Secondary Data Come From Reading What Others Have Published Experienced or Observed
At that place are more data sources than always. Just googling a search term may not be sufficient, as the googled data may be inaccurate and/or biased. You lot desire to avert making of import business concern decisions based on unreliable data. So which data sources should yous utilise? We're here to assist you navigate them all. Read on for a quick breakdown of secondary and main data and tips for finding valuable insights for your market research needs. At the highest level, marketplace research information tin can be categorized into secondary and chief types. Secondary data is public information that has been collected past others. It is typically complimentary or inexpensive to obtain and can act as a strong foundation to whatsoever research project — provided you know where to find it and how to judge its worth and relevance. Sources of secondary data include (but are not limited to): Government statistics are widely available and easily accessed online, and can provide insights related to product shipments, trade activity, business formation, patents, pricing and economic trends, amongst other topics. However, information is often non presented explicitly for the discipline you are interested in, so it can take some manipulation and cantankerous-checking of the data to become it as narrowly focused as you'd like. Industry associations typically have websites full of useful information — an overview of the industry and its history, a list of participating companies, press releases most product and company news, technical resources, and reports nigh manufacture trends. Some information may be accessible to members only (such every bit fellow member directories or market place research), but industry associations are a great identify to await when starting to learn well-nigh a new industry or when looking for data an industry insider would have. Trade publications, such as periodicals and news articles, most of which brand their content bachelor online, are an excellent source of in-depth product, manufacture and competitor data related to specific industries. Frequently, news manufactures include insights obtained directly from executives at leading companies about new technologies, industry trends and future plans. Company websites can be virtual goldmines of information. Public companies volition take investor relations sections full of annual reports, regulatory findings and investor presentations that can provide insights into both the individual company'due south performance and that of the industry at big. Public and private companies' websites will typically provide item around product offerings, industries served, geographic presence, organizational structure, sales methods (distribution or direct), client relationships and innovations. Published marketplace research reports are another possible resource, as anyone who'southward ever googled the name of the industry they're interested in and "marketplace research" tin can tell y'all. For a fee, they can provide a great overview of an manufacture, including quantitative data you might non observe elsewhere related to market place size, growth rates and industry participant marketplace share. The downside is that you might not be interested in an overview — you might be interested in a niche, and that niche is only discussed on three of the report'southward 300 pages. With all these sources of secondary data, you should exist all set, right? Well, maybe not. If y'all are interested in a niche product or a new applied science, there may not exist a lot out there in the public sphere. The well-nigh current information you tin can find might exist a few years old. Yous might not be sure if the material you constitute online reflects an authentic portrayal of the whole manufacture. You might be asking a question no 1's ever asked before, let solitary answered. Now what? Now information technology'south time for primary information , new information collected specifically for your purposes, straight from people in the know. Methods of principal data collection vary based upon the goals of the research, equally well as the type and depth of information being sought. In-depth interviews present the opportunity to gather detailed insights from leading industry participants most their concern, competitors and the greater industry. When y'all arroyo a company contact from a position of cognition — thanks to all that secondary information you lot've already collected — you lot tin accept a complimentary-flowing conversation about the topics of interest. Y'all can guide the conversation toward your research objectives, simply also allow yourself to be led down unexpected paths past interviewees — some of the well-nigh valuable insights are the ones y'all didn't know you should exist looking for. If yous're seeking data you tin quantify, surveys are an excellent manner to collect a large amount of information from a given population. Surveys tin can exist used to describe a population in terms of who they are, what they practice, what they similar and if they're happy. Yous tin can then forecast the population'southward futurity beliefs in light of these identified characteristics, behavior, preferences and satisfaction. Surveys yield the near meaningful data when they ask the correct questions of the correct people in the correct way, and so care should be taken both to develop survey questions respondents will notice relevant and interesting, and to determine which method of conducting the survey (online, telephone or in-person) is most appropriate. Looking to get consumers' thoughts on a new product or service offering idea when y'all're in the early stages of the evolution procedure? A focus group tin can become a small group of people that fit your target demographic in a room to discuss what they like, dislike, are confused by, would do differently — whatever. The group's leader encourages honest, open word among participants, collecting opinions that can farther direct your evolution efforts. Adopt to eavesdrop rather than enquire questions outright? Social media monitoring tin can assist you lot keeps tabs on candid conversations virtually your industry, your company and your competitors. How much are people talking about your brand compared to competitive brands? Is what they're proverb positive or negative? Is the public clamoring for something the industry currently doesn't provide? How are your competitors portraying themselves via social media, and what does that say about their strategy? Social media monitoring shows that you don't always need to participate in the conversation to learn from it. Overwhelmed yet? Here are a few of the ways our team at Freedonia Custom Inquiry tin aid you lot get together both primary and secondary data for your business needs. Nosotros accept access to The Freedonia's Grouping catalog of 3,300 manufacture studies, Kalorama and Packaged Facts, and 600 Focus Reports, giving us a significant head first on secondary data drove in terms of market place size, growth rates and competitor information. That'south information we tin brainstorm to validate and refine in the course of primary research, and considering many industry participants are familiar with Freedonia's research, they're eager to talk with united states about their business. Thanks to years of conducting primary research with decision-makers and influencers across industries, we've adult a long list of contacts we tin accomplish out to for in-depth interviews and surveys. We know what sorts of questions to ask various constituent groups (such equally manufacturers, distributors, terminate-users, industry associations and regulatory bodies), and because we are an independent, third-party firm, you can trust that their answers volition exist candid and unbiased. Not just practice nosotros know where and how to find all the data needed for a successful research projection, we know how to bring information technology all together then that an abundance of data points is transformed into meaningful and actionable insights for your business concern. We cantankerous-check pieces of data against i another to place both trends and outliers, ensuring y'all become a consummate and accurate motion-picture show of the industry. If you'd similar to learn more than nigh how Freedonia Custom Research tin assist yous navigate a bounding main of information, delight contact u.s.a. at 440-684-9600 or asking more information on our website. A must-read for business professionals, The v Keys to Estimating Market Size for Strategic Decision Makingexplains how to develop a reliable market size adding. This white paper is written by experts at Freedonia Custom Research. Click the push below to learn more and download the PDF. 
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Source: https://blog.marketresearch.com/not-all-market-research-data-is-equal
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