Market Research

Conducting market research will help you identify if your business really solves a problem or demand in the market. It will also allow you to gather feedback from potential consumers to see if there is an interest at what you offer. Market Research covers the following items of study:

• Size of Market
• Geographic location
• Demand
• Demographic description of customers
• Market Segmentation with common needs based on age, sex, income, education etc.

How do you obtain market research data?

Primary Sources

• Personal interviews
• Surveys
• Questionnaires
• Focus groups
• Observation of the competitor

Secondary Sources

• Published data sources
• Census
• Publications of various trade associations
• Trade directories
• Online databases

Below you will find resources to help you get started:

• • Business Bureau Business tool: https://www.census.gov/topics/business-economy/small-business/data/data-tools.html?msclkid=4a81a6bcbb4211eca078eb087b071e02
  • Competitive Analysis: https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
  • Libraries are a great free resource to tap into:
    • Washington DC research guide: https://libguides.dclibrary.org/newbus
    • Virginia Library Guide: https://lva-virginia.libguides.com/
    • Maryland Local Library: https://www.marylandlibraries.org/Pages/Maryland%20Libraries%20Home.aspx
    • Maryland Library for the blind and print disabled: https://www.marylandlibraries.org/Pages/Maryland-Library-for-the-Blind-and-Print-Disabled.aspx
    • Research guide for veterans: https://www.va.gov/LIBRARY/Subject/index.asp