Secondary market research is acquiring prime importance for organizations to stay up to date with the latest scientific developments, product innovations and current industry practices. R&D divisions of businesses need, in particular, to keep themselves and their teams up to speed with the market trends and research. Information compiled by government bodies, trade associations, educational institutions, as well as news articles, books, peer-reviewed research papers and encyclopedias constitute secondary research sources. Secondary research is cost-effective, easy-to-use and offers precious insights, when obtained from validated and reliable sources. While primary research refers to new data obtained directly by the researcher through experiments, surveys, etc., secondary market research refers to information that’s already been researched for another purpose and is publicly available.
The main disadvantage of secondary research reports is that they can be of dubious quality, if not published by a validated source. Here are some of the challenges one might face while using secondary research sources, and how they can be solved by working with specialists.
Secondary research can be outdated, inaccurate or biased.
Secondary data may not always be reliable – the quality of the data depends on the publisher, the date of publication, the parameters of primary research study and their definitions, etc. Some secondary sources may address only specific aspects of a product or study, so as to promote a specific product. The advantage of working with freelance market research experts who are scientists themselves is that:
a) they are likely to be updated on the latest developments themselves, as research forms a core part of their work
b) they’re not affiliated to a particular company or organization, so the chances of getting an unbiased report is much higher
For example, a company needing to understand how to optimize their wastewater treatment processes can hire a PhD-qualified environmental engineer to compile a report with the latest practices and ongoing research.
Scientific market research is not easily available.
While it is relatively easier for companies to get standard market research reports that address business trends, scientific research reports are much harder to access. A company like Unilever may need a specialist to assess latest innovations or process protocols. Similarly, an entrepreneur may need an expert to compile and analyze a product from not only the business side of things but also from a science/tech perspective. Hiring a freelance specialist or subject matter expert can help in accessing high-quality reports from scientists and subject matter experts themselves.
Secondary research reports are not customized.
Market research reports are not always tailored to meet individual requirements. However, working with a specialist gives you the flexibility of getting reports tailored to your needs and formats. Kolabtree’s global pool of scientists work with clients to answer specific questions pertaining to their research and make sure that the mode of delivery is in line with the client’s expectations.
Secondary research can form the basis of key decisions. A thorough market research forms the foundation on which novel ideas can be built. Staying abreast of the latest industry happenings, newest research and compiling all the literature related to the subject area of interest helps steer organizations in the right direction. Who can give you a better idea of the latest research in a subject than scientists themselves?