Overview
Secondary Market Research involves "gathering information about your target market via secondary sources like news articles and published reports." This evaluative market experiment method helps entrepreneurs understand market dynamics without direct customer interaction.
Key Questions Answered
- How much would customers pay?
- What is the market size?
- What are marketing channel costs?
Description
This desk research method distinguishes itself from primary research by relying entirely on existing data. The content notes that "secondary research is simply the act of seeking out existing research and data," making it theoretical rather than experimental.
The approach works best for existing markets. Research directions include:
Market Status Research:
- User behaviors and usage patterns
- Marketing channels and costs
- Current technology benchmarks
Trend Research:
- Emerging user behaviors
- New marketing channels
- Disruptive technologies
Research Sources
- Libraries and professional associations
- Business groups and publications
- Government and nonprofit organizations
- Competitor analysis
- Facebook advertising tools for demographic insights
Time Investment
Typically 1-3 days, depending on information availability and filtering complexity.
Key Biases to Avoid
- False positives from lack of specificity
- Scale mismatches between survey data and regional markets
- Unrealistic conversion rate assumptions