Segment the population for targeting customers. Gain info on potential customers, consumer markets. Free statistics are readily available to help prospective small business owners.Ĭonsider the following federal business statistics in your market research and competitive analysis: Focusįind statistics on industries, business conditions. There are many reliable sources that provide customer and market information at no cost. Small Business Administration (SBA) provides counseling services through our resource partner network. Here are a few methods you can use to do direct research:įor guidance on deciding which methods are worthwhile for your small business, the U.S. Use it to answer questions about your specific business or customers, like reactions to your logo, improvements you could make to buying experience, and where customers might go instead of your business. But, direct research can be time consuming and expensive. Check online or start with our list of market research resources.Īsking consumers yourself can give you a nuanced understanding of your specific target audience. Use it to answer questions that are both general and quantifiable, like industry trends, demographics, and household incomes. You can do market research using existing sources, or you can do the research yourself and go direct to consumers.Įxisting sources can save you a lot of time and energy, but the information might not be as specific to your audience as you’d like. It’s important to gain a sense of the specific market share that will impact your profits. You’ll also want to keep up with the latest small business trends.
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