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5 Helpful Tips on Conducting Market Research

On occasion I visit the local library to do some research. As opposed to just surfing the internet at home, the Library is one of those places where it is quiet, has all the material I will need for whatever project I am researching, and it is filled with many expert librarians schooled on the art of finding information.

This got me thinking about what to write about in my next article that gets posted on our website and business blogs. We’ll get to more on that in a moment.

While talking to a couple of the librarians, I was shocked to hear that out of the 40,000 plus residents we have in our city, less than 20% of them actually have a library card. To me that card represents any, well almost any, piece of information I need to conduct my business.

That brings me to today’s topic. Using your library in conjunction with information that you already have from your own business to do proper market research can help you tremendously. Today I want to cover 5 tips you can use to do research that will teach you how to get to know your customers and competitors.

Customers
Start by asking you customers for information. Get them to fill out a card and return it to you. On that card, ask a few questions for the information you seek. Customers a lot of times are more than happy to provide this information.

Your Own Business
You have invoices, sales receipts, credit applications and a whole slew of other documents with pertinent information on there that can give you statistical data you need to make better decision about what direction to move your company to. See what these items tell you about sales and customers.

Trade Associations
Trade associations exist in your business sector and chances are there are many of them. This is where your local library and librarian can assist. Visit them and ask where you can obtain a list. They may have a book there that you can make copies of to help you with this research. According to S.C.O.R.E., "Use your trade associations. Read their studies and journals or call them when you need information."

US Government
Yes good ole Uncle Sam is there to help you. The federal government has so many programs and buildings full of information that many Americans don’t even realize exist. There are federal employees out there whose main job is to be the expert on a certain topic. I was reading a book the other day and it talked about how a person was starting a farming business and wanted to know about potatoes. He called the federal government in D.C. and eventually was put in touch with a person whose main job is to know everything there is about the business and agriculture information of potatoes. That information to that potential business owner was like walking into a gold mine. Uncle Sam has your information also; pick up the phone and call.

Advisory Board
Create an advisory board. They are a great source to tap into. I will tell you this, an advisory board can help you with a lot of creative ideas and more information you need to excel your business.

So there you have it five useful tips to help you complete some market research. Implement these and you will be on your way to improving your business. Do not forget about the library. If you do not have a card, go get one. It is free (in most cases) and every library is worth their weight in gold.

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