits, regardless of the topic or information you’re exploring.

Cost-effectiveness

Secondary analytics are cost-effective. Since studies and data already exist, you don’t have to repeat certain tests or steps, alleviating costs without compromising your findings. You’ll gain access to high-level data that might be too cost-prohibitive to perform independently.

It can also be cost-saving in exploratory research. It’s helpful to gain valuable preliminary or exploratory research first to refine your hypothesis before committing to primary data collection.

Time-saving

Someone else may have already invested in the study, producing findings and data you can readily use within your research and saving you time.

Being able to access large datasets, which are typically extensive and robust, provides researchers with a wealth of information that would otherwise be too time-consuming or difficult to gather independently.

Ability to answer additional research questions

Within the scope of your project or research, there will be questions you can’t answer first-hand. Using secondary analysis allows you to answer those additional research questions using pre-existing findings or results.

You can also analyze old longitudinal data and still find new trends, theories, or applications. Enabling longitudinal studies can also help you track changes and trends over time.

• Disadvantages of secondary data analysis

You can’t run your business and projects entirely by piggybacking on secondary data alone. There are some disadvantages to relying solely on analysis that has already been published.

Data quality concerns

You weren’t “there.” You weren’t part of the study or model behind the secondary analysis, so there’s a risk that mistakes were present or findings weren’t entirely accurate. You’ll need to verify that the sources aren’t citing outdated information or presenting original data with bias.

Relevance is another potential issue. Some data might be outdated or not reflective of current conditions, especially in rapidly changing fields or industries. These concerns about data quality could be problematic for your new research project or objective.

Data accessibility

Access to certain secondary data sources may be restricted, require payment, or come with usage limitations. Statista and Deloitte, for example, provide high-quality reports, but some are only accessible after payment.

Also, some academic articles may require a subscription or an account affiliated with a higher education institution.

Need to de-identify information

When you incorporate secondary analysis into your project, you’ll need to remove identifiers from the original source. For example, de-identified patient data won’t have specifics about the patient’s personal information.

• How to carry out secondary data analysis

Follow this simple roadmap for carrying out your own secondary analysis study.

1. Identify and define the research topic

The first step is recognizing the goal of the project or question you’re attempting to answer. Define your research topic in a way that provides clarity for the datasets you’ll need to collect.

2. Find research and existing data sources

Consider which data sources exist that might present the findings you need to help answer your question.

Start digging through reputable sources within relevant timelines to explore what data already exists. These might include academic databases, government records, organizational reports, and online repositories.

3. Begin searching and collecting the existing data

With an idea of what types of secondary analysis will offer the best data for your project, start searching for relevant studies and collect those that might help. Collect several sets of metrics and analyses to inform your analysis.

4. Combine the data and compare the results

When you feel you’ve collected the right studies, you can begin combining your findings and comparing results.

Before you get started, you might have to “clean” the data, handle missing values, or merge datasets from different sources.

Look for trends and common themes or results. Verify if outlier statistics are anomalies or valuable to your study.

5. Analyze your data and explore further

Analyze your collected data through the lens of market research. Look to determine what the data shows, ensure it makes sense, and connect the dots to reach your original goal.

Use appropriate statistical or qualitative analysis methods to examine your data. For you, that might involve descriptive statistics, inferential statistics, or thematic analysis, depending on the nature of the data and your research questions.

• Sources of secondary research

With literally thousands of websites and research at your fingertips, you can find relevant secondary research sources practically anywhere. You might also locate research from both internal and external sources.

Internal data

As a company, you can look for internal secondary data to help you reach the answers you’re looking for. Here are some examples:

Historical sales reporting

Website analytics from previous years

Past employee training and testing results

News articles

Internal conversations

Customer databases

Internal communications records

Financial reports

External data

Look outside your company for similar reports other companies may have already executed. Trust industry-specific sources on the web as well as municipal or non-profit studies that may also lend credibility to your work.

Academic journals, public databases, industry reports, trade publications, and government agencies can all be valuable resources for secondary data. Here are some examples:

Springer Nature

Census.gov/data

Demographics Now

Which is better, primary or secondary analysis?

Most of the best innovations and research initiatives are served by both primary and secondary research analysis.

Don’t look at one or the other. Instead, harness both for the most impactful research. Springboard from the work of others and use secondary research to bridge gaps in your efforts. Then, conduct your primary research to deep dive into those arenas, combining both for the most thorough investigation.

What are some use-case examples of secondary analysis?

Secondary analysis is more common than you might realize. You may have used it before without realizing it.

Here are some use case examples of secondary analysis used across business applications, research and development, learning, healthcare, and more.

A grad student expands on an advisor’s research to contribute to a thesis.

A data analyst uses their own data to run additional reports.

A researcher uses new software to further explore historical reporting.

An entrepreneur studies demographic information to create more effective marketing personas.

A school principal uses nationwide studies to inform curriculum development.

A digital marketing specialist uses site metrics to outline areas of improvement for user experiences.

How can you be sure to remove bias from secondary analysis?

As a researcher, be sure to evaluate the data you source to make sure it’s accurate, timely, and reputable. Before applying any secondary analysis, remove bias by answering the following questions about the source:

What was the secondary study’s original purpose?

Who collected the original data? (credentials)

What data was collected and when?

What were the methods used and dataset limitations at the time?

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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 August 21, 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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Secondary Research: Methods, Examples, and Strategic Insights

Kate Williams

Last Updated: 29 May 2024

10 min read

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.

Why not think about elevating your data collection too? SurveySparrow stands ready, a friendly suggestion to boost your research process. You can create engaging surveys, collect data, analyze, and act upon the rich insights you gain from the process.

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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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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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Secondary Research Guide: Definition, Methods, Examples

Apr 3, 2024

8 min. read

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

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

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

Secondary Research Definition: What Is Secondary Research?

Primary vs Secondary Market Research

What Are Secondary Research Methods?

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

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

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

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

• Journal articles
• Research papers

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

Primary vs. Secondary Market Research

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

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

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

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

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

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

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

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

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

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

Cost and time efficiency

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

Access to large datasets

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

Ability to analyze trends and patterns

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

Historical context

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

Basis for further research

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

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

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

Reliability concerns

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

Potential bias

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

Outdated information

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

Limitations in customization

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

A lack of relevance

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

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

Identify credible sources for secondary research

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

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

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

Evaluate the quality and relevance of secondary data

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

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

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

Document your sources 

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

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

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

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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.

https://x.com/forrester/status/902218053768933377

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.

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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.

by Liz March

Digital Research Specialist

Liz March has 15 years of experience in content creation. She enjoys the outdoors, F1, and reading, and is pursuing a BSc in Environmental Science.

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How to Do Secondary Market Research: A Comprehensive Guide

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Introduction

What is secondary market research.

Secondary market research refers to the process of gathering and analyzing existing data and information that has been previously collected by other sources. It involves utilizing external resources to gain insights into various aspects of the market, such as industry trends, consumer behavior, and competitor analysis.

Importance of Secondary Market Research

Secondary market research plays a crucial role in decision-making for businesses and organizations. It helps in understanding the market landscape, identifying opportunities and threats, validating assumptions, and making informed strategic choices. By leveraging existing data, companies can save time and resources while obtaining valuable insights to drive their growth.

Understanding the Research Process

Primary vs. Secondary Market Research

Primary market research involves collecting data firsthand through surveys, interviews, or observations. On the other hand, secondary market research relies on existing data sources, such as reports, studies, and databases. While primary research provides specific and tailored information, secondary research offers a broader perspective and is cost-effective.

The Role of Secondary Market Research in Decision-Making

Secondary market research acts as a foundation for decision-making by providing a wealth of information about the market, competitors, target audience, and industry trends. It helps businesses identify new opportunities, evaluate market potential, and understand customer preferences. By conducting thorough secondary research, companies can minimize risks and make data-driven decisions.

Identifying Research Objectives

Defining Your Research Questions

Before diving into secondary market research, it is essential to define clear research questions. These questions will guide your investigation and ensure you gather relevant information. For example, if you are launching a new product, your research question may be, “What are the market trends and consumer preferences in the target industry?”

Setting Clear Goals and Objectives

Setting clear goals and objectives is crucial for effective secondary market research. Clearly define what you aim to achieve with your research, such as understanding market size, identifying target demographics, or evaluating competitors. This will help you focus your efforts and measure the success of your research endeavors.

Choosing the Right Secondary Research Methods

Exploring Available Data Sources

There are numerous data sources available for secondary market research. These include government websites, industry associations, market research reports, academic journals, and online databases. Explore multiple sources to gather comprehensive and reliable data that aligns with your research objectives.

Utilizing Online Databases and Reports

Online databases and reports provide a treasure trove of information for secondary market research. Utilize platforms like Statista , IBISWorld , and Euromonitor to access industry statistics, market trends, and consumer insights. These platforms often offer filters and search functionalities to narrow down your research and find the most relevant data.

Conducting Effective Keyword Research

Introduction to Keyword Research

Keyword research helps you understand the language and phrases your target audience uses when searching for information related to your research. It enables you to optimize your content and make it more discoverable in search engine results. Effective keyword research involves finding high-volume keywords for broader reach and low-volume keywords and synonyms for niche targeting.

Using High-Volume Keywords for SEO Optimization

High-volume keywords are frequently searched terms that have a significant search volume. By incorporating these keywords into your research content, you increase the chances of attracting a larger audience. Tools like Google Keyword Planner and SEMrush can assist in identifying high-volume keywords relevant to your research topic.

Leveraging Low-Volume Keywords and Synonyms

While high-volume keywords are important for broader visibility, low-volume keywords and synonyms play a vital role in targeting specific audiences. These keywords are less competitive and allow you to cater to niche segments interested in specialized research topics. Include these keywords strategically in your content to attract a focused audience and establish expertise in specific areas.

Analyzing Data and Extracting Insights

Data Collection and Compilation

Once you have gathered relevant data, it is essential to organize and compile it systematically. This may involve structuring data in spreadsheets, creating databases, or using data visualization tools. Ensure that your data is accurate, up-to-date, and properly attributed to its sources for credibility and traceability.

Analyzing Market Trends and Patterns

By analyzing market trends and patterns, you can gain valuable insights into the behavior of consumers, industry developments, and emerging opportunities. Use techniques such as trend analysis, SWOT analysis , and competitor benchmarking to identify patterns and make predictions about future market dynamics.

Identifying Consumer Behavior and Preferences

Understanding consumer behavior is critical for successful marketing and product development. Analyze consumer data to uncover patterns, preferences, and buying habits. This information will help you tailor your marketing messages, improve customer experiences, and develop products that meet their needs and desires.

Interpreting and Presenting Research Findings

Understanding Statistical Analysis

Statistical analysis plays a crucial role in interpreting research findings. It allows you to derive meaningful insights from data and make informed conclusions. Familiarize yourself with statistical techniques such as regression analysis, correlation analysis, and significance testing to extract valuable information from your research data.

Visualizing Data with Charts and Graphs

Visualizing data through charts and graphs enhances understanding and facilitates effective communication of research findings. Utilize tools like Microsoft Excel, Tableau, or Google Data Studio to create visually appealing representations of your data. Bar charts, line graphs, and pie charts are commonly used to present statistical information.

Creating Impactful Research Reports

A well-crafted research report is essential for conveying your findings and recommendations effectively. Structure your report in a logical manner, including an executive summary, introduction, methodology, results, analysis, and conclusions. Use clear language, incorporate visual elements, and present actionable insights to make your research report impactful and easily understandable.

Overcoming Common Challenges in Secondary Market Research

Dealing with Data Limitations and Reliability

Secondary market research may face challenges regarding data limitations and reliability. Ensure that you critically evaluate the sources and consider factors like sample size, methodology, and credibility. Cross-reference data from multiple sources to mitigate the risks associated with unreliable or outdated information.

