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Looking for Market Data Michael Enyart Business Library Menyart@library.wisc.edu 263-3902 Agenda

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looking for market data

Looking for Market Data

Michael Enyart

Business Library

Menyart@library.wisc.edu

263-3902

agenda
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
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
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
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 – 312111
  • Windows Software – 511210
  • Power Plant Machinery - 221112
most of the data that you find will be based on the naics sic
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 code
  • You can use company directories to determine the all of the competitors in the same industry.
good starting point
Good Starting Point

Small Business Sourcebook is a very good place to start your research. This resource provides you with a great deal of information about a type of business. It provides such things as trade associations, trade journals, franchises, sources of supplies, start up information etc.

It only covers 341 types of businesses.

benefit based knowing your customer
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
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
Demographic Data
  • American Factfinder at www.census.gov
  • Zip Code Demographics
  • Simply Map
psychographic
Psychographic

Lifestyle Market Analysis

consumer data
Consumer Data
  • Consumer Panel Data
    • Choices
  • Market Research
    • Mintel
    • Passport Reference & Markets
    • IBIS World (coming soon)
    • Marketresearch.com
sources business to business
Sources: Business-to-Business
  • Trade Association Directories
    • Associations Unlimited
  • National Directories
    • D&B Million Dollar Directory
  • State Industrial & Service Directories
    • Wisconsin Manufacturing Directory
  • Telephone Books
    • Reference USA Business
  • Economic Census
  • County Business Patterns
financial data
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: 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. 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.
other data that is hard to find
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
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
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 email 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.