Sources to use to conduct market research

BYTRADEBYTRADE Posts: 63subscriber Bronze Level Member
edited October 2011 in Marketing
Trade and Professional Journals
Every developed industry publishes a journal to discuss matters that are of consequence to those in that market. These journals can be a great source of information not only on the hot topic of the day, but also on whom the major players are and what they are doing to make the industry better. These trade and professional journals can therefore give a good look at your competitors while also helping to fine tune the image of your ideal customer.
Census Bureau
If you are looking for demographics there is no better place to turn than the Census Bureau. This organization is responsible for collecting, sorting and publishing information on race, gender, age, income and a range of other statistics that may be useful to your research. A look at the data produced here can possibly help you to decide where to locate your business based on the type of customer you want to attract.
Chamber of Commerce
The Chamber of Commerce is another rich source of information that can be used to your benefit. You may be able to get familiar with those who operate in your sphere and this improves your ability to network and make additional inroads in your quest to undertake market research.
Social Networks
Facebook and Twitter are no longer just for chatting with friends. Businesses have taken these platforms by storm because they have realized the value they represent and you should make these sites an essential part of all your market research projects. It is possible to look at trends on Twitter by conducting a simple hashtag search and Facebook lets you poll friends or fans to measure the popularity of one thing over another. By using SEO techniques, keyword serach analysis and content monitoring you can get lots of information on any topic under the sun, so these social networking sites should always be on the front burner.
Friends and Family
Finally, you should never underestimate the contribution of your friends and family members. While these people may be a part of your everyday life and so it is easy to overlook their possible knowledge about the market you wish to enter they can be a good and cost effective resource that is readily at your disposal
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