Handling Information Overload

With vast amounts of data available, it’s easy to get overwhelmed. Prioritize the information that directly aligns with your research objectives. Use filters, search functionalities, and data analysis techniques to narrow down your focus and extract meaningful insights. Focus on quality rather than quantity to avoid information overload.

Addressing Bias and Interpretation Issues

Bias can skew research findings and compromise the accuracy of your secondary research. Be aware of potential bias in the data sources you use and critically evaluate the information. Consider different perspectives and seek corroborating evidence to ensure a comprehensive and unbiased analysis.

Best Practices for Secondary Market Research

Establishing a Research Framework

Establishing a research framework helps you stay organized and maintain consistency throughout the research process. Create a timeline, allocate resources, and define roles and responsibilities. This framework will ensure that your research stays on track and delivers the desired outcomes.

Maintaining Quality and Consistency

To ensure the quality and consistency of your research, adhere to established research methodologies and protocols. Follow standardized procedures for data collection, analysis, and reporting. This will enhance the credibility of your research and allow for replication and comparison in the future.

Staying Updated with Industry Trends

The market landscape is constantly evolving, making it crucial to stay updated with the latest industry trends. Regularly monitor industry news, subscribe to relevant publications and newsletters, and participate in industry events and conferences. By staying informed, you can adapt your research strategies and make informed decisions based on current market dynamics.

Performing secondary market research is an invaluable tool for businesses and organizations aiming to make data-driven decisions. By understanding the research process, identifying clear objectives, selecting appropriate research methods, conducting effective keyword research, and analyzing data, you can extract meaningful insights and present impactful research findings. Overcoming common challenges and following best practices will ensure the accuracy and reliability of your secondary market research, ultimately empowering you to stay ahead in today’s dynamic business environment.

Related Posts

If you’re looking for information on how to do primary market research, check out the post titled “ How to Do Primary Market Research: A Comprehensive Guide “

How to Do Primary Market Research: A Comprehensive Guide

If you’re looking for information on how to do market research specifically in e-commerce, check out the post titled “ How to Do market research in e-commerce in 2023 “

How to do market research in e-commerce in 2023

• Site Building
• Quick Reads
• About Academy
• Perspectives
• Resource List for Secondary Market Research

• Introduction to Market Research: What It Is and Why You Need It
• Introduction to Market Research: When and How to Start
• Conducting a Situation Analysis: The SWOT Analysis
• Using Your SWOT Analysis to Drive Your Market Research
• Conducting Competitor Research 
• Conducting Primary Market Research
• Creating a Killer Market Research Survey
• Using In-Depth Interviews and Focus Groups for Your Market Research
• Best Practices for Moderating and Analyzing Interviews and Focus Groups
• Conducting Observational Research for Your Business

While it won’t give you specific answers or intelligence about your business, secondary market research is critical to running a successful organization. Unlike primary research , this type of research is conducted through sources who’ve already compiled the data for you: government agencies, industry and trade associations, your local chamber of commerce, labor unions, media sources, and so on.

If it doesn’t give you direct insight into your business, what kinds of questions will secondary market research answer? Here are a few we can think of off the top of our heads:

• Is there even a desire for my product or service? What does customer demand look like? How many people would be interested in the product or service I’m considering selling?
• Who , exactly, makes up my target market? What are their demographic characteristics? How old are they? Where do they live? What are their income levels?
• How saturated is the market? How many offerings like mine are currently available to consumers? What are consumers paying for these alternatives?
• What are the current conditions in my industry? The trends in customer preferences? The statistics on consumer behavior? Are there any threats my industry is facing?
• What are the economic conditions my business is operating in (both local and international)? What do employment rates and income ranges look like?
• Are any technological shifts influencing my industry? Are new markets opening up that could mean growth for my business?
• What’s the current state of the labor market? How many people possess the skills I’m looking for in my team? How much should I anticipate paying my employees?

Granted, you won’t be looking for the answers to all of these questions at once: Before digging in, you’ll have established specific market research questions through a situation analysis of some kind. Approaching secondary research with a pre-established goal will keep you from falling down the rabbit hole of data… which, as you might infer from the following list, would be quite easy to do. So keep your research questions front-of-mind, and choose your secondary sources with care. Most of them are freely available online or can be sent to you upon request.

Note that most of the secondary market research sources below are U.S.-centric. Similar resources are available at the Office for National Statistics (UK), the British Chambers of Commerce (UK), the Federation of Small Businesses (UK), and canadabusiness.ca (for labor and employment data , demographics , industry sector data , data on the Canadian economy , and more). That said, here’s a list of common sources for secondary research… and where to find them:

Government Resources

The federal government is the largest data-generator in the United States, with a number of offices dedicated almost solely to collection and analysis—in other words, troves of existing market research data. Access to their findings is free; and you can be confident that the data is well-reviewed and accurate. Check out:

The U.S. Census Bureau

The Census Bureau is a goldmine of information on populations, demographics, market sizes, and more. It provides a holistic picture of the U.S. economy, but will also allow you to drill deep through a variety of data tools and apps . With their American FactFinder , for example, you can enter a state, city, or zip code and the tool will generate economic, social, household, and demographic data for that area.

The site offers everything from interactive maps to a Census Business Builder designed to help you “determine the best location for your business.” (It’ll tell you, for example, how much people in a given area spend on your type of business.) You might also check out their Consumer Price Index for guidance in determining your own pricing, their Industry Statistics Portal for more industry-specific information, or their International Programs for “demographic, economic, and geographic studies of other countries”… and this only scratches the surface. If it all feels overwhelming, the Census Bureau also offers webinars, how-to videos , and hosts trainings about how to navigate and make the most effective use of their data.

The U.S. Small Business Administration

The U.S. Small Business Administration provides statistics on economic indicators, employment, income and earnings, production and sales, trade, demographics, and more. We’d suggest you start with their resources page , or check out their free SizeUp tool that lets you see how you stack up against the competition. Just enter your industry and city; and the tool will display a map of your competitors, suggest the best locations to advertise, and let you compare yourself to your competitors based on revenue, worker salary, and more.

The SBA’s partners include SCORE and a variety of Small Business Development Centers across the country. These organizations provide assistance to small businesses in the form of consulting and mentoring services, as well as low-cost trainings.

The Bureau of Labor Statistics

The Bureau of Labor Statistics is an excellent site for industry-specific information; and if your business is B2B, it’s an especially good resource. They offer databases and tables on everything from prices and inflation, to employment, productivity, pay, benefits, occupational requirements, and more. The bureau’s routine economic reports cover labor turnover, layoffs, and productivity and costs by industry and by region.

The U.S Department of Commerce

The U.S. Department of Commerce has offices across the country and publishes information about products, services, and industries. It’s a particularly great resource if you plan to get into exporting: The department’s International Trade Administration publishes reports and statistical surveys on both domestic and foreign markets, many of which are available for download.

Another branch of the Department of Commerce, the Bureau of Economic Analysis , publishes economic indicators including personal income, spending, and savings data by quarter. If you want to know whether spending on a product or service is rising (shoes? apps? eating out?), this is one place to find out.

State and county publications

Local governments regularly publish data on population density and distribution within their own census tracts. You can drill down into precincts, neighborhoods, water districts, and more. And by reading backwards, you can discover things like population and employment trends. Data from both City and County Clerk’s offices may also be valuable. Check out the directory at State & Local Government on the Net to find your city and county offices.

While Chambers of Commerce are not government organizations, they do work closely with the government. So get to know the employees in your local office. They likely have a business development department to encourage new and local businesses. They’ll have information for you on population trends, local industrial development, networking, community resources, payrolls, and more.

Finally, a Google search preceded by site:.gov will limit search results to government websites. You’ll discover organizations that aren’t on our list. Here’s what it looks like:

Commercial Resources

Unlike government publications, commercial sources often involve costs in the form of subscription and association fees… but the good ones are well worth the price. These sources include trade associations, research associations, publicly traded corporations, banks, and other financial institutions. We’ll focus on the first two here:

Trade associations

Trade associations allow you to focus exclusively on your industry. They’re formed from groups of businesses with the purpose of serving specific fields; and there’s almost certainly one for yours —whether you’re a massage therapist , a brewer , a paper maker , a marketer … you get the picture. Find an association for your industry through a basic online search; or use the Directory of Associations , the Encyclopedia of Associations , or the National Trade and Professional Associations Directory . (The print editions of the latter two are likely available at your public library… and while we’re at it, the reference librarian at your local library is another terrific resource. They’ll help you get familiar with the business reference section.)

Because they’re a collaborative effort between businesses who have a lot to gain from a dynamic organization (they want to boost both competitiveness and industry profits), trade associations are typically very active, regularly publishing directories, targeted studies, lists of reference materials, and statistical information for their members. Some of them also offer services for networking, and—in some cases—mentoring. Because these organizations are specialized, the information they gather is accurate, thorough, timely, and typically worth the price you’ll pay for membership. And conversations with other members can be a way to discover additional information about customer bases, regions, or general business practices.

Pro Tip : If your business is B2B, don’t just read the publications from your own trade association; read the publications from your customers’ associations as well. After all, the success of their business will play a role in the success of yours .

Research associations

Research associations are typically independent organizations, but are occasionally affiliated with trade associations. They’re made up of third-party analysts, skilled in research, whose goal is to help entrepeneurs and businesses with the occasionally-complex task of market research. If you’re looking for specialized, tailored reports, research associations will be among the places to get them.

Dun & Bradstreet , for example, provides data, analytics, and commercial insights for businesses. Their database contains more than 120 million business records spanning more than 1,000 industries. Through their subscription service, users can purchase in-depth industry reports, as well as detailed information about competitors that includes history, customers, employees, directors, financial filings, and recent business developments.

Other research associations include IBISWorld , Forrester , Gartner , Statista , and Mintel ; the American Marketing Association’s “Top 50 Market Research Firms” might be worth checking out. Each has a different membership structure, emphasizes different data, and offers different overall user experience. So if you go this route, do your due diligence, and make sure you choose the company that will give you the most valuable insights.

Educational Institutions

The business departments of colleges and universities conduct more research on… well, business than just about anyone. While much of this academic research is behind a paywall (meaning you’ll have to subscribe to a specific journal or pay a fee to access a website), it ranges from graduate student projects and theses to faculty-based projects—and much of it involves market research in some way.

What’s more, many professors in these departments do marketing and business consulting on the side. So contact the administration of the appropriate department (business, marketing) at your local college. There may be a resource there who’d be willing to help you with your market research—or who could put you in touch with a professional who could .

Additional Market Research Resources

What’s below is, necessarily, a short list—there are thousands of tools and options out there. (And that number’s growing!) Here are some solid contenders in the market resource pool:

BuiltWith will let you see what technologies your competitors’ websites are using—information that may help you decide what to implement on your site.

Census Viewer is another source of census data in a very user-friendly format.

Consumer Barometer is an interactive tool that “helps you understand how people use the internet across the world” (for instance, how prospects research products before buying).

MarketingCharts is a self-described “hub of marketing data, graphics, and analyses. Want to know the trended cost of a Super Bowl ad? How B2B marketers are tackling lead generation? How many Millennials there actually are—and if they’re still watching TV? You’ve come to the right place.”

MarketResearch.com has consolidated more than 250,000 research reports from hundreds of sources, and it’s updated daily. You pay only for the sections of the reports you need.

Nielsen is a global information company that specializes in consumer behavior. Find out what consumers watch… and of course, what they buy.

The Pew Research Center provides information on public opinion, demographic trends, media content analysis, social issues, and more.

PR Newswire offers access to all press releases and press-related stories.

