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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.

What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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7 marketing research databases you should know.

Home » 7 Marketing Research Databases You Should Know

Navigating the vast world of marketing research can feel overwhelming, but understanding the essential market databases available can simplify the journey. These databases serve as invaluable resources for marketers, providing the insights necessary to make informed decisions, identify trends, and understand consumer behaviors. As businesses shift toward data-driven strategies, being familiar with these tools becomes increasingly critical for success.

In this section, we will explore seven marketing research databases that every professional should know. Each database offers unique features and insights that can enhance your marketing efforts. By learning about these essential market databases, you equip yourself with the knowledge to better analyze data and apply findings effectively.

The Power of Market Research in Business

Market research is invaluable for businesses looking to thrive in today's competitive environment. By utilizing essential market databases, companies can access a wealth of information about consumer behavior, industry trends, and market conditions. This knowledge serves as a foundation for informed decision-making and strategic planning.

Data gathered through market research can illuminate areas of opportunity and highlight potential risks. Businesses can identify target demographics, understand customer preferences, and gauge their competitive landscape. Having access to reliable data enhances the company’s ability to innovate and adapt, which is crucial for maintaining relevance. When companies prioritize effective market research, they equip themselves with the insights necessary to drive growth and achieve sustainable success. Embracing these essential market databases ultimately transforms how businesses connect with consumers and position themselves within their industries.

Criteria for Choosing Essential Market Databases

When choosing essential market databases, it is vital to consider several key criteria that directly impact the effectiveness of your marketing research. Firstly, examine the quality of the data provided by the database. Quality data should not only be relevant but also offer insights that can be extracted efficiently. The more comprehensive and reliable the data, the better your ability to make informed decisions.

Secondly, consider the integration capabilities of the database system. A database that seamlessly integrates with existing systems minimizes manual processing and enhances workflow efficiency. The ability to pull data directly into your preferred analysis tools is essential for streamlining your marketing research processes. Lastly, evaluate the user interface and accessibility of the database. An intuitive design aids in reducing the learning curve and increases the likelihood that the data will be utilized effectively. By focusing on these critical criteria, you can select databases that enhance your marketing strategy and provide actionable insights.

Exploring the Top 7 Essential Market Databases

In today’s market, understanding trends and customer behavior is crucial for making informed business decisions. Exploring the top 7 essential market databases can provide you with valuable insights that enable effective strategies. These databases offer a wealth of information, ranging from consumer trends to competitive analysis, supporting your efforts to understand target audiences better.

The first essential market database is Statista , known for its vast statistical data on various topics. Next is Nielsen , which specializes in audience measurement and market research. Another important database is Mintel , offering detailed reports on consumer products and trends. Euromonitor provides global market research, while IBISWorld focuses on industry reports. Gartner is renowned for its technology-related insights, and Pew Research offers in-depth analysis of social trends. Each of these databases serves a unique function, helping marketers gain a clearer understanding of their market landscape.

Broad-Based Market Research Databases

Broad-based market research databases are vital resources that provide comprehensive insights into various industries and consumer behaviors. These essential market databases compile extensive data sets, allowing researchers to analyze trends, demographics, and market conditions effectively. They are indispensable for businesses seeking to understand their market positions and identify growth opportunities.

When exploring broad-based databases, consider these key features: comprehensive industry coverage, data accuracy, user-friendly interfaces, and access to historical data. Comprehensive industry coverage ensures that your research spans multiple sectors, while data accuracy guarantees reliable insights. A user-friendly interface simplifies the data analysis process, making it accessible even for those with limited experience. Lastly, access to historical data allows for trend analysis over time, enhancing decision-making capabilities. Understanding these features will guide you toward selecting the best databases for your marketing research needs.

Essential Market Databases: NielsenIQ

When exploring essential market databases, one stands out for its extensive analytics capabilities and consumer insights. This resource offers comprehensive data that empowers brands to make informed decisions. With access to a wide range of retail metrics, it enhances the understanding of consumer behavior and market trends. Organizations can track sales performance, product availability, and shopper demographics, allowing for strategic planning.

The platform also provides advanced reporting tools, helping teams streamline their research processes. By automating data analysis, it reduces the time spent on manual tasks and enables marketers to focus on strategic initiatives. This efficiency not only improves the quality of insights but also aids in identifying key areas for growth in a competitive market. Utilizing such essential market databases can transform how businesses approach their marketing strategies, ensuring they remain relevant and responsive to consumer needs.

Essential Market Databases: Statista

When it comes to essential market databases, one platform stands out due to its extensive range of data across various industries. Users can access a wealth of statistics, charts, and reports that provide insights into market trends, consumer behavior, and industry performance. This makes it an indispensable resource for marketers, researchers, and business professionals looking to inform their strategies and decisions.

The database offers users the ability to create customized reports and visual aids, ensuring that insights are clear and actionable. Different sectors and topics are covered, allowing users to delve into specifics tailored to their needs. By enabling advanced search queries and multi-product comparisons, this platform equips users with the tools necessary to extract meaningful insights and make informed decisions. As you explore essential market databases, consider how this particular resource can help enhance your understanding of your market environment.

