Desk Research

Secondary Desk Research

Desk Research is integral to any Market Intelligence and Market Research study. Also known as Secondary Research, it can help researchers understand a particular market or industry and ask intelligent questions during interviews.

In Competitive Analysis, Desk Research is also used to map out potential sources of information such as industry associations, former and current employees of significant players, industry experts, and regulators. It can also identify and collect potential respondents’ contact information.

What is Secondary Research?

Secondary Research is a technique that uses existing and publicly available data. It includes material published in research papers and other such documents. Secondary research tends to be cheaper than primary methods. With primary research organizations or businesses collect data firsthand.

Companies perform secondary research to assess low-cost, publicly-verified, and quick knowledge. Secondary Research can help clarify and explain trends. It also helps align the focus of primary research on a larger scale. There are two types of secondary analysis. These are internal and external secondary data. The first type consists of information gathered within the researcher’s firm. Researchers compile the second type outside of their respective companies.

Primary market research provides depth of insight and the ability to probe into phenomena. In some cases, secondary market research is all that a company needs. It paves the way for primary research. It helps companies to analyze the external market environment. Companies can also use it to identify broad trends and shifts in an industry. It gives insight into market information and regulation.

  • Its importance stems from its ability to provide a foundational understanding of various market and industry aspects, guiding businesses in strategic decision-making. Here’s why secondary research is so crucial for businesses:
  • It enables managers to make better-informed decisions. Secondary research helps managers better understand consumer needs. This research aids them in creating a more impactful marketing plan. It allows for more informed strategizing and decision-making, thus increasing the chance of success of a company’s marketing efforts.
  • It helps managers to identify new opportunities. It also helps them to identify existing markets. They can use it to segment and analyze the market and competition. Secondary research can help with product positioning, competitive analysis, and new product development.
  • It gives managers more perspectives. Secondary research material is available to the public, and many people review it. Government material, the Internet, and libraries are all excellent sources for secondary research. The data is extensive and may help to cover several issues.
  • It helps companies save money. Researchers don’t have to go through the expense of designing and implementing a study. Secondary research reexamines data collected earlier, making it cheaper to compile than primary methods. The challenge with reusing data is that it might not be in the form the client or the market researcher needs.
  • It helps companies save time. It doesn’t take long to find a credible source with factual information. It’s easy to find reports from an industry leader or government agency. A researcher can find scholarly articles and a host of other resources on the internet. Companies should consider sources that have offered their research for public use.

Secondary research offers several benefits to businesses, making it a valuable component of the overall market research strategy. Here are some key advantages:

  • Cost-Effectiveness: Since it involves using existing data, desk research is typically more cost-effective than conducting primary research, which requires collecting new data.
  • Time Savings: It can be conducted relatively quickly as it leverages already available information, enabling businesses to gain insights in a shorter timeframe.
  • Broad Overview of Market: Desk research provides a comprehensive overview of the market, industry trends, competitive landscape, and consumer behavior, which is essential for strategic planning.
  • Identifying Opportunities and Threats: By analyzing existing market and industry data, businesses can identify potential growth opportunities and threats that need to be managed.
  • Informed Decision-Making: The insights from secondary research help businesses make more informed and strategic decisions, reducing the likelihood of costly mistakes.
  • Guidance for Primary Research: The findings from desk research can help formulate hypotheses and guide the focus of subsequent primary research, making it more targeted and efficient.
  • Risk Mitigation: Understanding the market and industry dynamics helps businesses mitigate risks, particularly when entering new markets or launching new products.

Understanding the distinction between primary and secondary research is essential for researchers and businesses. Here’s a comparison:

Primary Research

Primary research involves the collection of original data directly from the source. Researchers design and conduct studies, surveys, experiments, or interviews to gather firsthand information tailored to their research objectives. Examples of primary research methods include surveys, focus groups, observations, and experiments. Primary research offers the advantage of obtaining current, relevant, and specific data on the research question. However, it can be time-consuming, resource-intensive, and may require ethical considerations such as obtaining informed consent from participants.

Secondary Research

In contrast, secondary research involves analyzing and interpreting existing data and information collected by others. Researchers access a wide range of secondary sources, including published articles, reports, databases, and archival data, to extract insights relevant to their research questions. Secondary research offers the advantage of being cost-effective, time-efficient, and providing access to a vast pool of data. However, researchers must critically evaluate the quality, validity, and relevance of secondary sources to ensure the reliability of their findings.

Who Uses Secondary Research?

Secondary research isn’t just a tool for academics and statisticians. Businesses across industries, from multinational corporations to startups, rely on secondary research to inform their decisions. By leveraging existing data and insights, companies comprehensively understand market trends, consumer behaviors, and competitive landscapes.

