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Not only can you simply plug your search term into any web browser, but you will also get an almost innumerable number of results, many of which circularly source from one another. As such, how can you ensure that you’re relying on the best information to make strategic decisions? The experts here at Freedonia Custom Research (FCR) are here to help you navigate all of these data sources. At the highest level, market research data can be split into primary and secondary data sources, although from a best practices perspective, secondary research should always be performed first. What Is Secondary Data?Secondary data is publicly available or relatively inexpensive to obtain and can be used as the foundation for any analysis or business decision — so long as you can feel comfortable regarding the source, something FCR can assist with. Secondary Data ExamplesSources of secondary data include, but are not limited to, the following: Company Websites
Government Statistics
Industry Associations
Published Market Research Reports
Trade Publications
As noted, there are often limitations to relying solely on secondary sources, especially if you are interested in a niche product or a new technology. In these cases, the information may be outdated or not accurately reflect the industry situation as a whole. You might be asking a question that no one has tried to answer before. So what should you do now? Primary research. What Is Primary Data?A primary resource is information that is collected specifically for your purposes, directly from people who are involved in the industry that is being examined. Methods of primary data collection will vary based on the goals of the research and the level of detail being sought. Primary Data ExamplesExamples of primary data sources include: Focus Groups
In-Depth Interviews
Social Media Monitoring
Surveys
Freedonia Custom Research Is Here to HelpOverwhelmed at how to put all of the pieces together? Here are a few ways that the FCR team can help, based on our long track record of conducting secondary and primary market research for corporations across a wide array of industries:
If you’d like to learn more about how Freedonia Custom Research can help you navigate a sea of data, please contact us at 440-684-9600 or request more information on our website. About the Author: Lee Steinbock is a Senior Analyst at Freedonia Custom Research, where he leads a team of researchers who provide detailed market intelligence in support of strategic business planning. He earned an MBA from Weatherhead School of Management at Case Western Reserve University and a JD from Case Western Reserve University School of Law. Additional Resource: White Paper on Market SizingA must-read for business professionals, The 5 Keys to Estimating Market Size for Strategic Decision Making explains how to develop a reliable market size calculation. This white paper is written by experts at Freedonia Custom Research. Click the button below to learn more and download the PDF.
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