Desk-Based Research: A Practical Guide to Using and Optimizing Secondary Sources
Desk-Based Research: A Practical Guide to Using and Optimizing Secondary Sources
Desk-based research is the process of collecting and analyzing existing information and data to generate research outcomes that can benefit businesses. It provides crucial insights into markets, industry trends, competitors, and customers by leveraging a wide array of online sources. These include financial databases, statistical offices, government sources, and industry reports, among others, which cover both quantitative and qualitative data. By integrating multiple data sources and types, companies can gain a comprehensive understanding of even the most complex research questions, effectively guiding their strategic decisions.
This article delves into secondary research, how it works, and how to optimize desk-based research with alternative data collection solutions.
Establishing Research Fundamentals
Understanding the goals and purpose of a study will help guide your research approach and answer the research questions, saving time and resources.
Secondary vs. Primary Research
The main difference between desk-based research and primary research is where data collection falls. Understanding this, among other key differences, will help you know how to conduct each type of research and when to use it.
The goal of secondary research is to answer a research question by leveraging existing information and statistics. Some of the best sources for desk-based research include databases, official government sources, market and industry reports, company websites, and academic journals.
On the other hand, primary research refers to collecting raw data through surveys, interviews, observations, experiments, and focus groups to answer specific research questions and objectives.
Applications of Desk-Based Research
Secondary research is needed across a broad spectrum of projects and sectors. Here are some of its key applications:
Competitive Landscape Assessment
Keeping an eye on your competitors isn’t just smart; it’s essential. Desk-based research can be your ally in identifying key players in your market and what they are up to. You can rely on existing data to analyze company offerings and performance metrics. This points you to potential market opportunities and threats to fine-tune your business strategy and ensure you’re always one step ahead. You can read more about competitive landscape assessments here.
Market Sizing
Market sizing isn’t just about knowing the volume or revenue of a certain product or service within a market or geography; it’s about understanding the potential your business can tap into. Secondary research enables you to assess existing markets and identify potential ones, providing insights into the best opportunities to drive growth and profitability.
Company Profiling
Understanding your company and others goes beyond knowing product and service offerings. Secondary research can help you profile a company by delving into intricate aspects such as financial health, geographic reach, organizational structure, and distribution strategies. Comprehensive company profiling gives insights into a business’s strengths and weaknesses to identify potential collaborations and partnerships or competitive threats and how to overcome them.
Mapping Out Secondary Research Sources
Regardless of your desk research objective, it is recommended to leverage multiple sources together to paint a comprehensive picture of the topic, fill in data gaps, and cross-check information accuracy. This will lead to more in-depth data outcomes that strengthen your analysis and insights.
The choice of secondary data sources is critical to determining the quality of your research. Here are the most prominent sources that you can leverage throughout your research:
1. Databases
There are two types of databases: freely available databases and premium ones that require subscriptions. These can differ based on their industry focus (generic vs. specialized) and geographical focus (regional vs. global).
Examples of premium databases include Bloomberg, S&P Capital IQ, Thomson Reuters Refinitiv, Euromonitor, and Dow Jones Factiva. These are valuable sources that provide detailed information that is not publicly disclosed. On the other hand, free databases can be either generic or specialized. Generic sources include UN Data, which covers different sectors such as healthcare, energy, environment, and demographics, and World Bank Data, which covers global development metrics.
If you are looking for in-depth data for a specific industry, you can leverage specialized databases that provide extensive and sector-specific information. Examples include employment data by the International Labor Organization, financial data by the International Monetary Fund, trade data by the World Trade Organization and Trade Map, and global energy and sustainability data by the International Energy Agency (IEA).Geography-specific databases can also be leveraged, such as the Organization for Economic Cooperation and Development (OECD), which covers 37 countries with market-based economies. Moreover, Eurostat acts as the statistical office of the European Union, covering European countries, the European Free Trade Association (EFTA), and enlargement countries based on collaborations with National Statistical Institutes and other national authorities in the EU.
2. Official Government Sources
Governmental sources offer statistical tools and resources in different domains, such as economic, social, and environmental, to support policymakers and decision-makers. The scope and depth of the covered data vary from one governmental source to another and across countries. Common data sources include national statistical offices, ministries, and central banks.
National Statistical Offices provide detailed data on various topics such as the local economy, the environment, population demographics, and travel and leisure. It can be in the form of downloadable datasets or reports that are published on a monthly, quarterly, or annual basis.
Ministries are also key sources of secondary data. For instance, when looking at the prevalence of malaria in the past ten years, the Ministry of Health can provide data on malaria victims, treatment options, and governmental prevention measures. Another example is the Ministry of Finance, which covers data on government spending, taxation policies, budget allocations, and fiscal projections. If you’re interested in exploring cultural trends or heritage preservation efforts, the Ministry of Culture holds archives for data on artistic performances, museum attendance, and cultural exchange programs. This data can inform decisions regarding cultural policy, tourism initiatives, and community development projects.
Finally, the primary source for national-level banking and financial information is its central bank. Whether you’re analyzing lending rates, money supplies, or currency reserves, central banks are solid, reliable, and comprehensive sources. You can also dive into their reports and datasets if you’re looking to understand the stability of a country’s financial system or assess the impact of its monetary policies.
3. Market and Industry Reports
When it comes to accessing secondary data, industry surveys and reports are invaluable resources for evaluating market competition and growth prospects. They provide market size data segmented by type, geography, and end-users, along with insights on distribution channels, market drivers, challenges, trends, and key players.
