Marketing and Research

You may have the best business idea in the world, but unless you understand your market and develop an appropriate marketing plan, your product will languish on the shelf.
It helps to understand the four “Ps” of marketing:
• Product – What is the product and what position in the market does or will it hold? How will you package it? What are its features and benefits?
• Price – Quite simply, you must decide how much you will charge for your product. Factors that must be considered include your costs, what your customers will pay, what your competition charges, and the image you want to convey.
• Place – Place is not merely physical location. It also includes your position in the market as well as how you distribute and place your product.
• Promotion – How will you let your customers know your product exists? What media will you use to promote your product?

Industry
  • Biz Stats
    Compare your company performance to others in the same industry.
  • Hoover’s Industry Snapshots
    Hoover’s gives overviews of U.S. industry, quick, and easy.
  • iMarket
    Allows you to profile U.S. markets by SIC code.
  • Thomas Regional
    Divides 480,000 manufacturers into regions and product categories.
  • Thomas Register of Manufacturers
    One of the most popular manufacturers directories for the US. Search by company name for contact info, product lines & brands. Or, search by product/service to gather list of companies that make or supply that product. Requires free registration.
  • www.hoovers.com
    Hoover`s, Inc., delivers comprehensive company, industry, and market intelligence that drives business growth. Our database of 14 million companies, with in-depth coverage of 42,000 of the world`s top business enterprises, is at the core of our business tools and services that customers find vital to their business operations.
  • www.thomasnet.com
    Search ThomasNet, the most comprehensive resource for industrial information. Go straight to the source of product, company information, CAD drawings and more…
Government Sites
Business Stats-Demo-Data Bases

Helpful Documents

FAQs

How do I determine what my market is or if there is a market for my product?

Research, research and more research! Research the needs of customers, longevity of product, competitors, intellectual property issues, customer base, etc. You will also need to learn as much as possible about your industry.

In addition to the Internet, the public library or local college library is a great resource. You can also learn from other business owners, professional organizations, or by taking classes or seminars. Your local SBDC can offer counseling, classes, referrals and access to primary and secondary research.

How do I determine who are my customers?

Developing a customer profile is critical to the success of a business. Is your customer the end user, the conduit, the distributor? Is your customer an individual or another business? Age, gender, location, education, income level and other demographics of the customer base determine your target market. Psychographics, which include needs, values and interests, are also important components.

Market information can be gathered through census data and community information available through local economic development organizations.

How do I compare to my competition?

Every business has competition, whether it is direct (head-to-head) or indirect (similar product or service, but different target market or business category. Identifying your competition and understanding how you compare is extremely valuable. You need to evaluate your competitors and understand their strengths and weaknesses. It may be helpful to develop a matrix that includes items such as product, customer, sales, price, place, etc., and see how you stack up.

What should I know about my trade area?

How important are location and customer access to your business? How about shipping and freight access? If physical access to your business is critical to your success, you should evaluate how customers access the business. Do they come by foot, by personal vehicle, by public transportation? What brings new customers to your business? Traffic studies for your location may be useful. Your city or county engineer should be able to help.

Understanding the economic characteristics of your location are important as well. What drives the area and how will you fit in?

Online Resources