Conduct Market Research
What is market research and why is it important?
We are all customers to someone’s business, and what we buy, what we don’t buy, when and how we communicate with businesses, all of that information tells businesses how and where to best operate if they want to be successful.
Market research tells you what customers need, what they don’t want, what competition exists, and trends in your industry that can help you make the right business decisions to be successful.
Starting a business is a significant undertaking, and you want to protect your investment by ensuring you are making the right decisions based on the reality of the market. This requires an understanding of the market you plan to open in.
Here are some questions to keep in mind as you learn about your market
DEMAND
Is there a desire for your product or service?
MARKET SIZE
How many people would be interested in your offering?
ECONOMIC
INDICATOR
What is the income range and employment rate of your customers?
LOCATION
Where do your customers live and where can your business reach?
MARKET
SATURATION
How many similar options are already available to consumers?
PRICING
What do potential customers pay for these alternatives?
SBA Market Research and Competitive Analysis Guide:
Arizona Small Business Development Center (AZSBDC)
​​​​The Small Business Administration provides free, in-depth guidance and resources to start your market research. The AZSBDC Network works to help launch, grow, and sustain small businesses in Arizona. It is Arizona’s largest, most comprehensive, and accessible statewide source of free assistance for small businesses in every stage of development. AZSBDC provides one-on-one counseling as well as workshops and training on a variety of topics, including Market Research.​
Samantha Cope
Small Business Specialist
Resources
Your Glendale Economic Development Team has additional market research analysis tools available for most industries such as Demographic Report and Property List
Assistance
If you need help learning more about your market, reach out to Small Business Specialist Samantha Cope at scope@glendaleaz.com
Reminder
Remember, market research is an on-going process as trends and buying behavior of customers evolves. You should always be learning more about your market and your customers to remain successful.