SBDCNet provides small business reports and industry profiles, including information on shifts, typical startup costs, and more. Check out their shortlist of market research directories , and see if your industry is in there.

SimilarWeb offers access (free and paid versions) to website traffic data. You can see how much traffic your competitors’ online stores receive to get a sense of the size of your potential market.

Strategic and Competitive Intelligence Professionals is a “community of business experts across industry[ies], academia, and government who come together to build and share strategic intelligence, research decision-support tools, processes and analytics capabilities.” They host webinars, conferences, and summits.

Zoom Prospector lets you input variables to find the right location, and community, for your business.

We’d understand if you’re feeling overwhelmed right now. (We’ve been there!) So give yourself a break and start small. Begin with the resources that feel most compelling to you… or maybe ask friends in your industry what resources they use. Remember, market research isn’t a one-time event; you’ll be conducting it for as long as you’re in business, so there’s no need to rush to pack it all in this week. Moving slowly will ensure you’re paying attention to the important details.

By now you’ve got a pretty comprehensive sense of what secondary research entails. Now it’s time to move on to primary market research. In the next section, we’ll give you a broad overview of primary market research , including the leading methods of primary data collection. We’ll also help you determine which of these methods is best for your market research project.

Lauren Shufran

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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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Secondary Research Advantages, Limitations, and Sources

Summary: secondary research should be a prerequisite to the collection of primary data, but it rarely provides all the answers you need. a thorough evaluation of the secondary data is needed to assess its relevance and accuracy..

5 minutes to read. By author Michaela Mora on January 25, 2022 Topics: Relevant Methods & Tips , Business Strategy , Market Research

Secondary research is based on data already collected for purposes other than the specific problem you have. Secondary research is usually part of exploratory market research designs.

The connection between the specific purpose that originates the research is what differentiates secondary research from primary research. Primary research is designed to address specific problems. However, analysis of available secondary data should be a prerequisite to the collection of primary data.

Advantages of Secondary Research

Secondary data can be faster and cheaper to obtain, depending on the sources you use.

Secondary research can help to:

• Answer certain research questions and test some hypotheses.
• Formulate an appropriate research design (e.g., identify key variables).
• Interpret data from primary research as it can provide some insights into general trends in an industry or product category.
• Understand the competitive landscape.

Limitations of Secondary Research

The usefulness of secondary research tends to be limited often for two main reasons:

Lack of relevance

Secondary research rarely provides all the answers you need. The objectives and methodology used to collect the secondary data may not be appropriate for the problem at hand.

Given that it was designed to find answers to a different problem than yours, you will likely find gaps in answers to your problem. Furthermore, the data collection methods used may not provide the data type needed to support the business decisions you have to make (e.g., qualitative research methods are not appropriate for go/no-go decisions).

Lack of Accuracy

Secondary data may be incomplete and lack accuracy depending on;

• The research design (exploratory, descriptive, causal, primary vs. repackaged secondary data, the analytical plan, etc.)
• Sampling design and sources (target audiences, recruitment methods)
• Data collection method (qualitative and quantitative techniques)
• Analysis point of view (focus and omissions)
• Reporting stages (preliminary, final, peer-reviewed)
• Rate of change in the studied topic (slowly vs. rapidly evolving phenomenon, e.g., adoption of specific technologies).
• Lack of agreement between data sources.

Criteria for Evaluating Secondary Research Data

Before taking the information at face value, you should conduct a thorough evaluation of the secondary data you find using the following criteria:

• Purpose : Understanding why the data was collected and what questions it was trying to answer will tell us how relevant and useful it is since it may or may not be appropriate for your objectives.
• Methodology used to collect the data : Important to understand sources of bias.
• Accuracy of data: Sources of errors may include research design, sampling, data collection, analysis, and reporting.
• When the data was collected : Secondary data may not be current or updated frequently enough for the purpose that you need.
• Content of the data : Understanding the key variables, units of measurement, categories used and analyzed relationships may reveal how useful and relevant it is for your purposes.
• Source reputation : In the era of purposeful misinformation on the Internet, it is important to check the expertise, credibility, reputation, and trustworthiness of the data source.

Secondary Research Data Sources

Compared to primary research, the collection of secondary data can be faster and cheaper to obtain, depending on the sources you use.

Secondary data can come from internal or external sources.

Internal sources of secondary data include ready-to-use data or data that requires further processing available in internal management support systems your company may be using (e.g., invoices, sales transactions, Google Analytics for your website, etc.).

Prior primary qualitative and quantitative research conducted by the company are also common sources of secondary data. They often generate more questions and help formulate new primary research needed.

However, if there are no internal data collection systems yet or prior research, you probably won’t have much usable secondary data at your disposal.

External sources of secondary data include:

• Published materials
• External databases
• Syndicated services.

Published Materials

Published materials can be classified as:

• General business sources: Guides, directories, indexes, and statistical data.
• Government sources: Census data and other government publications.

External Databases

In many industries across a variety of topics, there are private and public databases that can bed accessed online or by downloading data for free, a fixed fee, or a subscription.

These databases can include bibliographic, numeric, full-text, directory, and special-purpose databases. Some public institutions make data collected through various methods, including surveys, available for others to analyze.

Syndicated Services

These services are offered by companies that collect and sell pools of data that have a commercial value and meet shared needs by a number of clients, even if the data is not collected for specific purposes those clients may have.

Syndicated services can be classified based on specific units of measurements (e.g., consumers, households, organizations, etc.).

The data collection methods for these data may include:

• Surveys (Psychographic and Lifestyle, advertising evaluations, general topics)
• Household panels (Purchase and media use)
• Electronic scanner services (volume tracking data, scanner panels, scanner panels with Cable TV)
• Audits (retailers, wholesalers)
• Direct inquiries to institutions
• Clipping services tracking PR for institutions
• Corporate reports

You can spend hours doing research on Google in search of external sources, but this is likely to yield limited insights. Books, articles journals, reports, blogs posts, and videos you may find online are usually analyses and summaries of data from a particular perspective. They may be useful and give you an indication of the type of data used, but they are not the actual data. Whenever possible, you should look at the actual raw data used to draw your own conclusion on its value for your research objectives. You should check professionally gathered secondary research.

Here are some external secondary data sources often used in market research that you may find useful as starting points in your research. Some are free, while others require payment.

• Pew Research Center : Reports about the issues, attitudes, and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis, and other empirical social science research.
• Data.Census.gov : Data dissemination platform to access demographic and economic data from the U.S. Census Bureau.
• Data.gov : The US. government’s open data source with almost 200,00 datasets ranges in topics from health, agriculture, climate, ecosystems, public safety, finance, energy, manufacturing, education, and business.
• Google Scholar : A web search engine that indexes the full text or metadata of scholarly literature across an array of publishing formats and disciplines.
• Google Public Data Explorer : Makes large, public-interest datasets easy to explore, visualize and communicate.
• Google News Archive : Allows users to search historical newspapers and retrieve scanned images of their pages.
• Mckinsey & Company : Articles based on analyses of various industries.
• Statista : Business data platform with data across 170+ industries and 150+ countries.
• Claritas : Syndicated reports on various market segments.
• Mintel : Consumer reports combining exclusive consumer research with other market data and expert analysis.
• MarketResearch.com : Data aggregator with over 350 publishers covering every sector of the economy as well as emerging industries.
• Packaged Facts : Reports based on market research on consumer goods and services industries.
• Dun & Bradstreet : Company directory with business information.

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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

We’ve been working with Kadence on a couple of strategic projects, which influenced our product roadmap roll-out within the region. Their work has been exceptional in providing me the insights that I need. Senior Marketing Executive Arla Foods

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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Home Market Research

Secondary Research: Definition, Methods and Examples.

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

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

LEARN ABOUT: Research Process Steps

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

What is Secondary Research: Definition

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

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

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

LEARN ABOUT: Level of Analysis

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

LEARN ABOUT: Data Analytics Projects

Secondary Research Methods with Examples

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

The following are popularly used secondary research methods and examples:

1. Data Available on The Internet

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

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

2. Government and Non-Government Agencies

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

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

3. Public Libraries

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

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

4. Educational Institutions

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

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

5. Commercial Information Sources

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

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

Learn More: Data Collection Methods: Types & Examples

Key Differences between Primary Research and Secondary Research

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

How to Conduct Secondary Research?

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

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

Here are the steps involved in conducting secondary research:

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

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

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

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

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

Advantages of Secondary Research

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

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

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

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

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

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

Disadvantages of Secondary Research

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

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

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

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

LEARN ABOUT: 12 Best Tools for Researchers

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

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

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

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

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Secondary Market Research

By Entrepreneur Staff

Secondary Market Research Definition:

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.

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. Secondary sources include the following:

• Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on.
• Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded corporations.
• Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in colleges, universities, and technical institutes than virtually any sector of the business community.

Public Information Sources Government statistics are among the most plentiful and wide-ranging public sources. Helpful government publications include the following.

The State and Metropolitan Area Data Book provides a wide variety of statistical information on states and metropolitan areas in the United States. Published by the U.S. Census Bureau, it's available online for $31 through the U.S. Government Printing Office and at larger libraries.

The Statistical Abstract of the United States provides tables and graphs of statistics on the social, political and economic conditions in the United States. Published by the Census Bureau, it's available online for $48 through the U.S. Government Printing Office and at larger libraries.

U.S. Industry and Trade Outlook presents recent financial performances of U.S. manufacturers and identifies emerging trends. Published by the Commerce Department in cooperation with McGraw-Hill, it's available online for $76 through the U.S. Government Printing Office and at larger libraries.

The U.S. government online bookstore at the U.S. Government Printing Office has an abundance wealth of publications on topics ranging from agriculture, aviation, and electronics, to insurance, telecommunications, forest management, and workers' compensation.

The U.S. Census Bureau website also contains valuable information relevant to marketing. The Bureau's business publications cover many topics and trades--such as sales volume at furniture stores and payrolls for toy wholesalers--and are useful for small businesses as well as large corporations in retail, wholesale trade, and service industries. Also available are census maps, reports on company statistics regarding different ethnic groups, and reports on county business patterns.

One of the most important information resources you'll find is the SBA . The SBA was created by Congress in 1953 to help American entrepreneurs start, run, and grow successful small enterprises. Today there are SBA offices in every state, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, and Guam. Among the services offered by the SBA are financial assistance, counseling services through Small Business Development Centers (SBDCs) , management assistance through programs like SCORE , and low-cost publications. The counselors at SCORE can provide you with free consultation on what type of research you need to gather and where you can obtain that information. They may also be able to suggest other means of gathering the information from primary sources. SBDCs generally have extensive business libraries with lots of secondary sources for you to review.

One of the best public sources is the business section of your public, or local college or university, library. The services provided vary from library to library but usually include a wide range of government publications with market statistics, a large collection of directories with information on domestic and foreign businesses, and a wide selection of magazines, newspapers and newsletters.

Almost every county government publishes population density and distribution figures in accessible census tracts. These show the number of people living in specific areas, such as precincts, water districts or even ten-block neighborhoods. Some counties publish reports that show the population ten years ago, five years ago, and currently, thus indicating population trends.

Other public information resources include local chambers of commerce and their business development departments, which encourage new businesses to locate in their communities. They will supply you (usually for free) information on population trends, community income characteristics, payrolls, industrial development and so on.

Don't overlook your bank as a resource. Bankers have a wealth of information at their fingertips and are eager to help their small business customers get ahead. All you have to do is ask.

Commercial Information Sources Among the best commercial sources of information are research and trade associations. Information gathered by trade associations is usually limited to that particular industry and available only to association members, who have typically paid a membership fee. However, the research gathered by the larger associations is usually thorough, accurate, and worth the cost of membership. Two excellent resources to help you locate a trade association that reports on the business you are researching include the Encyclopedia of Associations (Gale Research), and the Encyclopedia of Business Information Sources (Gale Group).

