How can you collect secondary data on market trends and forecasts?

1 Benefits of secondary data

Using secondary data can save you time, money, and effort in conducting market research. You can access a large amount of data that has already been gathered, analyzed, and organized by reputable sources, such as government agencies, industry associations, research firms, or media outlets. You can also compare and contrast different sources of data to gain a broader and deeper perspective on the market situation, dynamics, and opportunities. Secondary data can help you identify the key drivers, patterns, and projections of market trends and forecasts, as well as the gaps and limitations in the existing data.

2 Challenges of secondary data

However, secondary data also has some drawbacks and limitations that you need to be aware of and address. First, you need to evaluate the quality, reliability, and relevance of the data sources. You need to check the date, source, methodology, scope, and accuracy of the data, and make sure it matches your research objectives and questions. Second, you need to be careful about the bias, interpretation, and context of the data. You need to understand the assumptions, perspectives, and purposes behind the data collection and analysis, and avoid making unwarranted generalizations or conclusions. Third, you need to be creative and flexible in using the data. You need to adapt, combine, and supplement the data to fit your specific needs and goals, and fill in the gaps with primary data or other sources.

3 Sources of secondary data

When researching market trends and forecasts, there are many sources of secondary data that you can access online or offline. Government data, such as official statistics from the U.S. Census Bureau, the Bureau of Labor Statistics, or the Environmental Protection Agency, is one example. Additionally, you can use industry data from trade groups, chambers of commerce, or professional organizations like the American Marketing Association. Research data from research firms, consultancies, think tanks, or academic institutions can also provide valuable insights. Finally, media data from outlets like The Wall Street Journal or Forbes can provide news and stories on market trends and forecasts.

4 Tools for secondary data

Secondary data is an incredibly useful resource for market research on trends and forecasts. With tools like Google Trends, Statista, IBISWorld, and SimilarWeb, you can find and access data on various industries, segments, and niches in the U.S. and global markets. This data can help you identify emerging trends, benchmark your performance, compare your competitors, and discover new opportunities. By using secondary data wisely and effectively, you can gain valuable insights into your industry and make informed decisions for your business.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?