Secondary Research
To reveal market insights and potential challenges which will allow you to make informed decisions very quickly. It can also reveal opportunities for innovation.
- Steps
- 4
- Last edited
- Oct 25, 2024
- Created by
- Nova
About this process
Reveals market insights and potential challenges which will allow you to make informed decisions very quickly. It can also reveal opportunities for innovation.
The process in detail
4 steps- 1
Research market environment
- 2
Discuss findings
- 3
Find recent innovation
- 4
Find old solutions
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1. Research market environment
Learn about the market environment. Find the most recent news related to the product, problem, or challenge. You and your team can use magazines, journals, newspapers, TV news, etc, and add them to the board. Write down sources you will explore to the last step in this session. Everyone should add their relevant findings to sticky notes on the Sticky Board, one finding per note.
2. Discuss findings
Each member discusses their findings with the group. Cover information in the following categories and write down findings:
Macro-environment: Demographics factors Economic factors Social Cultural factors Environment Factors Tech Factors Micro-environment: Market size, trends, growth, ROI, Competition, etc Customer needs, segmentation, patterns, motivations. Suppliers Competitors Partners Internal Sales ROA Brand awareness Culture and values Use the board to schedule a meeting with the team.
3. Find recent innovation
Find recent innovation in the field and find experts and visionaries that are talking about it. What of the above categories do these recent innovations belong to? Discuss interesting concepts, why they were created, why they worked or didn’t work, and highlight unique business advantages of each that create a better customer experience. What recent campaigns or products have resonated with the market, and why?
4. Find old solutions
Write down a list of old solutions in the market. Think about how they work, and how they cover each of the categories above. Which solutions failed? Why? If you are focused on creating a marketing campaign, what competition or old campaigns have resonated with the market, and why?
- Secondary research canvas
- Who are you? Values, objectives, vision, strategy, etc.
- Partners or potential partners
- Suppliers or potential suppliers
- Economic factors
- Environmental factors
- This is a sticky-note!
- This is a sticky-note!
- Competitors
- Competitors
- Political factors
- Socio-cultural factors
- Which partners/suppliers are your competitors using?
- Customersor potential customers Needs, segments, etc.
- Market Market size, ROE, Growth, etc.
- Technological factors
- Demographic factors
- Find recent innovation in the field and find experts and visionaries that are talking about it. What of the above categories do these recent innovations belong to? Discuss interesting concepts, why they were created, why they worked or didn’t work, and highlight unique business advantages of each that create a better customer experience. What recent campaigns or products have resonated with the market, and why?
- Write down a list of old solutions in the market. Think about how they work, and how they cover each of the categories above. Which solutions failed? Why? If you are focused on creating a marketing campaign, what competition or old campaigns have resonated with the market, and why?