To run a successful business, you need to learn all about your existing and potential customers, your competitors and the economic conditions of your marketplace. Market research is the process of gathering and analyzing consumer and economic data to help you understand which products and services your customers want, and how to differentiate your business from your competitors.
Market research can also provide valuable insight to help you to:
- Reduce business risks
- Spot current and upcoming problems in the current market
- Identify sales opportunities
- Develop plans of action
How to Conduct Market Research
It's often difficult to know where to begin when making decisions about a business. A little planning can go a long way, so your first step should be to learn more about how to conduct market research. This article from AllBusiness.com provides basic information on how to conduct market research as well as related articles that can be helpful for you you to make informed decisions about starting, growing and managing your business.
Sources for Market Research Data
The federal government collects a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. The following sources for market data can provide starting points for learning more about your customers and competitors.
Business Data and Statistics
These statistical sources are often used for secondary market research. Secondary research is the most widely used method of collecting data and involves summarizing or synthesizing existing research from sources such as books, magazine articles, white papers, websites, etc.
International Markets
Are you interested in taking your business global? These resources will help you to research potential international markets for your products or services.
- Market Research Guide for Exporters
Identifies resources for business owners seeking to sell their products abroad.
Green Business Markets
Being "green" isn't just a good business practice. It's a multi-billion dollar industry. These resources will help you learn about marketing to environmentally-conscious consumers.
- Environmental E-Market Express
Provides current environmental market research data, international trade leads and events. - Talk the Walk
Offers research and statistics on consumers' attitudes and behaviors in the context of successful green products and sustainable lifestyle marketing strategies. - Green Consumers: A Growing Market for Local Businesses
Explains how local businesses can better serve environmentally-conscious consumers. - Green Food Claims
Reports on how self-declared environmental claims can mislead consumers about a food's green credentials. - Understanding Environmental Literacy in America
Gives information on consumers' understanding of environmental issues and the need for further environmental education. - Consumer Reports: Greener Choices
Provides information on buying greener products that have minimal environmental impact and also meet personal needs.
for more information go to = http://www.sba.gov/content/conducting-market-research
