The fundamental basis for making well-informed decisions in market research.

Market research is vital for any business aiming to expand, evolve, or maintain its current path. Understanding your market, including your competitors and your customer base, is essential for enhancing your business operations. Whether it’s refining services, staying abreast of technological advancements, diversifying your product or service offerings, or identifying emerging trends, market research holds significant importance. However, there are various approaches to conducting market research.

One of the key methods is desk research, also referred to as secondary research. This method plays a crucial role in conducting market and competitor analyses. Secondary research is indispensable for gaining deeper insights into your current status and identifying potential avenues for further improvement in your business.

What Is Desk Research?

Typically, desk research is employed to analyse existing data, often collected by other sources. This approach can provide businesses with a comprehensive view of their marketplace. While desk research may sometimes lack specific contextual details, it offers valuable insights into the overall market landscape. This broader understanding can significantly enhance long-term decision-making.

One primary method of desk research involves examining credible sources of information, such as pre-existing market reports. These reports offer businesses the opportunity to gain insights from data compiled by others.

Another aspect of desk research entails reviewing academic studies. These studies can shed light on broader trends, such as the percentage of clients using specific features or services, or the growing interest and demand for particular goods or services. Incorporating findings from such studies into decision-making processes can provide businesses with a competitive advantage.

This matters because it plays a pivotal role in guiding businesses towards making informed decisions. By relying on verified sources, businesses can gain valuable knowledge about their market and the wider industry in which they operate.

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Another advantage of desk research is its reliance on existing data. There’s no need to wait for data collection and verification as this groundwork has already been completed. Market research specialists can leverage this pre-existing information to extract relevant insights, which are then organised into reports tailored to your needs.

This approach enables more structured conclusions to be drawn. Since desk research data typically encompasses broad-scale information rather than highly specific details, it provides a comprehensive overview of the current market landscape. This proves particularly valuable when a company is considering expansion into new territories or introducing new related products or services. By utilising desk research, businesses can analyse present data to gain valuable insights.

Desk research facilitates a better understanding of the market by identifying trends within existing research. It also aids in benchmarking competitors’ activities. By utilising both up-to-date information and historical data, desk research serves as a valuable tool for ensuring that businesses gain a thorough understanding of the challenges they currently face.

Why Is Desk Research Beneficial?

One of the primary advantages of using

desk research is its speed compared to primary research. Since the information already exists, it can be gathered rapidly and cost-effectively. Although this information may not be tailored specifically to your business needs, it serves as an excellent starting point.

Desk research offers valuable background information and details that might otherwise be overlooked. When combined with more targeted primary research, it can provide your business with a wealth of insights that might otherwise go unnoticed. However, it’s crucial that any desk research is conducted by a reputable and high-quality market research firm.

Why is this important? Because research must originate from trustworthy sources. Many forms of secondary research rely on data from unverifiable or unreliable sources. A reputable research firm, in addition to conducting secondary research, can utilise verifiable sources.

This information is invaluable for anyone seeking a broader understanding of the market, whether it’s the market they currently operate in or a market they’re considering entering. Desk research can offer insights into any niche or industry you wish to target, as the information is readily available, making analysis quicker and more cost-effective.

Following up secondary research with more tailored primary research enhances the accuracy of your findings and provides a specific focus for evaluating and understanding your target market.

Primary research is both time-consuming and expensive. However, conducting a round of secondary research beforehand can provide valuable context before investing in more costly forms of marketing.

Looking For A Specialist In Desk Research?

Get in touch with the team at CHARLES BOOTH today. As one of the leading market research companies in the UK, we are proud members of ESOMAR, ensuring that we are a trusted source of market insights for businesses in more than 20 national markets (Including Caucasus, Central Asia, Eastern Europe, Middle East and North America across various consumer goods, services & industries.

Rest assured that we can conduct comprehensive and detailed desk research for you promptly and affordably. This will provide you with a broader understanding of your industry, enabling you to make more informed decisions for the future of your business.

With our assistance, you can set the direction for your analysis and research. Reach out to us today to discuss your requirements and whether desk research or primary research solutions are the best fit for your needs.