Tips for the deliverable:
This box is organized into three sections:
Section 1: Industry Research
You need to:
Identify the NAICS Codes of the industries you are researching!
Industry codes are numbers used to describe a company's line of business. Many business databases including the US Economic Census are searchable by NAICS codes. The current standard for industry codes is the 6-digit North American Industry Classification Systems (NAICS) code.
Researching Niche/Emerging Industries
If you are researching an emerging industry or a very specialized industry it may be more difficult to locate industry overviews and other industry analysis. Some strategies you can consider using to find information:
Look for articles in popular and trade journals (magazines and newspapers) that discuss this industry
Industry Research Resources
Section 2. How to find demographic information (business/consumers) for local geography?
Section 3. Help I can only find national data and I need data for Indiana...(or Carmel...or the midwest)
When you can only find national data for your market size but you want to narrow it down to a smaller geographic area, you may need to back into this information often by making an assumption that the proportion of the market that Indiana (or whatever market you are considering) provides will be similar to the proportion that that market contributes to another economic indicator such as GDP, new residential construction starts, business establishments, etc.
Example: You are trying to determine the market size for Indiana but only have national market size numbers for your industry. You decide GDP would be a good economic indicator to use. If you use GDP you need to locate the total US GDP and Indiana GDP. Calculate % that Indiana contributes to national GDP and multiple by the national industry market size your found to estimate the Indiana market size.
Don't always use GDP. When discussing your analysis for your forecast in the second deliverable you may need to explain your assumption. Source for economic indicators:
This section is divided into the following sections:
Section 1: How do I research a persona?
The persona represents the person you are going to be selling to. When selling to businesses you are still needing to sell to an individual and it's important to understand what they care about in their position at their company as well as appealing to who they are as a person. This means also researching their likely habits, values, psychographic profile, media usage and trends.
Review the presentation below. It is based on a B2B customer, but if you are researching for B2C just focus on the B2C content.
The first place to start is to review the industry information you have found about your product/service and if your customer is a business, your customer's industry. Don't forget that trade journals are good sources for industry information. To find trade journal articles go to Find Articles & News.
Section 2: Using Simmons for B2B & B2C Research
Simmons Insights allows you to find information that can help you develop a demographic profile of your customer. It can be used for both B2B and B2C buyers. Below the database link is a detailed tutorial on how to interact with the Simmons Insights database while creating a B2B demographic profile, followed by links to shorter videos on other topics.
How to Create a Consumer Demographic Profile in Simmons Insights (~4 minute video)
How to Use Cross-Tabs in Simmons Insights. (~6 minute video)
How to understand Index. (~2 minute video)
Section 3: Sources for B2B Market Research
Section 4: Sources for B2C Market Research
Use your persona research to determine the salient attributes for the proposed product or service from their perspective. You will then need to map how other products meet those needs in a perceptual map, as well as where your product/service aims to be.
B2C competitive products:
B2B competitive products:
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