Market Research / Competitive Analysis – Information & Resources

In order to find a competitive edge in your industry, you will want to combine market research and competitive analysis in order to give your business the insight to create a unique approach and find out who your customers are.

Find Customers Utilizing Market Research

It is a good idea to find out if there is a demand for your business before you spend too much money on it. That is where market research comes in. Market Research can also help you identify ways to improve your product/service and customer experience.

In the initial stages of development, while you are working out your business idea, it is essential to know your customer base. Demographic information will help you get to know what advantages you may gain as well as the impediments are to customer acquisition. This could information on the audience segments regarding their gender, age, income, parental status, or any other information that might be pertinent to selling.

Primary Market Research Demographic Stats

You will want to know the following information:

• The need or demand for your products or services
• The audience size of people that would buy from you
• The average income of your prospective customer
• Where your comers live and your ability to deliver
• The availability of similar products and services
• How much money people are paying for these products and services

Market Research Trends

What is going on in your market of interest? You should keep up with the latest trends and changes that might affect your businesses ability to succeed. There are two major ways to identify the trends:

1. Use sources that exist that have already information analysis gathered.
2. Create your own analysis by conducting your own research by going to the customer.

Existing Market Research Data

While this may be cost effective and time efficient, some of your more specific answers on your target audience might not be answered. However, you can utilize these resources to answer questions pertaining to general income, You can use the list below find this information.

• Find general business stats industry – NAICS, FedStats, Statistical Abstract of the United States, U.S. Census Bureau
• Consumer stats – Consumer Credit Data, Consumer Product Saftey
• Economic indicators on employment rates, loans, etc. – Consumer Price Index, Bureau of Economic Analysis
• Employment industry trends and stats – Employment and Unemployment Statistics
• Income stats – Earnings by Occupation and Education, Income Statistics
• Money & interest rates – Daily Interest Rates, Money Statistics via Federal Reserve
• Production & sales stats – Consumer Spending, Gross Domestic Product (GDP)
• Trade industry stats – Balance of Payments, USA Trade Online
• Industry stats based on federal agency data – NAICS, Statistics of U.S. Businesses

Online Resources

Your business may be web-based or rely on the internet marketing to drive sales or leads. If you are looking for information based on web behavior and online demand in your industry some good tools include Google Trends and The AdWords Keyword Planner.

Conducting Your Own Customer Market Research

Although this method gives you an in-depth look at your customer audience, it can be costly and take a lot of time. It is suggested that you use this method to get insight into things like the buying experience, your product/service vs. your competitors, or logo design.

Some ways to perform your own research include surveys, interviews, focus groups, or questionnaires. You can find some of these resources here.

Gain An Advantage In The Market With Competitive Analysis

By using competitive analysis, you can learn from what your competitors have done right, and what they’ve done wrong. You should always be looking for ways to get an advantage on your competition.

The SMB provides the Sizeup tool to help businesses find their competitors in the industry. Some of the things to consider when comparing your business to competitors are competition, potential competitor growth, and industry suppliers.

If you’re looking for help with your online marketing strategy and growth, contact Web and SEM.