Looking for Market Data Michael Enyart Business Library

Agenda The ideas and efforts that go into entering this competition are really the life blood of our economic system. Inventions, new ideas, new products, and new methods is are the raw materials of our economic vitality. In many ways this competition is a microcosm of the Business world.

What Do You Need to Know? The size and growth of the market The segments of the market –Geographic –Demographic –Benefit-based –Psychographic The target segment

Where does you idea fit in the Business Environment? This is one of the questions that needs to be answered in order for your to start your research on the potential market My new and improved formula for could be used for athletic drinks. Is your software going to be used by people who use the Windows operating system? Will your product be used by power generating plants in the U.S.?

If you can identify the business you find the “Code” Most of the data that is collected on businesses in the U.S. is done at the “type” level. That “type” is defined by the SIC code (1998 and prior years) or the NAICS code (1999 forward). If you are looking at census information or directories, knowing the code will be a great help. Athletic Drinks – Windows Software – Power Plant Machinery

Most of the Data that you find will be based on the NAICS/SIC Knowing the code of your business gives you access to data. Census data is arranged by NAICs code. You can find number of establishments, production value, number of employees in the codeNAICs You can use company directories to determine the all of the competitors in the same industry.

Good Starting Point There are two very good sources for information on a given industry or business segment. Trade journals are a very good source of information on an industry. Articles are usually written by industry experts. Almost all of the new applies to the industry. Provides information on new services and products in the industry. Ulrichsweb.comUlrichsweb.com provides detailed information on serials published throughout the world.

Good Starting Point Trade Associations are another good window into an industry. Admittedly the information you get is designed to put the industry in the best possible light, but the association may have data that you cannot find anyplace else. Associations UnlimitedAssociations Unlimited is a great resource to identify trade associations.

Benefit Based: Knowing your customer For any business this is very important. In researching business ideas this is also very important. This can answer that question “how many are you going to sell”. If you are selling to the consumer, who is that consumer and how many are there in your business area? If you are selling to a business, who are those businesses and how many are there in your business area?

Geographic Data Trying to find market data at a county or city level is very difficult and not always successful. You need to be prepared to use National data and massage it to work at the local level. The data that you might find could be dated and you will need to figure out someway to update it.

Demographic Data American Factfinder at

Consumer Data Consumer Panel Data –Simmons One View (Visit Reference Desk, Business Library) Market Research –One SourceOne Source –MintelMintel –Business Monitor InternationalBusiness Monitor International –IBIS WorldIBIS World –Marketresearch.comMarketresearch.com

Sources: Business-to-Business Trade Association Directories –Associations UnlimitedAssociations Unlimited National Directories –HooversHoovers State Industrial & Service Directories –Wisconsin Manufacturing Directory (Bus Ref, HG 4057 W572) Telephone Books Economic Census County Business Patterns

Financial Data Balance Sheet Information is not very likely. The most you can consistently find are financial ratios by industry (code) RMA Annual Statement Studies (Bus Ref, HF 5681 B2 R62): This is the best source for ratios for small businesses since they offer a breakdown by asset size. Drawback, it does not cover all SIC codes D&B Industry Norms and Key Business Ratios (HF 5681 R25 I5): This resource covers almost all industry codes but there is no breakdown by asset size. Fintel Industry Metrics. This resource provides financial metrics for over 2,500 individual industries.Fintel

Other data that is hard to find Here are some examples of other data that is hard to find: –Cost of facilities –Marketing and Advertising budget and/or costs. –Cost of raw materials Talking with people in the same field may be your best source

Researching Non-Profits Entrepreneurs are interested in starting organizations (mostly non-profit) around a particular theme. Below are some sources that you can use to research Non-Profits Association Unlimited Grants Information Collection Guidestar

Your Librarian as a Source In the class setting it is difficult for me to address each of your business ideas. Some may have more information resources then others. Please feel free to call me and or if you run into a problem. I cannot guarantee that I can answer every question, but I might be able to point you in the right direction. Michael Enyart