Secondary market research

Secondary research on the other hand, refers to the process of collecting and analysing existing data and information that has already been published, compiled or recorded by another source. It can be used to gather insights, trends, and information without directly conducting new data collection activities. Secondary research is particularly useful for gaining a broader overview of your market, bench-marking against competitors, and to validate findings from primary research. It is cost-efficient, because you are leveraging existing data instead of conducting new experiments. There are however limitations, which includes outdated or incomplete information, and a lack of customization for specific research objectives.