Some reports can provide a thorough sectoral overview, while others focus on very niche markets. For example, one report can cover the entire steel industry, while another can focus only on steel bars, scraps, or tubes. Similarly, a report on the paint industry can be broken down into multiple reports, each tackling a different type of organic or inorganic pigment. To access such reports, you can start by looking at some prominent publishers such as Mordor Intelligence, Fortune Business Insights, MarketsAndMarkets, The Insight Partners, Grand View Research, Perry Hope Partners, and The Business Research Company.
4. Qualitative Research and Case Studies
Qualitative research refers to conducting general and advanced keyword searches on search engines to access different sources of information such as research papers, case studies, and more.You can rely on it to generate hypotheses, explore new topics, and provide context to quantitative findings.
A case study is a good qualitative research source when examining the circumstances surrounding introducing a particular product onto the market. It provides a new perspective that could prompt you to consider a situation from someone else’s viewpoint. Let’s consider a case study in the automotive industry to illustrate the importance of secondary data sources. a mid-sized car manufacturer utilizes case study reports to launch a successful electric vehicle (EV) model. After analyzing these reports, the company realizes that there is a higher consumer preference for compact models with advanced features. It then uses this data to develop a competitive EV with enhanced battery technology and smart connectivity.
Optimizing Desk-based Research with Alternative Data Collection Solutions
Leveraging alternative data collection solutions alongside desk-based research can help you optimize results. For example, you can start with:
Primary Market Research
Primary market research takes many forms, including expert interviews, cold calls, and on-the-ground research.
Expert interviews are an invaluable tool for enhancing the reliability of research, particularly when exploring niche markets or encountering data limitations. For example, interviewing top figures and authorities in the sustainable fashion industry can yield exclusive insights regarding consumer preferences and market trends. Similarly, talking to industry pioneers in developing technology industries can provide insights into market dynamics and potential future advancements.
Moreover, conducting cold calls can give you access to sensitive information, such as real estate or product prices, which would otherwise be available only by inquiry. Other data can be location-specific and require on-ground research by physically visiting the location to gather firsthand data, observing local conditions, and interacting with individuals in the area. This would allow researchers to collect unique insights, cultural nuances, and context-specific information that cannot be obtained through secondary sources alone.
Technological Tools
Besides primary research, another alternative is to leverage technological tools, including web scraping tools and big data.
Through web scraping, you can gather and analyze large amounts of non-downloadable data from company websites and social media platforms, as well as spatial data from sites like Google Maps.Analytical tools such as Microsoft Power BI, Tableau, and other dashboards enable the analysis of large amounts of data. By combining these tools with AI, predictive analytics, and machine learning techniques, you can detect patterns and predict possible outcomes that guide your decisions and strategies. Get in touch with us to learn more about how our Data Analytics team can provide advanced data analysis capabilities to supplement your desk-based research!
Infomineo: Empowering Business Success through Comprehensive Desk-Based Research
At Infomineo, we recognize the value of desk-based research as a cornerstone of our service offerings. Our highly experienced team is well-versed in identifying relevant data sources and overcoming the challenges of discerning between trustworthy and unreliable online sources, ensuring reliable data.
Our access to premium databases and our blended research approach, which combines secondary and primary research with the latest technological tools, allow us to extend beyond publicly available sources and overcome data limitations.
This comprehensive approach to desk-based research, combined with our business acumen, allows us to consistently deliver reliable and actionable insights to our clients.
FAQs
What Are Some of the Benefits of Using Desk-Based Research?
Desk-based research offers numerous advantages, including access to a wide range of data sources and relative time and cost efficiency. With the right expertise, you can quickly filter through existing datasets, saving valuable time and resources compared to primary research methods. Additionally, the availability of pre-existing data eliminates the need for costly data collection processes.
How Can Data Analytics Enhance Desk-Based Research?
Data analytics can help you better analyze large datasets by identifying trends, highlighting correlations between different variables, and detecting anomalies within the data. This analysis allows researchers to draw more accurate conclusions and make informed, evidence-based decisions.
What Are Examples of Desk Research?
Examples of desk research include obtaining information from websites, reviewing industry reports, and analyzing historical data on a given topic. For example, you can explore rival websites to gain useful information or spot chances to provide better solutions. You can also analyze industry reports to stay up to date on recent advancements and trends.
How Can I Ensure The Quality of My Secondary Sources?
The quality and reliability of secondary sources can be assessed by cross-checking information across sources to consider publisher credibility, data collection methodologies, covered time frames, and data consistency.
Can you Combine Primary and Secondary Research?
Yes, you can combine primary and secondary data sources in business research. Combining the two research types can help you effectively balance the advantages and disadvantages of each type, fill in informational gaps, and reach credible research outcomes.
Conclusion
Desk-based research is a cost-effective and efficient alternative to primary research methods, offering valuable insights while limiting expenses and time-consuming data collection. By leveraging various resources such as online databases, industry reports, and government sources, desk-based research can provide a solid foundation for further studies and analysis.
For a start, choosing the right sources is crucial to ensure the reliability and relevance of findings. You need to carefully evaluate the credibility of sources, cross-reference information, and consider potential biases to mitigate challenges and enhance the quality of results.
Leveraging desk-based research as a preliminary step can help identify knowledge gaps, refine research questions, and formulate hypotheses, ultimately guiding future primary research. By combining the strengths of both desk-based and primary research, you can optimize your approach and achieve a more comprehensive understanding of the topic.