This blogpost will talk about sources of Secondary Market Research. The starting point is that it plays a critical role in Market Validation – which can be described as using Secondary and Primary Research to continually test your market opportunity. Also known as desk research, secondary market research is a key step in collating information when making decisions within business – I am always amazed at the secondary information which is out there – and now the job of finding secondary information is made easier by using artificial intelligence chatbots like ChatGPT, Claude and Perplexity!
Market Validation is a systematic approach to probe, test and validate your market opportunity – before you invest significant money in product development. It lets you understand what customers really want, allowing you to tailor your product offering to meet their needs and giving you a real competitive edge.
If You Build It Will They Come? Three Steps to Test and Validate Any Market Opportunity Rob Adams (Wiley, April, 2010)
Market Research
is hugely important for the promoters of new business endeavours to include: startups, and established enterprises launching new products; or entering new geographic markets with an existing product or service. Market research is the process of gathering, analyzing, and interpreting information about a market, including its potential customers, competitors, and overall industry trends. It helps businesses understand the needs, preferences, and behaviors of their target audience and provides insights to guide decision-making, product development, marketing strategies, and business planning.
So once you have decided what information you would like to gather it is time to identify how this information can be sourced. There are two main sources of data – primary and secondary.
Primary research is conducted directly by or on behalf of the business. It is original and collected to solve the problem in hand. It is not going to be discussed further here.
Secondary research, also known as desk research, already exists since it has been collected for other purposes. Secondary research can provide both quantitative and qualitative information. Qualitative information involves describing meaning, rather than with drawing statistical inferences. It provides more in depth and rich descriptions. If the information involves a measurement of any kind, it is considered quantitative information.
What information is required?
The first step in collating secondary research is to list key questions relating to the market. What do you want to know? This list of requirements or your brief will keep you on track as you search for information on:
- Market Size and demand
Estimating the size (value in turnover or spend) of the potential market and level of demand for your offerings. Target Market Analysis & Customer Insights
Customer profiles including demographics, geographic location, psychographics and buying behaviors – customer preferences, pain points, and decision making processes.Market Trends and Drivers: what is driving customers to spend more on the product. From an investment pitch point of view, Trends are vital to answering the question, ‘Why will this work now? (when it hasnt worked before)’
- Competition
Examining strengths and strategies of competitors to identify differentiation opportunities. - Information on suppliers
Sources of Secondary Information
Reports compiled by leading global research and advisory agencies such as Frost & Sullivan, Mintel, IDC, Euromonitor, AC Nielsen, Gartner and Forrester can contain valuable information particularly for international market research. However, these secondary research reports can be expensive. Sometimes extracts and summaries may be found online. Enterprise Ireland (and the LEOs) has developed a significant databank of information across industries, markets and sectors. They may have purchased professional market research reports on the particular sector being studied.
For the Irish market, there is a range of reports compiled by Irish State Agencies, primarily the CSO, many of which are available online at no charge. Websites of sectoral agencies such as Coillte, Failte Ireland, SEI and Bord Bia are also worth investigating. Specifically:
– Central Statistics Office (CSO) publish many reports to include the Household Budget Survey and Census Statistical Yearbook
– National Associations such as the Coeliac Association of Ireland can be another source of information.
– My post, Customer personas, who rules the roost? references the Bord Bia document, ‘Irish Foodservice: Channel Insights November 2013‘ as a must read for anyone in the foodservice business.
Information on companies (including limited financial information) can be sourced from Companies Registration Office (CRO) . Directories such as Thoms and Kompass also provide information about companies (customers/suppliers) sorted by company name, product sector, industry sector, and location. And don’t forget the Golden Pages (online) in this regard.
Eurostat is the European Statistics Office.
Other international websites include:
- Office for National Statistics (ONS) in the UK (www.statistics.gov.uk)
- InterTrade Ireland (www.intertradeireland.com/researchandpublications/trade-statistics/)
- Google Market Finder is worth checking out.
