Secondary Research- sources (audio-enabled deck)

a review of the various types of secondary research information - audio enabled deck

1. Marketing Research Types & Sources of Secondary Data Professor Steven Litt @StrategySteven ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

2. Secondary info might be found internally Current companies & their partners gather LOTS of data on customers, prospects, visitors , etc If that info isn’t enough, Secondary can also be found via external sources. What are those choices? What different types or sources of Secondary exist? And where should you start to look? ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

3. Q. “I can’t find the Secondary data I need internally ! What now?” Look Externally ! Use.. outside by DEMOGRAPH from the Noun Project Your feet Your library Secondary Research ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

4. ‘External Secondary’ choices include… Syndicated Research Global Reports/Info News/Periodicals Street & other Casual/Informal ‘Research’ Audit Data Data Appends https://www.youtube.com/watch?v=J9NQFACZYEU post-secondary libraries may be a gold mine! Secondary Research ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

5. ‘External Secondary’ choice: Syndicated Research Global Reports/Info News/Periodicals Other Casual Sources Street Research Audit Data Data Appends ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

6. Secondary Research Syndicated Research Reports Fixed Fee reports on different categories, products, group habits or attitudes, etc. Fees range eg $250 to $25,000 / report. Some excellent sources Cost efficient (shared cost approach) vs doing on your own. And yet… few to no chances to ‘customize’ what is learned cost, availability & reliability vary by source. the uses for the different types of data vary widely. the suppliers’ credibility/reliability will vary by type. ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

7. Syndicated Reports: Upsides? Cheap (or cheaper than you can do it!) Often well done ie clearly written Typically reasonably bias-free Standardized formats across categories; you get ‘efficient’ at reviewing& finding key info in these (long) reports. Downsides? No custom questions If you can get it, so can your competitors. No info here is truly unique to you (your competitor can also find these facts/ insights) Might not be done recently (most Syndicated suppliers issue a reliable schedule of when their next report on a topic will be published) ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

8. Syndicated Reports: My opinion of where each SYNDICATED database ‘hits its stride’: Gartner, Forrester: technology! Scotts: Entrepreneurs, small biz, sales reps, retail, service WARC: Ads Vividata, Statista: Media planning, Consumer usage stats, Services AtoZ: global studies (country profiles) Mintel, Marketline, Passport, Packaged Facts: category analysis (eg lunch meats), ‘generational’ reports, eg ‘GenY + Fast Food’. ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

9. via Syndicated Reports & Unexpected sources Global Studies: USEFUL in many ways! Benchmarks Predictor of market’s future in your market/nation. The usual source is via a Syndicated Report, however some sources are ‘unexpected’ ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Global Studies/Info

10. Global Data sources Esp. if at a lean biz with few resources, tap unexpected sources eg Embassies, Government departments, Trade associations, Trade councils, Chambers of Commerce, and The CIA. FYI: tips from Prof Tim Richardson (ret .) https://www.youtube.com/watch?v=Eeeb7wHtpMA ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

11. ‘External Secondary’ choices: Syndicated Research Global Reports/Info News/Periodicals Eg Bloomberg, CNN, WSJ, Business Source Premier, ABI Inform Other Casual Sources Street Research Audit Data Data Appends ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

12. News/ Periodicals Breaking news may be found here! cost, availability, reliability vary widely by source. suppliers’ credibility/reliability will vary. Behind paywalls of eg New York Times, WSJ & other news sources, you may* find superb coverage of industry & company articles/stories. Journalists have ‘inside sources’- sometimes v valuable Some journos are resourcefully seek truth but beware their objectivity & maturity (as they may get duped ) eg Fortune & Forbes put Freedman on cover as crypto’s Wonder Boy; Marketing & Strategy mags run ‘puff pieces’ to flatter ‘up & coming’ marketing execs, who misrepresent their achievements ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research

13. News/ Periodicals: Upsides? Easy to search by keyword eg a company, brand etc in Periodicals databases (Business Periodicals, ABI Inform, etc) current industry insider quotes & insights Downsides? Paywalls limit access May not be the info you seek , topic you want covered BIAS! Newspapers have an agenda, are rarely fully Objective Lack of Due Diligence : some journos don’t fact-check! ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

14. ‘External Secondary’ choices Syndicated Research Global Reports/Info News/Periodicals Street & Other Casual Research Audit Data Data Appends ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

15. Street & Casual Research Street Research: Get out there! eg1 to find Vegan options at Quick Service Restaurants, do a Menu Search , take pics. eg2 No access to % market share data for Jam? Go to various (major banner) stores , measure ‘share of shelf’ by brand (a ‘proxy’ for % share of sales). Waterfall vs Block- Hip To Eye- Planogram/ POG Why is it Important? Not doing this = Sheer Laziness! Get acquainted with the category & its consumers – Imo this is a wise way to start any study! ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. street by Eucalyp from the Noun Project

16. Street & Casual Research a special project : a store-check Even the most formal ‘Ivory Tower’ Brand departments send new recruits into ‘the field’ shortly into their career. You work for Ride TM Laundry Detergent. It’s week 2 of your career. You are told to do a storecheck . ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

17. a store-check You work for Ride TM Laundry Detergent. You do a storecheck; visit at least 8 grocery stores, 3 Mass Merch stores, 3 Drug Stores, 1 Convenience store, 2 Warehouse Clubs. And you will find and make notes on… exactly what? ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Pause & take your shot!

