Market Research for Small Businesses
Make informed business decisions with market research. Whether you’re starting a new small business or seeking growth for your existing one, market research can help optimize your business.
What is Market Research?
Market research is a key part of developing a successful small business plan, which includes collecting and analyzing data on your customers, competitors, and industry. These insights enable you to make informed business decisions, create a marketing strategy, and improve your business offer.
Why is Market Research Important for Small Businesses?
- Understand your market
- Benchmark against competitors
- Develop a marketing strategy
- Improve your product or service
- Inform decision-making
- Validate your market opportunity
“I used Business Link for market research when I opened my business so I could position myself correctly in the market. Business Link really had a big part in giving me the foundation I needed as a new business owner.“
Sarah, Unshelf Design
Our Services
Regardless of where you are in your business venture, conducting market research is essential. Whether you’re in the initial stages of assessing a new business idea or fine-tuning your business plan, our free secondary market research services have you covered.
- Consumer demographics
- Household consumer spending
- Business databases
- Industry news & trends
- Industry financial ratios & benchmarks
- International importing & exporting trade data
Get the Edge with Business Link
Gain access to North America’s top 5 market research databases including IBISWorld, Data Axle, D&B Hoovers, Sitewise Analytics, & Statista
Receive dedicated, one-on-one support from our market research experts
Benefit from expert insights and data collection that align perfectly with your business needs
Access a comprehensive, ready-to-use secondary data list
Frequently Asked Questions
Primary market research typically entails engaging with potential buyers of your product or service, or reaching out to businesses within your industry to get their insights on your idea. This process might help you make informed business decisions.
Secondary market research consists of conducting online searches (I.e. Google) and looking at publicly available materials from government sources, industry associations, paid databases, etc.
For a deeper understanding of the classifications between primary and secondary market research, please refer to our handout.
When considering adding market research to your business plan, there are 3 key areas to keep in mind: industry analysis, customers/local market assessment, and competitor analysis.
Industry Analysis
Include details about the historical performance of the industry, emerging industry trends, and future industry outlook.
Customers/Local Market Assessment
Include demographic information and primary market research findings regarding consumer behaviour and preferences to gain insights into your target market and audience.
Competitors Analysis
Include a comprehensive evaluation of your main competitors in relation to your company. Typically, this involves conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats.
Certainly, you can utilize a combination of primary and secondary market research for your business. Primary research involves data gathered directly from personal experiences and customer interactions, while secondary research relies on data generated online or by external sources. Both these approaches to market research offer valuable insights that can benefit your business, as they offer distinct types of information and address various questions.
Market research will help identify the number of sales you will need to break even and cover expenses. These expenses will influence the level of demand necessary for your business and inform your strategic marketing efforts to meet that demand.
We’re here to assist you if you find yourself unsure about the specific information or data required for your business plan. Simply complete our intake form and schedule an appointment with our experienced team, who can guide you through the process of identifying your research needs.
What you do with the data is entirely up to your business goals and objectives. This is precisely why it’s crucial to have a clear understanding of the questions you need answered before conducting research. Your specific research objectives will determine how you analyze and utilize the data effectively.
Industry and Economy Information
- Alberta Economic Dashboard
- Alberta Regional Dashboard
- Canada Key Small Business Statistics
- Financial Performance Data
- Government of Alberta Economic Trends
- Invest Alberta
- Statistics Canada
Directories and Business Information
- Alberta Chambers of Commerce
- Canadian Trade Index
- Indigenous Business Directory
- Kompass
- Scott’s Info
- Statistics Canada Business Register
- Thomas
- Yellow Pages
Consumer and Household Information
- Alberta Population Statistics
- Alberta Regional Dashboard
- Environics Analytics PRIZM
- Statistics Canada Census
- Statistics Canada Consumer Spending Information
International Trade Information
- Canadian Trade Commissioner Service
- Export Development Canada
- Google Market Finder
- Government of Alberta Export Tool
- Government of Alberta Market Profiles
- Trade Data Online
Business Link Information
Need more data specific to your industry or location? Business Link can provide secondary data related to:
- Consumer demographic information such as population, age and sex, income, education and occupation, ethnicity, and more
- Household spending on consumer goods and services
- Business lists (competitors, suppliers, etc.) including data such as business type,
location, revenue, number of employees, and industry - Industry news and trends
- Industry average financial ratios
- Importing and exporting data
Contact us for further assistance with your secondary market research
