Performing thorough market research is critical to the success of a company. No matter how good a product, if there is insufficient market to support the expenses of producing that product, then the company will fail.
To prevent this avoidable disaster, use the right market research tools and ensure that you have correclty identified the market(s) that will consume your products and/or services to ensure sales.
Market Research Considerations
American Factfinder – Census Data, provides a 1-page Fact Sheet that includes the following; population, household income, demographics, etc.
BizStats – Financial Data for Retail Categories
Business & Company Resource Center – Information on structure of organizations, current industry trends, and other information.
City Data – Detailed census data on cities; median resident age, household income, ethnic mix, etc.
County Business Data – Business activities broken down by city, county or state to include number of competitors using a specific zip code or city.
Hoovers Online – Company history data on companies, industries, people and products.
MagPortal – Can find magazine articles about product/service and industry of interest.
Quickfacts – Another portal to Census Data.
Standard & Poor’s – Detailed reports on industries, including statistics, trends, buyer behavior and expected returns.
Trade Association – Provides website addresses to obtain information on all areas of feasibility.
Valuation Resources – Information on over 400 industries including; Industry overview, trends, financial ratios, etc.
Yahoo! Industry Center – Directory of industries, list of companies in each industry, industry-related news, and performance data.
Securities & Exchange Commission – Provides access to all Public Companies, 10K, 10Q, etc.
BizMiner – Industry stats, business start and failure rates by industry and similar information.
CapitalIQ – Fundamental analysis and quantitative research services.
IBISWorld – Reports on hundreds of industries, trends, buyer behavior and expected returns.
LexisNexis – Sales data from public/private firms. Helps start-ups estimate financial performance
Mergent Online – Provides access to financial data including income, cash flow and balance sheets on over 10,000 public corporations.
Mintel – Reports on hundreds of industries, including stats, trends, buyer behavior and returns.
ProQuest – Searches publications such as WSJ and NYT.
ReferenceUSA – Contact information, estimated sales, credit rating, year established, etc. Can help start-ups with feasibility assessment.