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 behaviour 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 behaviour is crucial, and secondary research serves this up on a silver platter.

For instance, let’s take market trends. By analysing 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 outmanoeuvre them. This insight can guide mergers, acquisitions, or new product launches.

And we can’t forget about customer behaviour. 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 capitalise 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.

The Green Brand Sustainability Study

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.

StepDescription
Identifying Your Research ObjectivesStart with clarity. What exactly do you need to know? Define your objectives in a way that they directly support your business goals. Whether it’s understanding a market trend, evaluating competitive positions, or getting to know your customers better, your objectives should be specific, measurable, achievable, relevant, and time-bound (SMART).
Sourcing Relevant DataNot all data is created equal. Focus on finding high-quality, reliable sources. Look into academic databases like JSTOR or Google Scholar for peer-reviewed papers, industry reports from firms like Gartner or McKinsey, and public databases for economic and demographic data. Assess the credibility of these sources by checking the author’s credentials, publication date, and the methodology used in the research.
Analysing and Interpreting DataThis is where the magic happens. Use qualitative methods to understand themes and narratives or quantitative methods for statistical analysis. Tools like SWOT analysis can help in understanding strengths, weaknesses, opportunities, and threats based on the data. Software like SPSS or Excel can be invaluable for crunching numbers. The key is to look for patterns, correlations, and insights that align with your research objectives.
Applying Insights to Strategic DecisionsNow, turn those insights into action. If the data shows a growing market trend, consider how your product development can align with that trend. If competitive analysis reveals a gap in the market, think about how you can position your company to fill that gap. Use these insights to inform decisions on product development, market entry, and competitive positioning.

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. Prioritise 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.
  • The Solution:
    • 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.
  • The Solution:
    • Use a mixed-methods approach, combining qualitative and quantitative analysis.
    • Visualise your findings with charts and graphs to better identify patterns.

Leveraging Technology in Secondary Research

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

Data Management Tools

  • Evernote or OneNote: This is used to organise 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.

Leveraging Technology in Secondary Research

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 Visualisation: 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 analysing 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.
beverage-trends-report

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 visualisation 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.

ResourceLevelDescription
CIA World FactbookGlobalComprehensive information on the history, people, government, economy, geography, communications, transportation, military, and transnational issues for 267 world entities.
Google ScholarGlobalAccess to a wide range of scholarly articles, theses, books, abstracts, and court opinions from academic publishers, professional societies, online repositories, universities, and websites.
PubMedGlobalA free resource supporting the search and retrieval of biomedical and life sciences literature with the aim of improving health–both globally and personally.
World Bank Open DataGlobalFree and open access to global development data, including data on economic development, health, and population statistics.
EurostatEuropeStatistical data and analyses on European countries covering various sectors including economy, population, and social conditions.
United Nations DataGlobalA portal to international statistics gathered by the United Nations on economics, social conditions, environment, and more.
U.S. Census BureauUnited StatesDetailed data on demographic, economic, and geographic studies of the U.S. population.
Bureau of Labor StatisticsUnited StatesU.S. economic data, including employment, productivity, inflation, and the state of various industries.
Pew Research CenterGlobalNonpartisan fact tank that informs the public about the issues, attitudes, and trends shaping the world through public opinion polling and social science research.
StatistaGlobalStatistics portal integrating data on over 80,000 topics from over 22,500 sources onto a single platform.
Google Public Data ExplorerGlobalLarge datasets from world development indicators, OECD, and human development indicators, visualised in an easy-to-understand way.
National Bureau of Economic Research (NBER)United StatesOffers a wide range of economic data, research, and analysis.
Office for National Statistics (ONS)United KingdomUK’s largest independent producer of official statistics and the recognised national statistical institute of the UK.
Australian Bureau of Statistics (ABS)AustraliaProvides statistical services and data on economic, population, environmental, and social issues.
Statistics CanadaCanadaNational statistical office offering a wide array of economic, social, and environmental statistics.
Data.govUnited StatesHome to the U.S. government’s open data, including data on agriculture, education, energy, finance, and more.
European Union Open Data PortalEuropeProvides access to data published by EU institutions and bodies.
IndiaStatIndiaComprehensive statistical analysis on India covering demographics, economy, health, education, and more.
Chinese National Bureau of StatisticsChinaOffers economic, demographic, and social data on China.
Africa Development Bank – Open Data PlatformAfricaData on African countries covering economic, social, and environmental indicators.