Local newspapers, journals, magazines, and radio and TV stations are some of the most useful commercial information outlets. Not only do they maintain demographic profiles of their audiences (their income, age, gender, amount of disposable income, and types of products and services purchased, what they read, and so on), but many also have information about economic trends in their local areas that could be significant to your business. Contact the sales departments of these businesses and ask them to send you their media kit, since you're working on a marketing plan for a new product and need information about advertising rates and audience demographics. Not only will you learn more about your prospective customers, you'll also learn more about possible advertising outlets for your product or service.

Dun & Bradstreet is another commercial source of market research that offers an abundance of information for making marketing decisions. It operates the world's largest business database and tracks more than 62 million companies around the world, including 11 million in the United States. For more information, visit  Dun & Bradstreet Small Business Solutions.  Finally, there are educational institutions that conduct research in various ways, ranging from faculty-based projects often published under professors' bylines, to student projects, theses, and assignments. You may be able to enlist the aid of students involved in business classes, especially if they're enrolled in an entrepreneurship program. This can be an excellent way of generating research at little or no cost, by engaging students who welcome the professional experience either as interns or for special credit. Contact the university administration and marketing or management studies departments for further information.

See also " Market Research ."

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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.

Aishwarya N K

July 14, 2023

In this Article

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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Primary vs secondary market research: types, sources and examples

Jun 9th, 2021

Types of primary research

There are two main types of primary market research: quantitative and qualitative. Both types of research are vital for obtaining different kinds of information.

• Quantitative market research deals with numerical data rather than consumers’ feelings, opinions, and attitudes. The process implies collecting large amounts of statistical points using surveys, polls, and questionnaires. The mathematical, statistical, and computational methods allow for gathering the data that researchers can further analyze to determine the patterns and averages, form predictions, and make generalizations. The purpose of quantitative market research is to determine the problem and understand its prevalence. Quantitative market research can provide a very accurate result that helps companies develop a clear picture of their objectives and how to reach them.
• Qualitative market research focuses on collecting behavioral, observational, and non-numerical data like audio, text, or video to gain insights into consumer opinions, motivations, or experiences. Qualitative market research involves open-ended questions and a small sample consisting of six to ten respondents and allows for an in-depth discussion of the topics. The primary methods used for conducting qualitative market research include focus groups and interviews. 

Sources of primary research

Primary research sources are in-depth interviews, surveys, focus groups, social media monitoring, and questionnaires. Let’s discuss them in detail below:

• In-depth interviews are great for understanding how the customer group perceives a brand or product. In-depth interviews are interactive and usually have a flexible structure. These interviews are conducted by a trusted moderator who considers not just the respondent’s answers but also body language and general impression.
• Surveys help collect a large amount of information about the population’s characteristics and preferences. In the future, marketers can use this data to predict consumers’ behavior. 
• Focus groups are the interviews of selected participants involving the representatives of the target audience. The group participants are selected according to specific criteria, such as location, age, socioeconomic status, etc. 
• Questionnaires are research tool that includes a series of closed-ended or open-ended questions to obtain feedback from your customers. There are different types of questionnaires, such as computer, telephone, mail questionnaires.
• Hypothesis testing for existing products through A/B testing or multivariate testing allows for examining the price for different markets or different audiences, comparing web page design and conversion effectiveness, etc. Both methods have similar core mechanisms; however, multivariate testing compares a more significant number of variables and provides more information.
• MVP testing for new products is based on releasing a version of the product with a small number of first-priority features needed for early customers. Later, the customers can provide valuable feedback to improve the future versions of the product.
• Targeted social media monitoring helps determine the information about your company, your industry, and your competitors. This information involves all mentions of your brand, such as reviews, product questions, or service repair complaints.

Primary research allows for collecting data that has not been previously gathered, provides specific results that address the issues relevant for your company, and delivers up-to-date information. The other benefit of primary market research is the uniqueness of the data that competitors would not be able to access. Thus, you receive a competitive advantage. Due to the approaches of this method, you can research a small sample and then apply the results to the entire market. On the other hand, primary market research is often expensive, time-consuming, and requires face-to-face contact with customers. 

Secondary market research is a kind of market research that relies on using data from secondary sources, which was not previously prepared specifically for the goals of current research. In other words, in secondary research, marketers gather and analyze the previously collected data to serve a purpose other than the purpose of their research. The secondary information is often acquired from industry and trade associations, government agencies, media agencies, industry-focused newsletters, magazines, and newspapers. This type of research is usually more cost-effective and accessible than primary market research.

Types of secondary research

There are two types of secondary market research: secondary market research from internal sources and secondary market research from external sources.

• Internal data. Internal data can be found in the databases of the company and used for future reference purposes. A company’s internal data includes customer account information, product usage data, sales records, or previously prepared research reports. There are also records of previous advertising and marketing campaigns, departmental records, etc.
• External data.  External data is initially prepared by people outside the current company environment, such as data from competitors, journals and magazines, industry surveys, and market reports. 

Sources of secondary research

As well as with primary research, secondary research may also use lots of different sources of information. Below are some of the most widely used.

• Sales data is a valuable source of information for secondary market research. Every company collects data concerning everyday operations, delivered orders, invoices, and returned goods. This information is handy for marketers because it allows gathering insights into sales by territory, customer type, average sales by salesperson, prices, discounts, and other data.
• Financial data allows for estimating the efficiency of marketing operations. It includes the production costs, storing, transportation, and marketing costs. It can also supply insights into which products or services bring you more significant profits or drive your business into the red.
• Governmental and local statistical data. Many governmental, regional and municipal organizations collect data that businesses and non-profits can use for market research purposes. This information includes demographic data, economic data, trade statistics, and production statistics. For example, you can find volumes of US-focused data on data.gov , while for European Union statistics, you can explore the official site of Eurostat .
• Trade associations often provide free and paid reports to inform professionals about the situation in the economic sector.
• Specialized journals and media regularly publish news, research, press releases, and professional articles, which can be excellent sources of up-to-date secondary data.
• Commercial marketing research data is collected by specialized research organizations that resell it to other companies. The data gathered by these companies concerns the consumer population, attitudes, trends and behaviors, online and offline purchases. 
• Search engine results are a good source of free and commercially available data.
• Competitor research. You can acquire information about competitors from different sources, such as their websites, review sites, and media publications. This approach enables you to develop a profound understanding of how market participants and clients perceive a particular company.

Secondary market research is a perfect basis for primary research as it helps determine and predict the latter’s effectiveness and suitability. The information from government sources, libraries, and media is reliable, extensive, and covers many issues. The other advantages of secondary market research are low cost, time-effectiveness, and the opportunity to obtain a broad spectrum of free data in a shorter time than primary research. 

The disadvantages of secondary market research are the lack of quality and accuracy of data collected by a third party. The information provided by secondary research is not specific and not always recent enough. Besides, the data is available for many companies, so it deprives your company of a competitive advantage. 

Market research will help you reduce the risk of making business decisions and determine the pitfalls before launching the new product. We will provide several examples to demonstrate how companies can use market research to identify and solve business challenges in practice.

The world-famous coffee company conducts market research in many ways, including primary research methods, such as consumer feedback, in-store product testing, and social media monitoring. In 2008, Starbucks even created a specialized platform, My Starbucks Idea , where the customers can provide their ideas about new offerings or changes to the existing products.

The corporation also applies the social media monitoring method and collects feedback from different platforms, including Facebook, Twitter, Instagram, and Reddit , to improve the products. Starbucks tests the new ideas in selected stores to understand the feasibility of making some changes before the official launch. 

The company applies secondary market research methods to shape the new product lines. Starbucks gathers data from the market research companies and analyzes the data from the stores. Due to the feedback on My Starbucks Idea and combined market research, Starbucks successfully launched dairy-free milk alternatives in European and US stores.

Primary research methods: consumer feedback, in-store product testing, social media monitoring.

Secondary research methods: social media monitoring, competitor monitoring, existing data from market research providers.

Ecommerce market research into new product launch

If you are going to launch an e-commerce platform or introduce a new product to the existing store, conducting market research may bring the needed transparency into this business decision prior to moving forward with it. Firstly, it is vital to determine the market size for the business or the product. Then you will need several pieces of information concerning statistics and trends in your industry, consumer behavior, and current demand for your product. 

To discover information about the industry size, trends, and growth rates, you can apply secondary market research methods and dig into the industry articles and search for information from marketing companies about the things people tend to buy online. The other helpful source will be market research reports.

The further step is to understand the needs of your potential customers, their socioeconomic and geographic conditions. The perfect way to get this information is to perform primary research and conduct customer surveys. You can start with specialized forums, Facebook groups, or other social media channels. 

For example, if you are launching an online clothing store, you can conduct the online survey using Google Forms, Google Surveys or TypeForm and target specific customer segments. You can include questions about age, location, income, favorite brands, and stores where these people typically buy clothes.

You can also use the form to inquire if some of the surveyed customers would be willing to participate in in-depth interviews. For in-depth interviews, prepare a list of open-ended questions, which can facilitate your discussion with each interviewee.

Primary research methods: customer surveys, questionnaires, in-depth interviews.

Secondary research methods: industry articles, competitor research, market research reports.

SaaS market research for new solution launch

Before the new SaaS product launch, you need to conduct market research and analysis to understand the competition and customer preferences and dislikes. First, you can make a list of existing players in the segment. You can monitor social media for mentions of each competitor to understand what their clients are saying about the solution, product features, and functionality, customer service to find opportunities, which a new product can explore on the market. In addition to social media, you can use specialized review platforms, such as Capterra or TrustRadius .

As the next step in analyzing your competitors, you can gather data about their online performance. With Ahrefs , you can get information on how your competitors rank on Google. SimilarWeb allows you to analyze your competitors’ websites and see engagement rate, traffic ranking, keyword ranking, and other audience metrics. Besides, you can conduct secondary market research and find research on businesses in your industry with the help of Google Scholar .

You can expand your market research by finding information about your potential customers. Continuing with the methods of secondary research, you can gather data about your target audience’s behavior. With the help of a business account on Facebook, you can collect information about the demographics, including gender, age, location, activity, purchases, and design customer personas.

If you’re building a unique product in the segment with low competition, you can explore Product Hunt to see if anyone has recently created similar products. Product hunt can show you if similar products have received positive feedback or ideas for improvement on top of how you envision your future solution.

As the final stage of your exploration, you can start developing the basics of your future solution to attract your potential audience. The simplest way to do it is by making a landing page, which describes your future product and allows visitors to subscribe to future releases and updates. This is how Dropbox started back in 2007. If this option is not sufficient for you, you can develop an MVP to provide users with initial functionality to test if they will be interested in signing up. Of course, this approach would give you the most significant volume of feedback, although it’s the most expensive one to undertake.

Primary research methods: product landing page, minimum viable product, Product Hunt launch.

Secondary research methods: social media monitoring, specialized industry-focused websites,  social media analytics tools.

You can perform market research at any stage of your business life cycle, starting from pre-launch. Primary market research allows for evaluating the competition within the market, understanding the competitors’ quality of service, and discovering their communication channels. With the help of secondary market research, you can analyze the existing surveys and studies concerning your industry, read newspaper reports, explore company reports data and government data. The overall market research usually consists of the following steps:

Step 1. Define the goals of the research

The first stage of comprehensive market research is to define the central problem and research objectives. You will also need to define the purpose of the study, what information is required, and find relevant background data. This step includes interviews with industry experts and discussions with the decision-makers.

