Market Research: 8 Places to Start

So you think you have a great idea or a brilliant product… but how do you know it will be successful in the marketplace? The first step is to conduct market research. You could start by holding interviews or focus groups, but primary research is expensive and time consuming. Secondary market research, which Enterpreneur.com defines as “market research that’s already compiled and organized for you,” is often much more practical and economical. This can include consulting various public, commercial, or educational sources. The internet is a fantastic source of information, but because there is an overwhelming amount of data, it can be difficult determining where to start. Before you panic, take a look at some of these tips to help you get started.

1. Google

This might seem obvious, but Google is a powerful tool that can find you a lot of information if you use the right search terms. You may not always find all the answer you need on Google, but it’s a great starting point. Lisa Barone, from Small Business Trends, recommends utilizing Google’s Keyword Research Tool to identify search traffic for certain terms and how competitive the market is. Google can also help you find competitors in your area, especially if you’re a small business.

2. US Census Bureau

Published by the government, the US Census Bureau is a great place to help you determine market size in the United States; you can also find a variety of demographic information. The US Census Bureau publishes reports on various industries every 5 years.

3. Company Reports

Peruse public annual reports published by competitors, especially industry leaders. You can utilize some industry databases if you have access to them, such as Nielson or IbisWorld.

To help you decide on pricing for your product or service, Mindy Lilyquist from About.com suggests compiling a spreadsheet of competitor pricing. Keep track of the varying product features associated with each price point to make pricing your own product easier.

5. PR Newswire

PR Newswire is a great source for news and press releases. This is a robust tool to help identify industry trends, or new technological advancements in each sector. You can search by industry, company, or keyword.

6. Trade Publications

Trade publications provide good insight for each industry. It may sometimes be difficult to find because they’re limited by memberships, but still give it a try.

7. Utilize Your University

Many universities have compiled useful databases targeted towards students, but you can still make use of some of the links and tips. You have to be a student to access some of the paid, commercial databases, but most include some non-student links. As an example, check out Cornell’s entrepreneurship research guide.

8. Get Off the Internet

Libraries are still a great source for information. You can find magazines, directories, and government publications not published on the internet. Ask a librarian to help you with your market research - you’d be surprised how helpful and research-savvy librarians can be.

These are just a few ideas of where to begin your secondary market research. After completing secondary market research, you may want to consider investing the time and money into primary market research. You will gain a much clearer picture by doing both. So be an informed entrepreneur and do your research.

If you have any tips and tricks on how to conduct secondary market research that I didn’t mention, please leave a comment below. Happy researching!