How To Perform Secondary Research

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Secondary research provides additional information about a market.

Typically the information is free and accessible online.

This includes web searches, market reports, and industry news.

This research is easier to perform since you don’t have to reach out to people for interviews or surveys.

It helps define overarching trends which may not be clear from customer interviews.

It can inform your market research plan and help define what primary research may be needed.

Here are some key steps to perform secondary research:

Start with online searches using keywords around your product, industry, or problem to be solved.

Capture key documents available such as market reports, industry studies, and articles discussing the problem.

Build a list of competitors and research each one to learn more about their offering.

Capture the results into a competitor map.

Compare the information from multiple sources to gain a better understanding of the space.

Analyze the data and draw conclusions from it such as current challenges the customer faces, and trends showing where the industry is headed.

Make sure to verify the sources of the secondary data.

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