18. In a store-check – you will likely make notes on … STORE: busy or not, clean, shopper appearance, basket vs cart,… CATEGORY: located where in store (on the ‘racetrack’)? Footage – ie space devoted to category Secondary Locations- displays, clip strips A or B store, any ‘infringements’ on section, atypical factors,… SEGMENTS % of shelf devoted to Cold Water sku’s, Concentrated, Unscented vs Fragrance BRANDS location on shelf (eg Hip-To-Eye), POG (Plan-O-Gram) layout, whether brands are blocked or waterfalled, etc Share of facings (share of shelf) by brand, product line, segment PRICES PROMOTIONS: Shelf talkers, neck-tags, loyalty bonus points… STOCKOUTS, Condition of product at shelf,… ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Street Research

19. Other Casual Sources: User Reviews, Reddit forums, etc more suited to Basic Research, than Applied due to iffy reliability eg yelp, amazon reviews, Reddit comments, etc as input into: Product Attributes, Competitor lists,…. ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Treat User Reviews with caution! often ‘gamed’, hit by bots, biased, bought. Nonetheless, check them to l earn what ‘Haters’ say; or u nderstand possible weaknesses, strengths; or see how common it is to ‘game the ratings’

20. The last 2 ‘External Secondary’ choices: Syndicated Research Global Reports/Info News/Periodicals Street & Other Casual Research Audit Data Data Appends ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Secondary Research Why cover these sources last? RISK! AUDIT DATA often the costliest source; use other sources first to be fiscally prudent. DATA APPENDS have high risk of regulatory/ legal issues (consumer privacy). Only proceed if working with trusted partners & if savvy about latest regulations eg CASL, PIPEDA,…

21. Audit data : market sales, market share % etc via an ongoing audit of sales / behaviours eg Nielsen for Fast Moving Consumer Goods (FMCG) sales, TV ratings; IMS for Pharmaceutical therapy % share; Numeris for Radio listeners’ habits; ComScore for digital traffic; Nielsen HomeScan for cross panel purchases,… Audit data won’t cover 100% of a market, yet what it does cover in a ‘long term panel’ is VERY RELIABLE Running an audit panel to extract data is complex, involves paying / administrating a big costly sample of resellers /consumers. Audit data is very proprietary , but expensive . ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

22. Audit data : Upsides? More accurate than your own ‘Market Share’ estimate. They’re THE experts. Downsides? Costly. Monopoly-type structure (not renowned for Customer Service or help). Tend not to admit ‘coverage factor’ (sales ‘outside the audit’) ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

23. Audit data : suppliers are typically in a monopoly/oligopoly position; they rarely negotiate the price! ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Want to find market share data, on a tiny budget? Consider a proxy eg Street Research such as ‘share of shelf’ via observation in field Casual Research such as on-location informal conversation with some retail section managers Search for ‘market share’ info in Syndicated Reports.

24. Data Appends : ie buy ‘data depth’ ie extra data on individual* customers via longitudinal/loyalty data suppliers Acxiom Experian TransUnion Loyalty Mgmt. Group (Air Miles, Epsilon) PC Optimum Aimia / Aeroplan Credit cards,… Beware the Privacy regulations! Did the data acquirer have permission to share the data? What steps/hurdles must you take before using it? How can you use it? ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.

25. Data Appends : Appends often use ‘blinded matching’ Your coded individual customer data is matched/sync’d with individual files of the Append supplier The data is anonymized before being shared back in an aggregated file. ie final data file useful for modelling & analysis, but NOT transparent for any customer ( doesn’t reveal individual identity) ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. append by Hea Poh Lin from the Noun Project Beware the regulatory, legal, ethical aspects! ONLY work with trusted partners!

26. Psychographics: a special type of Data Append arranged via Environics etc. Psychographics reflect Shared Lifestyle & Values of a market segment eg life-stage, priorities, ways they spend $/time, self-image, goals & aspirations. ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. A special (& powerful!) type of ‘Data Append’ to leverage. A world leader is Toronto-based PRIZM segmentation system. - per Environics Analytics, a division of Bell.

27. Psychographics: Shared Lifestyle & Values of a market segment. Why is this Important? Psychographics is very useful in MARCOM (message, promotions, partnerships, understanding brand equity,…); LOCATION ANALYSIS (retail, auto dealers, banks, services) ; and MUCH MORE! ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part. Think of a relative’s / friend’s neighbourhood . Enter their postal code; read the ‘profile’! e g Liberty Village : high income, white collar educated singles. VERY likely to: order food in buy pre-prepared meals use dating sites & bars UNLIKELY TO do any baking, use ovens, want a ‘dining room’ in their residence https://prizm.environicsanalytics.com/

28. SOURCES Cover photo courtesy of Mandy S Photography Litt, Steven ‘Applied Marketing Research: From Insight To Action’; 6 th Edition, TopHat, 2021 The noun project accessed August 22, 2023 authors cited in text Environics, ‘New Prizm Postal Code Lookup’, n.a. December 20, 2020 https://environicsanalytics.com/en-ca Professor Tim Richardson (ret.) ‘ Industry Associations as a source of information for students studying business and marketing’ youtube , accessed Aug 23, 2023 ©20 23 Steven Litt . All rights reserved. May not be scanned, copied, duplicated or posted publicly to a website in a whole or in part.