by Michael Lodge
When starting a business it is not just a great idea you have, but it also about understanding the market in which you are going to be delivering your product or service to. There are many sources you can use to get to know markets. Even accounting and tax firms have to know our markets, we are looking each day on how to reach these markets out there – based on the services we provide.
SBA – To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:
- Reduce business risks
- Spot current and upcoming problems in your industry
- Identify sales opportunities
How to Conduct Market Research
Before you start your business, understand the basics of market research by following these steps:
- Identify Official Government Sources of Market and Industry Data
The government offers a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. These sources provide valuable information about your customers and competitors:
- Identify Additional Sources of Analysis
Trade groups, business magazines, academic institutions and other third parties gather and analyze research data about business trends. Use Internet and database searches to find information related to your location and industry.
- Understand the International Marketplace
Today’s economy is a globalized marketplace, so it’s important to understand the international factors that influence your business. These resources will help you to research potential international markets for your products or services:
- Market Research Guide for Exporters
Identifies resources for business owners seeking to sell their products abroad.
- Country Market Research
Reports on trade issues in countries across the globe.
Helps U.S. companies find new international business partners.
If you have questions on business issues – call our office at: 877.778.1770 and visit our website at: www.icontaxgroup.com