How do you add secondary data to your market research?

When I was running user research for Abstract SDK, my product marketing team used 11 sources of getting research data. It included Zendesk tickets from the support team, all Google Analytics data, insights from our design advocates and sales team, as well as data from the analytics team. When working on power user research with Lemon.io, my team found an unbelievable amount of useful information in the Hubspot records, sales calls, internal dashboards, and notes from a customer success team. It’s quite possible that someone in the company has already run some research or knows where to find insights about customers. Using all that secondary data will optimize research effort and speed up the process.

In my experience, secondary data can be valuable for a business. Since secondary data refers to information that has already been collected by someone else for a different purpose, it can provide a range of benefits for a business.

Primary market data collection, similar to prospective studies, involves gathering data firsthand for a specific purpose. Secondary market data, like retrospective analysis, involves utilizing pre-existing data that was collected by someone else for a different purpose. Both approaches have their benefits and can be used in combination to enhance the depth and breadth of research insights.

Secondary data, in my understanding, is particularly useful to set a background of a market research project. It acts as a garnishing around the primary data output of a market research, which definitely forms the core. However, to use secondary data along side the primary data, one has to consider time gap, place gap, context gap between the two sets of data.

double checking when got 3-5 source second hand data generally we need to check which one near the true or reliable. then we can find near true data. all second hand data source mainly for checking or double checking as google or other search way, we can see a lot of source, but generally we are not easy to confirm its quality. so try to checking more source and see which one near the truth. all market research key job is find the raw and true data for report or for the client.

I am going to flip this and say most often you just have secondary data showing you what is happening but you do not know why, therefore, primary research is critical in understanding the why in the data you are seeing. Primary research also helps with testing out hypotheses you may have on the why's behind the observations shown in secondary data.

Since secondary data refers to information that has already been collected by someone else for a different purpose, it can provide a range of benefits for a business, including and not limited to Cost-effectiveness because it is less expensive to obtain compared to primary data, which requires designing and conducting surveys or experiments. It also saves time as it is already collected and readily accessible. It provides valuable insights into industry trends, market conditions, and competitor strategies. It can also be used for benchmarking purposes, allowing businesses to compare their performance against industry averages or competitors.

Secondary market data can complement primary market data by providing additional context, insights, and a broader perspective. Here are a few ways in which secondary data can complement primary data: 1. Validation 2. Historical Trends 3. industry Benchmark 4. Market Size and Segmentation 5. Environmental Factors By combining primary and secondary data, you can gain a more comprehensive and well-rounded understanding of your target market, customers, competitors, and industry. It enables you to make data-driven decisions, identify opportunities, and mitigate risks effectively.

As an analyst, my prospective on Why use secondary data? : I recognize the many advantages of using secondary data. From cost-effectiveness (compared to collecting primary data from scratch) and time efficiency to access to diverse and historical datasets, leveraging secondary data can significantly enhance the analytical process. Using secondary data allows for comparative analysis across different regions, industries, or timeframes. Such comparisons can help identify variations, trends, and potential correlations, providing a more comprehensive understanding of the subject matter, leading to valuable insights and informed decision-making.

As a market researcher for small businesses, I always start with secondary data. If you think your target market is x, and the secondary research says that market x is shrinking in size, or that there are only 2-3 giant companies that dominate the market, then it's time to look elsewhere. Secondary data can also provide you with information you could never afford to aggregate yourself. You might be surprised at the volume of data that is available through the US Census Bureau and the Bureau of Labor Statistics- super helpful stuff! Of course, secondary data is your first step in validating a new market - but primary research is the next step and equally as vital.

Social media platforms, online forums, and community websites can also provide access to user-generated data. This can include opinions, reviews, feedback, and demographic information that may be relevant for research purposes. However, caution should be exercised in ensuring the data is reliable and representative.

A simple online search doesn't always cut it. There is a lot of information out there that is biased, outdated, incorrectly reported, and more. Google Scholar can help weed out some of that. Also, if you're trying to find information on a particular industry, try a search of the name of that industry plus the word "association". It can help you find trade associations and other industry sources that often are the original source of the secondary research. Don't dismiss the value of customer feedback on platforms like Amazon, Yelp, Reddit and others - but remember that people who comment online are likely to be either very happy or very unhappy, so the information can be skewed.

As much as possible, I always try to find the original data source, i.e. the origin of the primary research or study. Meaning if I first find the data on Wikipedia, I'm checking the references. This way you can check for additional context that should be considered in the interpretation of the data. For instance, you would occasionally see headlines claiming 80% of consumers were in favour of a brand, only to check the original source and realise it was a multiple choice scenario and the same consumers were equally in favour of other brands. Context matters. A lot.

Before you start looking for secondary data, make sure you have some clearly defined research goals. What are you trying to find? And what will you do with the information? In addition, if you are looking at numbers (like market size or population), look at the dates and how the source is measuring that number. It can be almost too easy to compare apples to oranges (like data point is all of North America, another is US only, and another shows a Global number).

When I assess the value of secondary data I always try to put myself in the shoes of the researcher and team at the time. I try to ask questions about how they chose to collect the data, who they decided to screen in/out, and what sacrifices did they have to make to simply get the project done. There is a saying among us researchers that no research is without sin. So what sins did they have to commit to get the research moving? Ask yourself, what was the sample size? Was the sample representative or convenience sample? Is the instrument they used to derive the insights valid and reliable? Always start by asking some basic questions and putting the secondary data through a sieve to capture the most critical, enduring insights and learnings.

Cross-Verification for Accuracy: Cross-verify information from multiple secondary sources to ensure accuracy. This can also help to fill in any gaps in your primary research. Legal and Ethical Considerations: Make sure the secondary data is used in compliance with legal and ethical guidelines, especially regarding copyright laws and data privacy.

I agree that the source of the secondary data is the first and major criteria. If the source is relyable (typically it will be an institution), you basically don't need to check other issues mentioned.

As a business consultant who uses secondary market research every day, my key tips are as follows: 1. Set your goals for what you want to find and how you will use it 2. Seek out valid sources (current, unbiased, ideally the original source, etc.) 3. If you can't find what you're looking for, start by scrolling further down in your search - and then consider changing some of the words of your search - it can return very different information! 4. Cite your sources so you can give credit to the source - and so that you can find it again if needed

To use secondary data without violating intellectual property rights requires following these steps: 1.- Identify the source you want to use; 2.- Determine the terms of use or licensing information provided by the source; 3.- Reach out to the source to request permission of using their data in your specific context; 4.- Cite the source and give credentials to the author; 5.- Take into account Fair Use which may provide limited rights to use copyrighted materials; 6.- Get legal advice from us, if needed ??

Here are some steps to incorporate secondary data into your market research: 1. Define your research objectives 2. Identify relevant sources 3. Conduct a comprehensive literature review 4. Evaluate data quality and relevance 5. Extract and analyze data 6. Compare and validate findings 7. Interpret and synthesize data 8. Provide proper attribution 9. Update and cross-reference data 10. Keep up with emerging trends Remember, while secondary data is valuable, it is essential to balance it with primary research to gather firsthand insights from your target audience.