Step 2. Secondary research 

At the second stage, you need to conduct secondary research and analyze all the secondary data sources on the target segment. The goal of this step is to compare the information and create a high-level overview. 

Step 3. Primary research

Once you have completed the secondary research and collected the available information, you can move to primary research. You need to start from the most cost-efficient methods of primary research that include paper questionnaires, online surveys, phone interviews, and face-to-face interviews. 

Social media is an excellent source for primary research. You have the opportunity to analyze the large amounts of data provided by different people on a variety of platforms. You can save money by selecting the students as focus groups or target audiences.

Step 4. The concluding stage of research

If you meet the research objectives by completing the previous steps, you can finalize the market research. In some cases, secondary research may already provide you enough information to complete the research. Other times, there is a lack of data in secondary sources, so you will have to conduct primary research.

Once you feel like you have gathered enough data to answer the initial research question, prepare a report, which will provide a summary of findings. Even if you’re doing it for your own purposes, putting it in writing helps build a comprehensive overview of the findings and research results. You can sometimes find out that you have new questions at this stage, which need to be researched using the same methodology. Or, hopefully, you’ve been able to answer all your questions - now comes the time to act on it!

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Key data sources for B2B secondary research

July 8, 2020

In most B2B research projects, primary research interviews typically tell only part of the story. Secondary research can be a cost-effective, easy, and quick way to access even more information that can help us with a project objective. Here are the key data sources for secondary research in B2B.

Why is secondary market research important?

What are the different data sources in b2b secondary research, bringing it together.

Most business-to-business (B2B) research projects involve qualitative and/or quantitative interviews with business decision-makers. Typically, these B2B market research methods only tell part of the story.

Often there is additional information available, both online and offline, that could help us to obtain a better understanding of the problem.

Secondary research – also called ‘desk research’ – can be a cost-effective, easy , and quick way to access even more information. If you need a hand with this, you can s ee more about Adience  b2b market research agency  here.

Information gathered through secondary research is often used to help with the design of the primary research, e.g., coming up with a list of competitors to include in a survey. However, desk research can also help with some of the core objectives for a project.

So what are the benefits of secondary market research? We think it helps with the following project objectives:

• Understanding the structure and size of a market – for example: using government datasets to estimate the number of potential customers, and to identify in which sectors/locations to find them; using a variety of sources to develop a view of the competitive landscape
• Uncovering brand perceptions – for example, reading review sites, analyst reports, and online forums to develop an understanding of how the market perceives each of the brands in the market
• Gathering competitive or customer intelligence – for example, reviewing customer or competitors’ websites, marketing collateral and investor relations reports, with the goal of gathering intelligence on their strategic plans, their revenues, marketing activity and product specs
• Building lists – for example: using directories to build a list of potential prospects; using tools such as Kred to identify key influencers/experts in an industry; publicly available information to create a detailed profile of a decision-maker that can be used in Account-Based Marketing (ABM)
• Developing an initial understanding of the buying process – for example, using tools such as Google Keywords to explore how customers and prospects search for or find products such as yours, and tools such as Google Analytics to explore how they behave once on your website
• Informing content marketing strategy – for example, using keyword research tools to identify the content topics that would have the most impact
• Exploring industry trends – for example, using business and trade press to identify political, demographic, economic or technological trends that might impact the industry
• Undertaking a risk analysis – for example, using business and trade press to identify financial, operational, compliance, technological, strategic or reputational risks

Once you know what you are looking for, you need to know where to look. There tend to be ten types of information source that are useful in B2B secondary research:

1. Regular government datasets 2. Special government reports 3. Company directories and databases 4. Market research reports 5. Company websites 6. Online communities 7. Academia 8. Trade associations 9. General, business and trade press 10. Social and search tools

In the rest of this article, we’re going to look at each source of secondary market research data, in turn, to answer the following questions:

• Which objectives do they help you achieve?
• What sources are most useful?

#1. Regular government datasets

Helpful for: exploring the size and structure of a market.

For many B2B desk research projects, we suggest looking at government datasets of business demographics. These datasets allow you to explore the number of businesses in a specific location by industry and size segments.

This information is particularly helpful when you are trying to understand the structure or size of a specific market. However, the quality/depth of the data varies by region/country:

• For the US, look for the Statistics of US Business dataset at www.census.gov
• For the EU, look for the Structural Business Statistics dataset at http://ec.europa.eu/info/statistics_en
• For the UK, look for Business Demography datasets at the Office for National Statistics
• Global resources tend to be less detailed and less up-to-date, but we recommend the UN Statistical Database and nationmaster.com . Other intergovernmental institutions, such as the OECD, WTO, IMF and the World Bank, can occasionally have relevant information

Most governmental departments have additional datasets that are regularly published as well. For example, in the US:

• The Bureau of Labor Statistics is an excellent site for B2B industry-specific information, including data on employment, productivity, pay and costs by industry and region
• The Department of Commerce publishes information about products, services, and industries. The most valuable data is often trade-related, including information on import/export markets

#2. Special government reports

Helpful for: gathering competitive intelligence; exploring industry trends.

Government data isn’t just limited to quantitative datasets. Often, there are reports and publications which provide more qualitative insights.

For example, we recommend searching for rulings by global competition and consumer protection authorities such as the Federal Trade Commission . These authorities regularly publish reports regarding potential mergers and acquisitions.

These reports can reveal a lot about an industry or a specific company’s strategy. As a result, they are instrumental when you are trying to explore industry trends or gather competitive intelligence.

But what if you aren’t sure about where to look for this valuable governmental information? Often what you are looking for is buried in a little-known website run by an obscure governmental organization.

The good news is that in some countries, all official websites share the same top-level domain. In the UK, all government websites end in .gov.uk. In the US, they end in .gov.

To discover data from government organizations that aren’t on our list, just start your Google search with site:.gov (in the US), or site:.gov.uk (in the UK).

#3. Company directories and databases

Helpful for: gathering customer or competitive intelligence; building lists; exploring the structure and size of a market.

Government datasets look at an industry or market on an aggregate level. The downside of this approach is that you often can’t control who is included or excluded from the aggregate, and so your estimates can be incorrect.

That is where company directories and databases come in. They allow us to look at a market in more detail, and potentially refine estimates of market size/structure.

They also allow us to gather more information on customers or competitors. Specifically, we can:

• Identify key decision-makers and officers that may be worth contacting
• Research basic facts about a company, such as location, structure, subsidiaries and size
• Research more about a company’s business activities, including their spend; their products and services; their strengths, weaknesses, opportunities and threats (SWOT); their media presence
• Build a deeper understanding of the competitive landscape, including key competitors; financial performance of the industry and specific providers

There are several different types of provider of this sort of information:

• Pure directories – these companies allow you to identify key individuals within a company, and provide a few pieces of essential company information. Providers include: Hoovers, Zoominfo, Kompass, Yellow Pages, Bloomberg. LinkedIn is essentially a pure directory, though it has some additional functionality
• Specialist directories – these companies typically specialize in a specific vertical or company type (e.g., manufacturing, start-ups) and provide not just contact information but also more detailed information on the company’s activities and the competitive landscape. Examples include: Crunchbase and AngelList (for companies with VC/PE funding), ThomasNet (for manufacturing)
• Detailed databases – these companies go beyond ‘pure directories’ by also providing more information about companies’ activities, including SWOT analyses and estimates of spend and performance. Examples include: D&B, PrivCo, DataFox, Reference USA, NetAdvantage
• Government directories – in the UK, financial data on companies is also available from Companies House

#4. Market research reports

Helpful for: gathering customer or competitive intelligence; exploring the structure and size of a market; exploring industry trends; undertaking a risk analysis.

Many market research companies focus on a different type of research to Adience. They publish reports about specific industries and issues without a client asking; they just assume the need is there.

These reports typically look at:

• Industry structure
• Industry size
• Industry performance and outlook
• The competitive landscape
• Providers’ market share
• Key trends and challenges

While these reports sound great in theory, they often won’t precisely match what a company needs. Some are too specific, some too generic. Many are out of date.

Regardless, it can be useful to check with these companies to see if they have data that would be of use. Unfortunately, reports can often be expensive, but will still be cheaper than conducting a bespoke research project.

The following providers often have a lot of the most relevant reports: IBISWorld, First Research, Business Monitor Online, Mintel, Forrester, Gartner, Euromonitor, MarketLine, ICD Research, World Market Intelligence.

Additionally, marketresearch.com is an excellent place to start, as it aggregates many of the research reports in the market.

However, the market research industry is increasingly moving away from monolithic reports. Frequently, it is possible to access bitesize charts and data via subscription. We recommend Statista and marketingcharts.com.

Some research analysts specialize in specific industries, and as a result, produce more detailed/tailored reports. They might call themselves consultancies, or analyst houses, but their output is pretty similar.

#5. Company websites

Helpful for: gathering customer or competitive intelligence; exploring industry trends; undertaking a risk analysis; building lists.

Of course, one of the most useful sources of information about any company is its website.

Companies are often happy to share a lot of competitive intelligence about themselves on their site, such as product specs, key decision-makers, and messaging/positioning strategy.

However, publicly listed companies share a lot more information about themselves on their website via their Investor Relations page. Investor Relations documents often disclose details of:

• How a market is structured
• Sources of sales
• Company strategy
• Risks faced

You can also access this information via the US Securities & Exchange Commission (SEC) web site ( www.sec.gov ), or from the Public Register’s Annual Report Service, or AnnualReports.com .

#6. Online communities

Helpful for: gathering customer intelligence; exploring industry trends; exploring brand perceptions; developing an initial understanding of the buying process; building lists; informing content marketing strategy.

It is straightforward to explore consumers’ attitudes and perceptions online. You just have to go on any popular forum or social network.

Unfortunately, this is a lot more difficult in the world of B2B research. B2B decision-makers tend to be a lot more private in sharing opinions of their vendors.

But that doesn’t mean there isn’t any useful information out there. In our experience, you can still find a lot of interesting information if you look in the right place:

• Your target audience’s priorities and challenges
• The key trends that are impacting the industry, whether political, economic, sociological or technological
• What the target audience thinks of an organization
• The personal preferences and interests of critical decision-makers that you might want to target through ABM
• The language that decision-makers, so you can craft messaging that will resonate
• Some of the steps that a buyer makes when informing himself/herself about a specific product or brand (e.g., whether they ask questions on online communities)

So, where do you need to look? We suggest the following channels:

• LinkedIn – great for exploring the interests and background of a specific individual. Additionally, if you’re able to join a special interest community (e.g., a group full of your target audience), you can get a real sense of their mindset
• Facebook/Twitter – occasionally useful for similar reasons to LinkedIn. However, communities are rarer, so you just have to try to identify the key influencers and individuals. That often requires paid social tools such as Hootsuite
• Review sites – reviews can also be useful to explore brand perceptions and competitor activity. B2B customer reviews aren’t always readily available on websites like Trustpilot. However, you can find them if you look in the right place (e.g., Quora, Glassdoor, industry blogs)
• Specialist online forums/communities – in each industry, there is often an online community of decision-makers. Sometimes they gather in a formal group on LinkedIn or an industry-specific forum. Other times they are more of an informal community built around something else – for example, in the comments of a popular industry blog

#7. Academia

Helpful for: exploring industry trends; developing an initial understanding of the buying process; exploring the structure and size of a market.

The business departments of academic institutions conduct a lot of research about the business world. This research is valuable because it is accurate and reliable, and because it lays down a theoretical foundation for understanding an industry or issue.

Much of the output from academic research can be accessed through specific journals. Google Scholar is a great way to find the article or journal that suits your needs quickly.

