How can you identify gaps in the market using secondary research?

2 Why use secondary research to find market gaps?

Secondary research has several advantages over primary research when it comes to finding market gaps. First, secondary research is cheaper and faster than primary research, as you do not have to design, conduct, and analyze your own data collection. Second, secondary research can provide you with a larger and more diverse sample of data, as you can access information from different sources, geographies, and time periods. Third, secondary research can help you validate or challenge your assumptions and hypotheses about your market, as you can compare and contrast different perspectives and evidence.

3 How to conduct secondary research to find market gaps?

Conducting secondary research to find market gaps involves four steps: defining research objectives, collecting data, analyzing the data, and interpreting the results. To begin, you must clarify your research goals and the criteria that define a market gap. Then, you need to select reliable, valid, relevant, and timely data sources that are also accessible and ethical. After collecting the data, you should organize, process, and summarize it to extract insights. Utilize appropriate methods and tools to analyze the data while also checking its accuracy. Finally, interpret the results and draw conclusions based on your research objectives. Communicate your findings using visual and narrative aids; for example, you might use a SWOT or PESTLE analysis to present your findings and identify gaps that can be filled with a new product or service.

5 How to improve your secondary research skills?

Secondary research is an essential skill for finding market gaps and creating innovative products, services, or solutions. It isn't a one-time activity but a continuous process that requires curiosity, creativity, and critical thinking. To hone your secondary research skills, stay informed of the latest trends, news, and developments in your market, industry, and customers. Utilize a variety of data sources both online and offline and double-check them for accuracy, consistency, and credibility. Take a systematic and structured approach to collect, analyze, and interpret data while documenting your sources, methods, and findings. Use visual and narrative tools to communicate your findings and recommendations to the right audience. Finally, seek feedback from peers, mentors, experts, or customers to improve the quality and validity of your research.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?