Specialized Market Research Databases

Specialized market research databases play a crucial role in gathering and analyzing relevant data tailored for specific industries or demographics. These essential market databases provide detailed insights that general databases may overlook. Users can benefit from innovative tools, trends, and analyses that cater to niche markets and unique consumer behaviors.

A few key types of specialized market research databases include:

Industry Reports : These databases offer in-depth analyses of specific sectors, including growth rates, challenges, and trends. Such reports help businesses understand market dynamics and competition.

Consumer Behavior Databases : These databases focus on consumer preferences, needs, and purchasing patterns. Businesses can tailor their strategies based on data-driven consumer insights.

Economic and Demographic Studies : These databases provide critical data on population trends, economic indicators, and social factors that influence market behavior.

Competitor Analysis Tools : These offer insights into competitors’ strategies, market share, and strengths, enabling informed decision-making.

By utilizing these specialized databases, organizations can create effective marketing strategies, refine their products, and better serve their audiences.

Essential Market Databases: IBISWorld

In the realm of essential market databases, one stands out for its comprehensive analysis of industry data. This resource provides detailed reports on various sectors, enabling businesses to identify market trends and consumer behavior patterns. Users benefit from in-depth insights that help in making informed strategic decisions. Whether you're a small startup or an established company, accessing this data can significantly enhance your understanding of the competitive landscape.

The database offers several key features that make it indispensable. First, it provides extensive market research reports that cover vital statistics and forecasts. Second, the information is updated frequently, ensuring that you are working with the latest data available. Finally, it allows users to conduct sector comparisons, enabling a clearer view of where opportunities lie. Using this essential market database can help you stay ahead of the curve and tailor your marketing strategies effectively.

Essential Market Databases: Mintel

Essential Market databases are indispensable for any marketing professional aiming to make informed decisions. One of the most notable databases provides a wealth of consumer insights, trends, and detailed analysis across various industries. Users can access comprehensive reports that delve into market dynamics, preferences, and emerging consumer behaviors. This database empowers businesses to understand their target audience better and adapt their strategies accordingly.

Additionally, many users find value in the competitive intelligence offered by this database. It allows businesses to benchmark against their competitors and discover opportunities for growth. By examining detailed profiles and market share data, organizations can craft tailored marketing strategies that resonate with their audience. Ultimately, the insights gained from this essential market database can lead to more successful campaigns and informed future initiatives.

Data and Analytics Market Research Databases

Data and Analytics Market Research Databases serve as crucial tools for businesses seeking to gain insights into market trends and consumer behavior. Essential market databases offer valuable information, enabling organizations to make informed decisions. These databases compile data from various sources, creating a robust collection of information that can drive marketing strategies and product development.

Understanding how to effectively utilize these essential market databases is key for any researcher. They commonly include demographic data, industry reports, and consumer surveys. The richness of this data can unlock opportunities for market expansion and enhance customer targeting. When used correctly, market research databases not only streamline data analysis but also provide insights that can lead to successful marketing campaigns and competitive advantages in the marketplace.

Essential Market Databases: Euromonitor International

Essential market databases are crucial for businesses seeking to understand various consumer behaviors and market trends. One of the key platforms provides detailed reports and insights that cover diverse industries and regions. This resource serves as a gateway to analyzing significant data points, helping organizations make informed decisions about their marketing strategies.

Users typically access a wealth of valuable information, including market sizes, growth rates, and competitive analyses. Additionally, trends and consumer preferences are highlighted, allowing businesses to tailor their approach effectively. By integrating such insights, companies can enhance their product offerings, optimize pricing, and craft targeted campaigns. The importance of this kind of market database cannot be understated, as it equips businesses with the tools necessary to stay ahead in an ever-evolving marketplace.

Essential Market Databases: Gartner

Essential Market Databases provide invaluable insights for marketers and businesses navigating today's competitive environment. One of the standout features is its rich data sets, which allow users to create comprehensive personas and perform intricate analysis. With these capabilities, you can address specific client needs, such as understanding customer journeys in various sectors like banking or retail.

Users also benefit from advanced functionalities, such as multi-product searches and visual experiences, which help in illustrating user behavior and preferences. These tools make it easier for marketers to generate actionable recommendations based on solid data. Overall, for anyone looking to refine their marketing strategies, exploring Essential Market Databases is critical to developing a data-driven approach that enhances decision-making and ultimately drives success.

Essential Market Databases: Forrester Research

For businesses seeking detailed market insights, understanding essential market databases is crucial. A leading resource in this domain provides robust research that empowers organizations with in-depth analysis and actionable data. Their extensive reports cover various sectors, allowing companies to gauge industry trends and make informed decisions.