A most interesting source of EU market information is provided by CBI, the Centre for the Promotion of Imports from developing countries, funded by the Netherlands Ministry of Foreign Affairs. It has a super market information section on a range of sectors such as Food, Consumer Products, Industrial Products, and Services – tailored for those in developing countries who wish to import to Europe.
Two Examples
A number of years ago, circa 2010/11, I looked at the preschool children book market, and learned that:
- There are 178,213 children aged between 3 and 5 in Ireland. (Source: Census 2006)
- UK market for children’s books was worth an estimated £775.8m at manufacturers’ selling prices in 2007. This represents an increase of 2.9% on the previous year. (Source: Children’s publishing market assessment 2008 available from www.marketsandmarkets.com)
- There was no specific or equivalent figures on the Children’s book market in Ireland, But CLÉ -The Irish Book Publishers Association – published the Irish Book Publishing survey 2005. It found that in 2004, total Market sales of Irish Book publishers had increased by 9% to €84.35 million with 95% of sales within the Irish market. The educational component of the Irish Book publishing market was €54.5 milion whilst children’s books accounted for €2.13 million in publisher invoiced values.
I also researched the boardgame market in Ireland, the UK and the US around that time (2010/11).
– In 2005, Games and puzzles accounted for 4.1% equivalent to approximately €11.4 million of the Traditional Toys and Games market in Ireland which was valued at €279 million at retail prices as estimated by industry sources. In that year, the average expenditure on toys and games per child in the age group of 0-14 years was €326. This is higher than the EU average of €168.
– In the UK, consumption of traditional toys and games reached €2.7 billion in 2005, an annual increase of 4% compared to 2001. The UK is the largest market in the EU, with a share of 24%. Imports totaled €689 million, increasing by an annual average of 7.8% since 2001. Games and puzzles were valued at £388 million being 12.3% of the UK games and toys market.
– The most recent data available at that time valued the US Market. For the 12 months ending July 2009, the US toy industry tallied $21.6 billion in sales. Among specific toy supercategories, Games and puzzles were up 5 percent for 2009’s first half (helped by a 10 percent gain in board game sales) and up 2 percent for the 12 month timeframe. (Main reason given is that board games are cheap and provide value with hours of fun during recessionary times).
I am going to try to update the information above using AI chat tools to see what they can quickly find. In the meantime, I still recommend using Advanced Google Search. I use it to write all my business plans and feasibility study reports.
Key tip: Advanced Google Search
Google has a great tool within Search called Advanced Google Search. This can allow search for specific keywords and long key phrases with the results limited to PDFs. If someone has created a pdf it will generally be a substantial document and many include useful market information. It can take a few hours to find out if there are documents online that may be useful.
So if for example one googles ‘compost market ireland’, a range of reports will be sourced. There is a very detailed (60 page) report from 2012 entitled ‘Market Report on Irish Compost Production and Use‘.
Summaries of reports on sites like MarketsandMarkets.com and MarketResearch.com can be very useful starting points.
The sources of information that will be relevant to your business will be very specific to each market opportunity. It takes time to find the information. The next step is to distil the information that you need to share with others and for decision making.
Another useful online tool for secondary market research is Google Adwords. The keyword planner tool is fantastic for finding out what keywords people are searching for and how many times a keyword and related words are searched for in a geographic area. For example, as a Business Advisor I would like anyone interested in starting a business in Ireland to find this website. Google Adwords can tell you that there were 4,300 searches in February 2011 in Ireland across 44 searchwords related to Business Startup. The top ten keywords: business startup, business startup funding, business startup ideas, business startup grants, small business startup, business startup loans, small business startup loans, business startup loan, small business startup grants, and business startup checklist accounted for 1,900 searches.
Updating my old examples using AI Tools
I am going to try to update the information in the examples above using AI chat tools to see what they can quickly find.
- Size of the Irish Book market in Ireland and specifically books for children.
- Plus information on UK and US.
