Secondary data in market research

Secondary data in market research is an important tool to have in your arsenal. It is a means to collect information from existing sources. Secondary data is information that has already been collected by someone else through various research methods such as questionnaires, interviews, or surveys. Often it’s just a matter of going through it and extracting what you need for your project.

Role of secondary data in market research

How can you get the information you need if there isn’t enough of it? This is a question every market researcher needs to ask themselves every time they begin creating their analysis report. They must weigh the costs and benefits of?primary research?and secondary research in order to create a thorough product, either written or unwritten.

Secondary research replaces a primary research effort and reduces the time and resources required to collect and analyze information and improve usability and speed of delivery.

Going through a secondary research project can be like a treasure hunt — you may not always find what you’re looking for, but along the way, you’ll certainly find some great and interesting stuff. It is an essential and non-negotiable part of any research project that aims at providing new knowledge on a specific problem.?

Designing secondary research

In an increasingly dynamic world where decisions must be made quickly, secondary research comes to the rescue. The main task of the researcher is to design a layout following the existing data and then clearly outline the direction of the research. With so many?types of secondary research?available, one may need to plan accordingly. Here are a few ways in which you can approach your problem statement more efficiently:

Evaluative research

Evaluative research is one of the two types of research studies, sometimes referred to as marketing research. The other type of study is known as exploratory research. Both registers help the organization to get insights and information on the market, customers, and their behavior.

Evaluative research, in particular, focuses on identifying a specific problem area and then evaluating it in terms of the wants or desires of the people facing that problem in that particular region. Introducing products keeping in mind customer preferences is an example. There are two types of evaluative research:

Summative research

It emphasizes the after-effects of any research process of a particular product. Summative research may aim to assess:

• Outcomes – whether the desired outcome is achieved or not.
• Impact – be it positive, negative, or unremarkable.
• Secondary analysis – critical analysis of preexisting data.
• Meta-analysis – analysis of analyses or synthesis of other analyzed published data where the whole is greater than the sum of its parts.
• Economic feasibility – if the outcome is viable to implement at scale in terms of costs and profits.

Formative research

This technique is used to make the person or article which is to be tested; to improve in any way. Formative research may seek to assess:

• The need for why such a product is required can be evaluated.
• The capacity to use the insights that can further be investigated upon.
• To monitor the adaptation or implementation of any product.

Exploratory research?

This kind of research mainly focuses on topics with less or no information. It facilitates the development of fresh ideas and innovative solutions that can replace existing ones.

Exploratory research is a type of market research that helps the research team interpret data and identify markets. Many times, companies conduct exploratory studies in areas where they don’t have much experiences, such as new product launches or new target markets. Some crucial aspects of this type of research are:

• It is flexible research without any limitations and addresses all aspects of the specific area.
• Provides a platform for further research and clarifies existing theories.
• A useful approach for gaining useful information related to any topic.

Generative research

Generative research is an approach to market research that seeks to predict and influence the future through an analysis of emerging trends and patterns. Also known as predictive research, it involves filtering the useful insights from the research that has been conducted and applying those concepts to solving problems.

These solutions are generally derived from the research that has been conducted. For a successful application, a researcher must know the customer’s needs or wants and proceed accordingly. Some results of generative research may be to:

• Gauge past and current trends.
• Anticipate a pattern in the future.
• Find alternative solutions to traditional ones.

Final notes

Market research is time-consuming as it involves research related to a certain market, niche, or even product. Since there may be a multitude of competitors in the market, the competitiveness varies from one industry to another. As you go about with research, data collection may be too much to handle. Secondary data sources help you find information that you need without having to reinvent the wheel.

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