One key feature of this database is its comprehensive data sets. These include not only market forecasts but also consumer behavior analytics, which help organizations understand their audience better. Additionally, the database offers benchmarking tools that allow businesses to compare their performance against industry standards. This aspect is invaluable for companies aiming to identify areas for improvement. Lastly, the insights gathered from these resources are continually updated, ensuring that businesses have access to the most current information available. By integrating such databases into their research strategies, companies can drive effective marketing efforts and enhance overall performance.

Conclusion: Leveraging Essential Market Databases for Success

Essential Market Databases play a vital role in understanding customer behavior and market trends. By utilizing these resources, businesses can uncover insights that drive decision-making and strategy. The right database can provide access to industry-specific information, competitive analysis, and emerging opportunities that may otherwise be overlooked.

To achieve success, it is important to integrate these databases into your marketing research efforts. This integration allows for a more comprehensive view of your target audience and competitors. Ultimately, leveraging these essential tools will empower businesses to make informed decisions and enhance their market position, paving the way for growth and long-term success.

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Market Research: A How-To Guide and Template

Discover the different types of market research, how to conduct your own market research, and use a free template to help you along the way.

MARKET RESEARCH KIT

5 Research and Planning Templates + a Free Guide on How to Use Them in Your Market Research

Published: 02/21/24

Today's consumers have a lot of power. As a business, you must have a deep understanding of who your buyers are and what influences their purchase decisions.

Enter: Market Research.

Whether you're new to market research or not, I created this guide to help you conduct a thorough study of your market, target audience, competition, and more. Let’s dive in.

Table of Contents

What is market research?

Primary vs. secondary research, types of market research, how to do market research, market research report template, market research examples.

Market research is the process of gathering information about your target market and customers to verify the success of a new product, help your team iterate on an existing product, or understand brand perception to ensure your team is effectively communicating your company's value effectively.

Market research can answer various questions about the state of an industry. But if you ask me, it's hardly a crystal ball that marketers can rely on for insights on their customers.

Market researchers investigate several areas of the market, and it can take weeks or even months to paint an accurate picture of the business landscape.

However, researching just one of those areas can make you more intuitive to who your buyers are and how to deliver value that no other business is offering them right now.

How? Consider these two things:

• Your competitors also have experienced individuals in the industry and a customer base. It‘s very possible that your immediate resources are, in many ways, equal to those of your competition’s immediate resources. Seeking a larger sample size for answers can provide a better edge.
• Your customers don't represent the attitudes of an entire market. They represent the attitudes of the part of the market that is already drawn to your brand.

The market research services market is growing rapidly, which signifies a strong interest in market research as we enter 2024. The market is expected to grow from roughly $75 billion in 2021 to $90.79 billion in 2025 .

Free Market Research Kit

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• Survey Template
• Focus Group Template

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Why do market research?

Market research allows you to meet your buyer where they are.

As our world becomes louder and demands more of our attention, this proves invaluable.

By understanding your buyer's problems, pain points, and desired solutions, you can aptly craft your product or service to naturally appeal to them.

Market research also provides insight into the following:

• Where your target audience and current customers conduct their product or service research
• Which of your competitors your target audience looks to for information, options, or purchases
• What's trending in your industry and in the eyes of your buyer
• Who makes up your market and what their challenges are
• What influences purchases and conversions among your target audience
• Consumer attitudes about a particular topic, pain, product, or brand
• Whether there‘s demand for the business initiatives you’re investing in
• Unaddressed or underserved customer needs that can be flipped into selling opportunity
• Attitudes about pricing for a particular product or service

Ultimately, market research allows you to get information from a larger sample size of your target audience, eliminating bias and assumptions so that you can get to the heart of consumer attitudes.

As a result, you can make better business decisions.

To give you an idea of how extensive market research can get , consider that it can either be qualitative or quantitative in nature — depending on the studies you conduct and what you're trying to learn about your industry.

Qualitative research is concerned with public opinion, and explores how the market feels about the products currently available in that market.

Quantitative research is concerned with data, and looks for relevant trends in the information that's gathered from public records.

That said, there are two main types of market research that your business can conduct to collect actionable information on your products: primary research and secondary research.

Primary Research

Primary research is the pursuit of first-hand information about your market and the customers within your market.

It's useful when segmenting your market and establishing your buyer personas.

Primary market research tends to fall into one of two buckets:

• Exploratory Primary Research: This kind of primary market research normally takes place as a first step — before any specific research has been performed — and may involve open-ended interviews or surveys with small numbers of people.
• Specific Primary Research: This type of research often follows exploratory research. In specific research, you take a smaller or more precise segment of your audience and ask questions aimed at solving a suspected problem.

Secondary Research

Secondary research is all the data and public records you have at your disposal to draw conclusions from (e.g. trend reports, market statistics, industry content, and sales data you already have on your business).