- Size of the Board Game market in Ireland.
Let’s firstly consult ChatGPT with the following prompt:
Looking at the size of the Books for Children market in Ireland, how big is the market for books in Ireland and specifically books for children.
The Irish book market has experienced consistent growth in recent years. In 2021, over 13 million print books were sold, marking the seventh consecutive year of growth and an increase of €60 million in spending since 2014. Publishing Ireland
In 2022, book sales in Ireland reached a record €169.6 million, a 2% increase from the previous year, with 13.4 million units sold. The Irish Times
Children’s books represent a significant portion of the Irish book market. As of August 2023, they accounted for almost 24% of all book sales in Ireland. Discover Irish Kids’ Books
Additionally, for indigenous Irish publishers, children’s books constitute a substantial segment, comprising 51.2% of their market share, compared to 28.9% in the broader Irish Consumer Market. The Bookseller
These figures highlight the robust and growing nature of both the overall book market and the children’s book segment in Ireland.
I think that is a good answer from ChatGPT. But you always have to evaluate the answers fully. I have set ChatGPT up to cite sources of all information. I use it as a great starting point to read widely on the topic. There was a very interesting report entitled ‘BookSelling Ireland: Contributions to – and Impacts on the Economy of Ireland’s bookselling sector’ prepared in 2019 by Jim Power Economics Ltd. On pages 9 and 11 it cites Nielsen BookScan data to detail the market:
In 2017, Children’s books, which include textbooks, accounted for 38% of the market; non-fiction accounted for 36%; and fiction accounted for 26%. In 2017, Nielsen estimates
that the average price of fiction was €11.06; trade non-fiction was €14.35; and the average price of children’s books sold was €9.51.
I would be most interested to see the latest information from Nielsen and their published reports. From Publishing Ireland there is a link to a pdf ‘BookScan Total Consumer Market (TCM) 2021 Summary’ which details that:
More money was spent on books in Ireland in 2021 than ever before, with total sales reaching €165.9m. Volume sales added up to 13.3m books, up 2% on 2020. Children’s, Young Adult & Educational managed to pass 2020’s sales to once again achieve its highest year on record in Ireland, with 4.9m books bought (+1%) and €47m spent (+2%).
One advantage of ChatGPT is the ability to ask follow up questions:
The children’s book market includes both Educational books and other books to include fiction. What proportion of children’s books are not School books?
In 2015, the Irish children’s and young adult (YA) book market was valued at €34 million, with the following breakdown:
– Children’s and YA fiction: €14.2 million
– Textbooks and study guides: €9.6 million
– Pre-school and picture books: €6.8 million
This indicates that approximately 28% of the market was dedicated to textbooks and study guides, while the remaining 72% encompassed fiction and other non-educational children’s books. The Bookseller
Other follow up questions could relate to the growth of self published books.
I am focusing here on the numbers to include the value of the market. But secondary reports will contain detail on industry trends and market drivers. For example, ChatGPT references a 2025 Global market report on Children and Young Adult (CYA) Books which highlights:
- Growth of CYA book market can be attributed to growth in population, increase in diposable income, increasing early childhood reading, and an increase in book charities and government initiatives.
- Future growth due to popularity of eBooks and particularly audiobooks, increasing penetration of digital technology, and growing preference for independent bookstores. Major trends in the forecast period include offering personalised storybooks, focusing on integrating popular video games into books and offering their books under a subscription model.
The big danger with secondary research is becoming overwhelmed with detail. Whilst the information can be fascinating, it is important to sythenise the information for presentation in documents to include blogposts. I think ChatGPT did a great job on this query. There is certainly a lot more information on the market compered to my findings in 2010.
The second example related to the size of the Board Game market in Ireland and UK. I entered a very simple prompt into Perplexity;
What is the size and value of the Board Game market in Ireland and the UK?
Based on the available data, we can provide information on the board game market in the UK, but specific data for Ireland is limited.
