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DIY Market Research Presentation 2015 (updated 3.11.2015)
- 1. PHOTO BY CC ATTRIBUTION FROM LUZ BRATCHER ON FLICKR M A R K E T R E S E A R C H T 0 O L S AT T H E S E AT T L E P U B L I C L I B R A RY
- 2. THE LIBRARY CAN HELP We answer questions • Phone • In-person • Chat • Email • Referrals https://www.spl.org/ask/
- 3. THE LIBRARY CAN HELP We buy tools you can use • Print • Electronic subscriptions • E-books • Media https://www.spl.org/library-collection/ Many electronic tools can be accessed outside the library with a library card
- 4. QUALIFY FOR A FREE LIBRARY CARD • Based on where you live, work, go to school, or own property • Reciprocal agreements between library systems • Different libraries have different tools • Ask library staff for help getting a card http://www.spl.org/card/
- 5. INFORMATION SMALL BUSINESSES NEED • Information about other companies (models, reliable clients/partners, or competitors) • Market Statistics (sales by business type, demographics) • General handbooks and guides (startup, management, and marketing guides)
- 7. IN OCTOBER 2014 THE NRF ESTIMATED THAT AMERICANS WOULD SPEND $350 MILLION ON PET COSTUMES Source: Disney’s Frozen Characters, Teenage Mutant Ninja Turtles Top Children’s Costume List Kathy Grannis, September 30, 2014
- 8. INDUSTRY CLASSIFICATIONS S T A N D A R D I N D U S T R Y C L A S S I F I C A T I O N S I C C O D E S N O R T H A M E R I C A N I N D U S T R Y C L A S S I F I C A T I O N N A I C S C O D E S photo by CC attribution from Josh Sanders on flickrphoto by CC attribution from Josep Ma. Rosell on flickr http://www.census.gov/naics/ Searching by code can be efficient NAICS 453910 Pet and Pet Supplies Stores SIC 5999 Miscellaneous Retail Stores
- 16. DEMOGRAPHICS BY PRODUCT OR SERVICE • Profiles characteristics of best customers • Typical expenditures • National statistics
- 18. SMALL BUSINESS SOURCEBOOK Locate sources on an industry • Reference works • Trade journals • Industry associations • Trade shows
- 19. Puget Sound Business Journal Seattle Daily Journal of Commerce LOCAL BUSINESS PUBLICATIONS Print onlyElectronic in-library access
- 20. BUSINESS RATIOS RMA D&B Troy Almanac In print at the Central Library
- 21. BUSINESS RATIOS Troy Almanac In print at the Central Library Operational and Financial Ratios by Industry
- 22. US ECONOMIC CENSUS • Updated every 5 years – (2012 data being rolled out) • Access through American FactFinder • Sales/receipts by industry and geography • Might be the most accurate sales figures for an industry in a given geography • Statistically protects individual company information
- 23. GENERAL BUSINESS GUIDEBOOKS How to Write A Business Plan by Mike P. McKeever Small Business Start-up Kit by Peri Pakroo, Legal Guide for Starting & Running A Small Business by Fred Steingold Start and Run a Pet Business by Heather Mueller (industry specific) Management, marketing, accounting, guides and much more… Dewey 658 and 340 – large sections, ask for help
- 24. MANY OTHER USEFUL RESOURCES
- 25. IF YOU ONLY REMEMBER ONE THING… We answer questions • Phone • In-person • Chat • Email • Referrals https://www.spl.org/ask/ WE ARE HERE TO HELP!
Editor's Notes
- Presentation by Jay Lyman updated March 11, 2015 for the SBA DIY Market Research presentation.
- The library can answer your questions Many different ways to ask questions: In-person: Central Library - 7th floor Business, Science and Technology Desk Phone: (206) 386-4636 Ask a Librarian: chat or email at www.spl.org/ask/
- The library buys tools you can use Most electronic tools at www.spl.org >> “Articles and Research” >> “Business, Finance and & Fundraising” https://www.spl.org/library-collection/ Have library card number and PIN number ready. If not a Seattle resident, staff can check to see if you might qualify under a reciprocal agreement.
- http://www.spl.org/card/
- Different kinds of information small businesses need Information about companies (as models, reliable clients/partners, or competitors) Statistics on markets, for product and service lines (average sales by business type, demographic information, etc.) Market – Includes both the suppliers and purchasers (customers and sellers) Industry – Group of companies that compete to provide products or services Guides and handbooks – various topics like startup, management, and marketing guides
- Examples in this presentation are on the Pet supply industry – inspired by my spoiled dog!
- Apparently, I’m not alone!