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. 

Have you ever wondered why obtaining a bank loan isn’t as easy as shopping online? Or why selecting a health insurance policy isn’t as quick as booking a hotel?

The modern consumer has higher expectations and is increasingly asking these questions. Brands that cater to these expectations stand to beat the competition and garner customer loyalty. 

So, if you think you know your competition, think again. 

A senior executive at IBM once captured the modern consumer’s needs: “The last best experience anyone has anywhere becomes the minimum expectation for the experience they want everywhere.” 

This statement challenges most executives’ understanding of competition —that they’re limited to major players or emerging brands in their industry. However, what if the real competition extends beyond your industry? How do brands craft a winning strategy when they’re not just competing with industry peers but also with ever-evolving customer expectations shaped by their best experiences in other sectors? 

In the past,, brands gauged their competition based on rivals within their industry. A car dealership compared itself to other car dealers, a bank to other banks. This approach, while logical, is increasingly becoming outdated. In a connected world where consumers can instantly compare services and products across sectors, their expectations are no longer siloed within industry lines.

A coffee shop isn’t just competing with the café next door but also with the fast, personalised service of tech firms or the immersive experience of a luxury retailer. This broader perspective on competition compels brands to innovate continually, not just in their product or service offerings but in customer experience, convenience, and reliability.

The story of Amazon epitomises this change. Once an online bookstore, Amazon became a colossal e-commerce platform, challenging bookstores and retailers across countless sectors. Their competitive edge? Understanding and setting new benchmarks in customer expectations.

Most recently, Dubai International Airport set new benchmarks in its sector by introducing a new biometric system that allows travellers to Dubai to travel without a passport, which makes the experience more pleasant. 

Rethinking competition means brands must now consider how they stack up against the best experience a customer has had anywhere, not just against their traditional industry competitors. It’s a move from industry-focused to customer-experience-focused competition, a transition that requires a deep understanding of customer expectations far beyond industry boundaries.

Role of Market Research in Revealing True Competitors

Market research is integral to identifying a brand’s opportunities. It helps companies understand who they compete against and their customers’ evolving expectations. For instance, a fast-food chain might find its real competition lies not only with other fast-food outlets but with the expected experience whenever or whatever they buy.

Chick-fil-A, a U.S. fast-food chain known for its chicken sandwiches, redefined its customer service by looking beyond its immediate competitors in the fast-food industry. This venture was initiated through a partnership with Horst Schulze, the COO of Ritz-Carlton at the time, as the hotel chain is synonymous with luxury and exceptional customer service.

The Challenge:

Chick-fil-A was already performing well against its direct fast-food competitors. However, Schulze’s assessment that they were the “best of a bad lot” challenged them to aim higher, to compete not just with other fast-food chains but also with sit-down and fine-dining restaurants known for their superior customer service.

Market Research and Strategy:

To bridge this gap, Chick-fil-A executives thoroughly analysed these higher-end dining experiences. They conducted surveys and customer feedback sessions to understand the most valued service elements in these settings. The result was the creation of the “Core 4” principles of customer service, focusing on creating eye contact, sharing smiles, using an enthusiastic tone, and personalising customer interactions.

Image Courtesy: Chick-fil-A

Further Consultation with Danny Meyer:

Chick-fil-A didn’t stop with the insights from Ritz-Carlton. They also consulted with Danny Meyer of Union Square Hospitality Group, who is renowned for his hospitality expertise. Meyer, who later founded the popular fast-casual chain Shake Shack, worked with Chick-fil-A to deepen their understanding of hospitality, emphasising the importance of going the extra mile in service, a relatively uncommon fast food concept.

Impact and Results:

Implementing these strategies led to a significant transformation within Chick-fil-A’s service model. As a Chick-fil-A executive noted, the impact on sales, profits, and overall customer engagement was profound. The adoption of “second-mile service” became a hallmark of Chick-fil-A, noticeably differentiating them from their traditional fast-food competitors.

Competitive Analysis Across Industries

Conducting a competitive analysis beyond your immediate industry is crucial. This broader approach can uncover valuable insights and innovative practices from various sectors, offering a more comprehensive view of the competitive terrain.

brand-analysis

How to Conduct a Cross-Industry Competitive Analysis

Identify Key Competitors in Other Industries: Identify companies in other sectors admired for customer service, innovation, or efficiency. These could be organisations your customers frequently compare you to, even if they are outside your direct line of business.