Market researchers use secondary sources to delve deep into market dynamics, uncover hidden opportunities, and mitigate risks. Consultants utilize secondary research to provide clients with actionable recommendations backed by robust data analysis. In essence, anyone seeking to make informed decisions can benefit from harnessing the power of secondary research.

Identifying the right circumstances to conduct desk or secondary research is crucial in effectively leveraging its benefits. This research method is beneficial in various scenarios in a business’s lifecycle. Here are the situations when conducting desk research is most beneficial:

  • Initial Market Exploration: When exploring new markets or industries, desk research provides a cost-effective way to gain an initial understanding before investing in more detailed primary research.
  • Strategic Planning: Before embarking on strategic planning processes, secondary research offers valuable insights into market trends, consumer behaviors, and competitive landscapes.
  • Product Development: In the early stages of product development, desk research helps identify market needs, trends, and potential customer preferences.
  • Competitor Analysis: Desk research efficiently gathers information about competitors’ strategies, products, and market performance for ongoing monitoring.
  • Investment and Expansion Decisions: When considering investment opportunities or planning for business expansion, secondary research provides an overview of the potential risks and rewards.
  • In Response to Industry Changes: In situations with significant shifts in the industry such as regulatory changes or technological advancements, desk research can provide timely insights.
  • Crisis Management: In times of crisis or market upheaval, secondary research can quickly provide background information to help navigate the situation

Selecting the appropriate secondary research consulting agency is crucial for businesses seeking expert assistance in gathering and analyzing existing market and industry data. The right agency can provide valuable insights and save time and resources. Here are some key factors to consider when choosing a secondary research consulting agency:

  • Expertise and Experience: Look for an agency with a proven track record and expertise in secondary research. Experience in your specific industry or similar projects can be a significant advantage.
  • Customization and Flexibility: The agency should be able to tailor its services to your specific needs. Avoid one-size-fits-all solutions and opt for an agency that offers customized research services.
  • Reputation and References: Check the agency’s reputation in the market. Look for client testimonials, case studies, and ask for references to gauge their credibility and the quality of their work.
  • Confidentiality and Security: Ensure the agency has strict confidentiality and data security policies to protect sensitive information.
  • After-Support and Consultation: Post-research support can be valuable. Check if the agency provides consultation or support after delivering the research findings.
  • Alignment with Business Goals: Ensure that the agency’s approach aligns with your overall business goals and objectives. The research should be actionable and relevant to your strategic needs.

Expected Results from SIS International’s Utilization of Secondary Research

Desk Research Secondary Research

SIS International leverages secondary research to deliver actionable insights and drive business success. Through meticulous analysis and strategic interpretation, businesses can anticipates several key outcomes such as:

  • Informed Decision-Making: By tapping into a vast array of secondary sources, including industry reports, academic studies, and market analyses, SIS equips clients with the information needed to make informed decisions. Whether entering new markets, launching products, or refining strategies, clients benefit from data-driven insights that mitigate risks and maximize opportunities.
  • Competitive Advantage: SIS International’s utilization of secondary research enables clients to gain a competitive edge by staying abreast of market trends, consumer preferences, and competitor strategies. With comprehensive insights, clients can devise strategies that resonate with target audiences and outmaneuver rivals.
  • Enhanced Market Understanding: We delve deep into secondary sources to uncover hidden patterns, identify emerging trends, and elucidate consumer behaviors. This holistic understanding empowers clients to tailor their offerings to effectively meet evolving market demands.
  • Strategic Recommendations: Beyond raw data, SIS synthesizes findings into actionable recommendations. Through meticulous analysis and expert interpretation, our team provides clients with strategic guidance that drives business growth and fosters long-term success.
  • Risk Mitigation: In an environment fraught with uncertainties, informed decision-making is instrumental in risk mitigation. By harnessing the power of secondary research, SIS helps clients identify and assess potential risks, enabling proactive measures to mitigate adverse impacts and safeguard business interests.

While Secondary research is plentiful in developed countries, it remains limited in some emerging markets, such as China. These limitations persist due to different political, economic, regulatory, cultural norms, and other factors.

Desk research is incredibly challenging in Southeast Asia because of the lack of access to libraries, lack of transparency to government records and academic publications, poor documentation practices and language barriers. While the spread of adoption and availability of the internet has improved this situation, censorship has been increasing across the region. SEA governments have been implementing regulations that curtail free speech and publication of information through censorship, filtering, or blocking online publications.

