Secondary Market Research

In this video, Jim explains what is meant by secondary market research.

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VIDEO CHAPTERS
00:00 Introduction
00:36 Examples of secondary research
02:23 Advantages of secondary research
02:55 Drawbacks of secondary research

VIDEO SUMMARY
The video is about secondary market research.

Secondary market research is data that already existed and can be really useful for research purposes.

Examples of secondary research include:

Market reports: These can be printed reports or digital reports produced by specialist market research businesses. The best ones tend to focus on particular industries and sectors and provide detailed insights.

Trade and industry associations reports: These are reports produced by organizations that act as the industry club for different businesses. An example given in the video is the SMMT, the industry association for motor trading cars. These associations publish reports regularly, such as quarterly, annually, and topic-based reports.

Sales transactions data: Each time a business records a sale, it is gathering data that can be used for research purposes. This is an increasingly bigger source of data arising from the concept of big data.

Data from analytical software: The video mentions Google Analytics as an example of analytical software that can be a source of secondary research data.

There are a few advantages of using secondary market research. First, it is often fairly easy to find and may not necessarily be free, but a lot of it is. Second, you can usually buy a fairly detailed insight into an industry for a few hundred pounds sometimes less. Because of the expertise of those who produce that kind of data, they are often a good source of insights into the overall market into the key trends.

However, one of the downsides is of course it's the flip side of primary research secondary data second research is not created for a specific research purpose therefore it may not necessarily be exactly what you need to help inform your research and specialist reports can be quite expensive depending on what they are and who you buy them from.