Gather Information: Utilise public resources like company websites, press releases, case studies, and industry reports to gather information about these competitors. Pay attention to their business models, customer engagement strategies, marketing approaches, and operational efficiencies.

Analyse Customer Reviews and Feedback: Look at customer reviews and feedback for these companies. Platforms like social media, online forums, and review sites can provide insights into what customers value in their experiences with these brands.

Study Their Service Delivery and Processes: Examine how these companies deliver their services or products. What makes their process stand out? How do they handle customer service, and what are their operational efficiencies?

Benchmark Against Best Practices: Compare these findings against your practices. This benchmarking should cover customer experience, service speed, technological adoption, and innovation.

SWOT Analysis: Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis for both your company and the companies in other industries. This comparison can highlight areas for improvement and potential opportunities for your brand.

Learning from Best Practices in Different Sectors:

  • Adopting Technological Innovations: Look at how tech companies use technology to enhance customer experience and consider how you could implement similar technologies in your sector.
  • Customer Service Excellence: Study the customer service strategies of companies known for outstanding customer care, like luxury hotels or high-end retailers, and integrate applicable elements into your customer service approach.
  • Efficiency Models: Analyse the operational efficiency of companies in industries like manufacturing or logistics. Their practices could offer insights into streamlining your processes.
  • Innovative Marketing Strategies: Observe companies’ marketing tactics in creative industries or those that have successfully tapped into new customer segments.
  • Sustainability Practices: Learn from companies leading in sustainability and environmental responsibility. For instance, even if you are a beverage brand, you can learn from Patagonia, a clothing brand that is leading in sustainability. This could improve your company’s environmental impact and enhance your brand image.

Using Market Research to Adapt to Market Conditions and Customer Expectations

  • Continuous Market Monitoring: Regularly monitor market trends and consumer behaviour to stay ahead of changes and adapt strategies accordingly. Through constant market research and monitoring, Nike remains innovative with new product lines. In recent years, Nike introduced athleisure wear in response to the growing fitness and casual lifestyle blending trend.
  • Feedback Loops: Establish mechanisms for continuous customer feedback to gauge the effectiveness of the implemented strategies and make adjustments as needed. For example, Xiaomi, a Chinese consumer electronics brand, uses a unique business model that relies heavily on customer feedback. They regularly update their smartphones and other electronic products based on consumer suggestions gathered through online forums and social media, ensuring they stay closely aligned with user needs and preferences.
  • Agility in Strategy Execution: Be prepared to quickly alter or refine strategies in response to market feedback or shifts in the competitive landscape. Faced with unprecedented challenges in the restaurant industry due to lockdowns and restrictions during the pandemic, McDonald’s swiftly adapted its approach. They expanded contactless ordering and delivery options, simplified their menu to streamline operations, introduced promotions, implemented rigorous safety measures for employees and customers, and engaged in community support efforts. This rapid response allowed McDonald’s to maintain its customer base, ensure employee safety, and serve as a dependable source of affordable food during a crisis, showcasing its ability to pivot and succeed in a changing market landscape.
  • Incorporating Technology: Leverage technology to enhance customer engagement, streamline operations, and gather data for ongoing market analysis. For example, Amazon has continuously leveraged technology to improve customer engagement and streamline operations. From its recommendation algorithms to the use of AI and robotics in its warehouses, Amazon uses technology to improve efficiency and the customer experience.
  • Sustainability and Social Responsibility: Integrate sustainable practices and social responsibility into business strategies, aligning with the increasing consumer emphasis on ethical and environmental considerations. For instance, Toyota has long been a leader in sustainability, particularly with its development of hybrid and electric vehicles like the Prius. Their commitment to reducing environmental impact through sustainable practices is a core part of their business strategy, aligning with global concerns about climate change.
beauty-trends

Final Thoughts —Use Customer Expectations as a Competitive Benchmark

Working with global brands across industries and geographies, we have uncovered a critical insight: many brands may not fully realise who their competitors are. As we’ve seen through various successful brand examples, your competitors may sometimes be different from the ones you’ve traditionally considered. Instead, they could be any brand or service that sets the expectations for your customers, often from entirely different industries.

Customers today are exposed to a wide range of services and products, from online retail giants to high-tech consumer electronics. The quality of service and efficiency they experience in one sector invariably shapes their expectations of others. This shift means a brand is no longer just competing within its industry but also against the best practices of sectors far removed from its own.

