We’ve been conducting market research for some of our clients this week. While large businesses can tap into many (but expensive) sources of data, small businesses can face much more of an uphill fight when it comes to getting information about customers and competition.
However, here’s a link to a post on the US Small Business Administration’s website with a few tips about taking advantage of the piles and piles of data that our government gathers, and makes available to all tax payers.
Free Sources of Market Data and How to use that Data for Business Planning
First, conducting market research doesn’t always have to involve hiring a research firm or commissioning focus groups; much of the information you need may be at your fingertips.
In addition to data from the bureau of labor, the census bureau, and the SBA itself, politics and voting trends can also be a great way to learn more about customers and their likes and dislikes, even if your business has nothing to do with politics.
Here’s a neat example from the United Kingdom from Statista about how voting correlated with newspaper readership. Based on the style, content, and other advertisers, you can learn a lot about your clients… and it all starts by pulling on this one thread.
Hope this helps. Happy researching.
Alex D. Ball is the creative director at ADB Advertising, LLC in Rochester MN.