Conducting Market Research

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.

• Market Research Basics

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.

• Consumer Statistics
• Economic Indicators
• Employment Statistics
• Income and Earnings

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.
• Country Market Research
  Reports on trade issues in countries across the globe.
• BuyUSA.gov
  Helps U.S. companies find new international business partners in worldwide markets.

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