Secondary research is particularly useful for analyzing your competitors . The main buckets your secondary market research will fall into include:

• Public Sources: These sources are your first and most-accessible layer of material when conducting secondary market research. They're often free to find and review — like government statistics (e.g., from the U.S. Census Bureau ).
• Commercial Sources: These sources often come in the form of pay-to-access market reports, consisting of industry insight compiled by a research agency like Pew , Gartner , or Forrester .
• Internal Sources: This is the market data your organization already has like average revenue per sale, customer retention rates, and other historical data that can help you draw conclusions on buyer needs.
• Focus Groups
• Product/ Service Use Research
• Observation-Based Research
• Buyer Persona Research
• Market Segmentation Research
• Pricing Research
• Competitive Analysis Research
• Customer Satisfaction and Loyalty Research
• Brand Awareness Research
• Campaign Research

1. Interviews

Interviews allow for face-to-face discussions so you can allow for a natural flow of conversation. Your interviewees can answer questions about themselves to help you design your buyer personas and shape your entire marketing strategy.

2. Focus Groups

Focus groups provide you with a handful of carefully-selected people that can test out your product and provide feedback. This type of market research can give you ideas for product differentiation.

3. Product/Service Use Research

Product or service use research offers insight into how and why your audience uses your product or service. This type of market research also gives you an idea of the product or service's usability for your target audience.

4. Observation-Based Research

Observation-based research allows you to sit back and watch the ways in which your target audience members go about using your product or service, what works well in terms of UX , and which aspects of it could be improved.

5. Buyer Persona Research

Buyer persona research gives you a realistic look at who makes up your target audience, what their challenges are, why they want your product or service, and what they need from your business or brand.

6. Market Segmentation Research

Market segmentation research allows you to categorize your target audience into different groups (or segments) based on specific and defining characteristics. This way, you can determine effective ways to meet their needs.

7. Pricing Research

Pricing research helps you define your pricing strategy . It gives you an idea of what similar products or services in your market sell for and what your target audience is willing to pay.

8. Competitive Analysis

Competitive analyses give you a deep understanding of the competition in your market and industry. You can learn about what's doing well in your industry and how you can separate yourself from the competition .

9. Customer Satisfaction and Loyalty Research

Customer satisfaction and loyalty research gives you a look into how you can get current customers to return for more business and what will motivate them to do so (e.g., loyalty programs , rewards, remarkable customer service).

10. Brand Awareness Research

Brand awareness research tells you what your target audience knows about and recognizes from your brand. It tells you about the associations people make when they think about your business.

11. Campaign Research

Campaign research entails looking into your past campaigns and analyzing their success among your target audience and current customers. The goal is to use these learnings to inform future campaigns.

• Define your buyer persona.
• Identify a persona group to engage.
• Prepare research questions for your market research participants.
• List your primary competitors.
• Summarize your findings.

1. Define your buyer persona.

You have to understand who your customers are and how customers in your industry make buying decisions.

This is where your buyer personas come in handy. Buyer personas — sometimes referred to as marketing personas — are fictional, generalized representations of your ideal customers.

Use a free tool to create a buyer persona that your entire company can use to market, sell, and serve better.

The Beginner's Guide to the Competitive Matrix [+ Templates]

What is a Competitive Analysis — and How Do You Conduct One?

9 Best Marketing Research Methods to Know Your Buyer Better [+ Examples]

SWOT Analysis: How To Do One [With Template & Examples]

28 Tools & Resources for Conducting Market Research

TAM, SAM & SOM: What Do They Mean & How Do You Calculate Them?

How to Run a Competitor Analysis [Free Guide]

5 Challenges Marketers Face in Understanding Audiences [New Data + Market Researcher Tips]

Causal Research: The Complete Guide

Free Guide & Templates to Help Your Market Research

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Profound is a unique service that allows you to create customized, data-driven industry reports by enabling the purchase of the exact information you need, stretching your budget and broadening your perspective.

We aggregate more than one million PDF research reports into an easy to search collection.

Then slice them up into chapters, sections, and tables so you can get just the pieces you need.

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MarketResearch.com offers a variety of market research solutions designed to solve your toughest business challenges. Click a solution to learn more.

MarketResearch.com provides you with instant online access to the most comprehensive collection of market intelligence products and services available on the Web. Our extensive database offers reports from more than 720 leading publishers, offering expert insights on global industries, products, company profiles, and market trends.

With our Knowledge Center solution, you gain unlimited, company-wide access to an entire catalog of industry-specific market research reports for one fixed cost, providing your organization with both predictability of spend and reliability of coverage. Plus, you will reduce time and stress by utilizing the Knowledge Center's powerful and convenient platform functionality, including advanced full-text search, instant downloads, and alert and usage-tracking tools.

Sometimes the "off-the-shelf" information found in syndicated reports is not specific or deep enough to support your research needs. In those cases, a custom research effort may be in order. MarketResearch.com provides research services tailored to your exact challenge. Whether it's survey work, in-depth interviewing, comprehensive desk research, competitive intelligence, or a combination of multiple methods, we have the experience to match the right methodology and the right personnel to your business need.

MarketResearch.com Academic provides colleges and universities access to the same business critical market research used by professionals on a daily basis via subscription pricing based on per-student equivalent. Our academic solution easily integrates it into all campus-wide networks and government-affiliated libraries.