Internet service providers, webmasters and private companies running sites are being made liable for the materials that are published–media controls such as licensing for online news in Singapore; the Philippine Cyber Protection Law included provisions controlling free speech; and a government agency in Thailand monitors and blocks URLs with unapproved content.

Secondary research in emerging markets versus mature markets presents distinct challenges and considerations due to differences in market structures, data availability, and economic conditions. Here are some key differences:

Data Availability and Reliability

  • Emerging Markets: Often characterized by limited availability of reliable data. Sources such as government statistics, market reports, and academic studies are less comprehensive or updated less frequently.
  • Mature Markets: Typically have a wealth of reliable, regularly updated data from various sources like government agencies, reputable market research firms, and established academic institutions.

Market Dynamics

  • Emerging Markets: Characterized by rapid changes, high volatility, and unpredictable consumer behavior. This dynamism can quickly make historical data outdated. Political instability and regulatory changes can also impact market conditions significantly.
  • Mature Markets: Generally exhibit more stable and predictable market dynamics. Trends and consumer behaviors evolve more slowly, making historical data more relevant for extended periods.

Infrastructure and Technological Penetration

  • Emerging Markets: May have less developed infrastructure and lower levels of technological adoption, affecting how data is collected and analyzed.
  • Mature Markets: They generally have advanced infrastructure and higher technological penetration, providing a broader range of digital data sources, such as online consumer behavior, social media trends, and e-commerce metrics.

Economic Indicators and Metrics

  • Emerging Markets: Economic indicators may not fully capture the market’s dynamics due to a significant informal sector and rapid changes. Alternative indicators and creative methodologies might be needed to understand the market.
  • Mature Markets: Standard economic indicators and metrics generally reflect the market conditions, making it easier to conduct comparative and trend analyses.

Navigating secondary research requires a strategic approach in a landscape flooded with information. Success hinges on several critical factors:

  • Clear Objectives: Before examining secondary sources, it’s essential to define clear research objectives. Whether the objectives are understanding market trends, assessing competitor strategies, or identifying consumer preferences, clarity in objectives ensures focused and relevant research.
  • Quality of Sources: Validity, reliability, and relevance are paramount when selecting sources. Trusted sources such as peer-reviewed journals, reputable industry reports, and government publications are preferred for accurate and credible insights.
  • Methodological Rigor: Rigorous methodologies underpin the credibility of secondary research findings. Scrutinizing the data collection and analysis methodology helps discern the information’s reliability and validity.
  • Data Interpretation: Beyond surface-level insights, businesses must analyze data within the context of their specific industry, market dynamics, and organizational goals to extract actionable insights.
  • Integration with Primary Research: While secondary research provides a wealth of information, it’s often enhanced when complemented with primary research findings. Integrating primary and secondary data offers a holistic understanding, enriching decision-making processes.

Secondary research draws upon diverse sources, offering researchers a wealth of information to analyze and interpret. Here are some familiar sources of secondary research:

  • Academic Journals: Peer-reviewed academic journals publish scholarly articles and research findings across various disciplines. These journals provide authoritative and rigorously vetted information on various topics, making them valuable secondary research sources.
  • Industry Reports: Market research firms and industry analysts publish comprehensive reports and analyses covering specific sectors, markets, and trends. These reports offer insights into market dynamics, consumer behaviors, competitive landscapes, and emerging opportunities, serving as valuable resources for secondary research.
  • Government Publications: Government agencies produce a wealth of data and reports on topics ranging from demographics and economic indicators to health and environmental trends. Sources such as the U.S. Census Bureau, Bureau of Labor Statistics, and World Bank provide reliable and up-to-date statistics and research findings for secondary analysis.
  • Trade Publications: Trade publications cater to specific industries or professions, offering insights, trends, and best practices relevant to practitioners. These publications often feature articles, case studies, and industry analyses, providing valuable secondary data for researchers.
  • Company Websites and Annual Reports: Companies publish a wealth of information on their websites, including press releases, financial reports, and product descriptions. Annual reports offer detailed insights into a company’s performance, strategies, and outlook, making them valuable sources of secondary research for industry analysis and competitive benchmarking.
  • Online Databases: Specialized databases such as PubMed, JSTOR, and ProQuest provide access to a vast repository of academic literature, research papers, and publications across disciplines. These databases offer researchers access to various secondary sources for literature reviews and in-depth analysis.

