The use of data is so prevalent nowadays. In fact, according to a 2020 MicroStrategy report, 94% of companies believe data to be essential to their growth and digital transformation. Through data mining, companies can avoid flying blindly by utilizing the insights they find. Those insights are a valuable business resource. As such, the U.S. market research industry has about 5,000 institutions with a total annual revenue of approximately $20 billion. Below, let’s consider some of the impacts of secondary market research companies.

1. Saving Companies Money

Primary research would always be preferred over secondary research if time and money were not an issue. The major benefit of secondary research over primary is that it is much cheaper. That makes it more attractive to businesses with limited budgets, like smaller companies. Therefore, secondary market research companies provide a competitive edge to companies that do not have the resources to conduct primary research.

2. Saving Time

The data that secondary market research companies use is readily accessible. On the other hand, primary data must be collected from the source through interviews, surveys, experiments, and more. Because it uses readily available data, secondary market research can produce results much faster. If some research is needed quickly, then secondary market research will provide answers faster than primary research, which needs planning.

3. Deciding What the Question Is

Sometimes, a company may not know exactly what to ask, but by digging through existing data, secondary market research companies can give more insight into a topic. Even primary market research companies incorporate secondary data into their process for this very reason. It gives researchers a framework to work with that can guide them to more meaningful research outcomes.

4. Providing More Information

Primary research is limited by the population sample size, the amount of feedback received, and the questions and answers being investigated. Conversely, secondary market research companies utilize the vast amounts of data available from different perspectives and sources in order to gain as much insight as possible.

Secondary market research companies are critical to companies that need market research on a tight budget. They can mine for new information in preexisting data. If you are interested in benefiting from secondary market research, then make sure to get in touch with The Analyst Agency today.