1. The UK playing cards and board games market generated revenue of €1,015 million in 2024 and is expected to reach €1,451 million by 2030, growing at a CAGR of 6.2% from 2025 to 2030.
2. Board games were the largest segment in the UK market, with a revenue share of 79.75% in 2024.
3. For Ireland the board games market in Ireland was valued at approximately €17.42 million in 2022. [note the earlier figure for 2005 was €11.4 million]
While we don’t have more recent or detailed figures for Ireland, we can provide some context for the broader European and global market:
1. Europe is expected to register a CAGR of 6% in the board games market during the forecast period.
2. The global board games market was valued at $13.06 billion in 2023 and is projected to grow to $32 billion by 2032, with a CAGR of 10.52%.
3. North America dominates the global board games market, accounting for 41.27% of the market share in 2023.
It is important to note that the board games market has been experiencing growth globally, driven by factors such as increased consumer interest, innovative game design, and a growing emphasis on family and social bonding.
The above information was fully referenced to include links to published reports. I think it is a great answer. Before finishing I asked Perplexity about the size of the solar panel installation market in Ireland.
- Currently, about 750 Irish homeowners are adding solar panels to their roofs weekly, equating to approximately 39,000 homes per year. At an average cost of€8,500 the estimate for spend in domestic market is €331.5 million per year.
- As of late 2024, 92% of Ireland’s homes and bungalows did not have solar panels, indicating substantial potential for market growth.
There are 40 houses down our road – we live in typical rural between two villages down a side road ribbon development. I think we were the first house to get solar panels and now they are installed on 5 houses so that tallies with the figures.
The major advantages of using secondary data in market research are time and cost savings:
â–º The secondary research process can be completed rapidly. When secondary data is available, the researcher need only locate the source of the data and extract the required information.
â–º Secondary research is generally less expensive than primary research. The bulk of secondary research data gathering does not require the use of expensive, specialized, highly trained personnel.
There are also a number of disadvantages of using secondary data. These include:
â–º Secondary information pertinent to the research topic may not be available. Much secondary data is several years old and may not reflect the current market conditions.
â–º Data may be in a different format or units than is required by the researcher.
â–º Some secondary data may be of questionable accuracy and reliability.
As such it is important to be cognisant of the limitations of secondary research particularly the source of information.
To conclude, secondary research is hugely important for both consumer and business-to-business (B2B) market research. Secondary research lays the groundwork and primary research helps fill in the gaps. By using both types of market research, business owners get a well-rounded view of their market and have the information they need to make important business decisions.
The broad objective of a business plan is to chart an action plan for the company. They generally have specific objectives to include: seek investment from private investors, secure bank finance or encourage key employees to join the company. Demonstrating expertise and knowledge of the market is a critical ingredient of business plans.
Finally, marketing research should be conducted on an ongoing basis. Developing a process of ongoing secondary data collection is an important part of the marketing function. Subscription to trade magazines and attendance at trade shows to meet with collaborators/competitors are two elements of this process.
As always, comments are appreciated – particularly those that mention sources of information not included in this article.
Best regards
donnchadh
p.s When I published my online training programme on ‘Writing a Superb Business Plan‘ I wrote an example business plan for a ficticious business. It concerns a local dog grooming enterprise to be run by a sole trader. I spend a lot of time collating and sythesising secondary information pertaining to this market. Here is the introduction to Section 2: Market Opportunity.
The population of County Galway is almost 260,000 people (2016 Census) with over 75,000 of these at work. The value of the Dog Grooming market in Ireland is not quantifiable but it is estimated that 34% of households in Ireland own at least one dog. There are 48,179 owner occupied households in County Galway. 10,855 individual 12 month dog licenses were issued in Galway City and County in 2018.
Great article ‘Ten tips on how to be a super Google searcher’ on bizstartup.ie
While Google is straightforward, it’s worth knowing that searchers can, with just a bit more inside information,become really super searchers, writes Daniel M. Russell of Google Mountain View.