Market research emerges as a powerful tool in this scenario. It helps you understand what your customers expect based on industry standards and their best experiences in any sector. These expectations become your competitive benchmark. Whether it’s the seamless convenience of an app, the personalised service of a luxury hotel, or the efficiency of a tech giant, these are the standards against which your customers are measuring you.

Therefore, brands must engage in market research and competitive analysis continuously. This ongoing process will help you stay abreast of current market trends and customer expectations and allow you to anticipate future changes. Understanding and adapting to these evolving benchmarks allows your brand to remain competitive in a market reshaped by new players, technologies, and consumer behaviours.

Look beyond your industry, learn from the best in all sectors, and use these insights to refine and enhance your business strategies. This continuous market research and competitive analysis is essential for sustained success and growth in a rapidly changing market.

For more information on how to conduct a competitive analysis, contact us here.

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The overriding purpose of market research is simple: The better a brand understands its customers and position in the marketplace, the stronger equipped it is to seize advantage of future growth opportunities. 

In most cases, market research starts with a macro understanding of consumer trends and behaviours before zooming in on the nuances within the desired target audience. The process incorporates data from various sources—consumers, industry experts, and additional research materials. The objective is to combine broad contextual insights with targeted findings, resulting in information that brands can act upon when it comes to future sales, potential expansion, new product launches, and so on. 

This research can be broken down into two broad categories—primary and secondary research. When conducted properly, primary and secondary research enables companies to:

  • Acquire a deeper understanding of why customers use their products or services
  • Design strategies to set themselves apart from the pack
  • Set the foundation for successful product or service innovations
  • Identify new opportunities for growth

Effective market research paves the way for brands to stay agile and strategic in an ever-changing marketplace. The key is knowing where to find the data supporting this process and how to go about collecting it.

Primary Research Offers a Trove of Insights

Actionable market research must start with primary sources. And, as we have noted before, the ideal time to conduct primary research is “before crucial decisions are made about a brand or product,” meaning “it is essential to speak directly with members of that targeted audience” before making a significant change in business operations.

Conducting primary research can involve significant costs and the use of resources. The process encompasses a broad period to identify potential respondents, conduct interviews, and analyze results. But in general, the cost and use of resources are well worth it. Primary research offers deep value in answering specific questions about a brand and offering businesses the opportunity to hear first-hand what consumers have to say. 

This type of first-hand research can be conducted in a variety of ways, including:

Telephone depth interviews. Telephone interviews with individual customers enable researchers to get closer to the target audience. They can “dig deep” to better understand customers’ needs and pain points, as well as discuss their views and experiences of a brand, its products, or services. 

Face-to-face interviews. There’s nothing better than interacting with customers face-to-face, depending on the situation. Researchers can get direct, real-time answers and have the option to follow up immediately on crucial points. They can also glean insights from survey participants’ body language and other “quirks in communications” that might otherwise go unnoticed. The main advantage of the interview approach is gaining first-hand knowledge of what’s most important to the targeted audience. 

Surveys. Distributing surveys is another valuable method for gaining insights into target customer behaviours. Surveys are conducted using several different methods, including: 

  • Email. Email surveys are designed to reach many individuals at an affordable cost. At the same time, researchers understand that email survey respondents may be wary about clicking on a link for something they are unfamiliar with and initial email survey requests can sometimes end up in a Spam folder. 
  • Telephone. Phone surveys can be beneficial for acquiring feedback from targeted demographics, such as older customers who may not regularly use online tools.
  • Post. These days, conducting surveys via mail is rarely a researcher’s first choice, simply because of the length of time involved to get responses and because this method is more costly to deploy than others.

Surveys work best when the questions asked are relevant, engaging, and open-ended. The results are used to predict, with reasonable accuracy, how customers are likely to act in future purchasing activities.

Focus groups. Groups of consumers participate in a discussion guided by the group moderator. This approach is practical when exploring niche markets, introducing a new product, embarking upon a marketing campaign, etc. When a trained moderator leads the discussion, there is great potential for gaining valuable knowledge about how consumers think and act. 

Online polls and social media. Online polls have become the “method of choice” for collecting quantitative data in recent times. The wording and format of online surveys can be tailored for existing customers or designed for groups of people identified as potential customers. Online polls often lead to highly accurate representative samples and data needed to extrapolate the findings to a broader population. 

