8. Public data sources
Not all research data has to come from your own efforts. There’s a wealth of information out there in the public domain – and it’s growing every day. Tapping into public data sources can be a cost-effective way to bolster your secondary market research, especially if you’re on a tight budget.
What kind of data are we talking about? Government databases are a big one: think census data, economic indicators, or public health stats. These can provide you with reliable, large-scale data on demographics or trends.
There are also industry reports and whitepapers published by research firms or trade associations that are sometimes free (or available at a library).
“Open data” is a term you might hear – it refers to datasets made freely available for anyone to use. For example, local governments might release transportation usage stats, or a research group might publish survey results for others to analyze.
Further market research tools can be derived from APIs (application programming interfaces), which enable various platforms to pull in data programmatically – for example, by fetching social media trend data or Google search trends to gauge consumer interest.
Why use public data sources
Using public data does come with a couple of cautions. First, always consider the source – is it up-to-date and trustworthy? (Data from a respected government body or research institute is usually solid, but a random internet poll might not be.)
Second, it might not be tailored to your exact question, so you often have to interpret or combine data sources to get the insights you need.
However, when used wisely, public data can add context and credibility to your own findings. And best of all, much of it is free!