By Liz Kudwa
A: The Library is an excellent place to go for this type of information! At the Capital Area District Library we have a wealth of resources to help you research your market. First, there are a few key pieces of information that you should look for when doing this market research. These key pieces are just the beginning though. You also will need information on your competitors and customers.
– Market Definition: What exactly is your market? What will you sell?
– Size: Market size in dollars and units
– Growth: Historical and future growth; Is the market shrinking, stable or growing?
– Segments: Are there any sub-groups in your market?
– Relationships: How are products or services distributed? What other players are in the market?
– Trends: Where is the market headed? What are the technology trends?
Using the U.S. Census Bureau website is a great place to start when looking for your industry definition. You will want to find your NAICS (North American Industrial Classification System) code and can do so by visiting www.census.gov and clicking on the NAICS link in the center of the page. This will take you to the NAICS section where you will click on NAICS 2007. You will be directed to a page that will let you do a keyword search for your industry or search through the list of codes on your own.
Once you find your NAICS code, you can use it to locate information about your industry. Return to www.census.gov and click on Economic Census. The Economic Census is taken every 5 years and the most recent one was done in 2007. However, only preliminary data are available from this census. You can get an “industry snapshot” on your industry but it will only be nationwide data and not very well developed at this point. Data from the 2002 Economic Census are the most complete data available and you should use this as your base of information. From the Economic Census page, you can search for data in a number of ways. You have the option to look for data by state, by industry, by sector and much more. As long as you have your NAICS number, you should be able to find any data specific to your industry.
The library also offers several Business Databases that can help you research your market. Some of these databases are made available to us through the Library of Michigan and others CADL subscribes to. Visit www.cadl.org/business and click on the “Business Databases” button to see the list. Business & Company Resource Center and General Business File ASAP are great tools for researching market growth, segments, relationships and trends. Each offers an extensive repository of articles from business magazines and you can also get company profiles, lists of trade associations (which are an excellent source of industry information), investment information and some market research data.
If you need further guidance, or would like more detail on researching your competitors and/or customers, please contact me at business@cadl.org or 517-367-6301 for a one-on-one appointment. We’re also hosting SCORE Day @ Your Library on Thursday, October 16 from 10 – 4 at the Downtown Lansing Library. A business counselor from the Service Corp of Retired Executives (SCORE) will be available for FREE counseling sessions. They offer a wide range of expertise and can help you with a number of startup and existing business issues.
Elizabeth Kudwa is the Business Reference Librarian at the Capital Area District Library located at 401 S. Capitol Avenue in Lansing, MI. Contact her at 517-367-6301 or by e-mail at kudwae@cadl.org.
