Marketing research and planning
Completing basic research – like market research – can save time, money and a lot of trouble. The most successful businesses will:
- Find people who will be willing to pay for your product or service (there have to be enough of them to make it worth your while) – research market potential using census data and demographic databases
- Deliver the service or manufacture the product – research production options using business databases
- Know who you compete with – research competitors using business databases
- Understand whether your product is unique or proprietary – research patent filings
The Small Business Administration has launched an online tool that allows small business owners to see how their company compares to the competition. Research your competitive edge by checking out the SizeUp tool. Also, don’t forget to search through the Resource Navigator to find local organizations that are here to help you with your marketing challenges.