Social media monitoring (also called “social listening”) is an increasingly beneficial method for gauging customer sentiment about a wide range of topics.

On social media, consumers offer direct, unfiltered feedback about what they like, don’t like, need, don’t need, and what they want to make their lives and businesses better in the future. Social media platforms provide a relatively easy and inexpensive way to share surveys and questionnaires and recruit participants for upcoming focus groups. 

Field studies. This methodology, also known as “contextual interviews,” focuses on observations and interactions that demonstrate how users behave in their home or work environment. The results compiled through field studies often supplement data gained through face-to-face interviews and focus groups. Brands benefit when they fully grasp how their products or services are used in these environments. 

The desired outcome of these efforts “is a closer alignment between what a brand has to offer and the needs and expectations of its targeted customers.”

Secondary Research Delivers Solid Contextual Foundation 

The treasure trove of information gained from primary research is only part of the overall market research process. Interpreting this data becomes more effective when supplemented by secondary research. These sources—widespread and diverse—broaden the context of research and amplify what was uncovered via primary research methods. 

A large part of the value of secondary research lies in its depth, variety, and availability. Chances are, your brand has already compiled a significant amount of secondary research simply by just “doing business.” 

Start investigating the depth of your brand’s secondary research by looking at your internal sources:

  • Year-to-year financial statements
  • Sales analyses produced by your sales team
  • Corporate annual reports describing institutional values and culture
  • Findings from past focus groups
  • Consumer surveys and feedback
  • Website analytics, user patterns, etc.
  • Customer call logs and other stored information concerning customer behaviors. A trip through your business archives can uncover additional valuable information. 

External sources are also abundant in terms of secondary research: 

Books and magazines about general business trends can deepen your understanding of primary research data.

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Many relevant government statistics can be accessed online instead of time-consuming requests for information in the past and waiting around for government approval to review this data. Of course, it takes time to research and compile information regarding trade activities, the formation of new businesses, economic trends, etc. But the insights to be gained from reviewing government statistics are well worth the effort.

Industry associations are another valuable source for secondary research. In addition to trade publications and industry reports, researchers can also comb through press releases, technical data, and industry-specific news stories for a “big picture” view of where specific brands fit in. 

On business websites, there’s often a wealth of information regarding a company’s products and services, in the case of public companies, investor presentations, and other data concerning organizational structure, sales trends, marketing campaigns, new product launches, and more. 

According to Square, secondary research is “a better option if you have a limited budget or already have a good idea of what your target market is.” It’s often a good idea to “try doing secondary research [before primary research] to understand what areas you need to focus on” to get the most out of your research budget.

Square suggests looking into these low-cost or free secondary research sources:

  • Census bureaus for information about the economy and population
  • Government sites for statistical data culled from several agencies, with information on trends in education, small businesses, etc. 
  • Small Business Associations for information about small business trends, as well as demographic, employment, and income statistics
  • Commerce departments for data on industries, services, and products
  • Associations and Trade Groups for information on specific industries and relevant trade publications

When embarking upon secondary research, keep these action steps in mind:

  1. Define your goals. Strive to understand what you want out of the research process. This helps focus the search on data that’s genuinely relevant and useful.
  2. Pinpoint existing trends. To better grasp the state of the industry, set up a Google alert to notify you of what’s happening in the marketplace right now.
  3. Subscribe to business publications. Look into general business publications and websites, then burrow down to those with the highest relevance to your brand. Subscribe to key publications and follow research sites on social media platforms.
  4. Finally, know when to stop! As with any research effort, it’s always possible to overdo it. That can lead to “data burnout” and the possibility you’ll overlook important statistical information. As the research process unfolds, work on narrowing your inquiries and avoid wasting time on irrelevant data.  

Research Leads to Future Growth

Conducting primary and secondary research requires patience, time, the application of resources, and a willingness to confront hard facts about the growth potential. But when a brand has completed this type of comprehensive research, it is far better equipped to customize its sales and marketing efforts. This helps boost growth and presents numerous opportunities to increase that brand’s return on investment. 

For many brands, it’s often more efficient and cost-effective to enlist the services of a professional market research firm. Skilled professional researchers draw upon an extensive toolkit of methodologies to better understand potential target audiences. 

The process results in more informed marketing strategies and an impressive level of success in identifying—and connecting with—untapped consumer populations.