Market research data sources for business

B2B Market Research Data Sources

Is finding market research data to answer your business questions easier than you think?

Irrespective of what market research methods, tools or techniques you’re using, these data sources will help you better understand and reach customers.

You’ll be pleasantly surprised how many are readily available and quick to access.  Some are downright staring you in the face.  And many free.

Use this Ultimate Checklist of Where to Source Market Research Data.

Organized in a modern format these market research data sources considers; where data resides in organizations (of all sizes), and where we can learn in this digital world.  The traditional way of organizing market research is included for reference.

1. Your Internal Brains

Brains: One of the most valuable sources of data in market research

This is one of the richest and most readily available sources of research data. It doesn’t require a budget; only time and the ability to ask.

Customer service, technical support and sales colleagues are familar with customers questions, influencers and more.  Each group has it owns nuance; none represent your typical customer persona.  Technical support, for example, never talks to happy satisfied customers.  So do note which information came from which department.

Ensure you ask each department/person where additional information is to be found. (You may well discover systems/data repositories you never knew existed!)

Who within your organization engages with customers and prospects?

Go and listen to them.

2. Digital Research Data Sources

With so much digital data available, this is a rich data source. While it may not answer exactly how many roads you need to walk down, people underestimate what questions can be answered by internal existing data sources and third party internet data.

This is a great shame as it’s typically faster and less expensive to use existing data sources.

a). Internal Research Data Sources

  • Your Web Analytics

As the single most important sources of learning and research for marketing communications, this is where the rubber meets the road.  It answers many questions including:

  • how are people finding your website
  • what do they do when they’re on-site
  • which aspects of the website are most valuable
  • how your marketing campaigns are performing
  • and much much more

ources of data In Market Research Your Website

Data sources within web analytics include:

  • Website Analytics Clickstream Data: while there are others Google Analytics provides a rich source of trended data. It’s free and more than adequate for most website.
  • Heatmaps are also useful.
  • On-site (and for SaaS offers in-product) Feedback
  • Experimentation & Testing Data; such as A/B testing, and conversion rate optimization software.

 

  • Technical Support & Help Desk Analytics

For getting an overall handle of customer concerns this is a rich source of data. If this is a already available within your organization it’s well worth getting this sorted.

Tip: start with paper if you have to but there are loads of SaaS non-contract options

 

  • CRM Systems

Very useful for helping you understand what the situation is with leads and existing customers, strong teamwork with your sales folks is critical here.

  • Finance and Order Tracking

  • Other Business Intelligence Tools

  • Department-specific IT tools and resources

With the proliferation of Software as a Services (SaaS) offers for all sorts of business challenges, you may well find data sources you never even knew existed.

b). Third Party Market Data Sources

  • The Internet

As with learning from your colleagues and team, using this market research source doesn’t require a budget; only time, imagination, and smarts.

Sources of data In Market Research - Googling which phone company has the best loyalty plan

  • Keyphrase Search

To help you explore the breadth, variety and quantity of searches real people are doing online, there are keywords, or rather keyphrase, planning tools. These are wonderful sources of secondary data for all stages of understanding and reaching customers.

If you choose only one, let it be Google AdWords Keyword Planner.  I also love Moz’s Keyword Explorer tool.

  • Offical Public Statistics

Almost every country has a central statistics office with excellent quantitative data that uses rigorous best practice in data gathering and analysis.

There are lots of sources of excellent governmental public data; in my experience this is the single most underutilized source of information.

Sources of data In Market Research Public Data

  • Industry, Trade & Governmental Research Reports

Google “open data” <your domain/industry/knowledge-gap>.  The search capabilities within these data sets is improving all the time.

Online Open Data For Market Research

  • Competitors’ Data

Not only the public website but also financial, marketing, sales and support materials are easy to obtain and fast learning vehicle.

Product Analysis Pro Tip: read the user’s manual / help.  What is well explained, quick and intuitive? What’s painful?

Tip to search within a single site type

  • “site:<nameofsite.dotwhatever><searchquery>”.
  • For example to search for “jane morgan” on the 3xe digital site type:   site:3xedigital.com jane morgan .

JEM 9 Marketing Consultancy - Sources Of Market Research Data OnSite Search

  • Industry and Mainstream Publications, Magazines and Forums.

  • Research On Social Networks.

Consider not only your own social media analytics but also the public social network research capabilities.

Facebook Audience Insights, is great for market size and LinkedIn Search for getting a handle on job descriptions and more.  There is also Twitter Advanced Search and a myriad of social media tools and third party research offerings.