However, journals often require a subscription. Here are some alternative ways to access academic insights:

• Some academic outputs aren’t behind a paywall – e.g., graduate student projects or theses
• Some professors provide consulting services in their spare time, so may consider sharing insights or findings for a lower fee than a journal subscription

#8. Trade associations

Helpful for: exploring industry trends; exploring the structure and size of a market; undertaking risk analysis; gathering competitive or customer intelligence; building lists; informing content marketing.

Nearly every trade has a collective body to represent its interests. For example, there’s even an association for Fintech professionals. Most of these organizations produce a lot of relevant information about their industry:

• Directories of companies in a specific trade
• Key trends, challenges and focus areas
• Information about market size, performance, structure and outlook

Some of this information is not publicly available. However, associations are often willing to share it with researchers who reach out with a request.

The key is not just to look at your industry’s trade association but also the trade association of your customers. Doing so will allow you to develop messaging and content, which will resonate with their mindset.

#9. General, business and trade press

Helpful for: exploring industry trends; exploring the structure and size of a market; undertaking risk analysis; gathering competitive or customer intelligence.

The press is a crucial source for any researcher. First, news reports can help a researcher to identify trends or risks, as well as to develop a better understanding of customer or competitor strategies.

Second, they often publish supplemental reports that provide more background on an industry.

#10. Social and search tools

Helpful for: exploring brand perceptions; building lists; developing an initial understanding of the buying process; informing content marketing strategy.

Finally, we recommend using a range of tools for search advertising and social media marketing. These tools allow us to gather the information that we wouldn’t be able to if we used other sources.

For example:

• Keyword research tools (e.g., Moz, Ahrefs) – make it possible to identify what a customer or prospect does before arriving at a website. They can be used to inform content marketing decisions
• Website analytics tools (e.g., Google Analytics) – deepen our understanding of how individuals behave once on a website. They can be used to inform content marketing strategy, as well as to build our knowledge of the buying process
• Social influence tools (e.g., Kred, PeerIndex) – allow us to identify key influencers or decision-makers in an industry. That means we can build lists of target individuals, as well as to build a profile of these individuals’ needs and attitudes, which can inform marketing strategy
• Social analytics tools (e.g., Hootsuite, BrandMentions) – allow us to explore, among other things, the priorities and challenges that decision-makers are discussing, as well as the language that is used to discuss them

Let’s bring this all together.

Eight different objectives can be achieved by conducting secondary research. And there are ten different types of information that you can use to conduct it.

But which information types help with which objectives? The image below should help:

Summary of the 10 key data sources for B2B secondary research

Regular government datasets

Government datasets of business demographics are helpful for understanding the size and structure of a specific market (e.g. census.gov, Bureau of Labor Statistics).

Special government reports

In addition to the demographic datasets, there are a lot of industry reports and publications that government departments publish. Of particular interest are rulings by competition and consumer protection authorities (e.g. FTC).

Company directories and databases

Directories and databases (e.g. Zoominfo, Crunchbase, D&B, Companies House) allow you to build market size estimates when government datasets aren’t granular enough. These databases can also help you to build lists or gather competitor or customer intelligence.

Market research reports

Some research analysts publish monolithic industry research reports, most of which can be found at marketresearch.com. These reports are often too generic to be useful, but occasionally they provide the information you need for a relatively low price. Increasingly, companies like Statista are allowing researchers to access bitesize charts and data via subscription.

Company websites

Companies reveal a lot about themselves on their websites, especially if they are publicly listed. Investor Relations documents provide a lot of information about: how a market is structured; a company’s strategy; the major risks in the industry.

Online communities

LinkedIn groups, review sites and specialist online communities can provide a lot of interesting information if you know where to look. For example, you can learn more about perceptions of a brand, as well as get a better understanding of how people make purchasing decisions.

The business departments of academic institutions conduct a lot of research of their own, which can be useful in understanding industry trends, of developing an understanding of buyer attitudes.

Trade associations

Nearly every trade has a collective body to represent its interests. These associations produce a lot of relevant information, including: company lists; trend reports; information about market size and structure.

General, business and trade press

News articles and special reports can help a research to identify trends, gather customer intelligence, and generally get more background on an industry.

Social and search tools

There are a variety of social and search tools that allow researchers to gather information they can’t get elsewhere: keyword research tools; website analytics tools; social influence tools; social analytics tools.

Chris Wells

Chris Wells is a B2B marketing researcher and strategist. He was previously on the management team at B2B research specialist Circle Research, winners of the Best Research Agency at the 2016 MRS Awards. Chris has helped to deliver hundreds of research and strategy projects for B2B organizations.

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Primary vs Secondary Research: Differences, Methods, Sources, and More

Table of Contents

Primary vs Secondary Research – What’s the Difference?

In the search for knowledge and data to inform decisions, researchers and analysts rely on a blend of research sources. These sources are broadly categorized into primary and secondary research, each serving unique purposes and offering different insights into the subject matter at hand. But what exactly sets them apart?

Primary research is the process of gathering fresh data directly from its source. This approach offers real-time insights and specific information tailored to specific objectives set by stakeholders. Examples include surveys , interviews, and observational studies.

Secondary research , on the other hand, involves the analysis of existing data, most often collected and presented by others. This type of research is invaluable for understanding broader trends, providing context, or validating hypotheses. Common sources include scholarly articles, industry reports, and data compilations.

The crux of the difference lies in the origin of the information: primary research yields firsthand data which can be tailored to a specific business question, whilst secondary research synthesizes what's already out there. In essence, primary research listens directly to the voice of the subject, whereas secondary research hears it secondhand .

When to Use Primary and Secondary Research

Selecting the appropriate research method is pivotal and should be aligned with your research objectives. The choice between primary and secondary research is not merely procedural but strategic, influencing the depth and breadth of insights you can uncover.

Primary research shines when you need up-to-date, specific information directly relevant to your study. It's the go-to for fresh insights, understanding consumer behavior, or testing new theories. Its bespoke nature makes it indispensable for tailoring questions to get the exact answers you need.

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Secondary research is your first step into the research world. It helps set the stage by offering a broad understanding of the topic. Before diving into costly primary research, secondary research can validate the need for further investigation or provide a solid background to build upon. It's especially useful for identifying trends, benchmarking, and situating your research within the existing body of knowledge.

Combining both methods can significantly enhance your research. Starting with secondary research lays the groundwork and narrows the focus, whilst subsequent primary research delves deep into specific areas of interest, providing a well-rounded, comprehensive understanding of the topic.

Primary vs Secondary Research Methods

In the landscape of market research , the methodologies employed can significantly influence the insights and conclusions drawn. Let's delve deeper into the various methods underpinning both primary and secondary research, shedding light on their unique applications and the distinct insights they offer.

Primary Research Methods:

• Surveys: Survey research is a cornerstone of primary research, offering a quantitative approach to gathering data directly from the target audience. By employing structured questionnaires, researchers can collect a vast array of data ranging from customer preferences to behavioral patterns. This method is particularly valuable for acquiring statistically significant data that can inform decision-making processes and strategy development. The application of statistical approaches for analysing this data, such as key drivers analysis, MaxDiff or conjoint analysis can also further enhance any collected data.
• One on One Interviews: Interviews provide a qualitative depth to primary research, allowing for a nuanced exploration of participants' attitudes, experiences, and motivations. Conducted either face-to-face or remotely, interviews enable researchers to delve into the complexities of human behavior, offering rich insights that surveys alone may not uncover. This method is instrumental in exploring new areas of research or obtaining detailed information on specific topics.
• Focus Groups: Focus groups bring together a small, diverse group of participants to discuss and provide feedback on a particular subject, product, or idea. This interactive setting fosters a dynamic exchange of ideas, revealing consumers' perceptions, experiences, and preferences. Focus groups are invaluable for testing concepts, exploring market trends, and understanding the factors that influence consumer decisions.
• Ethnographic Studies: Ethnographic studies involve the systematic watching, recording, and analysis of behaviors and events in their natural setting. This method offers an unobtrusive way to gather authentic data on how people interact with products, services, or environments, providing insights that can lead to more user-centered design and marketing strategies.

Secondary Research Methods:

• Literature Reviews: Literature reviews involve the comprehensive examination of existing research and publications on a given topic. This method enables researchers to synthesize findings from a range of sources, providing a broad understanding of what is already known about a subject and identifying gaps in current knowledge.
• Meta-Analysis: Meta-analysis is a statistical technique that combines the results of multiple studies to arrive at a comprehensive conclusion. This method is particularly useful in secondary research for aggregating findings across different studies, offering a more robust understanding of the evidence on a particular topic.
• Content Analysis: Content analysis is a method for systematically analyzing texts, media, or other content to quantify patterns, themes, or biases . This approach allows researchers to assess the presence of certain words, concepts, or sentiments within a body of work, providing insights into trends, representations, and societal norms. This can be performed across a range of sources including social media, customer forums or review sites.
• Historical Research: Historical research involves the study of past events, trends, and behaviors through the examination of relevant documents and records. This method can provide context and understanding of current trends and inform future predictions, offering a unique perspective that enriches secondary research.

Each of these methods, whether primary or secondary, plays a crucial role in the mosaic of market research, offering distinct pathways to uncovering the insights necessary to drive informed decisions and strategies.

Primary vs Secondary Sources in Research

Both primary and secondary sources of research form the backbone of the insight generation process, when both are utilized in tandem it can provide the perfect steppingstone for the generation of real insights. Let’s explore how each category serves its unique purpose in the research ecosystem.

Primary Research Data Sources

Primary research data sources are the lifeblood of firsthand research, providing raw, unfiltered insights directly from the source. These include:

• Customer Satisfaction Survey Results: Direct feedback from customers about their satisfaction with a product or service. This data is invaluable for identifying strengths to build on and areas for improvement and typically renews each month or quarter so that metrics can be tracked over time.
• NPS Rating Scores from Customers: Net Promoter Score (NPS) provides a straightforward metric to gauge customer loyalty and satisfaction. This quantitative data can reveal much about customer sentiment and the likelihood of referrals.
• Ad-hoc Surveys: Ad-hoc surveys can be about any topic which requires investigation, they are typically one off surveys which zero in on one particular business objective. Ad-hoc projects are useful for situations such as investigating issues identified in other tracking surveys, new product development, ad testing, brand messaging, and many other kinds of projects.
• A Field Researcher’s Notes: Detailed observations from fieldwork can offer nuanced insights into user behaviors, interactions, and environmental factors that influence those interactions. These notes are a goldmine for understanding the context and complexities of user experiences.
• Recordings Made During Focus Groups: Audio or video recordings of focus group discussions capture the dynamics of conversation, including reactions, emotions, and the interplay of ideas. Analyzing these recordings can uncover nuanced consumer attitudes and perceptions that might not be evident in survey data alone.

These primary data sources are characterized by their immediacy and specificity, offering a direct line to the subject of study. They enable researchers to gather data that is specifically tailored to their research objectives, providing a solid foundation for insightful data analysis and strategic decision-making.

Secondary Research Data Sources

In contrast, secondary research data sources offer a broader perspective, compiling and synthesizing information from various origins. These sources include:

• Books, Magazines, Scholarly Journals: Published works provide comprehensive overviews, detailed analyses, and theoretical frameworks that can inform research topics, offering depth and context that enriches primary data.
• Market Research Reports: These reports aggregate data and analyses on industry trends, consumer behavior, and market dynamics, providing a macro-level view that can guide primary research directions and validate findings.
• Government Reports: Official statistics and reports from government agencies offer authoritative data on a wide range of topics, from economic indicators to demographic trends, providing a reliable basis for secondary analysis.
• White Papers, Private Company Data: White papers and reports from businesses and consultancies offer insights into industry-specific research, best practices, and market analyses. These sources can be invaluable for understanding the competitive landscape and identifying emerging trends.