- Industry Classifications – http://www.census.gov/naics/ SIC and NAICS codes – Industry classification systems set up by the Federal Government Standard Industrial Classification (SIC) North American Industry Classification System (NAICS) Like standard and metric measurement, SIC was supposed to replace the NAICS (developed after NAFTA). The codes are reviewed every five years. Different tools use different codes Code can be an efficient search, but depending on the industry, some are more helpful than others Some companies have more than one code – they do more than one thing Sometimes there is an option to search “primary” codes only
- Reference USA - http://ezproxy.spl.org:2048/login?url=http://www.referenceusa.com – information about companies and people Company search to find listings by industry, geography, size, and other criteria Geography – metro area, radius, street address Business size - # of employees, sales volumes (caution: sales volumes are calculated, not actual) Other – executive ethnicity, gender, public/private, view corporate tree Consumer / Lifestyles component to find information about potential (residential) customers Specific geography: city, state, county etc. or map based search If applicable, select, “home income” and/or “home value” “Lifestyle” criteria for various interest types Most “consumer snapshot” options are considered sensitive data (except ethnicity and # units) Sensitive data selected - offers summary data and graphs, but won’t give individual listings Select records and export to excel
- DemographicsNow https://ezproxy.spl.org/login?url=http://infotrac.galegroup.com/itweb/spl_main?db=DNOW – demographic information about potential customers Specific geographies – type in a city name or an address (radius), select from the geography menu, or create custom geography on the map Population - current, past, and forecast Choose different demographic reports - use the “Help & Info” button in upper right under “data methodology” for descriptions of reports that can be selected in the “Demographics” tab. Mosaic USA - Mosaic is a consumer segmentation system that describes American consumers and the database can be searched for these (definitions and explanation under “Help & Info). Export to PDF, email
- Standard Rate and Data Service (SRDS) https://ezproxy.spl.org/login?url=http://www.srds.com/portal/servlet/LoginServlet?action=automatic Directory of media, advertising and periodical publishers. Use this tool to find sales and contact information for a variety of media platforms and formats. Select the type of media on the left hand side, then drill down to find company listings in the specific geography you are considering.
- Business Insights: Global - https://ezproxy.spl.org/login?url=http://infotrac.galegroup.com/itweb/spl_main?db=BIG information about large companies (private and public), industries, and articles Not as many companies as Reference USA, but often more detailed information Single search box will search across all categories – including journal articles, companies, industries, and brand name lookup Company histories, rankings, company financials, revenues, company history, market share, SWOT Graphs, export to PDF or email
- ABI/Inform Trade & Industry– http://ezproxy.spl.org:2048/login?url=http://search.proquest.com/abitrade?accountid=1135 articles from trade publications and market research reports Search for articles published in trade and industry publications Includes First Research Industry Profiles – current information, great starting place on an industry
- Standard & Poor’s NetAdvantage– http://www.spl.org/library-collection/articles-and-research/business-finance-and-fundraising information written for the investor about public companies and industry reports (our subscription makes the industry reports “in-library” access only) Detailed company information Industry and sub-Industry reports Might mention large players, forecasts, and important trends Value Line – detailed public company information and concise industry reports Morningstar - detailed public company information
- Associations Unlimited – http://ezproxy.spl.org:2048/login?url=http://infotrac.galegroup.com/itweb/spl_main?db=au search for national and local trade associations (don’t overlook internet searching for these also)
- Best Customers http://seattle.bibliocommons.com/item/show/2590158030_best_customers – profiles of people who typically buy a given type of product or service (print copy at Central Library – 7th floor) Some of this kind of data can be gleaned from the US Census, but this provides analysis and is easy to access and read
- Best Customers – profiles of people who typically buy a given type of product or service (print copy at Central Library – 7th floor) Some of this kind of data can be gleaned from the US Census, but this provides analysis and is easy to access and read
- Small Business Sourcebook – http://seattle.bibliocommons.com/item/show/856781030_small_business_sourcebook locate other resources about an industry (print copy at Central Library – 7th floor) Includes reference works, trade journals, industry associations, trade shows etc.
- Local Business Publications – Articles about local news and trends Puget Sound Business Journal (print and in-library only electronic) http://www.bizjournals.com/seattle/ Articles Book of Lists –yearly compilation of lists published in the Puget Sound Business Journal Daily Journal of commerce http://www.djc.com/ Seattle’s journal of record
- Business Ratio books - ratios of typical financial data for various industries. Compare financial situation of a company (or company plan) to others in the industry (print copies at Central Library – 7th floor) RMA Annual Statement Studies - http://seattle.bibliocommons.com/item/show/856522030_rma_annual_statement_studies D&B Industry Norms and Key Business Ratios - http://seattle.bibliocommons.com/item/show/458733030_industry_norms_and_key_business_ratios Almanac of Business and Industrial Financial Ratios - http://seattle.bibliocommons.com/item/show/195679030_almanac_of_business_and_industrial_financial_ratios
- Business Ratio books - ratios of typical financial data for various industries. Compare financial situation of a company (or company plan) to others in the industry (print copies at Central Library – 7th floor) RMA Annual Statement Studies D&B Industry Norms and Key Business Ratios Almanac of Business and Industrial Financial Ratios - http://seattle.bibliocommons.com/item/show/195679030_almanac_of_business_and_industrial_financial_ratios
- US Economic Census – http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml Sales/receipts by industry and geography May be the most accurate sales figures for an industry in a location Updated every 5 years Statistically protects information about individual companies Access through advanced search from American FactFinder http://factfinder2.census.gov/
- General Business Guidebooks - Wide variety of management guides, start-up guides, marketing guides, Nolo legal form books, HR guides (Dewey 658 and 340 – large sections, ask for help) Examples (formats vary, could be in print, ebook, audiobook, etc.)
- This isn’t all… there are lots of other specialized tools and resources that can help. https://www.spl.org/using-the-library/get-help/ask-a-librarian
- Have other questions? We are here to help, so just ask us! In-person at SPL Central Library, 7th floor desk Phone (206) 386-4636 “Ask a Librarian” email or chat form at www.spl.org/ask/