As I have mentioned before in previous posts, it is super important to conduct proper research and then use insights from the data that was gathered to make informed decisions with your next big business move. Although I recommend that you let the hired experts handle the research, data analysis, and presentation of insights, you can always get some basic data yourself that can assist you with identifying your target segment and the competitors in your area.
How you can gather some secondary data.
A great way to gather basic secondary data is through free resources such as Census.gov, where you can learn about the population, economics, and demographics in your target region, and you can learn about the types of businesses (based on industry), the number of employees, and the average revenue of these businesses using the Census.gov Business Builder tool. This is an unbelievably valuable tool when developing a business plan, researching how well businesses like yours perform, and fine-tuning your target segment.
There are also other paid resources such as Nielsen and IRI Worldwide that provide a host of more complex secondary data that could benefit your company by assisting you to make informed decisions when it comes to the type of content and products/services you offer.
With all the resources available, you can certainly gather secondary data that will be greatly beneficial for the success of your company.
Check out last week’s post