22 Ways to Do Secondary Market Research ✨

Secondary market research is perfect for exploring the lay of the land—like scoping out market trends or uncovering what’s already out there before drafting your own survey. Let’s dive into 22 expert tips that will have you mining data gems with the precision of a seasoned market researcher. Grab your caffeine—we’re skipping the fluff and going straight to the good stuff.


1. Understand the Data’s Origin Story 📺

Every data point has a backstory. Consider a company like Peet’s Coffee, analyzing the Beverages industry. Let’s say they’re targeting audiences who frequent Starbucks and Dunkin’. The goal is to uncover trends for launching a new seasonal blend. Secondary data from sources like Statista or Euromonitor might reveal that 43% of coffee drinkers prefer holiday-themed beverages. Always trace your data back to its source, checking for potential biases or outdated information.


2. Cross-Reference Multiple Sources ⚓

Never trust a single source. Imagine Under Armour entering the Apparel industry’s competitive research scene. They’re analyzing behavioral data on “outdoor running enthusiasts” to assess if launching high-performance trail shoes makes sense. If one report claims 55% of runners prefer trails, validate that number with at least two other datasets. Your secondary research should resemble a crime investigation—multiple witnesses for every claim.


3. Prioritize Recency Over Reputation ⌛

The data’s credibility matters, but so does its age. Take Spotify, looking into the Media industry while targeting “Gen Z audiophiles.” Their question type: “Which genre do you listen to most?” Response: 41% say lo-fi beats. Even reputable sources like Gartner need a recency check. Trends change faster than TikTok dances; stay current.

As a tangible example, here’s a survey that Pollfish’s Troy Harrington, ran when Elon Musk publicly announced an early prototype of Tesla Optimus Robots. While the data says one thing at the launch date in Q4 2024, the public sentiment could be very different today. The survey is ‘primary’ to him, and as you are the onlooker, it becomes ‘secondary’ market research from your perspective.

By the way, you can click in to that survey dashboard here!


4. Filter by Relevant Metrics ⚡

You wouldn’t use a fitness tracker to gauge stock market trends—so don’t pick irrelevant KPIs. A company like Monster Energy in the Drinks industry targeting Red Bull fans might ask: “What factors influence your energy drink purchases?” If 67% say “flavor variety,” that’s your golden metric. Match the metric to the market question to avoid spinning your wheels.


5. Contextualize Global Data Locally 🌎

Secondary data often comes from global sources, but markets behave differently on the ground. Say Tesla wants insights for their Automotive market expansion in India, targeting “environmentally conscious millennials.” Localized data might show that 38% cite “charging station availability” as a barrier to adoption. Tailor global insights for local relevance.


6. Benchmark Against Competitors’ Strategies ⚖

Secondary research is a fantastic spy tool. If Patagonia is studying the Retail industry’s eco-conscious shoppers, they might uncover that 74% prefer brands using recycled materials. This insight can inspire Patagonia’s next campaign. Competitive benchmarks aren’t just numbers—they’re blueprints.


7. Evaluate Data Accessibility and Limitations ❌

Not all data is created equal. A company like Snapchat, navigating the Tech industry, might access free reports showing that 54% of teens use the app daily. However, the freebie may lack nuanced demographic splits. Always weigh data availability against what you’re not seeing.


8. Dive into Niche Publications 🔬

Don’t overlook industry-specific goldmines. For example, Nike could find specialized insights in niche sports magazines about “female marathon runners” preferring cushioned shoes (71%). Niche data often provides the granular details big reports skim over.


9. Use Secondary Data to Predict Trends 🎯

Data from the past can be a crystal ball for the future. Suppose LEGO in the Toy industry is targeting “parents of STEM-loving kids.” Question type: “What skills do you want your child’s toys to enhance?” Insight: 52% say “problem-solving.” Extrapolating data like this can help LEGO create a robotics line that fits the trend.


10. Validate Vendor Claims with Independent Data ✉

Vendor pitches can be enticing—but always verify. If Coca-Cola in the Drink industry considers a partnership, they might first check the vendor’s claims about “48% market penetration” with Nielsen reports. A little skepticism goes a long way.


11. Conduct Social Media Listening 🔊

Social chatter is secondary data in real-time. Imagine Chanel, studying the Fashion industry and targeting “fashion-forward Gen Z.” Analyzing Twitter trends might reveal that 29% rave about capsule wardrobes. Social listening tools like Brandwatch or Sprinklr can amplify insights.


12. Focus on Behavioral Over Intent Data 🏃

What people do trumps what they say. For instance, Apple in the Tech industry targeting “health-conscious professionals” might observe Fitbit sales trends showing 68% usage for step tracking over workouts. Secondary behavioral data paints a clearer picture than survey intent.


13. Check for Red Flags in Data Quality ⚠

Secondary data often hides skeletons. Say Lululemon wants insights into the Fitness industry’s yoga enthusiasts. If a source claims 85% practice hot yoga but samples only 500 participants from Arizona, tread carefully. Assess sample size, geographic relevance, and methodology before trusting results.

Always find the source. A good source should have clear methodology, and if it’s a full service consumer panel, there should be awards and verifications, sort of like the ones we have below!


14. Map Insights to Buyer Personas 🔎

Secondary data must inform personas. Suppose Canon is diving into the Electronics industry targeting “pro-level photographers.” Their research might show 39% prefer mirrorless cameras. Matching these insights to persona goals helps refine marketing campaigns.


15. Analyze Competitive Ad Spending 💰

Where competitors spend reveals priorities. Consider Target, researching the Retail industry’s back-to-school shoppers. If Walmart’s ad spend spikes by 34% in July, it signals competition for that segment. Tools like Adbeat or SEMrush simplify ad spend analysis.


16. Assess Industry-Wide Challenges ⚖

Secondary research can highlight macro issues. For example, John Deere in the Agriculture sector might find that 51% of farmers cite “labor shortages” as their biggest hurdle. These insights provide opportunities for innovative product design.


17. Identify Gaps in Market Coverage 🌑

Sometimes, the absence of data is telling. If Samsung in the Tech industry finds no coverage on foldable phones for seniors, that’s a market to exploit. Look for under-researched areas and own them.


18. Validate Hypotheses with Hard Data 🔢

Secondary research is the litmus test for your hypotheses. Suppose Red Bull, in the Drinks industry, theorizes that Gen Z prefers smaller cans. Secondary sources showing 63% favor “portable beverage options” can confirm this.


19. Mine Government Databases 📚

Government reports are treasure troves of credible data. Imagine Ford researching Automotive safety regulations. The NHTSA might reveal that 44% of accidents involve distracted driving, shaping Ford’s tech integrations.


20. Factor in Economic Indicators 📊

Economic data influences industry trends. Suppose Airbnb in the Travel industry notices rising interest rates leading to 28% fewer bookings. These insights help anticipate shifts in customer behavior.


21. Leverage Academic Studies ⚙

Don’t ignore academia. For example, Adidas might use studies on “exercise psychology” to learn that 47% of gym-goers wear activity-specific shoes. Peer-reviewed research often has untapped gems.


22. Embrace Visual Data Analysis 🎨

Charts, infographics, and dashboards make insights stick. Suppose Netflix in the Media industry is analyzing binge-watching habits of “fantasy lovers.” A dashboard showing 71% prefer series with sequels could influence content strategy. Visualizing data clarifies trends.


Secondary research is an art and a science, blending critical thinking with data mastery. Tools like Prodege’s Pollfish survey platform simplify data gathering and analysis, empowering you to work smarter. Start applying these tips today, and watch your market knowledge soar.