Market research is often associated with custom research – omnibus surveys, interviews, focus groups and product testing, for example – but sometimes the information you need is already out there … if you know where to look. Valuable market insights can be gleaned from existing data via databases, industry reports, financial statements and more.
Market research using insights from primary sources like potential customers provides vital information for a brand or industry. But research using pre-existing or “secondary” sources can explore the information that already exists and organize it into something tangible and valuable. These existing sources can provide insights to act as a standalone methodology to answer a wide range of business questions.
Why Use Existing Information?
Utilizing existing research can save time and provide insights in a variety of valuable areas such as:
Market Sizing: Published data such as government statistics, sales figures and more can be utilized to create a model for sizing markets.
Market Trends: Whether it’s press coverage or data changes, trends can be identified through a variety of secondary sources.
Company Profiling: Company websites, press releases, and databases can be used to build a picture of customers or competitors by detailing information such as their size, product portfolio, the geographies they operate in, finances and strategic direction.
Supply Chain Analysis: Figuring out how a product moves from a tier three supplier to end user can achieved through a thorough analysis of items including corporate filings, press releases and industry news items.
Identifying the Data
With so much information available today, it may seem like a quick use of search engines can provide the answer to any question, but that is rarely the case when it comes to important business decisions. With more and more real-time and historic information being shared at rapid rates, it can be harder to track down relevant and reliable data. The sheer breadth of data combined with the variability in information quality makes it nearly impossible to do an at-home Internet search that produces business grade results.
Conducting research involving existing sources of information means knowing where to look, and what to look out for. There are tens of billions of pages online made up of company websites, databases, and social media posts. Partnering with a team of research experts eliminates the risk of wasting valuable time sifting through this mass of information. The answers are often out there, but it requires knowledge, training and expertise to track down the most insightful data from the most reliable and trustworthy sources.
At Wakefield Research, our team is focuses on market intelligence solutions: from electric vehicle charging stations to maternity wear trends, we can help uncover valuable insights across hundreds of markets. Business decisions need to be supported by information, but only if it’s the right information.