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9 Excellent Free Market Research Tools

15 January 2015, Jonathan Saipe

There are now a plethora of online market research tools, many of which are free, or offer free and paid-for access. Whilst this isn’t an exhaustive list, we’ve suggested 9 great tools that publish market data, insight and intelligence – ideal if you’re a researcher, planner or marketer.

Whilst access to some of the data available on Statista.com is free, given the exclusivity and specificity of many statistics, a premium account is required to access much of the platform.

StatCounter Global Stats is provided by StatCounter – the free, online visitor stats tool. It publishes technical data, such as browser and operating system usage, and screen resolutions, for desktops, mobiles, tablets and consoles, across all countries.

Stats provided are based on aggregate data collected via more than 15 billion page views per month across the StatCounter network of more than 3 million websites.

Google’s Public Data explorer publishes animated charts and maps of public datasets including economic, social, health and population data. After a little getting used to, you will find data easy to explore and visualise. And as the charts animate over time, changes in world behaviour become easier to understand.

When setting up an ad campaign, you can segment your audience, at which point Facebook will publish the potential audience size, allowing you to evaluate marketing potential. This part of the process is free and you are not obliged to make your campaign(s) live.

LinkedIn’s ad programme allows marketers and researchers to access LinkedIn’s user data free of charge. With its focus on professionals, you will have access to a range of information including company categories, sizes or specific names, job titles or job categories by country or city. LinkedIn will publish your potential reach when you go through the process of setting up an ad campaign. As with Facebook, you are not obliged to make the ad campaign live at this point.

Worldometers is run by an international team of developers and researchers, publishing world statistics. It was voted as one of the best free reference websites by the American Library Association (ALA), and was chosen as content provider at the United Nations Conference on Sustainable Development (Rio+20), BBC News, and the National Media Museum (UK) among others.

Whilst it doesn’t allow segmentation of data, its country specific data is a valuable resource. And the real-time data found of its home page is both fascinating and shocking! Go take a look.

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Market Research : Library Databases and Internet Resources

Additional business research guides.

• Mintel Academic In-depth reports from 2001-present that analyze market size and segmentation, consumer attitudes, and marketing strategies relative to hundreds of consumer products in the United States. Lifestyle reports such as "Green Marketing" and "Spending Habits of the Teen Consumer" are also available. (New reports issued monthly) Access : All access requires a UW-Madison NetID to log in. You must be a current UW-Madison faculty member, student, or staff to use this database either on or off-campus.
• Data Axle Reference Solutions Formerly known as ReferenceUSA, Data Axle Reference Solutions contains directory information on U.S. and Canadian business, health care, and residential listings. Search by company name, geographic area, business type, SIC code, yellow page listing, revenue, location, number of employees or any combination of the above. In addition to address and phone number, each entry includes officer names and titles, corporate affiliation, business type and size of yellow page advertising. Toll free and fax numbers are given for some companies. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• Emarketer Daily research articles, analyst reports, and a database of e-business and online marketing statistics that provide insights and trends related to digital advertising, marketing, media, and commerce. Access: Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• Simmons Insights U.S. consumer data including demographics, psychographics, product usage, spending behavior and media habits from annual Simmons National Consumer Study of U.S. adults age 18 and older. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only. This database is licensed for 50 simultaneous users. If 50 people are already using the database, you will get a message saying that the maximum number of users has been reached.
• Statista Searchable collection of market and consumer data from wide range of sources: government, NGOs, industry, marketing and trade groups. Statista includes ready-made statistical charts, graphs and tables on marketing, demographics, communication, technology, politics, health, leisure and public opinion polls. About 20 percent of the data in Statista comes from government sources like the World Bank and the U.S. Census. The rest comes from industry, marketing, and trade groups. The tables, charts and graphs can be downloaded as images or into Microsoft Powerpoint and Excel. Access: Use in Grainger Hall only (not wireless). This includes Business Learning Commons, Huber Lab and Finance & Analytics Lab. No remote access is permitted.
• Technavio Technavio provides over 17,000 marketing research reports for over 100 industry segments and over 800 niche and emerging technologies. Access : All access requires a UW-Madison NetID to log in. You must be a current UW-Madison faculty member, student, or staff to use this database either on or off-campus. PDFs of reports must be requested using a “wisc.edu” email address.

