Which Of The Following Is Not A Secondary Source Of Market Research Data

There are more data sources than ever. Just googling a search term may not be sufficient, equally the googled data may be inaccurate and/or biased. You desire to avoid making important business decisions based on unreliable data. Then which data sources should you use?

Nosotros're here to help yous navigate them all. Read on for a quick breakdown of secondary and main data and tips for finding valuable insights for your marketplace research needs.

At the highest level, market research data can be categorized into secondary and primary types.

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What Is Secondary Data?

Secondary data is public data that has been collected by others. Information technology is typically free or inexpensive to obtain and can human activity as a strong foundation to any enquiry project — provided you lot know where to notice it and how to judge its worth and relevance.

Secondary Information Examples

Sources of secondary data include (simply are not limited to):

Government statistics are widely bachelor and easily accessed online, and can provide insights related to product shipments, trade activity, business formation, patents, pricing and economic trends, among other topics. However, data is oft not presented explicitly for the subject field you are interested in, so it can take some manipulation and cross-checking of the data to get it as narrowly focused as you'd like.

Industry associations typically have websites total of useful data — an overview of the industry and its history, a listing of participating companies, press releases about production and company news, technical resources, and reports about industry trends. Some data may exist accessible to members only (such as member directories or market research), but industry associations are a cracking place to await when starting to learn about a new manufacture or when looking for data an industry insider would take.

Trade publications, such as periodicals and news articles, most of which brand their content available online, are an excellent source of in-depth production, industry and competitor data related to specific industries. Oftentimes, news articles include insights obtained directly from executives at leading companies virtually new technologies, industry trends and time to come plans.

Company websites can be virtual goldmines of information. Public companies will have investor relations sections total of annual reports, regulatory findings and investor presentations that can provide insights into both the private visitor'due south performance and that of the manufacture at big. Public and private companies' websites will typically provide particular effectually product offerings, industries served, geographic presence, organizational structure, sales methods (distribution or direct), client relationships and innovations.

Published market place inquiry reports are some other possible resources, every bit anyone who'southward e'er googled the proper noun of the manufacture they're interested in and "market place research" can tell yous. For a fee, they can provide a peachy overview of an manufacture, including quantitative information you might not find elsewhere related to market size, growth rates and industry participant market place share. The downside is that y'all might not exist interested in an overview — you might be interested in a niche, and that niche is only discussed on three of the report's 300 pages.

With all these sources of secondary data, y'all should be all set, right? Well, maybe not. If you are interested in a niche product or a new technology, there may not be a lot out there in the public sphere. The most electric current data you lot can notice might exist a few years former. Y'all might not be sure if the material you found online reflects an accurate portrayal of the whole industry. You might be request a question no one'south always asked earlier, let alone answered. At present what?

What Is Primary Data?

Now it'south fourth dimension for primary information , new information collected specifically for your purposes, direct from people in the know. Methods of main information collection vary based upon the goals of the research, too as the blazon and depth of data being sought.

Primary Data Examples

In-depth interviews present the opportunity to get together detailed insights from leading manufacture participants about their concern, competitors and the greater industry. When you approach a company contact from a position of knowledge — thanks to all that secondary data you've already collected — you can take a costless-flowing conversation well-nigh the topics of interest. Y'all can guide the conversation toward your inquiry objectives, but as well permit yourself to exist led down unexpected paths by interviewees — some of the most valuable insights are the ones yous didn't know y'all should be looking for.

If you're seeking data you lot tin quantify, surveys are an fantabulous way to collect a big amount of data from a given population. Surveys tin be used to draw a population in terms of who they are, what they practice, what they similar and if they're happy. You can then forecast the population'south future beliefs in light of these identified characteristics, behavior, preferences and satisfaction. Surveys yield the most meaningful information when they ask the right questions of the right people in the right fashion, so care should be taken both to develop survey questions respondents volition find relevant and interesting, and to determine which method of conducting the survey (online, telephone or in-person) is most advisable.

Looking to get consumers' thoughts on a new production or service offering thought when yous're in the early stages of the development process? A focus group tin get a small group of people that fit your target demographic in a room to discuss what they like, dislike, are dislocated by, would exercise differently — whatsoever. The group's leader encourages honest, open give-and-take among participants, collecting opinions that can further direct your evolution efforts.

Adopt to overhear rather than ask questions outright? Social media monitoring can aid y'all keeps tabs on candid conversations almost your industry, your visitor and your competitors. How much are people talking about your brand compared to competitive brands? Is what they're saying positive or negative? Is the public clamoring for something the manufacture currently doesn't provide? How are your competitors portraying themselves via social media, and what does that say nigh their strategy? Social media monitoring shows that you lot don't always need to participate in the conversation to learn from it.

How We Tin can Help Yous

Overwhelmed yet? Hither are a few of the means our team at Freedonia Custom Research tin can help yous gather both primary and secondary information for your business organisation needs.

Nosotros take admission to The Freedonia'south Grouping catalog of 3,300 industry studies, Kalorama and Packaged Facts, and 600 Focus Reports, giving usa a meaning caput start on secondary data collection in terms of market size, growth rates and competitor information. That's information we tin begin to validate and refine in the form of principal research, and because many industry participants are familiar with Freedonia'southward research, they're eager to talk with us virtually their business concern.

Thanks to years of conducting master research with decision-makers and influencers across industries, we've developed a long list of contacts we can reach out to for in-depth interviews and surveys. We know what sorts of questions to ask various constituent groups (such equally manufacturers, distributors, cease-users, industry associations and regulatory bodies), and because we are an independent, third-party firm, yous can trust that their answers will be candid and unbiased.

Not only exercise nosotros know where and how to find all the data needed for a successful enquiry project, nosotros know how to bring information technology all together and then that an abundance of data points is transformed into meaningful and actionable insights for your business. We cross-check pieces of information against one another to identify both trends and outliers, ensuring you become a complete and accurate moving-picture show of the industry.

If you lot'd like to acquire more about how Freedonia Custom Research can help you navigate a ocean of data, please contact us at 440-684-9600 or request more information on our website.

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