Market Research

Market Research 

To run a successful business, you need to learn everything you can about your market - your customers, your competitors and your industry. You want to be the expert in the field of what you do, this is part of the value you will give your customers on top of your value proposition. Market research is the tool that will help you be that expert. 

Market research is the process of analyzing data to help you understand which products and services are in demand, how customers behave and how to be competitive. Market research can also provide valuable insight to help you:

There are two categories - primary and secondary. 

How to get started:

First of all, understand what industry you are in. Use this NAICS site to help you drill down. The site provides industry codes which will be useful in the future when trying to find benchmarks (or standards) in your industry. 

Kinds of research that help you understand market opportunity, yes, this is also the product/market fit process. 

It is through these forms of research that you will get vital info to confirm your solution is what customers want, that there is buyer behavior to match, and a greater understanding of the potential numbers (customers, sales, etc.) and the industry itself (trends, upcoming changes, benchmarks) to make better decisions and to project future sales.  

At times it may lead you down many roads, but research is about exploring all that is out there, then finding what is most relevant to you. This can be very valuable. Remember, the librarians at MCC love doing research if you need help! 

Market Research Guide.pptx

Market Research Guide

Farm to Table Restaurant Example.pptx

Farm to Table Restaurant Example



Learn how to dive into various websites: 

How to do Market Research.webm


Market Research and Competitive Analysis by the SBA - Small Business Administration 

The Ultimate Guide to Market Research by Survey Monkey 

Review this Website to help you make maps of key demographic, population, and other key details by

Each of the sections below corresponds to essential market research analysis you should know.

Dig in to find out as much info as you can, then whittle it down to only the most important info that impacts you and your business and the future of your business. Process what the info means and what is most valuable to you moving forward. Then summarize that information into a business plan. 

You can use this Market Research document to collect everything in one place.