Market research explores consumer behaviour, as well as the ways cultural, societal, economic and personal factors that influence that behaviour.
Secondary market research investigates consumer information others have gathered, while primary research studies consumers directly. This article focuses on secondary research: what it is and the ways you can collect data.
Unlike primary market research, which collects original information about the products and services you plan to offer, secondary research gathers and analyzes published data. More specifically, secondary research allows you to draw conclusions from data and public records available through libraries, universities, industry associations and government departments. These data sources may include, but are not limited to
Secondary research exploits these resources and applies the information to answer one or more questions. Common research questions include, but are not limited to, the following:
Relying solely on your intuition and instinct is not enough. To succeed in today’s highly competitive marketplace, you need a deep understanding of your customers, your products and services, and the market in which you operate. This is where secondary market research becomes invaluable. Not only can it help you establish benchmarks and identify market segments, but it is also particularly useful in competitor analysis.
Determine which industry you’re pursuing, then identify competitors whose products or services overlap with yours. Use high-level industry terms (e.g., education, construction, food services, hospitality, financial services) to create a list of companies that also operate in this sector. You can then build your list by
When looking at comparable businesses, consider
Your secondary research will help you determine not only how well your business might do, but also how to integrate into the marketplace.
Once you’ve amassed data and compiled detailed notes, look for common themes and develop a list of action items. Use the following outline to help you summarize your findings.
There’s no set order when it comes to collecting data, but you may find it more helpful to do primary research after you’ve done secondary research. In other words, before undertaking your own research about products and services you plan to offer, look at published data. Conducting secondary research first can provide you with the background information necessary to create a more focused primary research project: the more focused your data, the more valuable it is.
Because market research covers a broad range of activities, you may assume that it’s complicated, time consuming and costly. Not true! You can conduct market research regardless of your experience, the amount of time you have available and your research budget.
Whether a simple survey or an in-depth analysis by a hired market research firm, the complexity of your market research project is entirely up to you. The good news is that advice is available. Trust Lift Legal to help you position your business for success.
Contact us today to learn more about our legal services for corporate and business matters.
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