Also Helpful

• ProQuest One Business (formerly ABI Inform) Full-text journals, dissertations, working papers, country profiles, industry reports from Business Monitor International and First Research (under the Browse tab), and key newspapers such as The Wall Street Journal , Financial Times , and The Economist . Covers a wide range of business topics including accounting, finance, management, marketing and real estate. (Updated daily) Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• U.S. Census Bureau Census data for the United States and Puerto Rico from 2000-present. Includes the Decennial Census, the American Community Survey, and the Economic Census, among other surveys. Download data or create thematic maps from any table that displays more than one geography of the same type (state, county, etc.). Access : Available to everyone.
• Business Source Complete (EBSCO) Scholarly, trade, and popular business publications covering all business disciplines. Includes market research reports, industry reports, country reports, company profiles and SWOT analyses. (Updated daily) Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only. This resource is also available for use by all Wisconsin residents through BadgerLink .
• Country Commercial Guides on Export.gov (International Trade Administration) Market conditions, opportunities, regulations, and business customs for over 125 countries prepared by trade and industry experts at U.S. embassies worldwide. Access : Available to everyone.
• Edison Research The Resources page offers free downloads of all of Edison's publicly-available research including The Infinite Dial, America's longest running research series measuring digital platforms and their impact on the media landscape. Other reports include The Podcast Consumer, Moms and Media, and The Social Habit. Access : Available to everyone.
• IBISWorld: Industry Reports Market research reports on over 700 different industries in the United States, organized by NAICS code. The reports include key statistics, market segmentation, life cycle, regulation, market share, industry outlook, and more. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• IBISWorld: Procurement Reports Includes over 900 reports on indirect purchasing lines and products. These reports show information on pricing environments, including key trends and forecasts, product characteristics, market share, supply chain vendors, and purchasing processes. In addition, the reports cover many different markets ranging from “fire doors” and “data mining services” to “explosives” and “language schooling.” Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• MarketLine Provides company profiles, industry reports, financial deal reports and,country reports. Also contains case studies. Industry profiles include Porter’s Five Forces. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• Richard K. Miller E-Book Collection (RKMA) Richard K. Miller & Associates (RKMA) publishes 12 biennial business reference handbooks focused on marketing and the consumer marketplace. Each handbook includes market assessments and forecasts, sector trends, profiles of market leaders, and statistics. In addition to in-depth analyses, the handbooks include links to hundreds of websites for additional information. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.
• Social Explorer Current and historical U.S. census data and demographic information. Create maps and reports at all geographic levels including the state, county, census tract, block group, zip code and census place. Of special interest are the the entire US Census from 1790 to 2010, the American Community Survey, and the Religious Congregations and Membership Study (RCMS). (Updated continuously) Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only. Licensed for 3 simultaneous users.

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Data Axle Reference Solutions Formerly known as ReferenceUSA, Data Axle Reference Solutions contains directory information on U.S. and Canadian business, health care, and residential listings. Search by company name, geographic area, business type, SIC code, yellow page listing, revenue, location, number of employees or any combination of the above. In addition to address and phone number, each entry includes officer names and titles, corporate affiliation, business type and size of yellow page advertising. Toll free and fax numbers are given for some companies. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.

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Mintel Academic In-depth reports from 2001-present that analyze market size and segmentation, consumer attitudes, and marketing strategies relative to hundreds of consumer products in the United States. Lifestyle reports such as “Green Marketing” and “Spending Habits of the Teen Consumer” are also available. (New reports issued monthly) Access : All access requires a UW-Madison NetID to log in. You must be a current UW-Madison faculty member, student, or staff to use this database either on or off-campus.

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Simmons Insights (Simmons Research) U.S. consumer data including demographics, psychographics, product usage, spending behavior and media habits. The data is compiled from the Simmons National Consumer Study of U.S. adults age 18 and older which is conducted each year. (Updated bi-annually) It includes three main database features: Crosstabs; GeoMapping; and Quick Reports User Guide : Please see our Tutorials and Help Pages for assistance with creating reports and interpreting the results. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only. Licensed for 50 simultaneous users.

SimplyAnalytics Web-based mapping application that lets users create professional-quality thematic maps and reports using thousands of U.S. demographic, business, health, and marketing data. SimplyAnalytics contains extensive data including the Census and American Community Survey (ACS), consumer spending from the (CEX), Business Counts and the D&B business points-of-interest file. Users also have access to Nielsen Scarborough Cross-Tabs with survey data from over 140 large and mid-tier markets with local shopping habits, media preferences, technology adoption, social media use, and more. Data is available at the State, Congressional District, County, DMA, City, School and Legislative District, ZIP Code, Census Tract and Block Group level as well as custom trade area and the entire United States. Updated daily. Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only.

Statista Searchable collection of market and consumer data from wide range of sources: government, NGOs, industry, marketing and trade groups. Statista includes ready-made statistical charts, graphs and tables on marketing, demographics, communication, technology, politics, health, leisure and public opinion polls. About 20 percent of the data in Statista comes from government sources like the World Bank and the U.S. Census. The rest comes from industry, marketing, and trade groups. The tables, charts and graphs can be downloaded as images or into Microsoft Powerpoint and Excel. Access: Available in Grainger Hall only (not wireless). This includes Business Learning Commons, Huber Lab and Finance & Analytics Lab. No remote access is permitted.