Secondary data sources serve as a compass, guiding researchers through the vast landscape of information to identify relevant trends, benchmark against existing data, and build upon the foundation of existing knowledge. They can significantly expedite the research process by leveraging the collective wisdom and research efforts of others.

By adeptly navigating both primary and secondary sources, researchers can construct a well-rounded research project that combines the depth of firsthand data with the breadth of existing knowledge. This holistic approach ensures a comprehensive understanding of the research topic, fostering informed decisions and strategic insights.

Examples of Primary and Secondary Research in Marketing

In the realm of marketing, both primary and secondary research methods play critical roles in understanding market dynamics, consumer behavior, and competitive landscapes. By comparing examples across both methodologies, we can appreciate their unique contributions to strategic decision-making.

Example 1: New Product Development

Primary Research: Direct Consumer Feedback through Surveys and Focus Groups

• Objective: To gauge consumer interest in a new product concept and identify preferred features.
• Process: Surveys distributed to a target demographic to collect quantitative data on consumer preferences, and focus groups conducted to dive deeper into consumer attitudes and desires.
• Insights: Direct insights into consumer needs, preferences for specific features, and willingness to pay. These insights help in refining product design and developing a targeted marketing strategy.

Secondary Research: Market Analysis Reports

• Objective: To understand the existing market landscape, including competitor products and market trends.
• Process: Analyzing published market analysis reports and industry studies to gather data on market size, growth trends, and competitive offerings.
• Insights: Provides a broader understanding of the market, helping to position the new product strategically against competitors and align it with current trends.

Example 2: Brand Positioning

Primary Research: Brand Perception Analysis through Surveys

• Objective: To understand how the brand is perceived by consumers and identify potential areas for repositioning.
• Process: Conducting surveys that ask consumers to describe the brand in their own words, rate it against various attributes, and compare it to competitors.
• Insights: Direct feedback on brand strengths and weaknesses from the consumer's perspective, offering actionable data for adjusting brand messaging and positioning.

Secondary Research: Social Media Sentiment Analysis

• Objective: To analyze public sentiment towards the brand and its competitors.
• Process: Utilizing software tools to analyze mentions, hashtags, and discussions related to the brand and its competitors across social media platforms.
• Insights: Offers an overview of public perception and emerging trends in consumer sentiment, which can validate findings from primary research or highlight areas needing further investigation.

Example 3: Market Expansion Strategy

Primary Research: Consumer Demand Studies in New Markets

• Objective: To assess demand and consumer preferences in a new geographic market.
• Process: Conducting surveys and interviews with potential consumers in the target market to understand their needs, preferences, and cultural nuances.
• Insights: Provides specific insights into the new market’s consumer behavior, preferences, and potential barriers to entry, guiding market entry strategies.

Secondary Research: Economic and Demographic Analysis

• Objective: To evaluate the economic viability and demographic appeal of the new market.
• Process: Reviewing existing economic reports, demographic data, and industry trends relevant to the target market.
• Insights: Offers a macro view of the market's potential, including economic conditions, demographic trends, and consumer spending patterns, which can complement insights gained from primary research.

By leveraging both primary and secondary research, marketers can form a comprehensive understanding of their market, consumers, and competitors, facilitating informed decision-making and strategic planning. Each method brings its strengths to the table, with primary research offering direct consumer insights and secondary research providing a broader context within which to interpret those insights.

What Are the Pros and Cons of Primary and Secondary Research?

When it comes to market research, both primary and secondary research offer unique advantages and face certain limitations. Understanding these can help researchers and businesses make informed decisions on which approach to utilize for their specific needs. Below is a comparative table highlighting the pros and cons of each research type.

Navigating the Pros and Cons

• Balance Your Research Needs: Consider starting with secondary research to gain a broad understanding of the subject matter, then delve into primary research for specific, targeted insights that are tailored to your precise needs.
• Resource Allocation: Evaluate your budget, time, and resource availability. Primary research can offer more specific and actionable data but requires more resources. Secondary research is more accessible but may lack the specificity or recency you need.
• Quality and Relevance: Assess the quality and relevance of available secondary sources before deciding if primary research is necessary. Sometimes, the existing data might suffice, especially for preliminary market understanding or trend analysis.
• Combining Both for Comprehensive Insights: Often, the most effective research strategy involves a combination of both primary and secondary research. This approach allows for a more comprehensive understanding of the market, leveraging the broad perspective provided by secondary sources and the depth and specificity of primary data.

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• How to Perform an Insightful Secondary Market Research

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In this article, we discover the topic of secondary market research. We start with 1) an introduction to the secondary market research , and 2) how to conduct an insightful secondary market research , and conclude with 3) tips to conduct secondary market research effectively .

SECONDARY MARKET RESEARCH: AN INTRODUCTION

Secondary market research is a kind of a market research method that involves collecting information or data from secondary sources. This means that in such a method of research, a business collects and uses information that has previously been collected by some other person or entity. There is a wealth of suitable information out there, and businesses can save their time and money by using this data rather than going the distance to find their own. However convenient secondary research might seem, one cannot deny the importance of primary market research as well.

In the case of secondary market research , the internet may seem like the most obvious source to gather data but besides it, there are numerous other sources including libraries, competitor’s data, colleges and universities, government data, trade publications, competitor’s data and media sources, etc. A business can gather data from as many sources as possible and can then compile and analyze it to come to conclusion or understanding of the market and its trends. To know more about secondary market research, you can read the following given information.

Points to be considered while collecting information from secondary sources

One must consider the following given three points while collecting data from secondary sources:

• The time spent, and expenses incurred to collect data

It might seem easy, convenient and cheap to collect information through secondary sources, but sometimes it may be very time-consuming and expensive to do so since some sources demand money to offer information. Every business must thus take into consideration the time spent as well as the expenses that will be incurred by gathering secondary market data. They must compare it with the time and cost of using primary market research method to do the same and then pick the option that seems better.

• Credibility of source

Not all secondary sources may provide you with accurate, credible and complete information. Thus as a business it is your responsibility to consider and check for the credibility of the source and accuracy of the data.

• Specific nature of data

One must make sure that the data or information they are collecting is suitable in terms of requirements and answers the issues which the business needs to address. It is pointless to spend money, time and efforts on information that may not prove useful eventually.

Advantages of secondary market research

The following are some of the main advantages and benefits of secondary market research:

• Very good basis for effective primary market research -When a business collects data from a secondary source, then this may help it to know about the effectiveness and suitability of primary market research. When this form of research is done, then the business can easily form a hypothesis and fathom the efforts as well as the money required to conduct primary research work. Moreover, when secondary research is complete, a business gains a view about what issues are still left, and these can be covered by their surveys or other forms of primary research.
• Extensive range of data can be collected – Information that is collected from secondary sources like the internet, government sources, libraries, etc. is very extensive and may help to cover many issues. This data can then be cut short, and only the useful parts can be filtered out.
• Highly cost and time effective – On comparing with primary market research, secondary market research proves to be very time and cost effective. This is because it helps to obtain the large spectrum of information in a shorter span of time and for a lesser cost than primary research. In fact, in most cases, data is available for free.

HOW TO CONDUCT AN INSIGHTFUL SECONDARY MARKET RESEARCH

In order to find out specific, highly accurate and useful research results, it is important to conduct secondary market research carefully and in a well-planned manner. There is a gamut of information available on the web, in print and on electronic database systems. This information can be used as the commencement point for research. Follow the given steps to conduct a thorough and insightful secondary research.

Step 1:   What question do you want to research and answer?

The first step of the process involves asking yourself what exactly you are looking for and what kinds of questions you wish to answer from the results obtained. Also, you need to figure out who might have previously published data that could answer your questions or address your issues. Once you have a clear idea of your objectives, you will find it easier to tread on the path of secondary research.

There are many more questions that you will need to ask yourself before you set out looking for data. These questions are:

• Do you wish to know about your competitors as well as the products they are offering?
• Do you wish to know about the market in general or your target audience specifically?
• Do you wish to find out if your personal business conditions will play a role in the research work?
• Do you wish to take into account the preferences of the consumers?

These are important questions that every business must take into account in order to successfully conduct and complete the secondary research. Now you might also need to consider the sources that might have the information you need. When you know the sources, the search process will become much easier. Some examples of commonly used secondary market research sources are trade publications, government sources, the web, media sources, private research firms and previously compiled company data, etc.

Step 2:   What information do you need to answer the question?

Now that you have asked yourself important questions and figured out the kinds of issues you need to address as a business, the next step is to figure out the exact type of information that can address these issues. You must now have a clear idea about data type that will satisfy your purpose. While some businesses need annual reports, financial reports, and other statistical data to complete their research, others might need local information, consumer information, industry survey reports, etc. You too must chart out the various types of data your business requires to go ahead with your operations or product launch, etc.

Step 3:   Where can you find the required information?

Now that you know the exact kind of data you need, you must try to find out the sources that can actually provide you with suitable information. You must start by thinking that the source is likely to provide you with the most relevant information for you requirement. For example, your previous balance sheets and company data may help you figure out past record or monitor your performance whereas government sources are known for publishing information related to business conditions and so on. Thus take the time to evaluate which source to turn to and which to leave. The following is some more information on the various sources available:

Internal Sources

Internal sources are the kinds of sources of secondary market research which provide data that has been previously collected or gathered by a business as a part of research. The information of the internal sources is filed in the database of the business or company so that it can be used for future reference purpose. This information is highly valued since based on it; most businesses can evaluate market trends, their capacity, and capabilities etc. The following are some examples of internal sources:

• Balance sheets – Most businesses collect and file all their balance sheets because these documents can help establish trends, figure out stats and offer insights for future projects.
• Profit and loss statements – These financial statements to act as internal sources and can be referred to for future projects and to study earning trends.
• Inventory records – Inventory records can be studied as an internal market research method in order to figure out the life of products in inventory and other similar statistics.
• Sales figures – Copies of invoices and sales figures can be compared with records of marketing data to evaluate the effectiveness and fathom ideas for future campaigning.

Internal sources of data must always act as the first line of research for businesses since they give out a lot of useful data in the cheapest, easiest and least time-consuming way. Moreover, internal data is exclusive to the business, and no other rival company can benefit from it.

External Sources

External sources are those kinds of market research sources which consist of data that is collected by people or entities outside the business’s environment. Unlike internal sources, external sources do not consist of any personal or exclusive data. This source can be used if data collected from internal sources does not prove to be sufficient. There are many kinds of external sources, and there is endless data that can be collected from them. One must exercise a restricted and controlled approach when it comes to using external sources, to avoid collecting a large amount of useless data. The following are some of the main external sources available:

• Journals and Magazines – One of the most common external secondary market research sources includes journals and magazines. The information collected from the press or media sources is an amalgamation of new products, trends of the market and projections for the future. But since there is an infinite amount of such journals and magazines, one must make it a point to go through only highly relevant ones. Only trusted, well reputed and credible journals must be referred to for finding business related information to avoid wasting time and efforts.
• Trade associations – As far as industry related information or useful statistics are concerned, trade associations can be a great secondary market external source. Not only do these associations provide contact names but also help to scan through business reports and findings from all over the world. This source provides a wide array of useful information that can be compiled, evaluated and then utilized for specific business needs or purposes. Trade associations publish not only relevant stories but also research guides, reports, articles and news pieces, etc.
• Industry and market data – Market reports, as well as industry surveys, are also an excellent secondary market research since they are capable of providing large amounts of data on the market. But one must know that finding a survey or report that exactly suits your requirement could be challenging, given the large number of such surveys present. Moreover, survey reports and results are specific to the region, demographics and products and hence finding one that matches completely could take time. Industry and market reports help to avoid the need to conduct your surveys or industry analysis through primary research methods. This research method can also help to save costs, time as well as effort as compared to primary market research.
• Company and competitor information – Another way to use external sources as a method for secondary market research is to utilize data compiled and collected about competitors or rivals . Most businesses collect and file data like annual reports, directories, rankings, etc. so that it can be used for their future purposes. This data can also be used or bought by rival companies for their research purposes. The following are a few examples of such data:
• Directories – Directories are those sources that offer physical information such as phone numbers, addresses, names of executives, trade names, product details, etc.
• Annual reports – Businesses publish their annual reports such as financial statements, press releases, prospectuses, etc. these can also be used as an external secondary market research information.
• Rankings – Businesses can use the ranking details of other companies for comparative or evaluation purposes.
• Share of market – This data includes information about numerous consumer goods and brands and the share the business has in the market.
• Demographics/consumer data – All businesses make a file of or collect information about consumers and demographic data . Such data files can also come into use of other business organizations for their research purposes. While, in most cases, consumer data may be available for free, in some situations, an entity might demand money for its usage. The following are some of the categories that can be included in this kind of data:
• Government data – Most governments publish data and information about markets, trends, growth rates, labor, economic factors, consumer behavior and other such matters that may prove to be of a lot of use for businesses.
• Other sources – Some of the other such sources include news reports, marketing data, country statistics, etc.

