Secondary Market Research

Overview

• Secondary market research involves collecting existing data about the market to aid decision-making and business growth.
• Two types of market research:
  • Primary Market Research (Field Research): Conducted by businesses to collect new data.
  • Secondary Market Research (Desk Research): Utilizes existing data from internal or external sources.

Common Methods of Secondary Market Research

Internet Research

• Sources:
  • Google searches, online news, YouTube, social media (Facebook, Instagram, Twitter), competitor websites.
• Insights:
  • Competitor analysis (product range, pricing strategies, promotions).
• Benefits:
  • Free, quick, easy access.
• Challenges:
  • Misinformation exists; requires filtering of unreliable sources.

Market Reports

• Content:
  • Trends, consumer behavior, industry-specific data.
• Formats:
  • Available free or for a fee; check for reputable sources (e.g., Mintel).
• Considerations:
  • Be wary of bias; reports should provoke thought, not dictate decisions.
• Providers:
  • Trade/industry associations (e.g., ASA).

Government Reports

• Content:
  • General data for entire populations, not specific industries.
• Examples:
  • Small business surveys, demographic data, payment practices.
• Benefits:
  • Typically free, up-to-date, easily accessible.

Internal Sources

• Data Types:
  • Sales reports, past marketing activities, loyalty card data.
• Benefits:
  • Exclusive, specific insights.
• Limitations:
  • Can be outdated, not reflective of entire market.

Advantages of Secondary Market Research

• Quick, easy solution for obtaining data.
• Often cost-effective or free.
• Provides industry insights not available from primary research.
• Easier to analyze; sometimes pre-analyzed.

Disadvantages of Secondary Market Research

• Not specific to the business; may be irrelevant.
• Potential for outdated information.
• Risk of bias or inaccuracies; consider funding sources.
• Some data and reports can be costly.

Conclusion

• Secondary market research is a valuable tool for businesses, offering easy access to a wide range of data.
• Important to balance secondary research with primary research for comprehensive insights.

Additional Resources

• For more on market research, visit the Two Teachers YouTube channel for in-depth videos and examples.
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