The Importance of Market Research

By Marco Tomaino, SBTDC Research Analyst 

What is Market Research?

Market Research is not that complicated. It is the study of a particular industry by examining market trends over time. These market trends can include technologies, revenues, the number of businesses in operation in the market, and the target audience. Combined, these statistics produce a holistic picture of the target industry. At the SBTDC, our Market Research Team provides this information to our counselors who can turn it into easily digestible pieces of information for each client. 

What Kind of Information Should You Request?

At the SBTDC, we use several databases to provide information to clients and help them make more informed business decisions. The type of information provided is determined by what the client is looking for. Common requests include lists of potential customers or competition in an area. 

Our reports typically include contact information, location, and a brief synopsis of the competitor. We may also provide a concentration map of the competing business’s locations. Other common requests include professional industry reports, demographic information, and trade shows, which I will discuss in more detail below. 

It is important to remember that just because these are the most common research requests we receive, nothing is too far for us. We will do everything in our power to provide you with any and all information available even if a request does not match any previous category. 

Professional Industry Reports

The SBTDC has access to resources that allow us to see professional industry reports. These reports offer a detailed overview of any industry to our clients. Each report includes the typical industry structure, performance over the past few years, the outlook with competition, and financials within the industry. 

Clients often come to us while expanding their business or while trying to get ahead of the competition, and our industry reports have provided extremely useful information for those goals. In addition, we offer detailed analyses of the reports and provide our input based on our experiences and expertise. 

It is important to note that many of the databases we pull our information from are licensed only for our use so clients may never see the full report. Instead, we will provide them with an easily digestible summary of the most useful information from the report. 

Demographic Information

Along with open-source software provided by government agencies like the Census Bureau and the Bureau of Labor Statistics, we have access to proprietary demographic information. Oftentimes, when a client requests demographic information they do not know what they are looking for. They give us an area to start with but do not have specifics. In this case, we will provide clients with an overview of demographic information from a population summary, age profiles, community profiles, income profiles, household expenditures, and even traffic summaries. Clients will use this information to examine a geographic area, especially if they have several in mind for a new location or the first location for their business. 

Trade Shows

Another common request we receive is for information on trade shows that the client could attend. These are not always limited to North Carolina trade shows but often include trade shows throughout the United States. Clients use this information to find the best trade shows or areas where they can show off a new product or service. 

After attending a trade show and interacting with potential customers, clients may ask for additional information such as industry reports and demographic information. Trade shows are an especially valuable tool for our clients who have a new product or service and are looking for how to market it. Sometimes, no industry has been built around the idea or product they have. In cases like this, trade shows can help the client see where their product or business may fit.

Talk to Your Counselor About our Market Research Services

At the SBTDC, we pride ourselves on the services we provide and are always looking for what more we can offer. Even now, we are examining new databases that we can work with to provide our clients with the best possible information to make their businesses better and to satisfy their business needs. Our counselors and Market Research Team will always be available to provide you with up-to-date market research information to guide you on your business journey.