TIPS TO CONDUCT SECONDARY MARKET RESEARCH EFFECTIVELY

When you start conducting your secondary market research you have to understand the limitations and boundaries of the research, analyzing the public point of view, as well as select carefully the sources. Here are the details:

• Understand the boundaries of researching – One of the first tips that one can follow to conduct a secondary market research effectively and efficiently is to understand and follow the limits and boundaries of researching. Secondary market research has several branches and sub-branches that lead to a plethora of data and array of information, but it is important to draw a line and conduct research in a controlled way.
• Understand public perceptions by reviewing magazines and newspapers – Besides using the internet or government data, it is a good idea to read and review magazines and newspaper articles to understand the perceptions and preferences of the public. Media has a huge impact on how the public thinks and as a business organization, you must tap this point to benefit your research.
• Go for credible mainstream sources – Another important tip is to go only to credible and mainstream sources like government sites, trusted websites and public databases. Avoid wasting time on research that is not backed by proof and trust. Moreover, it is best to avoid trusting information on independent web pages as it may be incomplete or wrong.
• Start by simple online search – It is best to start your research by entering the topic on Google, Bing or Yahoo Search. Check the type of resources that come up and mark a few useful links and pages that are credible. This will give you a good start and may help you determine what to do next.
• Look inwards – Rather than starting with external sources for research, you must first look inwards, collect internal source data and evaluate it. Only if you are falling short of more information should you opt for other methods of research. In most cases, internal sources may fulfill your requirement and may provide information that applies to your current objectives as well.
• Avoid buying secondary market research – In most cases, you will be able to conduct secondary market research without paying a price for it. Thus, avoid dishing out your credit card without looking for free and credible information. This is a good way to save money for your business and utilize it elsewhere.

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• Primary vs Secondary Research

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Primary vs secondary research – what’s the difference.

14 min read Find out how primary and secondary research are different from each other, and how you can use them both in your own research program.

Primary vs secondary research: in a nutshell

The essential difference between primary and secondary research lies in who collects the data.

• Primary research definition

When you conduct primary research, you’re collecting data by doing your own surveys or observations.

• Secondary research definition:

In secondary research, you’re looking at existing data from other researchers, such as academic journals, government agencies or national statistics.

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When to use primary vs secondary research

Primary research and secondary research both offer value in helping you gather information.

Each research method can be used alone to good effect. But when you combine the two research methods, you have the ingredients for a highly effective market research strategy. Most research combines some element of both primary methods and secondary source consultation.

So assuming you’re planning to do both primary and secondary research – which comes first? Counterintuitive as it sounds, it’s more usual to start your research process with secondary research, then move on to primary research.

Secondary research can prepare you for collecting your own data in a primary research project. It can give you a broad overview of your research area, identify influences and trends, and may give you ideas and avenues to explore that you hadn’t previously considered.

Given that secondary research can be done quickly and inexpensively, it makes sense to start your primary research process with some kind of secondary research. Even if you’re expecting to find out what you need to know from a survey of your target market, taking a small amount of time to gather information from secondary sources is worth doing.

Primary research

Primary market research is original research carried out when a company needs timely, specific data about something that affects its success or potential longevity.

Primary research data collection might be carried out in-house by a business analyst or market research team within the company, or it may be outsourced to a specialist provider, such as an agency or consultancy. While outsourcing primary research involves a greater upfront expense, it’s less time consuming and can bring added benefits such as researcher expertise and a ‘fresh eyes’ perspective that avoids the risk of bias and partiality affecting the research data.

Primary research gives you recent data from known primary sources about the particular topic you care about, but it does take a little time to collect that data from scratch, rather than finding secondary data via an internet search or library visit.

Primary research involves two forms of data collection:

• Exploratory research This type of primary research is carried out to determine the nature of a problem that hasn’t yet been clearly defined. For example, a supermarket wants to improve its poor customer service and needs to understand the key drivers behind the customer experience issues. It might do this by interviewing employees and customers, or by running a survey program or focus groups.
• Conclusive research This form of primary research is carried out to solve a problem that the exploratory research – or other forms of primary data – has identified. For example, say the supermarket’s exploratory research found that employees weren’t happy. Conclusive research went deeper, revealing that the manager was rude, unreasonable, and difficult, making the employees unhappy and resulting in a poor employee experience which in turn led to less than excellent customer service. Thanks to the company’s choice to conduct primary research, a new manager was brought in, employees were happier and customer service improved.

Examples of primary research

All of the following are forms of primary research data.

• Customer satisfaction survey results
• Employee experience pulse survey results
• NPS rating scores from your customers
• A field researcher’s notes
• Data from weather stations in a local area
• Recordings made during focus groups

Primary research methods

There are a number of primary research methods to choose from, and they are already familiar to most people. The ones you choose will depend on your budget, your time constraints, your research goals and whether you’re looking for quantitative or qualitative data.

A survey can be carried out online, offline, face to face or via other media such as phone or SMS. It’s relatively cheap to do, since participants can self-administer the questionnaire in most cases. You can automate much of the process if you invest in good quality survey software.

Primary research interviews can be carried out face to face, over the phone or via video calling. They’re more time-consuming than surveys, and they require the time and expense of a skilled interviewer and a dedicated room, phone line or video calling setup. However, a personal interview can provide a very rich primary source of data based not only on the participant’s answers but also on the observations of the interviewer.

Focus groups

A focus group is an interview with multiple participants at the same time. It often takes the form of a discussion moderated by the researcher. As well as taking less time and resources than a series of one-to-one interviews, a focus group can benefit from the interactions between participants which bring out more ideas and opinions. However this can also lead to conversations going off on a tangent, which the moderator must be able to skilfully avoid by guiding the group back to the relevant topic.

Secondary research

Secondary research is research that has already been done by someone else prior to your own research study.

Secondary research is generally the best place to start any research project as it will reveal whether someone has already researched the same topic you’re interested in, or a similar topic that helps lay some of the groundwork for your research project.

Even if your preliminary secondary research doesn’t turn up a study similar to your own research goals, it will still give you a stronger knowledge base that you can use to strengthen and refine your research hypothesis. You may even find some gaps in the market you didn’t know about before.

The scope of secondary research resources is extremely broad. Here are just a few of the places you might look for relevant information.

Books and magazines

A public library can turn up a wealth of data in the form of books and magazines – and it doesn’t cost a penny to consult them.

Market research reports

Secondary research from professional research agencies can be highly valuable, as you can be confident the data collection methods and data analysis will be sound

Scholarly journals, often available in reference libraries

Peer-reviewed journals have been examined by experts from the relevant educational institutions, meaning there has been an extra layer of oversight and careful consideration of the data points before publication.

Government reports and studies

Public domain data, such as census data, can provide relevant information for your research project, not least in choosing the appropriate research population for a primary research method. If the information you need isn’t readily available, try contacting the relevant government agencies.

White papers

Businesses often produce white papers as a means of showcasing their expertise and value in their field. White papers can be helpful in secondary research methods, although they may not be as carefully vetted as academic papers or public records.

Trade or industry associations

Associations may have secondary data that goes back a long way and offers a general overview of a particular industry. This data collected over time can be very helpful in laying the foundations of your particular research project.

Private company data

Some businesses may offer their company data to those conducting research in return for fees or with explicit permissions. However, if a business has data that’s closely relevant to yours, it’s likely they are a competitor and may flat out refuse your request.

Learn more about secondary research

Examples of secondary research data

These are all forms of secondary research data in action:

• A newspaper report quoting statistics sourced by a journalist
• Facts from primary research articles quoted during a debate club meeting
• A blog post discussing new national figures on the economy
• A company consulting previous research published by a competitor

Secondary research methods

Literature reviews.

A core part of the secondary research process, involving data collection and constructing an argument around multiple sources. A literature review involves gathering information from a wide range of secondary sources on one topic and summarizing them in a report or in the introduction to primary research data.

Content analysis

This systematic approach is widely used in social science disciplines. It uses codes for themes, tropes or key phrases which are tallied up according to how often they occur in the secondary data. The results help researchers to draw conclusions from qualitative data.

Data analysis using digital tools

You can analyze large volumes of data using software that can recognize and categorize natural language. More advanced tools will even be able to identify relationships and semantic connections within the secondary research materials.

Comparing primary vs secondary research

We’ve established that both primary research and secondary research have benefits for your business, and that there are major differences in terms of the research process, the cost, the research skills involved and the types of data gathered. But is one of them better than the other?

The answer largely depends on your situation. Whether primary or secondary research wins out in your specific case depends on the particular topic you’re interested in and the resources you have available. The positive aspects of one method might be enough to sway you, or the drawbacks – such as a lack of credible evidence already published, as might be the case in very fast-moving industries – might make one method totally unsuitable.

Here’s an at-a-glance look at the features and characteristics of primary vs secondary research, illustrating some of the key differences between them.

What are the pros and cons of primary research?

Primary research provides original data and allows you to pinpoint the issues you’re interested in and collect data from your target market – with all the effort that entails.

Benefits of primary research:

• Tells you what you need to know, nothing irrelevant
• Yours exclusively – once acquired, you may be able to sell primary data or use it for marketing
• Teaches you more about your business
• Can help foster new working relationships and connections between silos
• Primary research methods can provide upskilling opportunities – employees gain new research skills

Limitations of primary research:

• Lacks context from other research on related subjects
• Can be expensive
• Results aren’t ready to use until the project is complete
• Any mistakes you make in in research design or implementation could compromise your data quality
• May not have lasting relevance – although it could fulfill a benchmarking function if things change

What are the pros and cons of secondary research?

Secondary research relies on secondary sources, which can be both an advantage and a drawback. After all, other people are doing the work, but they’re also setting the research parameters.

Benefits of secondary research:

• It’s often low cost or even free to access in the public domain
• Supplies a knowledge base for researchers to learn from
• Data is complete, has been analyzed and checked, saving you time and costs
• It’s ready to use as soon as you acquire it

Limitations of secondary research

• May not provide enough specific information
• Conducting a literature review in a well-researched subject area can become overwhelming
• No added value from publishing or re-selling your research data
• Results are inconclusive – you’ll only ever be interpreting data from another organization’s experience, not your own
• Details of the research methodology are unknown
• May be out of date – always check carefully the original research was conducted

Related resources

Business research methods 12 min read, qualitative research interviews 11 min read, market intelligence 10 min read, marketing insights 11 min read, ethnographic research 11 min read, qualitative vs quantitative research 13 min read, qualitative research questions 11 min read, request demo.

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