Whether you’re in the early days of planning or have been running your business for years, market research is a valuable tool that can help guide your decisions. But what is market research, exactly? It’s about gathering key information about your industry, customers, and competitors to help you make smarter decisions and avoid costly mistakes.
Sound a little overwhelming? Don’t worry – you’re not alone! Let’s dive into some practical steps to get you started on this journey. By the end, you’ll see just how powerful market research can be in shaping your business’s success.
What Should I Be Looking For?
One of the first questions we hear is: What am I actually looking for with market research? And the answer to that really depends on what you want to achieve. Think about it: What decisions are you hoping this research will support?
For example:
- Testing a new product idea? You might want to chat directly with potential customers and get some honest feedback before launching it widely. Trying out your product on a smaller scale – like at a local trade show or through a crowdfunding site – can be a great way to gauge interest.
- Choosing a business location? In that case, research into local demographics, nearby competitors, and even future development plans could be crucial.
In these scenarios, you might need to conduct primary research (think surveys or interviews to get first-hand info). But sometimes, secondary research – where you find stats and reports others have gathered – can get you off to a strong start. We cover both types in our Market Research Video, so feel free to dive in for more detail.
Industry, Customers, and Competitors: Your Big Three
When doing research, it can be helpful to organize your questions around three main areas: industry trends, customer insights, and competitor analysis. Here’s a quick list to get you thinking:
- Industry Trends: Is your industry growing or shrinking? Are there key trends, regulations, or technologies to know about?
- Customer Insights: Who are your customers? Where are they located, and what are their buying habits? What do they like to do in their spare time?
- Competitor Analysis: Where are your competitors based, and what are they doing well (or not so well)?
The answers to these questions might require a blend of primary and secondary research. Let’s look at some helpful sources for tackling secondary research to get you started.
Data Gold Mine: Research Resources at Your Fingertips
Market research might sound complex, but there’s a wealth of online resources that can make it easier. Here are some Alberta-focused resources that can help you uncover insights relevant to your business:
- Alberta Regional Dashboard: Packed with data on everything from local business activity to household demographics in municipalities across Alberta.
- Canadian Key Small Business Statistics: Provides an overview of the small business landscape in Canada, giving you a “big picture” perspective.
- Alberta Economic Trends and Spotlights: Recent reports and trend updates—ideal for understanding the current economic climate.
- Canada Census: For demographic details on consumer groups, or check out your municipality’s local census data.
- PRIZM5: A tool offering insights into consumer behaviors, psychographics, and attitudes—handy if you want to understand your customers on a deeper level.
Ready to Start? Here’s Where Business Link Can Help
Market research is an ongoing process; you won’t get all your answers in a single day. Start by writing down your top questions and searching online for some initial insights. And if you need help along the way, you’re in luck! Business Link offers a free Market Research Service to support Alberta business owners like you. Our team can connect you with data, expert guidance, and specialized databases to help you make informed decisions.