Secondary research offers a range of opportunities for businesses to enhance their strategic planning and decision-making processes. By leveraging existing data and insights, businesses can capitalize on several fronts. Here are some key opportunities that secondary research currently presents:

  • Competitive Analysis: Businesses can use secondary research to gather intelligence on competitors, understand their strategies, and identify areas where they can gain a competitive advantage.
  • Identification of New Business Opportunities: By analyzing market reports and industry studies, businesses can identify new growth opportunities, such as unexplored market segments or emerging consumer needs.
  • Benchmarking: Businesses can use secondary data to benchmark their performance against industry standards or competitors, identifying areas for improvement.
  • Global Market Understanding: For businesses looking to expand internationally, secondary research provides an understanding of global market dynamics, consumer preferences, and regulatory environments.
  • Product Development and Innovation: Information on current market trends and consumer preferences can guide product development and innovation strategies.
  • Informed Decision-Making: Secondary research equips business leaders with the necessary information to make more informed and strategic business decisions.

Desk research is a valuable tool for businesses that comes with its own set of challenges. Thus, successfully navigating these challenges is key to leveraging the full benefits of secondary research. Here are some common obstacles businesses may encounter:

  • Relevance and Timeliness: Ensuring the data is relevant and up-to-date is crucial, as outdated or irrelevant information can lead to misguided decisions.
  • Data Overload: With the vast amount of information available, businesses may face the challenge of filtering through and identifying what is most pertinent to their needs.
  •  Quality and Credibility of Sources: Assessing the credibility and quality of the data sources is vital since relying on unverified or biased sources can lead to inaccurate conclusions.
  • Lack of Specificity: Secondary data may not always be specific to a business’s unique questions or scenarios, requiring additional primary research for tailored insights.
  • Costs Associated with Paid Sources: While secondary research is generally more cost-effective than primary research, some valuable sources of data, like certain market reports or databases, may have high access costs.
  • Sector-Specific Challenges: Depending on the industry, specific data may be limited, which can hinder the depth of analysis.

Evolving technologies, changing data landscapes, and the growing need for strategic insights will likely shape the future of desk research in the business world.

  • Advanced Data Analytics Integration: Sophisticated data analytics tools and AI are expected to become more prevalent in desk research, allowing for a more profound and insightful analysis of existing data.
  • Greater Emphasis on Real-Time Data: As markets and consumer behaviors change rapidly, the demand for real-time data and insights will increase, influencing how secondary research is conducted and utilized.
  • Increased Digital and Online Sources: The reliance on digital and online sources for secondary research will grow, with businesses leveraging social media analytics, online consumer reviews, and digital publication archives more extensively.
  • Combination with Big Data: The integration of secondary research findings with big data insights will offer a more comprehensive view of market trends, consumer behaviors, and competitive landscapes.
  • Customization and Niche Focus: Customized secondary research services tailored to specific industries or business needs will likely become more popular, offering more targeted and relevant insights.
  • Emergence of Specialized Research Firms: Specialized secondary research firms that cater to niche markets or specific business functions may emerge, offering expert insights and tailored analysis.

SIS specializes in providing comprehensive market research and consulting services tailored to meet businesses’ unique needs and objectives across industries. Through a strategic blend of primary and secondary research methodologies, we deliver actionable insights and strategic guidance to drive business growth and success.

  • Market Entry Feasibility and Sizing Studies: SIS assists businesses in evaluating market entry opportunities by conducting in-depth feasibility and sizing studies. By leveraging secondary research to analyze market dynamics, competitive landscapes, and consumer behaviors, our team helps businesses assess the viability and potential risks of entering new markets.
  • Strategy Consulting: SIS International offers strategic consulting services to help businesses formulate and implement winning strategies. Through a combination of secondary research, market analysis, and industry expertise, we provide clients with strategic recommendations and actionable insights to capitalize on market opportunities, overcome challenges, and achieve sustainable growth.
  • Market Intelligence and Competitive Analysis: SIS delivers comprehensive market intelligence and competitive analysis services to help businesses stay ahead. Through rigorous secondary research and competitive benchmarking, SIS International provides clients valuable insights into competitor strategies, market trends, and emerging opportunities, enabling informed decision-making and strategic positioning.
  • Customized Solutions: SIS International offers customized research solutions tailored to address specific challenges and objectives. Whether it’s conducting industry studies, market segmentation analyses, or customer satisfaction surveys, our experts collaborate closely with clients to design research initiatives that deliver actionable insights and drive tangible results.

Desk Research Report Company Secondary

SIS typically uses the following sources of secondary information:

  • General web searching
  • Company web sites
  • Directories and lists
  • Governmental reports
  • Relevant industry and product associations within each country
  • Publications and periodicals specific to relevant industries
  • Analyst and company presentations
  • Industry speeches and conference presentations
  • Any available published reports

Contact us for your next Market Research and Strategy Consulting Project.

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