In secondary market research you analyze information that has been gathered for some other purpose. This saves you the cost of gathering the data so it is more economical, given that you can find data in the form that you need it.
The data used may be a study, a group of articles on a topic, or demographic or statistical data gathered by someone else. For example, the demographic data about car owners in your county available from your Chamber of Commerce may be just the information you need - and it is already available.
Secondary Research Activities
Review and analyze the existing data on your target markets available from magazines, books, published research studies, and government publications
Evaluate the competition.
Assess social, economic, and political environmental factors.
Secondary Research Methods
Because secondary research already exists, no data collection is needed other than locating the information and making certain that it was collected in a valid way. Instead, your efforts are spent locating and gathering market information from reliable sources. The Internet has a number secondary data sources available. Many of the resources listed below, such as magazines, trade associations and government resources, now have materials available online.
Some resources for secondary research information are:
Libraries and other public information centers
Reference sections of libraries are a rich source of resource materials and other existing data on your market.Books and business publications
Many books have been written on specific industries and markets. Look for helpful existing data and environmental factors. See if your library carries Urlich's Periodical Directory to see if anyone publishes a trade journal in your field or industry.Magazines and newspapers
Each and every day, studies and other survey results are released as news events. Also, look into news about environmental factors such as the leading economic indicators or the upcoming local political elections.Trade associations
Most associations have reports on the industries they serve, the standards they operate under and leaders in the field. Many even conduct educational seminars on trends and other issues. Associations are also helpful in researching the competition. A great resource is Directory of National Trade and Professional Associations of the United States, if your library carries it.Local college marketing departments
What successful college marketing student hasn't conducted a research project? Ask for access to data that has been collected through special research projects. Sometimes you may even be able to have students help you with your research.Chambers of Commerce
Your local Chamber is a terrific resource for information on the community you hope to serve, other local businesses and maps of the area. You can also learn from other members at Chamber networking events.Banks, real estate and insurance companies
May keep information and statistics on the communities they serve.Wholesalers and manufacturers
Contact these enterprises for information on the industry standards, customers, costs, distribution, potential problems.Federal government resources
Provide extensive demographic data on population, markets and the economy.Regional planning organizations
Local governments have historical and current data on community growth trends. Many offices also have forecasted future demographic statistics for the area.Media representatives
Advertising salespeople at TV, radio, and print media outlets keep information on the markets their viewers, listeners, and readers to help influence potential advertisers.Competition
Ask directly for company brochures, menu of products and services, prices, and annual reports.Business Information Centers (BICs) at area U.S. Small Business Administration (SBA) offices
Most BICs contain books, publications, videos, CD ROMS and other sources of information exclusively for small business owners.