  • Online Reviews

    Google includes reviews on local search and maps. Reddit and Amazon (to name just a few) house rich sources of customer feedback.  Ask yourself: who is the TripAdvisor for my industry?

Tip: Make sure to read competitors review also.

  • Online Surveys

It has never been easier to do surveys online.  Once you know what you’re looking for and who to ask, this approach puts data behind the qualitative market research.

Unfortunately it’s terribly common to ask poor questions and to generate piles of unless, i.e. inactionable, data.  Online surveys are typically the last learning vehicle in market research after you’ve done the background research and the exploratory research.

Tip: If the first method of learning suggested is “let’s do a survey” be very nervous. (Remember asking “why” five times, is your best friend.)

4. In-Person Market Research Data Sources

Get up close and personal.

With so much digital information available, don’t forget to get out into the real world and talk to people.  It takes more time (and sometime a significant budget) to undertake this kind of learning. But it also provides an opportunity to answer your very specific questions filling in the knowledge gaps.

It’s the ultimate primary data source.  “Voice of the customer” is critical in new product development and exploratory understand, talking to people allows you to “optimize on the fly”; or in other words ask, “why is that?”.

Be well prepared, then adjust your questioning as the conversation meanders into unknown and innovative territory.

Data from in-person data sources include:

  • Face to Face Usability Testing

Here’s a bunch of free resources and guidance on face to face usability testing.

  • Disappointed Customer Interviews

Talking To Customers | Sources Of Data In Market Research

A scary one? Unpleasant conversions with customers can be a rich source of ideas.  There’s nothing like “hearing it from the horse’s mouth” or “walking a mile in your customers’ shoes”.

Buckle up. You’re a big girl/boy now.

Tip: Bring a notebook so you can frown at the page during particularly difficult moments.

  • Conferences / Events /  Tradeshows / Meetups

A quick way to get familar with new market segments is to pick a few conferences and ‘walk the show’.

Tip: don’t discount local conference and free meetups for information learing on who’s respected in the industry, common challenges and additional data sources. It’s also nice to make contacts.

  • Focus Groups
  • Voice of the Customer Interviews

With so many market data sources that are easy to use, free, accessible, and rich, what are you waiting for?  There’s no substitute for understand customers and your market place.

 

If there is a market research data source missing from this list, please drop me a line: Jane at JEM 9 dot com.


The traditional method of talking about market research includes the four complementary options below.  While useful they mix ‘sources’ of data with data collection methodologies. For businesses, I have found the list of market research data sources provides a faster, more accessible faster start to learning.

Data Versus Information

The difference between data and information is critical.

‘Data’ is the facts and underlying points, (or if you’re American, data are the facts) that when analysed become ‘information’; the data has been shaped and analysed to allow action or decision making to take place.

Primary & Secondary Research Defined


Primary research undertakes examining a specific question using dedicated resources. It aims to generate new and unique answers.


Secondary research takes advantage of available data applied to a new situation; typically you explore the secondary information as it’s less expensive (or free) and already available.


Qualitative Research Defined

Qualitative methods examine the why and how of decision making as well as the what, where, when, or who.” Wikipedia  Results are similar to case studies; specific detailed examples.

First ‘explore’ the space using qualitative research, then firm up theories using quantitative research.

In marketing and business qualitative answers questions such as:

  • why did customers click on the blue button?
  • how do customers use alternative solutions?
  • what does the customer environment look like?
  • what alternative to our solution do prospects consider?

Quantitative Research Definition

Quantitative research attempts to valid theories using larger representative samples. It’s about counting ‘how many’.  It enables generalizations about similar groupings.

Following qualitative ‘exploratory’ research, use quantitative research to firm up theories.

In marketing and business it answers questions such as:

  • how big is this market segment?
  • how many customers fit this description?
  • how many customers use this feature?
  • which call to action results in more sales?

About Jane Morgan

With 20 years high-tech marketing & product development experience from Boston to Billund, Berlin to Bangalore, Jane has managed teams and tech products with millions of installs, and millions of revenue (annually). She's researched and developed marketing strategy for global markets, and established the blueprint for product & marketing strategy in many new teams. And she's generated leads worth $xxx,xxx (six figures). A freak in the high tech business: Jane studied marketing (she also holds qualifications in German, sociology and environment systems thinking). As an intrapreneur turned entrepreneur, she changed vowels in 2014 and founded JEM 9 Marketing Consultancy. Today she works with CEOs, founders & marketing leaders to assist them in understanding and reaching customers. Speaker on market research and product management. Extensive international experience (primarily US, Germany, Switzerland, Ireland, and India). (And she wishes there were paragraph breaks in this.)