How to Go "Malcolm Gladwell" on Secondary Market Research

Jun 17th 2016

How to Go "Malcolm Gladwell" on Secondary Market Research

 

We all need a little more insight. We monitor our Google alerts, scan the social stream, lurk on forums, click through social profiles, but sometimes it feels like we’re just skimming the surface. Sometimes we think we know everything about our customers, our target audience, and our competition, but we really don’t. Our insight goes a mile wide and an inch deep.

 

More Insight = More Effective Marketing

 

Deep insights lead to:

  • Marketing personas that instill confidence
  • Solid content ideas targeting specific segments of your market
  • More effective and efficient promotion

The question is, where do you go looking for deeper customer and industry insights?

Be Like Malcolm Gladwell

Malcolm Gladwell is famous for his amazingly readable and shareable books that stem from his deep research in the social sciences. His works, from Blink to The Tipping Point to Outliers would be impossible without his ability to research and find opportunities in data. Gladwell has a reputation for digging through libraries and scouring the web researching stories worth telling.

Tim Ferriss: “What tools were you using to query and find this 60 page transcript of the would-be school shooter?”

Malcolm Gladwell: “I honestly don’t remember, I was screwing around on the internet…”

(from: The Tim Ferriss Show: Dissecting the Success of Malcolm Gladwell)

As a marketer wearing multiple hats, you don’t exactly have time to be just “screwing around on the internet” all day looking for data sources about your ideal customer segment, or their interests, demographics or psychographics. You need structure and resources for your market research.

Quick Secondary Market Research

 

If you’re need more formal data but don’t have the time or budget to hire a market research agency or run statistically significant surveys, some quick secondary market research will do. This is research that other organizations have published, so it won’t be of the same quality as research done specifically with your existing clients or target market in mind, but it’s a lot easier to get  your hands on. It can give you great insight if used correctly.

 

It’s true, secondary market research can be a crapshoot. But someone else has put the time into running the studies and compiling the data – and there are ways to take advantage of it. The easiest way to source market research on the fly is to go to Google and search:

    • “Marketing Research [core keyword]”
    • “Marketing Research [your industry]”
    • “Marketing Research [your customer’s job title]”

Depending on the size of your industry, you should find some good data. There are generally two categories of data you’ll come across when doing basic secondary market research – federal government data and research done by industry-specific commercial organizations.

 

Government Data: As you may guess, the government moves slowly. The data you find here won’t be the latest. It will likely be more than a year old , and the best stuff could be five or 10 years old. That might be okay, if you’re using the data directionally. Since it’s public, there’s a lot of it, and it’s surprisingly accessible.

 

Commercial Research Studies: This data is often available by paying for one-off access, or by subscription. You’ll pay anywhere from $12 to thousands per report. This is the best data you’ll find and you’ll pay if you want all of it. Read the Abstracts of the studies first. You may find more than a dozen different studies with detailed abstracts that give away a lot of actionable data. Maybe that’s all you need. At the end of the day, you may pay more for a commercial study than you would conducting your own.

 

This research will give you data on the facts and trends in your industry, but if you’re looking for more specific customer data, you’ll have to dig even further.

 

Sources for Deep Secondary Research

 

The following resources will put both industry data and customer data at your fingertips. Here are my favorite websites for going “Malcolm Gladwell” on publicly available data:

 

Industry Insight:

Market Research World: http://www.marketresearchworld.net/

Forrester Advanced Search: http://www.forrester.com/reg/advancedsearch.xhtml

Bureau of Labor Statistics by Industry: http://www.bls.gov/bls/industry.htm

SBA Small Business Data & Statistics: https://www.sba.gov/starting-business/how-start-business/business-data-statistics

U.S. Census Bureau Advanced Search (For Topic/Industry): http://factfinder.census.gov/faces/nav/jsf/pages/searchresults.xhtml

Google Public Data: http://www.google.com/publicdata/directory

U.S. Government Public Datasets: https://www.data.gov/

Science Direct: http://www.sciencedirect.com/

Google Scholar: https://scholar.google.com/

 

Social & Consumer Data:

Pew Social Trend Topic Search: http://www.pewsocialtrends.org/topics/

Bureau of Labor Statistics Consumer Expenditure: http://www.bls.gov/cex/

Bureau of Labor Statistics Demographic Data: http://www.bls.gov/bls/demographics.htm

U.S. Census Bureau Guided People Search: http://factfinder2.census.gov/faces/nav/jsf/pages/guided_search.xhtml

USA Government Census + Surveys: https://www.usa.gov/statistics

YouGov Profiles Lite: https://today.yougov.com/opi/profileslite/#/

 

Job Data:

Bureau of Labor Statistics Occupation: http://www.bls.gov/bls/occupation.htm

Indeed Job Trends: http://www.indeed.com/jobtrends

Glassdoor Research Studies: https://www.glassdoor.com/research/studies/

O-Net Online Job Occupation Search: http://www.onetonline.org/

Reference For Business – Encyclopedia of American Industry: http://www.referenceforbusiness.com/industries/

 

Market Research Reports (Read the abstracts):

NDP Market Research: https://www.npd.com/wps/portal/npd/us/industry-expertise/

First Research: http://www.firstresearch.com/

Report Buyer: http://www.reportbuyer.com/

Frost: http://www.frost.com/

Global Industry Analysis: http://www.strategyr.com/

Packaged Facts – Consumer Goods Data: http://home.packagedfacts.com/

    

To gain a deep understanding of your market, you may ultimately need to do some primary research. But, by doing secondary research first, you can reduce the cost and time that it would take to do deep research into your customers and target market, and there is far less risk of ‘reinventing the wheel,’ duplicating research that has already been done.

 

At the minimum, “researching the research” gives you a fuller picture of your market and your research needs. I hope you find much more!

 

 

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What Our Clients Think

Quote image

The team at Iterate has helped us get off the ground during our first year in business. We went from 1 location and 5 employees to now 3 locations and a few dozen employees ( and counting! ). We were getting about 6 leads each week when we started and through the work Iterate has done, we are nearing 100 leads through our website each week.

Mike Horey

COO and Co-Founder of Active Recovery TMS

The new website is gorgeous! We love the design and Iterate turned it around quickly. We have appreciated working with Iterate over the years because they are accessible, data and results-oriented and overall just so easy to work with.

Kari McKinley

Business Manager - Blue Oak Dental Group

Iterate is a great company and we couldn't be happier to how professionally they manage our marketing and website. Thank you Iterate!

Jon Bonk

Marketing Manager - Centrifuge Chicago

Iterate Marketing has revolutionized our company. We have a modern, fresh look now that is far more optimized than ever before. We can’t thank the Iterate team enough for the work they’ve done for us so far and look forward to many more years in the future!

Laura Hall

CIO - Community Management Inc.

Iterate Marketing did a great job for us... we saw a conversion bump of 100%, and a traffic increase of 81%. Furthermore, our Cost Per Conversion dropped, saving us 17%. ..they delivered the increases we needed.

John Yoder

CEO - Funny Business

Great company to work with. Very flexible and attentive to our needs. Always trying to help us improve our business practices without being overly push or giving the typical "salesperson" impression.

Renee Kitchen

Marketing Manager - Hamilton Marine

Vibrant yet professional and great for my budget as the Marketing Campaign Manager of a medium-sized SaaS company. Experts in AdWords management and content promotion. Love their blog too!

Heather Blackwell

Marketing Campaign Manager

Super easy company to work with. Extremely knowledgeable. A great fit for my small but growing business. Highly recommend.

Dominick Farina

CEO - Trashcans Unlimited

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