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Social Explorer Current and historical U.S. census data and demographic information. Create maps and reports at all geographic levels including the state, county, census tract, block group, zip code and census place. Of special interest are the the entire US Census from 1790 to 2010, the American Community Survey, and the Religious Congregations and Membership Study (RCMS). (Updated continuously) Access : Available to anyone on-campus. Available off campus for UW-Madison students, faculty and staff only. Licensed for 3 simultaneous users.

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5 Steps to Kickstart Your 2025 Business Planning

• Strategic planning for the year ahead is important for self-employed professionals.
• Planning ahead can help you navigate challenges and position your business for optimal growth.
• Create a roadmap for success in the coming year with these five steps.

Proactive planning is the cornerstone of any successful business, especially in today’s rapidly changing market. For self-employed professionals, taking the time to strategically plan for the year ahead is not just advisable—it’s essential. Early planning can be the difference between surviving and thriving in 2025. With a well-thought-out plan, you can navigate challenges, seize opportunities, and position your independent business for sustained growth.

Below, we explore five steps to kickstart your 2025 business planning. From assessing your current performance to developing a strategic growth plan, these steps will help you create a roadmap for success in the coming year

Step 1: Assess Your Current Business Performance

Before planning for 2025, start by evaluating how your business performed in 2024. This assessment will give you a clear understanding of where you stand and what areas need improvement. Two helpful ways to do this are to conduct a review of your highs and lows from the previous year and perform a SWOT analysis. Here’s how:

Review 2024 achievements and shortfalls: Start by analyzing what worked well and what didn’t. Look at key performance indicators (KPIs) such as revenue growth, client retention, and profitability. Did you meet your financial targets? How satisfied are your clients? Identifying your achievements and shortfalls will provide valuable insights into areas where you can build on your successes or make necessary adjustments.

Conduct a SWOT analysis: Next, perform a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis can be a helpful way to understand where your business is positioned and how to plan for the year ahead. For example, if you’ve identified a new market opportunity, your 2025 plan can focus on capturing that market. Conversely, recognizing a potential threat, such as an emerging competitor, will allow you to strategize accordingly.

Positioning Your Small Business for the Future of Work

Step 2: Define Clear Financial Goals for 2025

Financial goals are the foundation of your business plan. Without clear objectives, it’s challenging to measure success or allocate resources effectively. To define financial goals for the coming year, set revenue and profit targets, and budget for growth.

Establish realistic revenue goals based on past performance and current market trends. Consider factors like seasonal fluctuations, economic conditions, and industry developments. In addition to revenue targets, set specific profit margins and cash flow objectives to ensure your business remains profitable and financially stable.

Remember, growth requires investment, so it’s essential to create a budget that supports your expansion plans. Allocate funds for costs such as marketing and technology upgrades, but also plan for both fixed and variable costs. Remember to account for contingencies—unexpected expenses can derail even the best-laid plans if not anticipated.

Gross Margin vs Net Margin: Definitions and How to Calculate

Step 3: Conduct Market Research and Competitive Analysis

Understanding the market landscape for your area of expertise is vital for staying ahead of the curve in 2025. Conducting thorough research and analysis will help you make informed decisions and capitalize on new opportunities. Stay informed about emerging trends in your industry that could impact your business in 2025. Use tools like industry reports, market research surveys, and customer feedback to gather insights. Keeping up with trends will allow you to anticipate changes and adjust your strategies accordingly.

Another helpful step is to assess your competitors’ strengths and weaknesses. What are they doing well, and where are they falling short? Understanding your competitive position is crucial for identifying opportunities to differentiate your business. Whether it’s through superior customer service, innovative products, or more efficient operations, knowing where you stand will help you carve out a stronger market presence.

8 Tips to Make Your Small Business Stand Out

Step 4: Develop a Strategic Growth Plan

With your financial goals set and market analysis complete, it’s time to develop a strategic growth plan that outlines how you’ll achieve your objectives in 2025. Consider various growth strategies, such as expanding product lines, entering new markets, or enhancing customer experience. Each strategy should align with your overall business goals and address the opportunities and threats identified in your SWOT analysis. Set SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals for each strategy to ensure they are clear and actionable.

Next, create an actionable roadmap. Break down each growth strategy into actionable steps. Use project management tools to assign responsibilities, set deadlines, and track progress. An actionable roadmap not only provides a clear path to follow but also helps keep your team aligned and focused on achieving the set goals.

Setting SMART Business Goals for the Upcoming Year

Step 5: Plan for Flexibility and Risk Management

In today’s dynamic business environment, flexibility is key. While a solid plan is essential, it’s equally important to prepare for the unexpected. Plan for potential challenges like economic shifts, supply chain disruptions, or changes in client behavior. Identify critical aspects of your business that could be affected and create backup plans for each. For example, if your primary supplier faces a disruption, having an alternative supplier lined up can prevent delays.

Maintain flexibility in your business plan to quickly adapt to new opportunities or challenges. This might mean revisiting your strategy quarterly and making necessary adjustments based on the latest data and market conditions. Regular reviews will ensure your plan remains relevant and responsive to any changes throughout 2025.

