Secondary market research means that simple collection of data needs to be carried out. The data collected can be both internal and external.
Market analyses: reveals the characteristics of markets for a particular industry or product. These come from market research firms, competitors etc.
Academic journals: these are journals produced from educational and research institutions, they conduct studies and experiments into different markets.
Government publications: governments produce lots of data about the general population and its demographic characteristics, as well as economic information.
Media articles: e.g., books, TV, documentaries, magazines.
Frequently Asked Questions about Secondary Market Research
Secondary market research involves gathering and analyzing existing data that has already been collected by someone else for a different purpose. This data is readily available and can be accessed from various published sources, rather than collected firsthand.
**Primary research** is the collection of *new*, original data directly from the source (e.g., your own surveys, interviews, focus groups). **Secondary research** is the analysis of data that *already exists* and was collected by someone else (e.g., using government reports, academic studies, industry publications).
Sources of secondary market research can be internal or external. Examples include:
- **Internal:** Company sales data, customer databases, previous research reports, website analytics.
- **External:** Government statistics (census data), public libraries, academic journals, industry associations and reports, commercial market research reports, online databases, news articles, competitor websites.
Examples include:
- Analyzing existing sales figures to identify trends in customer purchasing.
- Downloading and reviewing a government report on population demographics in a target region.
- Reading industry-specific publications or reports about market size and growth forecasts.
- Researching competitor pricing and product features based on publicly available information.
- Using online databases or search engines to find articles and studies about consumer behavior in a particular sector.
Benefits include:
- **Cost-effectiveness:** It is generally much cheaper than primary research.
- **Speed:** Data is already collected and often quickly accessible.
- **Availability:** A vast amount of published data exists on many topics.
- **Baseline Information:** Provides a good starting point and context for understanding the market before conducting primary research.
Disadvantages include:
- **Data Relevance:** Data might not be perfectly tailored to your specific research question.
- **Accuracy & Reliability:** The data's quality and collection methodology are determined by the original source.
- **Timeliness:** Data may be outdated, especially in rapidly changing markets.
- **Availability:** Specific information you need might not exist or be publicly available.
- **Competitive Access:** The same data is available to competitors.
One key reason marketers conduct secondary research is to **gain a foundational understanding of the market and identify potential problems or opportunities** before investing time and money in primary research. It helps define the scope and focus of further research efforts.
