DIY MARKET RESEARCH @YOUR LIBRARY

L I V I N G S T O N C O U N T Y P U B L I C L I B R A R I E S

RESEARCH: DON’T WASTE YOUR TIME

Bring Your Questions.

Be specific as possible – that helps us help you. Stop at the Reference Desk first & get oriented.

Have a Reasonable Goal.

Keep in mind that research is a process Research to Find, Not to Prove.

Keep an open mind

MORE RESEARCH TIPS

Brainstorm Think about key words Keep your mind open to others Start Specific Then Broaden If Necessary

Bring:

Some Cash For Printing & Photocopying A Flash Drive Any Work You’ve Already Done Some Paper & A Pen Your Eye Glasses

TYPICAL QUESTIONS

• • • • • • • • Where can I get money to start my business?

(often posed as where can I get a grant) How do I incorporate?

How can I get more customers?

I want to do "x" but know nothing about it so where do I start?

How do I get a website or social media?

I have four books about business plans, I am confused?

I don't understand this financial stuff?

I need to know x?

WHAT IS MARKET RESEARCH?

Disciplined Investigation aimed at discovering what is going on and what is changing in the environment; the object is to discover opportunities and threats •

Describe the market

• • •

Who are the buyers?

Who is the competition?

What’s on the horizon?

DEFINE THE INDUSTRY

• • Industry Classifications: established by the US government to keep track of the economy www.loc.gov/rr/business/BERA/issue9/codes.html

•

SIC v NAICS

• Standard industrial Classification • Established 1930s, parent of NAICS (“snakes” without the “S”) • North American Industrial Classification System • • Established in 1990s by US, Canada, Mexico Updated to reflect new industries, like IT

WHAT’S MY CODE?

• • Use the website for the 2007 Economic Census • www.census.gov/econ/census07/

2012 Economic Census available December 2013

• Use Business Insights: Essentials or ReferenceUSA • Look up established business similar to yours, or • Use keywords • • Be prepared for “all other miscellaneous” You can use more than one code

INDUSTRY OVERVIEWS & STATISTICS: WHO CARES?!

• • • Economic Census provides a macro-view Government Agencies •

Statistical Abstract of the United States – Oct 1, 2011

• • Use index and check footnotes – use source notes for current http://www.census.gov/compendia/statab/

Business Insights: Essentials

• Database offering great overviews + articles from trade publications • www.mel.org

> MeL Databases or @YourLibrary website

WHO ELSE CARES?!

• • • •

Associations

• Websites contain industry information • To Find: • Use Encyclopedia of Associations or National Trade & Professional Associations of the US or Google (Pricey) Market Research Reports Articles or press release that provides some key stats Investor Reports • Find analysts’ reports through Yahoo! Finance or subscription databases @YourLibrary.

WHO ARE YOUR CUSTOMERS?

• • • •

Demographics

• • • Census is the basis for all demographics • Every 10 years & data is rolled out over 10 years http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml

www.semcog.org

Create a profile of your Ideal Customer, then think about where to find him/her Direct market lists are available for purchase • ex. Direct Marketing Marketplace, OR Use ReferenceUSA • Subscription database linked to Howell, Brighton & Hartland Libraries; need library card to access from home

WHO ARE YOUR COMPETITORS?!

•

ReferenceUSA

• Many libraries subscribe; Howell, Brighton, Hartland Cromaine; call first to ask about policy • • • Create & print or download customized lists One of few sources of information on small, private companies Downloads limited to 50/search • Yellow Pages, both online & print • • • Google Local, or equivalent

Business Insights: Essentials

www.mel.org

NEED MORE? LOOK AROUND YOU

• • • • • • • Trade shows Chamber of Commerce Economic Development body Talk to your customers Online Forums & Social Media Network And . . .

ASK A LIVINGSTON COUNTY LIBRARIAN!

• Visit us • Call us • Visit Business Updates Blog for archived presentation at howelllibrarybusiness.weebly.com Motto: Don’t pay twice! Use your public library first!

ASK A LIBRARIAN

D O N N A O L S O N , H O W E L L C A R N E G I E D I S T R I C T L I B R A R Y J E N N I F E R O S B O R N E , B R I G H T O N D I S T R I C T L I B R A R Y