How to Write a Business Plan for Small Business: 8 Steps

By following these five essential steps—assessing your current performance, defining clear financial goals, conducting market research, developing a strategic growth plan, and planning for flexibility—you can set your business up for success in 2025. Strategic planning is not just about setting goals; it’s about creating a roadmap that guides your business through the year’s opportunities and challenges.

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UK Housing Market Forecast: August 2024

In the three months since our last housing market forecast in May, there has been a general election and a rate cut.

The Bank of England acted earlier than expected when it cut by 0.25% this month, but the outcome of the election was predictable.

Our forecasts appear on track but the first Labour government in 14 years and the first rate cut since March 2020 have clearly changed the mood music.

We have left our numbers unchanged for now but will reassess them after the Budget on 30 October.

So, how has the landscape in the UK property market altered over the last 90 days?

Mainstream Sales Markets on Track

The mainstream sales market has been impacted by the rate cut more than the change of government.

Following the drop to 5% from 5.25% and lower-than-expected inflation data, SONIA five-year swap rates fell towards 3.5% in August. Financial markets were pricing in a further cut in November.

It will lead to a “meaningful increase” in the number of lenders offering sub-4% mortgages this autumn said Simon Gammon, head of Knight Frank Finance. As a result, demand and sales volumes will be stronger in the final months of this year than in 2023.

HMRC data shows that the number of transactions was 19% below the five-year average (excluding 2020) in 2023, largely due to stubbornly-high inflation and fast-rising borrowing costs.

In terms of prices, the Halifax and Nationwide indices registered growth of just over 2% in July, meaning our 3% forecast for the year looks like it should be met if not exceeded.

Nationwide also showed growth of 1.6% in Greater London in the year to June, which means prices in the capital are fast-approaching our 2% forecast for 2024.

Prime Markets Face More Risks

The prospect of the Budget means the outlook in prime markets is hazier.

The decision to charge private schools VAT from January rather than September next year has created a mood of wariness ahead of 30 October.

The measure by itself won’t have a dramatic impact in prime property markets, but together with other potential tax rises, it may keep demand in check.

Given the government’s pledge not to raise income tax, VAT or National Insurance, speculation has centred on capital gains tax, inheritance tax and pension tax relief among others.

Changes will also be made to rules surrounding non doms, the 74,000 individuals living in the UK who do not pay tax on their non-UK income.

How pre-existing overseas trusts are treated for inheritance tax purposes will be a particular focus for those wondering if large numbers of them will leave the UK.

Our prime central London (PCL) forecast is therefore subject to a bigger revision than our other projections later this year. The annual decline was -2.4% for the third successive month in July, which we forecast will narrow to -1% by December.

Any impact would be less marked in prime outer London (POL), where we forecast an increase of 2% this year. Average prices in POL rose 0.6% in the six months to July, putting them on track for a low single-digit increase in 2024 as demand strengthens this autumn.

Prime Country prices continue their descent from the highs of the pandemic and the so-called ‘race for space’.

Our forecast of -2% for 2024 is broadly on track, though it may prove overly-negative as demand strengthens in the final months of the year. The annual decline recorded in June was -3%.

Sales Forecast

Legislative Uncertainty Hangs Over Lettings Market

Our forecasts for rents in 2024 also appear broadly on track, if you ignore the uncertainty surrounding the Renters Reform Bill.

In PCL, we forecast growth will fall to 2% this year as supply increases from the lows of the pandemic. The increase was 0.9% in the six months to June.

Meanwhile, rental values in POL increased 0.7% in the six months to June. Our forecast is 2.5% for the whole year.

In the wider UK market, annual growth was 8.6% in July and falling, which means it should end the year close to our 6% forecast.

We will reassess the numbers once we know more about the government’s plans for the lettings industry.

For now, only two things are certain, as we explored here .

First, the Labour government will introduce their own version of the Conservative Party’s Renters Reform Bill during this Parliament. Second, it has been talking tougher on landlords.

Measures could include making it harder to evict tenants and tighter rules around green credentials for lettings properties, according to recent press reports . Meanwhile, capital gains tax could also rise in October’s Budget.

If enough landlords sell because the new rules are too financially punitive, it will increase upwards pressure on rents, which our forecasts would reflect.

We therefore expect the next three months to provide more clarity about the longer-term future for the UK housing market than the last three.

Lettings Forecast

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United States Housing Market

The average United States home value is $362,481 , up 3.3% over the past year and goes to pending in around 15 days .

What is the Zillow Home Values Index?

Zillow Home Value Index (ZHVI), built from the ground up by measuring monthly changes in property level Zestimates, captures both the level and home values across a wide variety of geographies and housing types.

US housing inflation likely to fall in year ahead, Fed paper says

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Markets on tenterhooks ahead of key US jobs data, yen jumps

Asian shares struggled for direction while the yen jumped on Friday, as investors remained on tenterhooks ahead of U.S. jobs data that could decide the size and speed of coming rate cuts in the world's largest economy.

Kamala Harris has put the Democrats back in the race