Any large or small business benefits from the drawings of carefully conducted market research. It is a systematic process of collecting data for a particular business. Industry research involves multiple stages, methods and techniques. The most important stage of preparing marketing research report is of data collection. Data collection is based on two research methods, namely, primary research and secondary. Both these methods are equally important in the process of preparing research reports.
What is Secondary Research?
Also called as desk research, secondary research is a crucial stage of data collection. In fact, it is the most widely used process of data collection. Secondary research involves obtaining information from existing information sources. In other words, it is a way of accessing information from the distributors or originators of primary research. It includes data collection from third-party sources, public sources, educational institutions, commercial sources like newspapers, websites, marketing research reports, past sales and accounting records, etc.
Simply put, secondary research collects information from existing studies and reports. Individuals, businesses or a professional market research firm can gather this information. There are two basic types of secondary business research, namely, internal and external data collection.
Advantages of Secondary Market Research:
- Low cost
- Easy Accessibility
- Direct the research
- Find Answers
- Objective and Informative
Low cost: Secondary research requires a little to no cost owing to the sources used for gathering the information. It allows the researchers to collect valuable information at low expenses.
Easy accessibility: The sources used during secondary research are easily available. Most of the required data is available on the internet making it convenient and standardized.
Direct the research: Sometimes secondary market research helps decide the direction of the research questions. It is one of the reasons why secondary research is used before primary research.
Find answers: Secondary research aligns or balances the direction of the research project. They uncover a lot of valuable information, which eliminates the need for primary research in some cases.
Objective and Informative: When a professional market research firm performs secondary research, it is always informative and objective. Such reports are ideal in case of correct marketing research.
In conclusion, when performed by professionals, secondary market research has numerous advantages in terms of laying a strong foundation for primary research of the business research report.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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