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Secondary market research in business and its subsequent analysis can drive significant strategic change, such as company restructures, acquisitions and disposals. However, not every question needs original, primary market research to answer it. The explanation or report to inform it might already be out there.
Desk research can be a useful tool, particularly when you need to quickly get up to speed with a new topic, do bite sized social media content generation or understand your competitive landscape: it’s often the starting place when drawing up your business plan.
The amount of information available already is phenomenal, and sometimes searching through existing sources can be just as lucrative and informing as conducting primary market research. In fact, for many projects we often suggest an internal workshop of key stakeholders to disseminate information already held by yourselves. This is usually used to inform further research, but occasionally you might find yourselves answering your own question!
We appreciate that start-ups, charities and small businesses for example, also need a strong data-driven approach to market research and facts gathering. Budget can prohibit commissioning UK or International market research run by professional market research companies though. So, Sapio Research have put together a list of handy do’s and don’ts when you’re looking at data sources for conducting secondary market research. We’ve also compiled a list of credible data sources to help you along the way. We’re adding to the list regularly.
Once you’re comfortable you’ve found what you can, come back to us and we’ll help you fill in your remaining information gaps and pull new insights together through primary market research methods as understanding your audience is vital to a healthy business.
Market Opportunity Assessment
Sometimes it’s too early to move to original research as we’re not sure who will be the most relevant to survey. So it’s worth taking a step back and thinking about things more strategically, potentially completing a One-Page Stage Strategic Plan, based on a clearer understanding of the market and audience, starting with desk research.
Desk research can be a great tool in market opportunity assessments, identifying where the best opportunities lie.